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CannTrust Discloses Notice of Licence Suspension

VAUGHAN, ON, Sept. 17, 2019 /PRNewswire/ – CannTrust Holdings Inc. (“CannTrust” or the “Company”, TSX: TRST, NYSE: CTST) announced that it received late this morning a Notice of Licence Suspension (the “Notice”) below section 64(1) of the Cannabis Act (Canada). The Notice cites the Company’s earlier non-compliance with particular specifications of the Cannabis Act (Canada) and the regulation produced thereunder (the “Cannabis regulations”) in respect of the matters that the Corporation has been discussing with Overall health Canada.

The Notice states that Overall health Canada has suspended CannTrust’s authority to make cannabis, other than cultivating and harvesting, and to sell cannabis. As such, the Notice constitutes a partial suspension of the Company’s licence for regular cultivation and a complete suspension of its licences for regular processing, healthcare sales, cannabis drugs and analysis issued below the Cannabis regulations. Though the suspension remains in impact, CannTrust will be permitted to cultivate and harvest current lots or batches previously propagated, as effectively as conducting ancillary activities to these lots, which includes drying, trimming and milling. Throughout the suspension, CannTrust may well not propagate new lots or batches of cannabis or engage in the sale or distribution of cannabis.

The Notice states that Overall health Canada will reinstate CannTrust’s licences below section 64(four) of the Cannabis Act if the motives for the suspension no longer exist or if CannTrust demonstrates that the suspension was unfounded. The Notice also states that Overall health Canada considers that implementation of the following measures could potentially address the public overall health and security dangers that contributed to Overall health Canada’s choice to situation the Notice:

Measures to assure that cannabis will be created and distributed only as authorized, which includes measures to manage the movement of cannabis in and out of CannTrust’s web page

Measures to recover cannabis that was not authorized by CannTrust’s licence

Measures to boost important personnel’s know-how of, and compliance with the provisions of the Act and the Regulations that apply to CannTrust and,

Measures for enhancing the manner in which records are kept, which includes a program to boost the inventory tracking, and any interim measures to assure that info supplied to Overall health Canada can be reconciled.
The Company’s management and Board of Directors are reviewing the Notice with the Company’s counsel and other advisors.

More than the previous two months, the Corporation has moved swiftly to assess and address Overall health Canada’s issues, which includes places of operational non-compliance. The Corporation remains committed to getting in complete regulatory compliance.

Original press release

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Published by NCV Newswire

NCV Newswire
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