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Canntrust Holdings Inc
Symbol TRST
Shares Issued 141,481,527
Close 2019-10-11 C$ 1.20
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Globe says Canntrust to destroy $77M in marijuana

2019-10-15 06:58 ET - In the News

The Globe and Mail reports in its Tuesday edition that Canntrust Holdings will destroy $77-million worth of weed in an attempt to get Health Canada to restore its licences, $26-million more than the previously disclosed estimate of the amount it would have to discard. The Globe's David Milstead and Mark Rendell write that the pot regulator suspended Canntrust's growing and processing licences on Sept. 17. Federal investigators discovered in mid-June that Canntrust had grown thousands of kilograms of weed in unlicensed parts of its greenhouse facility in Pelham, Ont., and later determined that the company had also breached regulations at its manufacturing plant in Vaughan, Ont. The unlicensed growing took place in 2018 and early 2019. Under the suspension, Canntrust was allowed to continue cultivating and harvesting existing batches of pot that were planted since late March, but could not plant more or sell cannabis. The destruction of the inventory "is both an essential and integral part of Canntrust executing its remediation plan, as well as addressing Health Canada's remediation expectations," the company said in a statement. Canntrust said on Monday it will not challenge the suspension of its licences.

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