|Bid||2.6100 x 0|
|Ask||2.6200 x 0|
|Day's Range||2.5900 - 2.6900|
|52 Week Range||2.4500 - 15.5000|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 14, 2019 - May 14, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.33|
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
CannTrust Holdings Inc. (TSX:TRST) comes with big risks and potentially huge rewards for investors right now. Here's the scoop.
VAUGHAN, ON , Aug. 19, 2019 /CNW/ - CannTrust Holdings Inc. ("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) has received a notice from the Ontario Cannabis Store (the "OCS"), ...
VAUGHAN, Ont. — CannTrust Holdings Inc. says the Ontario Securities Commission has approved a management cease trade order as the cannabis producer works to deal with its regulatory problems with Health Canada.The order by the securities regulator prohibits the directors and executive officers of the company from trading in CannTrust securities until two full business days after it makes all of its required filings.The company sought the order earlier this month in anticipation of missing an Aug. 14 deadline to file an interim financial report for the three and six month periods ended June 30.CannTrust says the filings will depend, in large measure, upon the timing and impact of Health Canada's decisions regarding the company's non-compliance with regulatory requirements."Although the special committee is directing the company to work closely with Health Canada to remediate the root causes of any non-compliance identified by Health Canada, to date the company has not had any substantive discussions with Health Canada concerning remediation matters," CannTrust said in a statement.The problems at CannTrust began after it revealed that Health Canada had found problems at the company's greenhouse in Pelham, Ont., and were compounded later by issues raised by the regulator at its manufacturing facility in Vaughan, Ont.The scandal has resulted in the ousting of the company's chief executive and the chairman of its board of directors.The company's auditor has also withdrawn its endorsement CannTrust's 2018 financial statements.CannTrust said it is working with the regulator to prepare a remediation plan for submission, but it is unable to provide any guidance as to when the problems will be resolved.The regulator has placed a hold on inventory including approximately 5,200 kg of dried cannabis that was harvested in the previously unlicensed rooms in Pelham, until it deems that the Company is compliant with regulations.The company has also instituted a voluntary hold of approximately 7,500 kg of dried cannabis equivalent at its Vaughan facility.CannTrust noted that Health Canada has broad discretion in the exercise of its regulatory powers."In the event that Health Canada orders the destruction of all or a substantial portion of the product grown in the previously unlicensed rooms, the company's results for the second quarter of 2019 would be materially adversely impacted," the company said. Companies in this story: (TSX:TRST) The Canadian Press
VAUGHAN, ON, Aug. 15, 2019 /CNW/ - CannTrust Holdings Inc. ("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) today provided an interim update on various matters. CannTrust announced that its application for a management cease trade order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") has been approved by the Ontario Securities Commission ("OSC"). The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company.
Canopy Growth joins a recent slate of cannabis companies that are disappointing investors. The manager of the first "pure-play" cannabis ETF on the NYSE explains why the industry is coming up short.
THORNTON GROUT FINNIGAN LLP AND ROCHON GENOVA LLP have together commenced a class action in Ontario on behalf of shareholders of CannTrust Holdings Inc. who acquired their CannTrust common shares between October 1, 2018 up to and including July 8, 2019.
(Bloomberg) -- Sharp moves by several pot stocks in the final minutes of trading last week may be the result of trades by the largest cannabis exchange-traded fund.The $1 billion ETFMG Alternative Harvest ETF recently added about 5.5 million shares of CannTrust Holdings Inc., according to holdings data compiled by Bloomberg. The medical cannabis producer jumped about 40% in the last hour of trading on Friday after spending most of the day in the red. Conversely, the fund, known as MJ, has significantly reduced its positions in Auxly Cannabis Group Inc., Vivo Cannabis Inc., Supreme Cannabis Co. and Canopy Rivers Inc., which all fell by at least 13%.Tricia Vanderslice, chief marketing officer for MJ issuer ETF Managers Group, declined to comment.All that buying and selling looks to have moved MJ closer to its underlying benchmark. CannTrust, for example, has a 4% weight in the Prime Alternative Harvest Index that MJ tracks, but had shrunk to less than 2% of the ETF because of regulatory breaches that have halved the value of the pot producer’s stock since early July.Auxly, meanwhile, makes up 0.4% of the gauge, but rose to 1.3% of MJ after the cannabis cultivator secured an investment from U.K.-based cigarette maker Imperial Brands Plc. Its shares have gained almost 30% since the deal was announced in July.It’s typical for thematic ETFs like MJ to build in flexibility so they can keep pace with the sector’s volatility, said Eric Balchunas, an ETF analyst for Bloomberg Intelligence.“In the case of marijuana, it’s like taming a wild horse,” he said. “If it wasn’t able to make small adjustments on the fly because its underlying holdings are changing so quickly, it’s possible that is a worse evil than situations like this.”MJ formally rebalances every quarter to reflect any changes to its index, but it has the flexibility to trade in advance “to minimize the market impact,” according to its prospectus. The ETF’s year-to-date return of 15% lags the index’s return of about 17%, according to data compiled by Bloomberg.To contact the reporter on this story: Kristine Owram in Toronto at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Rachel Evans, Tatiana DarieFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
As of Monday, CannTrust was trading at 3.04 Canadian dollars. The company has lost 53.6% of its stock value since the beginning of July.
