Embattled Canadian cannabis producer CannTrust shares will be delisted from the Toronto Stock Exchange on May 6 after market close, according to a TMX Group notice.
TMX Group cited CannTrust’s “failure to meet continued listing requirements” as the reason for the action.
In March, the New York Stock Exchange’s regulatory enforcement arm initiated the delisting process after concluding the producer “is no longer suitable for listing.”
The NYSE said its decision was reached after the Ontario-based company obtained a creditor protection order from the province’s Superior Court of Justice.
“As a result of the CCAA filing, trading in shares on the TSX and NYSE were halted and delisting proceedings for both exchanges were initiated,” the Vaughan producer said in a statement to Marijuana Business Daily.
A TSX spokeswoman added: “They are currently suspended, and it is anticipated that they will continue to be suspended until they are delisted.”
CannTrust said it was granted a “relief” of its partial license suspension by Health Canada.
“The company will now be permitted to propagate mother plants in accordance with agreed-upon terms from Health Canada,” CannTrust noted in its statement.
CannTrust is among a number of cannabis businesses entering creditor protection in recent months.
So far, that list includes: