trending Market Intelligence /marketintelligence/en/news-insights/trending/1dgXa1_REFFJyZZ74tDZEw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In This List

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

S&P Global Market Intelligence

Cannabis Hashing Out a Budding Industry


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform

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.