CannTrust Could Lose Its Pot License Amid a Deepening Sell-Off
- Company halts all sales and shipments of its products
- CannTrust has enough cash to last 12 months, analyst says
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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.