Cannabis producer CannTrust changes name to Phoena

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Canadian cannabis producer CannTrust Equity changed its name to Phoena Holdings, the company announced Tuesday.

The name change comes as the Vaughn, Ontario-based company exited court-supervised proceedings under the Companies Creditors Arrangement Act last month, after a key subsidiary completed a financing worth 17 million Canadian dollars ($13.3 million).

Marshall Fields International B.V., a subsidiary of Kenzoll B.V., a private equity investment company based in the Netherlands, recently bought a 90% stake of Phoena.

CannTrust Holdings owns the remaining 10%.

Phoena will continue to operate in the recreational and medical marijuana channels, with no changes expected to current operations, Phoena said in a news release.

The name “Phoena” is derived from the word “phenotype,” the company said, which describes traits from a plant’s genetic makeup.

“This is a truly exciting and transformative time for our company,” CEO Greg Guyatt said in the release.

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“Phoena reflects who we are today – stronger, more experienced and more focused – and forms the foundation for our future success as we enter the next era of our evolution. While our name is new, the core values we have developed over the last two years are the same, as are the great products and experiences our consumers and patients have come to expect.”

CannTrust had been one of the biggest marijuana producers in Canada before it ran into regulatory issues in mid-2019.