CannTrust destroying $77M of pot in bid to regain regulator's trust [Business News Network (BNN) Energy & Resources (Canada)]
CannTrust Holdings Inc. (CTST)
Last canntrust holdings inc. earnings: 5/14 06:19 am
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Source: Business News Network
CannTrust destroying $77M of pot in bid to regain regulator's trust CannTrust Holdings Inc. is planning to destroy approximately $77 million worth of cannabis as the beleaguered pot producer seeks to restore regulatory compliance. In a press release issued on Thanksgiving Monday, CannTrust said it will not challenge Health Canada’s Sept. 17 decision to suspend the company’s sales and production licences. Instead, CannTrust said it “remains focused on working collaboratively and transparently with the regulator to address the company’s non-compliance matters.” Those “non-compliance matters” first came to light in early July when CannTrust disclosed that it had run afoul of Health Canada due to unlicensed production at its Pelham, Ont. facility. That was the spark for a devastating production scandal — replete with a whistleblower’s allegations of fake walls that were installed to shield illegal production from regulators, and internal documents obtained by BNN Bloomberg that suggested
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