The New York Stock Exchange has informed the U.S. Securities and Exchange Commission that it intends to delist the shares of beleaguered Canadian cannabis producer CannTrust on April 27, according to a public notification filed by the exchange.
The April 27 date, first reported by New Cannabis Ventures, is almost two weeks ahead of the cannabis firm’s delisting date with the Toronto Stock Exchange.
In March, Marijuana Business Daily reported that the NYSE’s regulatory enforcement arm initiated the delisting process after concluding the Canadian cannabis producer “is no longer suitable for listing.”
The NYSE said it reached the decision after CannTrust obtained a creditor protection order on March 31.
CannTrust had a right to appeal the decision within 10 business days of receiving notice.
However, according to the public notification, CannTrust “did not file such request within the specified time period. Consequently, all conditions precedent under SEC Rule 12d2-2(b) to the filing of this application have been satisfied.”
CannTrust shares are currently suspended from trading pending being delisted.
The company began trading on the NYSE in February 2019 as CTST.