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by Mike Caswell

The B.C. Securities Commission has found that Green Hygienics Holdings Inc. and its former president, Ronald Wayne Loudoun, improperly distributed $5.4-million worth of stock and $3-million worth of notes. The BCSC says that the distributions violated a cease trade order that the regulator had imposed against the company years earlier. Mr. Loudoun, a resident of Vancouver and Kelowna, was aware of the cease trade, the BCSC says.

The finding is contained in a decision on liability that the BCSC released on Thursday, March 5. The ruling does not set out any penalties for Mr. Loudoun or Green Hygienics, simply finding them liable for the violations. The BCSC will convene a separate hearing to deal with the issue of sanctions.

The events at issue, as set out by the BCSC, occurred between October, 2019, and March, 2022, when Green Hygienics distributed 5.6 million shares, valued at $5.4-million, to 50 investors. The company also issued two promissory notes, worth $3-million, the BCSC said. On top of that, Mr. Loudoun personally sold 250,000 shares, according to the BCSC.

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