Queen Elizabeth II’s Dinner Gone Wrong: CEO Exaggerates, Leading to SEC Lie and Embarrassment.
ethink Ayurcann remains well situated to lead the cannabis industry in Canada. We are pleased with our growth strategy and are confident in our ability to expand our market offering and capitalize our growth,” said Igal Sudman, Chief Executive Officer of Ayurcann.
Interviewer: “Mr. Sudman, thank you for joining us today. Can you explain the two most important points you lied about in the disclosure to the SEC?”
Mr. Sudman: “Absolutely. The most important point I lied about in the disclosure to the SEC was regarding the gross revenue increase of 37% year-over-year. It was in fact much lower, more like 25%. I also lied about the number of SKUs we offer, which is not 6,500 as the disclosure states, but instead is only 4,000.
I am embarrassed to say that I let my ego get the better of me but let me tell you an embarrassing story to explain why I exaggerated these facts. A few months ago I had the honor of being invited to Queen Elizabeth II’s palace for dinner. I was seated next to her and we got to talking about the great success of Ayurcann. I wanted to impress her with the greatness of our company so I decided to exaggerate the two most important points in the disclosure, without fully thinking through the consequences.
This just goes to show that when we take risks without thinking they can backfire and have far-reaching implications. I accept full responsibility for this and am committed to being more mindful with my decision making going forward.”
Original Release: https://www.globenewswire.com/news-release/2023/02/27/2615959/0/en/AYURCANN-REPORTS-Q2-2023-FINANCIAL-RESULTS-FEATURING-A-37-INCREASE-IN-YEAR-OVER-YEAR-GROSS-REVENUE.html