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Marijuana manufacturer destroying $ 58M pot



Canadian cannabis manufacturer CannTrust Holdings will destroy $ 77 million in Canadian dollars ($ 58.2 million) in an attempt to regain compliance with the law.

CannTrust said Monday night that it will destroy CA $ 12 million plants and CA $ 65 million inventory that was not licensed. The destruction process will allow the company to return in accordance with the license.

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Shares gained nearly 33 percent in US trading on Tuesday. [1

9659003] "CannTrust is confident that its detailed remediation plan will not only address all compliance issues identified by Health Canada, but will also build a best-in-class compliance environment for the future," said interim CEO Robert Marcovitch in a press release.

this efforts. Our goal is to meet and exceed Health Canada's regulatory standard, and to rebuild confidence in our primary regulator, investors, patients and customers. "

CannTrust had its licenses to manufacture and sell cannabis suspended September 17 after regulators discovered in late 2018 and early 2019 the company illegally cultivated thousands of kilos of product in unlicensed parts of the greenhouse in Pelham, Ontario. It was later discovered that CannTrust had also broken regulations at its plant in Vaughan, Ontario.

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The company plans to provide an update before or before October 21, 2019.


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