RE:RE:RE:RE:RE:GAP DOWN TO $1.75 TOMORROW — VERY LIKELY.Well enjoy the ride. That's not how Health Canada thinks. They do not care about the companies, the patients, the share holders or anything. They care about compliance, the cannabis act and good character.
Firing 2 people who remain shareholders is not enough.
Look at Bonify, in a 7 month suspension so far.
Look at Ascent. Decimated.
Suspension is 100% the thing that Health Canada is going to deliver. This is the Cannabis Act. This was illicit production in 5 rooms each the size of 3 hockey rinks. This isn't some accident, or some misinterpritation of the promotional regs. This is a blatent disregard for the process of licencing and the regulations.
Parties involved would include: Security, Cultivation, Investor Relations, Accountants, Quality Assurance, Executives and more.
At least 30 to 50 employees need to be fired. They cannot remain shareholders either.
There's enough suspended companies out there to draw a parallel, there's the regulations themselves. There's the fact that actually, there are companies right now looking to expand their licensing and if all it was is a $1mil fine then why are ANY of them waiting for permission???
This new "board" is not mandated by Health Canada. It is self imposed as a knee jerk reaction to the situation. They only fired one employee when they made the announcement. They released this information publicly 2wks after Health Canada did their inspection. The fact that Health Canada even locked down any product is evidence enough that something is a foul. Health Canada will sit in the security office for days on end watching security footage and combing through the records and books. If they find nothing, they leave without incident. They don't just on a whim freeze assets for fun.
And in no capitalistic world do companies "volunteer" to stop sales. That's the same interpritation as a criminal before a judge who gives them 2 options, jail or rehab. They volunteer for rehab obviously.
Do some homework. Go on BNN and search George Robbinson from RavenQuest. Look at the Video dated January 22nd. Bonify is not yet suspended and he says:
- health canada was so impressed with how fast we dealt with the issue and removed the board
- Bonify is not suspended, it volunteered to stop selling until it can remedy the situation
Roughly 2 weeks later, suspended.
CannTrust IS in fact, "partially" suspended as we speak. There are several things occuring that are not being communicated to the public:
1) They cannot clone to replace harvested rooms
2) They ARE able to maintain the rooms [for now] but must submit weekly "rationales" to Health Canada on what activities are being conducted in which rooms and what employees are participating.
The internal Board is nothing. It has NO effect on Health Canada's decisions. Peter was only fired AFTER emails and minutes were released. The Whislte Blower would be sued for slander if his statements were false.
When Agrima was suspended they put out a press release stating that everything was under control, that they just have a "record keeping issue" and they are working on it. Then they hired 8 more QAP, new directors, press released it all. They were inspected end of August, found in "non-compliance". RCMP inspected 3rd week of September, found nothing more. Mid-November, they got the letter saying they are suspended effective immediately and recommondation is to be revoked however it is their legal right to appeal the process within 30 days. They did that mid December. In January, same letter. They tried again. Then went into Chapter 11 and asset sold pennies on the dollar.
How did Agrima's stock get halted? The interim CEO halted it during the chapter 11 filing.
This is ALL DEJA-VU. To think somehow something good is going to come of this is absolutely laughable. There is nothing constructive about holding TRST. Traders playing the volitility and playing options is about the only thing. End of month is coming, margin calls for short sellers is due. That's about the only ralley on the books.
It took HC about 6wks to suspend Agrima. Bonify was somewhere between 4 and 6 weeks.
This will be it. There is no merger, no white knight, nothing. This is reality folks. Enjoy the ride and learn your lessons when all of this comes true.
Peace.