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CannTrust discontinues the sale and shipment of all cannabis products



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TORONTO – CannTrust Holdings Inc. says he has kept selling products and supplies of all his cannabis products as a precautionary measure, while Canadian healthcare inspects his Vaughan, Ont production complex.

"CannTrust works closely with the regulator through the review process and expects to provide additional information on the duration of the event and other events when they become available, the company reports in its release Thursday, Thursday.

"At present, the impact of these issues on CannTrust's financial results is not known until the completion of the regulatory control process."

The company said it also created an ad hoc committee of its board of directors to conduct its own investigation.

CannTrust said on Monday that Health Canada had been notified that the regulator opened unlicensed greenhouse growing in Ontario between October 2018 and March 2019, before the respective rooms were licensed in April 2019.

As a result, Health Canada has stocked approximately 5,200 kilograms of CannTrust products from this subject, and the licensed manufacturer voluntarily contained additional 7,500 kilograms of potted products that were also bonded.

The executive director of CannTrust, Peter Aceto, said he represents the "majority" of his inventory and warns about potential shortfalls ahead.

Earlier on Thursday, the Danish partner of Stenocare, CannTrust Holdings Inc., has quarantined more of the illicitly cultivated medicinal products on the Canadian company's greenhouse and warned of a possible shortage in Denmark.

Stenocare said, unlike the initial information that he received from a licensed manufacturer, he now has received documentation showing that the Danish company's inventory lots come from growing rooms that do not have government approval.

"As a result of the new information, all products supplied with Stenocare for these parties will be quarantined, which means they will be isolated and prohibited for sale, while Canadian health authorities, Canada, and medical products Canada Agency concluded on this issue ", – the company said in a statement.

Stenocare, which serves patients with medical cannabis, added that "most, but not all," CannTrust products in their inventory and that it has placed on the Danish market since June 10 as a cultivation of unlicensed cannabis.

This was the cancellation of comments by Stenocare earlier this week when it was said that only one "very small" party was involved with the unlicensed cultivation that Canada's security continues to investigate.

CannTrust announced the establishment of a joint venture with Stenocare, which in March 2018 received a 25% stake in a Danish company and first shipped oil to Denmark in September 2018.

The company was not immediately available for comment on Thursday. Peter Aceto said on Monday that "mistakes" were made, but CannTrust is working to come back to Health Canada and conduct a thorough review to determine what happened.

Stenocare said that in close dialogue with the Danish Medicines Agency, which regulates medicines in the country, on this issue.

"The most likely outcome of this new situation is a temporary shortage of cannabis medicines in the Danish market," the company said. "This will have a negative financial impact on Stenocare, regardless of whether CannTrust has signed a contract for the supply of fully licensed and approved products."

CannTrust shares closed 1.94 percent to $ 4.04 on the Toronto Stock Exchange on Thursday. It is sharply down from its closing price of $ 6.46 of the previous issue, before Canntrust unveiled the Canada Conclusions Healthy on Monday.

The broad Stenocare quarantine comes one day after the authorities in Alberta and Ontario have pulled out or kept CannTrust products until the Health Service of Canada finishes its investigation.

Alberta Gaming, a Liqueur and Cannabis Administration on Wednesday said it housed affected many Canntrust products on hold as a safety precaution. The solution affects the online product available through AlbertaCannabis.org and the AGLC distribution.

"At the discretion of private licensed retailers, Alberta needs to work in consultation with CannTrust and Health Canada to determine if they will continue to sell existing stocks if they affect products," said Heather Holman, AGLC spokeswoman. .

Earlier on Wednesday, Ontario Cannabis Store said it had removed some CannTrust products from its online store and distributed to physical points.

Companies in this story: (TSX: TRST)

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