CannTrust sinks as regulator finds Vaughan facility non-compliant

13 Août, 2019, 11:26 | Auteur: Auguste Feret

Its the second recent instance where CannTrust was found by Health Canada to be operating in non-compliant facilities.

WATCH: Marijuana black market still surging in Canada: how can that change?

CannTrust continued to slide on Monday after Health Canada deals the company yet another blow.

CannTrust Holdings Inc. shares plummeted almost 25 per cent on Monday morning, after the troubled cannabis grower acknowledged that it has received a second non-compliant order from federal regulators, this time relating to its manufacturing facility in Vaughan, Ont.

Now a second facility, in Vaughan, north of Toronto, has also been found in violation of regulations. "As previously announced, the Company implemented a voluntary hold on the sale and shipment of all cannabis products while Health Canada reviewed its Vaughan, Ontario manufacturing facility", the company said in a statement.

Although the Company, under the supervision of the Special Committee, is preparing a remediation plan for submission to and consideration by Health Canada, Health Canada has advised the Company that it is now unable to provide any guidance about the timing or content of its decisions concerning the Company.

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Trade uncertainty has made investors cautious, sending them to more defensive sectors or safe havens like gold, says Craig Fehr, a Canadian markets strategist with Edward Jones. (NYSE:CTST) were released by: "Globenewswire.com and their article: "CTST CLASS ACTION REMINDER: "Hagens Berman Reminds CannTrust Holdings (CTST) Investors of September 9, 2019 Lead Plaintiff Deadline; Investors Who Lost $100,000+ to Contact the Firm - GlobeNewswire" published on August 08, 2019 as well as Finance.Yahoo.com's news article titled: "SHAREHOLDER ALERT: "Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in CannTrust Holdings Inc. of Class Action Lawsuit and Upcoming Deadline â€" CTST - Yahoo Finance" with publication date: "August 10, 2019.

Health Canada seized five metric tons of the company's cannabis from that facility in July, when it discovered the illegal grow rooms. That prompted sharp selling in CannTrust's stock that saw plummet 50% in a matter of weeks.

CannTrust said that while it is working on a remediation plan with its independent Special Committee of the board of directors, Health Canada has advised that it is "currently unable to provide any guidance about the timing or content of its decisions" about the company.

Since Health Canada found the unlicensed pot cultivation, CannTrust fired Peter Aceto as chief executive officer, while Eric Paul resigned as chairman.

Several Canadian companies also had wild share swings.

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