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Cannabis Summary for July 8, 2019

2019-07-08 20:45 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 11.76 points to 640.45 Monday. Canntrust Holdings Inc. (TRST) dropped $1.46 to $5.00 on 17.72 million shares after the company was found to be non-compliant by Health Canada as a result of growing marijuana at its Pelham, Ont., facility in rooms that the company did not have a licence for at the time. Canntrust was growing marijuana in five unlicensed rooms between October, 2018, and March, 2019, while it was applying for licences. The cannabis producer reportedly provided inaccurate information to Health Canada. Canntrust's stock is now at its lowest level since 2017.

Health Canada has placed a hold on Canntrust's inventory of about 5,200 kilograms of marijuana that was harvested in the previously unlicensed rooms. Canntrust has also voluntarily put another 7,500 kg of marijuana on hold at its Vaughan manufacturing facility that had also been produced in the previously unlicensed rooms. Canntrust chief executive officer Peter Aceto confirmed to the Financial Post today that the company had already shipped some of the marijuana grown in these rooms to provinces across the country. He did not say which provinces the product had been shipped to, but Canntrust has supply agreements with all 10 Canadian provinces. During the hold, Health Canada will conduct quality checks of the product produced at Pelham in the unlicensed rooms. Health Canada expects to have the results in 10 to 12 business days, which will cause a temporary product shortage for Canntrust customers and patients.

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