Canntrust news
CannTrust Holdings Inc. was a Canadian cannabis company that was involved in a major scandal in 2019. Here are some key news articles and updates related to CannTrust:
Scandal and Investigation
- August 2019: CannTrust announces that it has been conducting illegal cultivation practices at its Niagara facility, including growing cannabis in unlicensed rooms and falsifying records. (Source: The Globe and Mail)
- August 2019: Health Canada launches an investigation into CannTrust's practices and suspends the company's licenses to produce and sell cannabis. (Source: CBC News)
- September 2019: CannTrust's CEO, Peter Aceto, resigns amid the scandal. (Source: The Toronto Star)
- October 2019: CannTrust's board of directors announces that it will be conducting an independent investigation into the company's practices. (Source: Bloomberg)
Financial and Legal Consequences
- August 2019: CannTrust's stock price plummets by 30% after the scandal is revealed. (Source: The Financial Post)
- September 2019: CannTrust announces that it will be laying off 500 employees due to the financial impact of the scandal. (Source: The Globe and Mail)
- October 2019: CannTrust is sued by a group of investors who claim they were misled by the company's statements about its compliance with regulations. (Source: The Toronto Star)
- November 2019: CannTrust announces that it has received a notice of default from its lenders, which could lead to the company's debt being accelerated. (Source: The Financial Post)
Bankruptcy and Liquidation
- January 2020: CannTrust files for bankruptcy protection in Canada and the United States. (Source: The Globe and Mail)
- February 2020: CannTrust announces that it has reached a deal with its creditors to liquidate its assets and sell its business. (Source: Bloomberg)
- March 2020: CannTrust's assets are sold to a new company, NewLeaf Cannabis, which will continue to operate the company's facilities. (Source: The Toronto Star)
Regulatory Actions
- August 2019: Health Canada revokes CannTrust's licenses to produce and sell cannabis, citing the company's non-compliance with regulations. (Source: CBC News)
- October 2019: The Ontario Securities Commission (OSC) launches an investigation into CannTrust's accounting practices and disclosure. (Source: The Globe and Mail)
- November 2019: The OSC announces that it has charged CannTrust with violating securities laws and regulations. (Source: The Toronto Star)
These are just a few of the key news articles and updates related to CannTrust's scandal and subsequent bankruptcy. The company's downfall was a major blow to the Canadian cannabis industry and highlighted the importance of compliance with regulations.