Kalloghlian Professional Corporation (“KPC”) announced today that a proposed class action has been commenced against CannTrust Holdings Inc. ("CannTrust") (TRST.TO), certain of its current and former directors and officers, its auditor KPMG LLC, and certain underwriters and selling shareholders involved in CannTrust's May 2019 primary market share offering. KPC will be working together with A. Dimitri Lascaris Law Professional Corporation as co-counsel in this action.
TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:Toronto Stock Exchange (16,237.77, down 103.57 points).Bombardier Inc. (TSX:BBD.B). Industrials. Down eight cents, or 4.42 per cent, to $1.73 on 8.6 million shares.CannTrust Holdings Inc. (TSX:TRST). Health care. Down $1.17 or 27.79 per cent, to $3.04 on 6 million shares.B2Gold Corp. (TSX:BTO). Materials. Up three cents, or 0.62 per cent, to $4.89 on 5.5 million shares.Manulife Financial Corp. (TSX:MFC). Financials. Down 17 cents, or 0.77 per cent, to $21.99 on 5.4 million shares.Encana Corp. (TSX:ECA). Energy. Up 10 cents, or 1.76 per cent, to $5.79 on 5.3 million shares.TSO3 Inc. (TSX:TOS). Health care. Up four cents, or 10.39 per cent, to 42.5 cents on 4.4 million shares. Companies in the news:Transat A.T. (TSX:TRZ). Up $4.96 or 42.1 per cent to $16.75. Quebec's securities tribunal has barred a developer's offer to buy up Transat shares, halting Group Mach's bid to block the tour operator's sale to Air Canada. The decision comes one day after the country's largest airline upped its takeover offer by $200 million in an effort to win shareholder support for its bid to take Transat private. The new offer would see Air Canada spend $18 per share, rather than $13, bringing the total offer to about $720 million, up 38 per cent from a previously announced bid worth $520 million.Inter Pipeline Ltd. (TSX:IPL). Down 57 cents or 2.3 per cent to $24.24. Shares in Inter Pipeline Ltd. fell after soaring late last week on news that it had rejected an unsolicited takeover from an unnamed bidder. During a conference call Friday to discuss second-quarter results, company executives refused to comment on a Globe and Mail report that cited unnamed sources regarding a $30-per-share cash offer. In mid-afternoon, however, after trading was halted, Inter issued a brief statement confirming there had been "an unsolicited, non-binding, conditional and indicative proposal," without giving any details about the date, price or the identity of the bidder.Canfor Corp. (TSX:CFP). Up $6.46 or 73.4 per cent to $15.26. Canfor Corp. shares surged after a Jim Pattison Group company made a $16 a share bid to take the company private. Pattison's Great Pacific Capital Corp., which already owns about 51 per cent of the lumber producer, made the all-cash offer over the weekend that was a 60-per-cent premium to the company's 60 day average price and an 81.8-per-cent premium to Friday's close. Great Pacific says the proposed transaction, which values Canfor at about $2 billion, will allow for the elimination of the significant costs related to maintaining a public company listing and allow for reinvestment of that money in the company's operations.CannTrust Holdings Inc. (TSX:TRST). Down $1.17 or 27.8 to $3.04. The wild ride for CannTrust Holdings Inc. shareholders continued Monday after the company's stock plunged on news that its manufacturing facility in Vaughan, Ont., has been rated non-compliant by Health Canada. The company says it was notified by Health Canada on Friday and added that remedial actions were underway. The share swing marks a second consecutive volatile trading session, as shares initially fell Friday morning, only to roar back late in the day to close more than 40 per cent higher. The decision by the regulator was based on an inspection in July following revelations that Health Canada had found the company's greenhouse in Pelham, Ont., to be non-compliant.Barrick Gold Corp. (TSX:ABX). Down 16 cents to $23.80. Barrick Gold Corp. reported a second-quarter profit of US$194 million compared with a loss of US$94 million a year ago. The gold miner, which keeps its books in U.S. dollars, says on an adjusted basis, Barrick says it earned $154 million or nine cents per share in the quarter, up from an adjusted profit of $81 million or seven cents per share a year ago. Analysts on average had expected a profit of nine cents per share, according to the financial markets data firm Refinitiv.The Canadian Press
Cresco Labs is due to report its Q2 earnings on August 21 after the market closes. A week ahead, it received regulatory approval for a New York deal.