|Bid||3.6100 x 0|
|Ask||3.6300 x 0|
|Day's Range||3.6100 - 3.8500|
|52 Week Range||3.1700 - 15.5000|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.72|
NEW YORK, July 17, 2019 -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District.
Earnings reports, M&A deal updates and a potential update regarding CannTrust Holdings Inc (NYSE: CTST ) -- Here's what scheduled to take place this week in the cannabis industry. Organigram, Canopy Rivers ...
Beyoncé’s husband Jay-Z entered the cannabis industry this week, announcing he’d be joining the California brand Caliva as chief brand strategist. “Jay-Z entering the cannabis space reaffirms that effective brands will drive the future of the cannabis industry. On the policy front, Hawaii decriminalized the possession of small amounts of marijuana, and the U.S. Congress held a landmark hearing regarding cannabis legalization and the need to reform.
CannTrust messed up big time by violating Health Canada regulations. What should investors do in the wake of the scandal?
Yesterday, CannTrust (CTST) hinted at a big problem that not enough people are talking about, and it's suspending its cannabis sales.
(Bloomberg) -- CannTrust Holdings Inc. tumbled another 17% Friday after the Canadian pot company halted sales of its products while its chief executive officer said regulators are inspecting a second facility.CannTrust shares have lost 48% since the beginning of the week, when it disclosed that Canadian regulators gave a non-compliant rating to its greenhouse in Pelham, Ontario. In an unannounced inspection, regulators found the company grew pot in unlicensed rooms, provided “false and misleading information” to inspectors and had inadequate record keeping, according to Health Canada spokeswoman Tammy Jarbeau.Now regulators are also inspecting CannTrust’s facility in Vaughan, Ontario after the company “voluntarily brought forward a handful of compliance issues,” including with storage, CEO Peter Aceto said in a phone interview.“We’re growing very, very rapidly and we just need to make sure that cannabis is in properly licensed rooms, so we voluntarily disclosed some minor issues with regards to that,” he said.The stock fell to C$3.34 Friday in Toronto, and has dropped for seven straight sessions. The fallout also hit the cannabis sector as a whole, with the Horizons Marijuana Life Sciences Index ETF down 4.5% to the lowest since Jan. 8. Canopy Growth Corp. lost 8%, while Cronos Group Inc. fell 6.2% and Hexo Corp. slid 5.4%.CannTrust said Thursday night that it’s put a voluntary hold on the sale and shipment of all its medical and recreational products. It’s also appointed a special committee of the board, comprised of independent directors, to investigate the breach.Aceto said the company is working to source third-party supply for its medical patients and is working to figure out exactly what went wrong with the help of the special committee and an external firm.“We are in a situation that no one wishes to be in,” he said. “Our focus has got to be getting to the root cause, finding out exactly what happened, and I think this independent committee, this external firm is really going to help us get to the bottom of things with urgency.”Aceto said one person has been fired since the revelation. Now he’s focused on getting back into compliance as quickly as possible. Canadian law gives Health Canada a number of ways to respond to non-compliance, including “suspension or cancellation of a federal license” or the issuance of a fine up to C$1 million, Jarbeau said in an email.“I think that a license suspension is possible,” said Charles Taerk, chief executive officer of Faircourt Asset Management, which runs the cannabis-focused Ninepoint Alternative Health Fund. Taerk reduced his holdings of CannTrust to less than 1% of his portfolio after the company’s last quarterly earnings report, and sold the remainder of his position on Tuesday.“We had removed CannTrust from our top 10 two months ago, not because of this issue but because of other operational issues we were concerned about,” Taerk said in a phone interview, citing the company’s weak results and the lack of answers from management. “Where there’s smoke there’s fire sometimes, and people didn’t pay attention to that.”CannTrust’s voluntary hold on sales and shipments is likely to last into late July “at a minimum,” said Eight Capital analyst Graeme Kreindler, who downgraded the stock to sell from neutral and cut his price target to C$4 from C$6.“The possibility of a license suspension remains real; however, it is highly uncertain at this time,” Kreindler wrote in a note. “In the event of a suspension, we believe that TRST’s cash position could sustain the company for a period of approximately 12 months considering last quarter’s operating burn was $19 million.”(Updates with CEO quotes and share move)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, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
CannTrust dived again Friday as it halted sales amid heavy regulatory scrutiny. Innovative Industrial Properties stock fell on a share offering. Other marijuana stocks sold off too.
Cannabis stocks are taking a pounding on Friday, and have mostly been under pressure for the past month or so. The hardest-hit cannabis stock recently has been CannTrust Holdings Inc (NYSE: CTST). The stock is down 46.8% this month, as Health Canada froze 5,200kg of the company’s cannabis inventory after auditors found it had been growing cannabis in areas that have not yet been licensed.
Canada's main stock index treaded water on Friday, as losses in healthcare stocks led by cannabis producer CannTrust were offset by gains in the materials sector. * CannTrust Holdings Inc tumbled 8.7%, the most on the TSX, after the company suspended sales of cannabis products. Earlier this week, the firm said Canada's health regulator found that it produced marijuana in unlicensed facilities.
CannTrust Holdings said Friday it has halted all cannabis sales and shipments while Health Canada reviews its production plant in Vaughan, Ontario.
Overall, the cannabis sector was weak in the first ten days of July. There was a stream of negative news about the sector. Earlier this week, CannTrust (CTST) reported that Health Canada found non-compliant operations at one of its facilities. According to the press release issued by CannTrust, the company was growing cannabis in rooms […]
CannTrust is looking more like "Can't Trust" this week. On July 8, the company announced it received a notice from regulator Health Canada that its greenhouse facility in Pelham, Ontario was not in compliance. Health Canada placed a hold on 5,200 kg of dried cannabis harvested from these rooms and CannTrust placed a voluntary hold on another 7,500 kg of dried cannabis previously produced in those rooms.
CannTrust Holdings Inc. (NYSE: CTST ) shares have taken another big hit after the company announced late Thursday that it's going to hold off all of its cannabis products sales and shipments until Health ...