|Bid||1.2600 x 2200|
|Ask||1.2700 x 2200|
|Day's Range||1.2500 - 1.3800|
|52 Week Range||1.1300 - 11.9740|
|Beta (3Y Monthly)||4.62|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Canada has suspended the cannabis license for marijuana company CannTrust, due to illegally growing product in unlicensed rooms. The stock was halted yesterday after the news, and shares fell by more than 10% when it resumed. The suspension means that CannTrust cannot produce or sell cannabis, but the company can cultivate, harvest, dry, and trim existing plants.
The cannabis industry has been on a rollercoaster ride this year. CannTrust, Tilray, and KushCo stocks have fallen more than 40% in 2019.
Cannabis Countdown: Top 10 Marijuana Stock News Stories of the Week Welcome to the Cannabis Countdown . In this week’s rendition, we’ll recap and countdown the top 10 marijuana stock news stories for ...
Eaze, a California-based delivery software company, filed a countersuit against DionyMed Brands Inc (OTC: DYMEF) on Tuesday. DionyMed's COO has resigned and the company is restructuring its debt. Cannacord Genuity maintained a Speculative Buy rating on DionyMed, as Green Market Report CEO Debra Borchardt told Benzinga.
Today, the US cannabis markets were trading a little higher than we have seen in the recent past. The Federal Reserve cut interest rates by 25 points.
CannTrust Holdings Inc said on Thursday that Alberta government has decided to return C$1.3 million worth of sold pot products, days after the Canadian health regulator cancelled the company's licence to produce and sell cannabis. Alberta Gaming, Liquor and Cannabis Commission (AGLC), which is in charge of distribution of products to licenced pot retailers in the province, said goods to be returned constitute all of the company's products currently held at the commission. Earlier in August, online retailer Ontario Cannabis Store said it would also return the company's products valued at about C$2.9 million ($2.18 million).
Oppenheimer analyst Rupesh Parikh initiated coverage on Canopy Growth stock. The analyst gave a “perform” rating with no target price.
CannTrust Holdings Inc. U.S.-listed shares fell about 8% in premarket trade Thursday, after the Canadian cannabis company said the Alberta Gaming, Liquor and Cannabis Commission (AGLC) has informed it that it will return all of company's products sold to it, which are valued at about C$1.3 million ($979,000). Under the terms of the supply agreement that CannTrust has with the AGLC, it can return goods sold for any reason and the company will be responsible for the cost of the goods and all other expenses related to the return, CannTrust said in a statement. The AGLC is responsible for wholesale distribution of cannabis products to licensed cannabis retailers in Alberta and operates independently of Health Canada, the Canadian health ministry. CannTrust, which earlier this week had its cannabis license suspended after it was found to be growing cannabis in unlicensed rooms, said it remains focused on achieving complete regulatory compliance. Shares have fallen 74% in 2019, while the ETFMG Alternative Harvest ETF has fallen about 4% and the S&P 500 has gained 20%.
VAUGHAN, ON, Sept. 19, 2019 /PRNewswire/ - CannTrust Holdings Inc. ("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) has received notice from the Alberta Gaming, Liquor and Cannabis Commission (the "AGLC"), the Crown corporation in charge of wholesale distribution of cannabis products to licensed cannabis retailers in Alberta, advising the Company that the AGLC has determined that the Company's products sold to the AGLC will be returned to the Company pursuant to the terms of the Cannabis Supply Agreement between the Company and the AGLC (the "Supply Agreement"). Under the terms of the Supply Agreement, goods sold to the AGLC may be returned to the Company for any reason and the Company will be responsible for the cost of the goods and all expenses related to the return.
