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.
Documents or information that were not retained in a manner to enable Health Canada to complete its audit in a timely manner.
The new non-compliant order comes a month after Health Canada inspectors determined the company had broken rules at its greenhouse complex in Pelham, Ont.by growing thousands of kilograms of cannabis in unlicensed rooms in late 2018 and early 2019. In the past month, CannTrust has halted all cannabis sales, fired its chief executive Peter Aceto and forced its chairman Eric Paul to resign.
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The company is also exploring options, including a sale. Meridian is arm's-length to the Company and this loan represented the Company's only secured indebtedness. In addition, CannTrust has instituted a voluntary hold of approximately 7,500kg of dried cannabis equivalent at its Vaughan manufacturing facility that was produced in the previously unlicensed rooms. 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. (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.
Officials for the cannabis company say they are taking remedial actions after the discovery at the Vaughan facility, and had already began an internal investigation into the Pelham issues.
"I feel this is more of a reflection of kind of a recalibration of this new environment that we're in where this trade issue is probably going to linger on for much longer than people had expected". New factors emerge from time to time, and it is not possible for CannTrust to predict all such factors. The risk factors and other factors noted in the AIF could cause actual events or results to differ materially from those described in any forward-looking information or statements.
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