GREY:CNTTQ - Post by User
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Humaniston Aug 06, 2020 8:00am
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CNTTQ LICENSES REINSTATED FOR VAUGHN MFC FACILITY
CNTTQ LICENSES REINSTATED FOR VAUGHN MFC FACILITY CannTrust Licenses Reinstated for Vaughan Manufacturing Facility
| August 6, 2020 - 7:15 AM EDT | | Company Expects Products to be Available in Q4 2020
VAUGHAN, ON, Aug. 6, 2020 /PRNewswire/ - CannTrust Holdings Inc. ("CannTrust" or the "Company") announced today that it has received notice from Health Canada that the Company's licenses for its Vaughan Manufacturing Facility (the "Vaughan facility") have been reinstated, effective immediately.
Over the past 12 months, CannTrust has been working diligently to resolve regulatory deficiencies within its business. On May 29, 2020, the Company confirmed it had received notice of license reinstatement for its Fenwick Perpetual Harvest Facility and immediately recommenced cultivation operations at this location, which are proceeding as planned.
"Our license reinstatement is the result of an enormous amount of hard work by the CannTrust team," said Greg Guyatt, Chief Executive Officer at CannTrust. "Today marks the beginning of the next chapter in CannTrust's history. We have used the last 12 months to improve every aspect of our business, placing a determined focus on regulatory compliance as we remediated, restructured, and evolved. We are excited to return to work with our partners to provide our consumers and patients with high-quality cannabis products."
CannTrust will restart manufacturing operations at its Vaughan facility imminently. With all licenses now reinstated, the Company expects to have cannabis products available during the fourth quarter of 2020.
"CannTrust has undergone significant organizational and operational changes as part of our remediation activities," said Dr. Ilana Platt, the Company's Chief Regulatory Officer. "Regulatory compliance, risk management, and effective oversight are integral to everything we do."
CannTrust remains under CCAA protection to facilitate the Company's efforts to resolve its civil litigation exposures and complete its review of strategic alternatives. These efforts are ongoing, and the Company is unable to predict either their timing or their outcome.
In the meantime, the Company remains without meaningful revenues and has terminated or laid-off a significant portion of its workforce. CannTrust plans to begin operations at its Vaughan facility immediately following today's announcement as an important next step towards rebuilding stakeholder trust and delivering high-quality, innovative products to its patients and customers. |