For the second time this summer, Health Canada found CannTrust noncompliant—this time at the company’s production site in Vaughan, Ontario. The company is left with no productive assets.
Globe and Mail, MJ Biz Daily
- During inspections between July 10 and July 16, the federal regulator found the company stored cannabis in operational rooms not licensed for storage, built two areas of the facility without approval, employed insufficient security, kept poor records, and had inadequate quality-assurance protocols.
Financial Post, Bloomberg
- Health Canada says it cannot provide guidance about how or when it will make a decision about the company.
- Supreme founder John Fowler noted “Secure storage amendments have been a [pain in the ass] for many.”
Last fall, CannTrust shares traded at more than $15. On Monday they closed at $3.04.
- The Ontario Securities Commission approved a management cease-trade order, which the company requested earlier in the month.
- Former Prime Minister Kim Campbell said the Canadian cannabis sector must have integrity—and medical operators musn’t overestimate what their products can’t cure—in order for it to last.
- Gene Simmons parted ways with LP Invictus, for whom he’d served as Chief Evangelist Officer since March of 2018, for unspecified reasons.