London-listed CBD and vape CEO suspended over insider trading allegations

The boss of London-listed Chill Brands has been suspended over “allegations around the use of inside information,” the firm announced this morning.

The firm, which operates chill.com and manufacturers tobacco alternatives including CBD pouches, said it had appointed law firm Fieldfisher to investigate the claims against CEO Callum Sommerton.

The firm said it was engaging with relevant authorities including the Financial Conduct Authority.

“Callum Sommerton has been suspended as Chief Executive Officer of Chill Brands in connection with these allegations,” a statement to markets read this morning.

Callum Sommerton

“This suspension does not constitute disciplinary action or a disciplinary penalty and does not imply any assumption that Mr Sommerton is guilty of any misconduct or that any decision has been made.”

Chill vape products are sold in more than 475 independent retailers and last September secured a deal with WH Smith.

Sommerton is a former Mishcon lawyer who became CEO of Chill Brands in April 2022.

Last week, bosses at Chill Brands said they were disappointed after shareholders made an attempt to oust two other senior directors.

Earlier this year Chill Brands was bruised by the government’s decision to ban disposable vapes. Though Chill Brands said its products were excluded from the plans, shares dived as much as 30 per cent on the day the ban was made public.

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