CannTrust Holdings Inc (TSX: TRST) has provided an update regarding the remediation plans at its Niagara Facility and Vaughan Facility, as well as the status of its listing on the New York Stock Exchange. In addition, the Company has appointed a new CEO, replacing interim CEO Robert Marcovitch.
With regards to the Niagara Facility, on February 14, 2020 CannTrust will submit all necessary completed remediation activity documents to Health Canada with the aim of the facility seeing license reinstatement. With respect to the Vaughan Facility, the company is forecasting to have the remediation activities completed in the second quarter 2020, and then submit all necessary documents to Health Canada thereafter.
Subsequently, CannTrust has appointed the current Chief Financial Officer, Greg Guyatt, to serve as the Chief Executive Officer, which until now, the interim position was occupied by Robert Marcovitch. Robert Marcovitch will remain with the company, but will only serve as a member on the Special Committee as well as a non-executive chairman with the Board of Directors. The now-vacant Chief Financial Officer position will be filled by David Blair, who is the Vice President of Finance for the company.
The company was also granted a listing extension on the New York Stock Exchange, with the extension is valid until April 15, 2020. Thereafter CannTrust must file the interim financial report and the fiscal year with the U.S Securities and Exchange Commission.
Lastly, CannTrust must provide bi-weekly updates as per the conditions of the Management Cease Trade Orders National Policy. The bi-weekly reports must continue until the company is up to date on its filings as per Canadian securities laws. Previously, the Ontario Securities Commission put CannTrust under a management cease to trade order, and as a result, all executives and directors are prohibited from purchasing or trading any of the company’s securities until two business days have passed since both interim reports, MD&A’s, and certifications of interim filings are filed.
CannTrust Holdings Inc is a Canadian medical cannabis producer and is currently trading at $1.08 on the TSX.
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.