|Bid||2.4800 x 0|
|Ask||2.5000 x 0|
|Day's Range||2.4500 - 2.6200|
|52 Week Range||2.4500 - 15.5000|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 14, 2019 - May 14, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.33|
CannTrust Holdings Inc. (NYSE: CTST) is losing employees in the aftermath of the company's Canadian regulatory issues, according to the Financial Post. The three known names are operations manager Cameron Fletcher; master grower Brady Green; and vice president of quality operations Andrea Kirk. CannTrust spokeswoman Jane Shapiro said there was a “number of departures” at the company, and said new employees were also appointed to senior positions.
(Bloomberg) -- Exactly two years after its debut, CannTrust Holdings Inc.’s stock has fallen beneath its listing price of C$2.50.The pot company has lost nearly two-thirds of its value since early July when it revealed it had broken Canadian regulations by growing cannabis in unlicensed areas of its greenhouse in Pelham, Ontario, potentially putting its license at risk.The negative headlines have mounted since then. Chief Executive Officer Peter Aceto was fired and Chairman Eric Paul resigned; a joint task force of securities regulators and police is investigating the company for potential “serious violations of the law”; auditor KPMG LLP withdrew its reports on the company’s year-end and first-quarter results; regulators found further breaches at a second facility in Vaughan, Ontario; and Ontario’s cannabis wholesaler is returning C$2.9 million worth of products at the company’s expense.CannTrust has hired Greenhill & Co. to explore potential alternatives including a sale.The stock fell as low as C$2.45 on Wednesday, down 5.8%. If it ends the day at that level, it would be the lowest close since September 2017. Short interest stood at 8% of the public float on Aug. 20, according to IHS Markit data.CannTrust is in the midst of an “organizational transformation, which has included a number of departures and the reassignment of roles and responsibilities,” company spokeswoman Jane Shapiro said in an email Wednesday.It has appointed Dan Hogan, formerly CEO of luggage and handbag retailer eBags Inc., as head of strategic priorities. Ken Doige has been named vice president of security. Doige was previously vice president of compliance and risk management at cannabis retailer Fire & Flower Holdings Corp.To contact the reporter on this story: Kristine Owram in Toronto at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Morwenna ConiamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Cannabis stocks were mixed on Monday, with CannTrust falling another 5% on news a customer is returning almost three million Canadian dollars worth of its weed and MedMen rallying as it launches delivery service across California.
Cannabis Countdown: Top 10 Marijuana Stock News Stories of the Week – Earnings SZN Edition Welcome to the Cannabis Countdown . In this week’s rendition, we’ll recap and countdown the top 10 marijuana ...
The Ontario Cannabis Store is the government-run crown corporation that oversees wholesale distribution of cannabis products to licensed retailers in the province. The regulatory body determined that some of its products are "non-conforming" under the terms of the company's master cannabis supply agreement. The OCS' decision is independent of Health Canada's recent determination that some of CannTrust's products were produced in unlicensed facilities.
Troubled Canadian cannabis company CannTrust Holdings Inc. said Monday it has received notice from the Ontario Cannabis Store, the Crown corporation in charge of wholesale cannabis distribution to licensed cannabis retailers in the province, and operator of Ontario's biggest online recreational cannabis store, that some of its products are non-conforming under the master agreement between the two parties. As a result, the OCS is returning product worth about C$2.9 million ($2.2 million). The news sent CannTrust shares down 3.3% in premarket trade. The stock has lost 65% of its value in the last three months, ever since Health Canada seized five metric tons of product after discovering it was growing in unlicensed rooms. The company fired its Chief Executive Peter Aceto for cause and pushed out President Eric Paul, after The Globe and Mail uncovered emails showing management were aware of the unlicensed grow and that some of the illicit cannabis had been exported to Denmark, a breach of Canadian drug laws. Health Canada has since discovered irregularities at another CannTrust facility in Ontario.
The cannabis wholesaler for the province of Ontario says that some of the products it has received are non-conforming to its supply agreement with CannTrust.
CannTrust Holdings Inc (NYSE: CTST) plummeted last week after issuing a press release acknowledging it hat failed a Health Canada inspection in July. Meanwhile, Greenlane Holdings, Inc. (NASDAQ: GNLN) posted a net sales increase of 30.6% in the second quarter of 2019, with sales totaling $53 million, and Canopy Growth Corp (NYSE: CGC) tumbled after reporting an adjusted EBITDA loss of CA$92 million ($69.1 million), up from CA$22.5 million ($16.8 million) last year. Commenting on Canopy’s results Patrick Sanders, assistant managing editor for investing at U.S. News & World Report, told Benzinga, “The markets overreacted when CGC reported losing more than $1 billion in the last quarter.
