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Here We Go Again! Canntrust Shares Plunge After Health Canada Finds Violations At Second Cannabis Facility

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Here We Go Again! CannTrust shares plunge after Health Canada finds violations at second cannabis facility

The Titanic of Cannabis? Except they’ve now hit their second iceberg.

Financial Press Canada reports…..

Health Canada has found fault with cannabis production at a second CannTrust Holdings Inc facility, a month after the regulator froze sales of several tonnes of marijuana grown at another one of its Ontario operations.

U.S.-listed shares of the Canadian grower, down 36 per cent in the past month after it suspended sales, fired its chief executive officer, disclosed a formal investigation by local regulators and said its results may have to be restated, fell another 26 per cent in early trading to $2.30.

CannTrust said it had accepted the latest findings from the health regulator into the Vaughan facility in Ontario, which received a non-compliant rating, and expects to propose a remediation plan to Health Canada.

“We are continuing to work hard to regain the trust of Health Canada, our patients, shareholders and partners,” interim Chief Executive Officer Robert Marcovitch said, adding that the company “will take whatever remedial steps necessary” as quickly as possible.

Health Canada’s rating for the Vaughan plant was based on an inspection between July 10 and July 16, and noted that five rooms, converted from operational areas, were used for storage since June 2018 without prior approval by the regulator.

The regulator also said two new areas were constructed without prior approval and that security as well as quality assurance investigations were inadequate at the facility, while operating procedures did not to meet requirements.

Source: https://cannabislaw.report/here-we-go-again-canntrust-shares-plunge-after-health-canada-finds-violations-at-second-cannabis-facility/

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