Pot producer CannTrust hit by new Health Canada violations

13 Août, 2019, 13:28 | Auteur: Auguste Feret
  • CannTrust shares plunge again as Health Canada deems 2nd cannabis facility 'non-compliant'

About 6.75 million shares traded or 60.85% up from the average.

Its the second recent instance where CannTrust was found by Health Canada to be operating in non-compliant facilities. (NYSE:CTST) were released by: Investorplace.com and their article: "Molson Coors May Be the Only Thing Propping up HEXO Stock - Investorplace.com" published on August 12, 2019 as well as Globenewswire.com's news article titled: "Hagens Berman Reminds CannTrust (CTST) Investors of Lead Plaintiff Deadline, Encourages Investors Who Suffered $50,000+ Losses to Contact the Firm - GlobeNewswire" with publication date: July 17, 2019.

After the market closed on Friday, CannTrust Holdings Inc. Several analysts have suggested that Health Canada will force CannTrust to destroy this inventory, which could compound the nationwide-wide shortage of legal cannabis.

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. "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. The inspection found that five rooms converted from operational areas were being used for storage without approval, and that two new areas were constructed for storage that were also not approved.

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In addition, Health Canada reported "insufficient security controls at the manufacturing facility", and "inadequate quality assurance investigations and controls".

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CannTrust has already been struggling with the fallout from breaches at its greenhouse in Pelham, Ontario, where it grew cannabis in unlicensed rooms. That prompted sharp selling in CannTrust's stock that saw plummet 50% in a matter of weeks. "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", said CannTrust's interim CEO Robert Marcovitch in the news release. In the past month, CannTrust has halted all cannabis sales, fired its chief executive Peter Aceto and forced its chairman Eric Paul to resign.

CannTrust added that KPMG was not aware of the information recently shared by the company when the auditor issued its reports, and that it had relied upon representations made by individuals no longer at the company.

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    Its the second recent instance where CannTrust was found by Health Canada to be operating in non-compliant facilities. That prompted sharp selling in CannTrust's stock that saw plummet 50% in a matter of weeks.
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