CannTrust

NYSE aims to boot CannTrust after concluding cannabis producer ‘no longer suitable for listing’

The New York Stock Exchange’s regulatory enforcement arm has initiated the delisting process for CannTrust after concluding the Canadian cannabis producer “is no longer suitable for listing.” NYSE Regulation said Tuesday it reached its decision after the Ontario-based company obtained a creditor protection order from the Ontario Superior Court of Justice. “The Company has a right to a review […]

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Canada cannabis licensing inspections delayed due to COVID-19, CannTrust says

Health Canada is slowing down on-site field inspections of cannabis facilities until the end of the month amid the COVID-19 pandemic, according to a disclosure from beleaguered cannabis producer CannTrust. Reduced field inspections could slow the pace at which the federal marijuana production regulator issues new licenses and amendments, presenting a new challenge to Canadian […]

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CannTrust’s low stock price prompts another NYSE warning

Beleaguered Canadian cannabis producer CannTrust has been notified by the New York Stock Exchange that it is once again not compliant with listing rules because of its low stock price. The NYSE requires the average closing price of common shares to be at least $1 over a consecutive 30 trading-day period. As of Feb. 25, […]

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CannTrust to destroy CA$77 million in cannabis plants, inventory

Embattled CannTrust Holdings on Monday disclosed it plans to destroy 77 million Canadian dollars ($58.2 million) worth of cannabis plants and inventory as part of the Ontario company’s efforts to regain its suspended business licenses. The company said in a news release its board “has determined that it is necessary to destroy approximately CA$12 million of […]

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Embattled Canadian marijuana firm CannTrust lays off 180

Scandal-plagued CannTrust, an Ontario-based cannabis grower, laid off 180 employees, or 20% of its workforce. “We have made the extremely difficult decision to restructure our workforce to reflect the current requirements of our business,” Robert Marcovitch, CannTrust’s interim CEO said in a news release. The layoffs are expected to save the company about 9 million Canadian […]

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CannTrust stock drops 30% after second facility breaches marijuana regulations

Besieged Canadian cannabis grower CannTrust was notified that a facility was recently deemed noncompliant with a host of federal cannabis regulations – the second significant breach at its facilities in just over a month. The company said it accepted Health Canada’s findings, which were delivered after markets closed Friday. Heath Canada’s July 10-16 inspection of […]

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Auditor withdraws cannabis firm CannTrust’s financial report amid controversy

The independent auditor for Canadian marijuana company CannTrust has taken the uncommon step of withdrawing its report on the Ontario company’s financial statements for the quarter ending March and full-year 2018. It’s the latest blow amid an ongoing scandal involving unlicensed marijuana cultivation by CannTrust that has cast a dark cloud across Canada’s cannabis industry. […]

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Marijuana firm CannTrust faces probe by Ontario regulators, police

Cannabis cultivator CannTrust Holdings disclosed the company is under investigation by securities regulators and the police, the latest blow to hit the embattled Ontario firm. The company said in a news release that the Ontario Securities Commission (OSC) has opened an investigation “into matters and parties related to CannTrust.” The agency assigned the case to […]

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CannTrust hires adviser to explore possible sale amid cannabis scandal

A week after CannTrust Holdings fired its CEO over a scandal involving unlicensed marijuana cultivation, the Canadian producer hired a financial adviser to review “strategic alternatives,” including a possible sale of the company. CannTrust said an internal committee has retained Greenhill & Co. Canada to review how the firm could proceed, with options that include: […]

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