TRST.TO - CannTrust Holdings Inc.

Toronto - Toronto Delayed Price. Currency in CAD
2.4800
-0.1000 (-3.88%)
At close: 4:00PM EDT
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Previous Close2.5800
Open2.4500
Bid2.4800 x 0
Ask2.4900 x 0
Day's Range2.4300 - 2.6400
52 Week Range2.2200 - 15.5000
Volume1,520,645
Avg. Volume2,397,576
Market Cap350.136M
Beta (3Y Monthly)4.59
PE Ratio (TTM)N/A
EPS (TTM)-0.1210
Earnings DateMay 14, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est4.33
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    (Bloomberg) -- Exactly two years after its debut, CannTrust Holdings Inc.’s stock has fallen beneath its listing price of C$2.50.The pot company has lost nearly two-thirds of its value since early July when it revealed it had broken Canadian regulations by growing cannabis in unlicensed areas of its greenhouse in Pelham, Ontario, potentially putting its license at risk.The negative headlines have mounted since then. Chief Executive Officer Peter Aceto was fired and Chairman Eric Paul resigned; a joint task force of securities regulators and police is investigating the company for potential “serious violations of the law”; auditor KPMG LLP withdrew its reports on the company’s year-end and first-quarter results; regulators found further breaches at a second facility in Vaughan, Ontario; and Ontario’s cannabis wholesaler is returning C$2.9 million worth of products at the company’s expense.CannTrust has hired Greenhill & Co. to explore potential alternatives including a sale.The stock fell as low as C$2.45 on Wednesday, down 5.8%. If it ends the day at that level, it would be the lowest close since September 2017. Short interest stood at 8% of the public float on Aug. 20, according to IHS Markit data.CannTrust is in the midst of an “organizational transformation, which has included a number of departures and the reassignment of roles and responsibilities,” company spokeswoman Jane Shapiro said in an email Wednesday.It has appointed Dan Hogan, formerly CEO of luggage and handbag retailer eBags Inc., as head of strategic priorities. Ken Doige has been named vice president of security. Doige was previously vice president of compliance and risk management at cannabis retailer Fire & Flower Holdings Corp.To contact the reporter on this story: Kristine Owram in Toronto at kowram@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Morwenna ConiamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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  • Ontario cannabis retailer returns $2.9M in CannTrust products to company
    The Canadian Press

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    The Ontario government's cannabis wholesaler and online retailer is returning all products from CannTrust Holdings Inc. — valued at roughly $2.9-million — because they do not conform with the terms of its supply deal with the beleaguered cannabis company.CannTrust said Monday the Ontario Cannabis Store has determined that some of the products it sold to the crown corporation were "non-conforming" under the terms of its master cannabis supply agreement."Any product that does not comply with applicable law is considered to be non-conforming product and the OCS may elect to exercise its right, among others, to return such product to the company at the company's expense," CannTrust said in a statement.CannTrust noted that the Ontario retailer operates independently of Health Canada, which has not ordered a recall on any of the company's products.The move by the province's crown corporation in charge of wholesale distribution and online pot retail is the latest setback for the cannabis producer, which continues to be under investigation by Health Canada.Last month, CannTrust disclosed the federal regulator's findings that the company was growing cannabis in unlicensed rooms in its greenhouse in Pelham, Ont.Health Canada placed a hold on CannTrust's inventory amounting to approximately 5,200 kg of dried cannabis and the company instituted a voluntary hold of approximately 7,500 kg of dried cannabis equivalent.CannTrust later voluntarily suspended all sales and distribution of its products as a precaution while regulators investigate its Vaughan, Ont.-based manufacturing facility.Last week, the company said Health Canada notified CannTrust that its Vaughan facility was rated as non-compliant as well. CannTrust also said earlier this month that the Ontario Securities Commission has opened an investigation into issues around the alleged unlicensed growing at its Pelham greenhouse.Meanwhile, Health Canada continues its probe, the outcomes of which could include suspension or termination of CannTrust's cannabis licences, hefty fines, and possible destruction of the held-back cannabis products.While Ontario has decided to return CannTrust's products back to the company, other provinces are awaiting the results of Health Canada's review before taking any further action.The B.C. Liquor Distribution Branch's position on CannTrust is unchanged, said Viviana Zanocco, its manager of corporate communications and stakeholder relations."Until such time as Health Canada issues a recall or other direction, we will continue to supply CannTrust's product to private and public retail stores," she said in an emailed statement. "We remain in regular communication with Health Canada on this matter."Marie-Andree Bolduc, a spokeswoman for Cannabis NB, said their supply agreement with CannTrust remains unchanged as they wait for review results from the federal regulator.Manitoba Liquor and Lotteries spokesman Lorne Kletke said retailers in the province remain instructed to hold any CannTrust inventory until further direction.Similarly, the Alberta Gaming, Liquor and Cannabis Commission said the affected lots of CannTrust products remain on hold."As Health Canada has not issued a recall at this point, AGLC will continue to monitor the situation and respond accordingly once Health Canada releases their findings," said AGLC spokeswoman Heather Holmen in an emailed statement. The Nova Scotia Liquor Corp. continues to hold all CannTrust products at its distribution centre, which is valued at roughly $215,000, said spokeswoman Beverley Ware."At this stage, a decision has not been finalized regarding whether we will return the product," she said in an emailed statement. Companies in this story: (TSX:TRST) Armina Ligaya, The Canadian Press

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