Canntrust Advances Its Plan Towards Regulatory Compliance
Author: Benzinga Newsdesk | October 14, 2019 12:38pm
VAUGHAN, ON, Oct. 14, 2019 /CNW/ – CannTrust Holdings Inc. ((", CannTrust", or ", the Company", , TSX:TRST, NYSE:CTST) announced that it continues to make significant progress on its commitment to take any and all actions required to both bring the Company into full regulatory compliance and seek the full reinstatement of its licenses.
On September 17, 2019, CannTrust announced that Health Canada had suspended the Company's licenses to produce cannabis and sell cannabis, without affecting the Company's ability to continue cultivating and harvesting cannabis. The Company will not challenge Health Canada's partial suspensions and remains focused on working collaboratively and transparently with the regulator to address the Company's non-compliance matters. In pursuit of this goal, the Company has provided Health Canada with an outline of its proposed remediation strategy. This strategy is aimed at implementing the measures identified by Health Canada as necessary to attempt to address the regulator's concerns, namely:
- Measures to ensure that cannabis will be produced and distributed only as authorized, including measures to control the movement of cannabis in and out of CannTrust's site;
- Measures to recover cannabis that was not authorized by CannTrust's license;
- Measures to improve key personnel's knowledge of, and compliance with the provisions of the Act and the Regulations that apply to CannTrust; and,
- Measures for improving the manner in which records are kept, including a plan to improve the inventory tracking, and any interim measures to ensure that information provided to Health Canada can be reconciled.
Posted In: CTST TSX:TRST
