CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST) on Monday announced its continued progress on taking all actions to bring the company back into full compliance and reinstatement of its licenses. Previously on September 17th of this year, the company said that Health Canada had suspended its licenses to sell and produce cannabis.
CannTrust has come up with a strategic outline of its proposed remediation strategy to reach full compliance. This strategy is aimed at implementing the measures identified by Health Canada as necessary to attempt to address the regulator’s concerns, including:
– Ensuring that cannabis will be distributed and produced only when permitted
– Recovering cannabis that was not authorized by CannTrust’s license
– Improving knowledge of compliance and improving the organization of records and all information required by
Health Canada to be submitted
The company’s Board of Directors is committed and deemed it necessary to destroy USD 12 Million of Cannabis plants and USD 65 Million worth of inventory. This includes products that were returned by distributors, retailers and patients. The current status of the company’s licenses does not permit CannTrust to sell the products to other licensed producers.
“CannTrust is confident that its detailed remediation plan will not only address all of the compliance issues identified by Health Canada, but it will also build a best-in-class compliance environment for the future,” stated Robert Marcovitch, the Company’s interim Chief Executive Officer. “We have already made significant progress in these efforts. Our goal is to meet and exceed Health Canada’s regulatory standard, and to rebuild the trust and confidence of our primary regulator, investors, patients, and customers.”
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