CannTrust says facility in Vaughan, Ont., rated non-compliant by Health Canada

13 August, 2019, 19:22 | Author: Regina Silva
  • CannTrust shares plunge again as Health Canada deems 2nd cannabis facility 'non-compliant'

(NYSE:CTST) news were published by: Globenewswire.com which released: "Barbuto & Johansson, PA Informs Investors of the Pending Class Action Lawsuit Against CannTrust Holdings (NYSE:CTST); Company Suspends Sales and Shipments of All Cannabis Products - GlobeNewswire" on July 15, 2019, also Seekingalpha.com with their article: "ViewRay and AxoGen among healthcare gainers; Nektar Therapeutics among the losers - Seeking Alpha" published on August 12, 2019, Finance.Yahoo.com published: "Analyst Suggests CannTrust’s (NYSE: CTST) Debacle Could Get a Lot Worse: Barbuto & Johansson P.A. Updates Investors of the Pending Class Action Lawsuit Against CannTrust Holdings Inc. (NYSE:CTST) were released by: Finance.Yahoo.com and their article: "Cambria Cannabis ETF Debuts on the Stock Market - Yahoo Finance" published on July 31, 2019 as well as Globenewswire.com's news article titled: "SHAREHOLDER ALERT: Pawar Law Group Announces a Securities Class Action Lawsuit Against CannTrust Holdings Inc. â€" CTST - GlobeNewswire" with publication date: July 22, 2019.

"We are looking at the root causes of these issues and will take whatever remedial steps are necessary to bring the company into full regulatory compliance as quickly as possible".

The Vaughan, Ont. -based company's problems began about a month ago after government health authorities discovered it had been producing cannabis plants in unlicensed greenhouses.

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CannTrust continued to slide on Monday after Health Canada deals the company yet another blow. Health Canada seized five metric tons of the company's cannabis from that facility in July, when it discovered the illegal grow rooms.

CannTrust said Friday that the auditor's decision to revoke its reports was prompted by the company's caution against relying on financial statements for those time frames, as well as the recent sharing with KPMG "of newly uncovered information from the special committee's investigation, including information that led to senior leadership changes". We have retained independent consultants who have already started addressing some of the deficiencies noted in Health Canada's report. CannTrust has now fallen by half this year. Meridian is arm's-length to the Company and this loan represented the Company's only secured indebtedness. Lee added, referring to rooms at the Vaughan facility. The Company has also purchased 81 acres of land in British Columbia and expects to secure over 240 acres of land in total for low-priced outdoor cultivation which it will use for its extraction-based products. Forward-looking information and forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.

CannTrust said it was notified on Friday, and has accepted the Canadian health regulator's findings. More interesting news about CannTrust Holdings Inc.

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