The original investor hope surrounding the regulatory issues at CannTrust Holdings (NYSE:CTST) was a quick solution that got the company back into business selling cannabis. The problem all along was that the news continuously got worst for the company. The final straw is the suspension of their license to produce and sell cannabis by Health Canada.As a result, investor sentiment is negative, with individual portfolios in the TipRanks database showing a net pullback from CTST.Not Much Left Back on July 8, CannTrust announced that Health Canada found the Canadian cannabis company to be in non-compliance with an audit conducted by the regulatory body. Specifically, the company and executive management team had hidden the growing of cannabis in non-licensed rooms.Originally, CannTrust presented the idea that Health Canada would rule on tests of the cannabis from these unlicensed sources within 10 to 12 business days or somewhere around mid-July. The reality is that the Canadian regulatory body only now ruled on September 17 to pull the license of CannTrust.The company reported this morning the receipt of a Notice of License Suspension under section 64(1) of the Cannabis Act (Canada). CannTrust is not allowed to produce or sell cannabis while the license is suspended. The only allowed operations are the cultivating and harvesting of existing plants in the ground.The company had already fired the CEO and withheld sales and shipment of cannabis products while awaiting the Health Canada review. CannTrust hasn’t sold products going on three months leading to massive ongoing losses with no clear path to returning to business anytime soon, if ever.Mounting Costs For Q1, CannTrust had operating costs of about C$10 million in the quarter before counting C$2.2 million in selling and shipping costs. The company will incur most of these costs going forward before cutting employees.This amount doesn’t factor in expected growth in the employee base for Q2 since CannTrust hasn’t reported the June quarter results yet. In addition, the cannabis company had about C$9.1 million in production costs for the March quarter that will be occurred in the current quarter with the company still growing cannabis in the anticipation of obtaining Health Canada approval to return to selling product.The company burned C$19.0 million in cash during the March quarter and one can easily see those amounts repeated and exceeded in both Q2 and Q3. The good news is that the company raised $170 million back before the regulatory issues to supplement about $30 million on the balance sheet at the end of March. The company has the cash to fund these ongoing losses for an extended period.A big worry is that shareholder lawsuits could wipe out the remaining cash. In addition, what made the stock appealing was the additional capacity expected to come online considering the move to beat the market to growing cannabis outdoor. CannTrust has lost the first mover advantage here.Consensus VerdictUltimately, the word on the Street points to a sidelined majority on CannTrust. In the last three months, the embattled cannabis stock has landed 3 ‘buy’ ratings vs. 4 ‘hold’ and 2 'sell' ratings. (See CTST's price targets and analyst ratings on TipRanks)TakeawayThe key investor takeaway is that once CannTrust failed the Health Canada audit, the stock was placed on a watch list due to intriguing value if the company was able to quickly regain compliance. The problem all along was the uncertainty surrounding the real details of the audit failure and how the regulatory body would actually act.The best outcome here is a likely sale of the company or the cannabis production assets, but any investor is gambling to expect gains from the current stock price near $1.25. Any deal could easily be a take under considering the operating losses and legal uncertainties.Disclosure: No position.
Just when it seemed it couldn’t get any worse for CannTrust Holdings Inc (NYSE: CTST) (TSE:TRST), we learned Health Canada has suspended its license to produce and sell cannabis. While suspended going forward, CannTrust will be allowed to complete the cultivation, harvest and sale of existing lots. While many are getting burned, The Cannabis ETF (NYSE: THCX), the fund backed by Jon Najarian and Pete Najarian, seems to have dodged a bullet.
CannTrust reported that its license under the Cannabis Act was suspended. The company won't be able to produce cannabis. Will CannTrust fall below $1?.
CannTrust Holdings Inc. said Tuesday afternoon that Health Canada has suspended the cannabis company's license to produce and sell cannabis. Regulators halted CannTrust stock Tuesday morning pending news after its U.S.-traded shares fell 3.3% in morning trading. Once trading resumed at 3:30 p.m. Eastern time, the stock fell more than 10%. Late Tuesday Health Canada told MarketWatch in an emailed statement that it is in the process of "seizing and detaining all cannabis products" at the Pelham and Vaughn, Ontario sites. While the suspension is in effect, CannTrust is permitted to cultivate and harvest existing crops and is allowed to dry and trim that marijuana. CannTrust is not permitted to grow fresh batches of weed or sell cannabis while the suspension is in effect. CannTrust ran afoul of the law by growing cannabis in unlicensed rooms, some of which was exported to medical patients in Denmark.
