CannTrust inventory plunges in wake of Well being Canada ruling on cannabis grown in unlicensed rooms

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As of this writing, CannTrust Holdings shares are down almost 20 p.c within the wake of an embarrassing disclosure.

Earlier than markets opened this morning, the medicinal cannabis producer revealed that its greenhouse facility in Pelham, Ontario, was offside with sure Well being Canada laws.

“The non-compliant ranking is predicated on observations by the regulator relating to the rising of cannabis in 5 unlicensed rooms and inaccurate data supplied to the regulator by CannTrust staff,” the corporate dislosed. “Rising in unlicensed rooms occurred from October 2018 to March 2019 throughout which period CannTrust had pending functions for these rooms with Well being Canada.”

In consequence, CannTrust has been ordered to carry again distribution of 5,200 kilograms of dried cannabis grown in these beforehand unlicensed rooms.

As well as, CannTrust is voluntarily holding again about 7,500 kilograms of “dried cannabis equal” in its manufacturing facility in Vaughan, Ontario. These…

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