In an announcement that will most certainly enrage countless legacy cannabis consumers and growers, Canntrust Holdings (OTC: CNTTQ) this morning announced that it is returning to the Canadian marketplace. Products under the firms brands Liiv and Synr.g are anticipated to hit retailer shelves this month, with further products to be made available early in the new year.
While the company is currently focused on relaunching itself within the Canadian recreational cannabis market, it also remains focused on medical consumers, with a full line of medical products to be relaunched “in the near future.”
While products have returned to market, the company continues to indicate that it remains under CCAA protections, a form of bankruptcy for large corporations, while it continues to resolve civil litigation and conduct a strategic review. The firm has reportedly terminated a significant portion of its employees to cut costs while revenues were non-existent as it worked to satisfy matters with Health Canada.
The return to market for Canntrust effectively puts a cap on much of the regulatory drama that ensued following the discovery in 2019 that the company was growing cannabis illegally in unlicensed space at its facilities in southern Ontario. Despite the findings being made in early July 2019, licenses held by the company were not formally suspended until September 2019, which were subsequently reinstated in May and August this year. It’s unclear if any criminal charges were laid against the former management of the company.
Canntrust Holdings last traded at US$0.17 on the OTC Markets.
Information for this briefing was found via Sedar and CannTrust Holdings Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.