Pot producer CannTrust on Tuesday said that the Canadian government has suspended it from selling cannabis.
CannTrust Holdings Inc (NYSE: CTST) (TSE:TRST) shares plummeted on Tuesday afternoon after the company was notified that Canadian health authorities are suspending its license to produce and sell cannabis in Canada. Canadian investigators alleged this past summer that the Ontario-based company was producing thousands of kilograms of cannabis in unlicensed grow rooms. CannTrust said in a statement Tuesday it was notified that the suspension is a partial one, preventing it from selling the drug, but allowing it to continue to cultivate and harvest existing lots.
(Bloomberg) -- CannTrust Holdings Inc., the beleaguered pot company that’s lost 75% of its value after breaching regulations, had its license suspended by the Canadian government.The company won’t be able to sell or produce cannabis, other than cultivating and harvesting existing plants, CannTrust said in a statement Tuesday. The suspension will remain in effect until it can demonstrate the breaches no longer exist or that the suspension was unfounded.Shares tumbled as much as 17% when they resumed trading following the announcement.The suspension won’t change much in the short term as the Vaughan, Ontario based company had already halted all sales and shipments of its products.Health Canada, the government agency responsible for cannabis regulations, told CannTrust that it could potentially address the suspension by taking measures to ensure pot will be produced and distributed only as authorized and to recover cannabis that wasn’t authorized by the license. It would also need to improve key personnel’s knowledge of and compliance with regulations; and to improve record keeping and inventory tracking.CannTrust’s management and board are reviewing the suspension with counsel and other advisers, the company said.The breaches, which included growing pot in unlicensed parts of its greenhouse in Pelham, Ontario, led to the firing of Chief Executive Officer Peter Aceto and a joint investigation by securities regulators and police. The company has hired Greenhill & Co. to explore potential alternatives, including a sale.To contact the reporter on this story: Kristine Owram in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, ;David Scanlan at firstname.lastname@example.org, Jacqueline ThorpeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The company had delayed its second-quarter results last month awaiting a decision from Canada's health regulator on a large amount of inventory put on hold after discovery of illegal cultivation by the company. Last month, Health Canada found fault with cannabis production at a second CannTrust Holdings Inc facility, a month after the regulator froze sales of several tonnes of marijuana grown at another one of its Ontario operations. CannTrust has since fired Peter Aceto as chief executive officer, while Eric Paul resigned as chairman.
Troubled Canadian pot grower CannTrust Holdings Inc said on Tuesday its license to produce and sell cannabis has been suspended by Health Canada. CannTrust had delayed its second-quarter results last month awaiting a decision from Canada's health regulator on a large amount of inventory put on hold after discovery of illegal cultivation by the company. Last month, Health Canada found fault with cannabis production at a second CannTrust Holdings Inc facility, a month after the regulator froze sales of several tonnes of marijuana grown at another one of its Ontario operations.
VAUGHAN, ON, Sept. 17, 2019 /PRNewswire/ - CannTrust Holdings Inc. ("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) announced that it received late this morning a Notice of Licence Suspension (the "Notice") under section 64(1) of the Cannabis Act (Canada). The Notice cites the Company's previous non-compliance with certain requirements of the Cannabis Act (Canada) and the regulation made thereunder (the "Cannabis regulations") in respect of the matters that the Company has been discussing with Health Canada. The Notice states that Health Canada has suspended CannTrust's authority to produce cannabis, other than cultivating and harvesting, and to sell cannabis.
Today at 2:10 PM ET, the S&P; 500 Index fell 0.3% as investors watched rising oil prices. The cannabis sector also fell today, as its ETFs traded in the red.