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CannTrust to destroy C$77M of assets, inventory for regulatory compliance

CannTrust Holdings Inc. will destroy assets and inventory worth about C$77 million to further its efforts to regain full regulatory compliance.

The Vaughan, Ontario-based cannabis producer has decided to destroy biological assets worth about C$12 million and inventory worth about C$65 million that was not authorized by its license.

This action is a continuation of CannTrust's efforts to fully regain regulatory compliance after Health Canada suspended the company's licenses to produce and sell cannabis. In July, a Health Canada audit found that the company was growing cannabis in five unlicensed rooms in its Pelham, Ontario-based greenhouse facility.

CannTrust's board terminated CEO Peter Aceto in July due to the investigation into the illegal cultivation of cannabis. In August, the company let go of 20% of its workforce to address the regulatory compliance issues.

The exact amount of the material destroyed will be verified after the destruction is completed.

CannTrust will also provide a detailed remediation plan to Health Canada by Oct. 21 to address measures the regulator identified for reinstating the licenses, CannTrust said in an Oct. 14 press release.