Search: Canntrust

Cannabis Producer CannTrust Prepares for Potential Wind-Down

CannTrust Holdings Inc., the troubled Canadian cannabis producer whose former executives have been charged with fraud, is preparing to wind down if it can’t find a way to fix a default by the end of the month. The Vaughan, Ontario-based company breached a minimum earnings covenant on its C$22.5 million ($17.7 million) bankruptcy loan, and is currently in negotiations with potential investors and…

CannTrust Can’t Quite Turn the Page to a New Chapter

VAUGHAN, ON, Jan. 6, 2022 /PRNewswire/ – CannTrust Holdings Inc. (“CannTrust” or the “Company”) (unlisted) today announced that its Fourth Amended & Restated Plan of Compromise, Arrangement and Reorganization dated July 7, 2021 (the “CCAA Plan”) has been implemented. The implementation of the CCAA Plan follows its approval by the Ontario Superior Court of Justice […] READ MORE: https://www.newcannabisventures.com/canntrust-cant-quite-turn-the-page-to-a-new-chapter/

Former CannTrust leaders to make first court appearance following fraud charges

Three former executives of CannTrust Holdings Inc. are expected to appear in an Ontario court today as they face charges related to an unlicensed growing scandal. The cannabis company’s former chief executive Peter Aceto, former vice-chairman Mark Litwin, and former chairman Eric Paul each face charges of fraud, making false or misleading statements and authorizing, permitting or acquiescing in the…

CannTrust’s former CEO and two directors charged with fraud over unlicensed pot growing scandal

Fraud charges have been laid against CannTrust Holdings Inc.’s former chief executive Peter Aceto and two former directors, all of whom face possible jail time of up to five years if found guilty in a sweeping quasi-criminal case led by the Ontario Securities Commission. Company co-founder and former board chair Eric Paul and former director Mark Litwin are also charged…

CannTrust enters pact to settle class action lawsuits from illicit production scandal

CannTrust Holdings Inc. said Wednesday it will put $50 million into a trust that will be earmarked for investors who filed class-action lawsuits against the company after it received a non-compliance order from Health Canada. The move is to cover claims stemming from a production scandal that led federal regulators to suspend its ability to grow and produce legal pot.…

CannTrust to sell legal pot again as it looks to recover from illicit production scandal

The head of CannTrust Holdings Inc. said the past year has been a “long slog” to begin selling cannabis products in the Canadian recreational market, after federal regulators suspended the company’s licences for growing pot in unlicensed rooms. CannTrust Chief Executive Officer Greg Guyatt said in an interview that the company will re-introduce its brands to several provinces this month,…

CannTrust cannabis licences reinstated after year of turmoil

“Our licence reinstatement is the result of an enormous amount of hard work by the CannTrust team,” says CEO Greg Guyatt Embattled Canadian cannabis producer CannTrust announced Wednesday morning that its Vaughan manufacturing facility has had its licence restored, according to a press release. The re-licensed producer attributes its reinstatement to has “working diligently to resolve regulatory deficiencies within its…

CannTrust to Delist From New York Stock Exchange on April 27th

CannTrust (TSX: TRST) (NYSE: CTST), which has been suspended from trading since March 31st on both the Toronto Stock Exchange and the New York Stock Exchange after seeking protection from creditors, stated then that its shares would soon be delisted from both exchanges. On April 9th, the company disclosed that it will be delisted from […] READ MORE: https://www.newcannabisventures.com/canntrust-to-delist-from-new-york-stock-exchange-on-april-27th/

CannTrust Gets Protection from Creditors and Class-Action Plaintiffs

CannTrust Obtains Initial Order under Companies’ Creditors Arrangement Act (Canada) Order Stays Creditors and Litigation Plaintiffs from Enforcing Claims VAUGHAN, ON, March 31, 2020 /PRNewswire/ – CannTrust Holdings Inc. (“CannTrust” or the “Company”, TSX: TRST,NYSE: CTST) announced today that the Company has obtained an order (the “Initial Order”) from the Ontario Superior Court of Justice […] READ MORE: https://www.newcannabisventures.com/canntrust-gets-protection-from-creditors-and-class-action-plaintiffs/

Danish medical cannabis hiccups following CannTrust Scandal

Denmark’s ambitious medical cannabis program is being stymied by the CannTrust scandal and price issues as new figures show patient numbers flat-lining. Canadian firm CannTrust has been hounded by the authorities and the markets after an ‘illegal growing operation’ was discovered in one of its domestic cultivation facilities. Shortly after this discovery it emerged that CannTrust’s partner in Denmark, StenoCare,…

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…