Regulator Health Canada last month found unlicensed cultivation in five rooms at a CannTrust facility. Health Canada placed a hold on about 5,200 kilograms (11,500 pounds) of dried cannabis harvested in the rooms, while CannTrust also put a voluntary hold on a further 7,500 kg of cannabis equivalents. It warned that if Health Canada ordered the destruction of affected product, its second-quarter results would be materially impacted.
VAUGHAN, ON, Aug. 15, 2019 /PRNewswire/ - CannTrust Holdings Inc. ("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) today provided an interim update on various matters. CannTrust announced that its application for a management cease trade order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") has been approved by the Ontario Securities Commission ("OSC"). The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company.
Canopy Growth joins a recent slate of cannabis companies that are disappointing investors. The manager of the first "pure-play" cannabis ETF on the NYSE explains why the industry is coming up short.
The speculative nature of the cannabis industry has led to some wild swings in pot stocks, but an ETF's big trades are also adding to the volatility.
CannTrust Holdings Inc (NYSE: CTST) announced this week that Health Canada is investigating compliance violations at its manufacturing facility in Vaughan, Ontario. The company’s board of directors has initiated an internal investigation to determine the root cause of the problem and to initiate remediation steps. KPMG’s decision was driven by the information revealed from the company’s Special Committee’s investigation as well as information that caused the firing of CEO, Peter Aceto, at the end of July.
The Cannabis ETF (NYSE: THCX ), one of several marijuana exchange traded funds that debuted last month, is already making some changes to its roster. THCX, which tracks the Innovation Labs Cannabis Index, ...
THORNTON GROUT FINNIGAN LLP AND ROCHON GENOVA LLP have together commenced a class action in Ontario on behalf of shareholders of CannTrust Holdings Inc. who acquired their CannTrust common shares between October 1, 2018 up to and including July 8, 2019.
(Bloomberg) -- Sharp moves by several pot stocks in the final minutes of trading last week may be the result of trades by the largest cannabis exchange-traded fund.The $1 billion ETFMG Alternative Harvest ETF recently added about 5.5 million shares of CannTrust Holdings Inc., according to holdings data compiled by Bloomberg. The medical cannabis producer jumped about 40% in the last hour of trading on Friday after spending most of the day in the red. Conversely, the fund, known as MJ, has significantly reduced its positions in Auxly Cannabis Group Inc., Vivo Cannabis Inc., Supreme Cannabis Co. and Canopy Rivers Inc., which all fell by at least 13%.Tricia Vanderslice, chief marketing officer for MJ issuer ETF Managers Group, declined to comment.All that buying and selling looks to have moved MJ closer to its underlying benchmark. CannTrust, for example, has a 4% weight in the Prime Alternative Harvest Index that MJ tracks, but had shrunk to less than 2% of the ETF because of regulatory breaches that have halved the value of the pot producer’s stock since early July.Auxly, meanwhile, makes up 0.4% of the gauge, but rose to 1.3% of MJ after the cannabis cultivator secured an investment from U.K.-based cigarette maker Imperial Brands Plc. Its shares have gained almost 30% since the deal was announced in July.It’s typical for thematic ETFs like MJ to build in flexibility so they can keep pace with the sector’s volatility, said Eric Balchunas, an ETF analyst for Bloomberg Intelligence.“In the case of marijuana, it’s like taming a wild horse,” he said. “If it wasn’t able to make small adjustments on the fly because its underlying holdings are changing so quickly, it’s possible that is a worse evil than situations like this.”MJ formally rebalances every quarter to reflect any changes to its index, but it has the flexibility to trade in advance “to minimize the market impact,” according to its prospectus. The ETF’s year-to-date return of 15% lags the index’s return of about 17%, according to data compiled by Bloomberg.To contact the reporter on this story: Kristine Owram in Toronto at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Rachel Evans, Tatiana DarieFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
As of Monday, CannTrust was trading at 3.04 Canadian dollars. The company has lost 53.6% of its stock value since the beginning of July.
Troubled Canadian cannabis company CannTrust Holdings Inc. said Monday it has received a report from Health Canada informing it that its manufacturing facility in Vaughan, Ontario is noncompliant with certain regulations, sending its battered stock down 25%.