CannTrust’s Pot License Suspended Following Regulatory Breaches
- Suspension will remain in effect until breaches are fixed
- Shares tumble 16%, bringing year-to-date decline to 75%
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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.