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CTST

CannTrust

$4.93

-0.0899 (-1.79%)

07:18
07/08/19
07/08
07:18
07/08/19
07:18

CannTrust says greenhouse facility in Pelham, Ontario non-compliant

CannTrust has received a compliance report from Health Canada notifying the company that its greenhouse facility in Pelham, Ontario is non-compliant with certain regulations. CannTrust has accepted Health Canada's non-compliance finding and has taken actions to ensure current and future compliance. The non-compliant rating is based on observations by the regulator regarding the growing of cannabis in five unlicensed rooms and inaccurate information provided to the regulator by CannTrust employees. Growing in unlicensed rooms took place from October 2018 to March 2019 during which time CannTrust had pending applications for these rooms with Health Canada. These rooms were constructed in accordance with regulations and Good Production Practices, and licenses were issued for each of the five rooms in April. There are 12 rooms in total at the facility. Health Canada has placed a hold on inventory which includes approximately 5,200kg of dried cannabis that was harvested in the previously unlicensed rooms in Pelham, until it deems that the Company is compliant with regulations. In addition, CannTrust has instituted a voluntary hold of approximately 7,500kg of dried cannabis equivalent at its Vaughan manufacturing facility that was produced in the previously unlicensed rooms. CannTrust's operations at its Pelham and Vaughan facilities remain fully licensed and the company continues to grow, cultivate, harvest and sell cannabis. Health Canada is conducting quality checks of product samples on hold at Pelham, with results expected in 10 to 12 business days. Due to the product on hold, some CannTrust customers and patients will experience temporary product shortages. The company is exploring options to mitigate these shortages. All product sold from the impacted rooms has passed quality control testing at Health Canada certified labs as well as CannTrust's own quality control processes and safety reviews.

CTST CannTrust
$4.93

-0.0899 (-1.79%)

05/24/19
05/24/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Zoom Video (ZM) initiated with a Perform at Oppenheimer. 2. CannTrust (CTST) initiated with a Buy at BofA/Merrill. 3. Inseego (INSG) initiated with an Outperform at Cowen. 4. Falcon Minerals (FLMN) initiated with an Outperform at Baird. 5. Aphria (APHA) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/30/19
BMOC
05/30/19
UPGRADE
Target $11
BMOC
Outperform
CannTrust upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst Tamy Chen upgraded CannTrust (CTST) to Outperform and raised his price target on the stock to $11 from $10. The analyst cites the company's ramp of its Phase 2 greenhouse development observed in his recent visit, saying the site is nearing a full capacity of 50k kg per year ahead of his prior expectations. Chen notes that CannTrust's run rate is third only to Canopy (CGC) and Aurora (ACB), even though it trades at a "notable discount."
07/03/19
SBSH
07/03/19
INITIATION
Target $7
SBSH
Buy
CannTrust initiated with a Buy at Citi
Citi analyst Wendy Nicholson started CannTrust Holdings with a Buy rating and $7 price target. The analyst says that while the company's path to profitability is "less clear," its revenues are growing "strongly." As a result, she values CannTrust on a sales multiple and sees "lots of upside" in the shares.
07/03/19
SBSH
07/03/19
NO CHANGE
Target $7
SBSH
Buy
Citi sees a 'lot of upside' in CannTrust shares, starts with Buy rating
Citi analyst Wendy Nicholson initiated coverage of CannTrust Holdings with a Buy rating and $7 price target. The stock closed yesterday down 15c to $4.97. CannTrust is one of the largest licensed producers of cannabis in Canada, and is well positioned to compete in the "rapidly-evolving" global cannabis market, Nicholson tells investors in a search note titled "Not a Lot of Visibility, but We See a Lot of Upside." Through its "state-of-the-art" cultivation and growing operations, CannTrust is focused on producing consistently high-quality and increasingly low-cost cannabis, explains the analyst. With its revenues "growing strongly," but path to profitability "less clear," Nicholson values the stock on a sales multiple. She expects CannTrust's sales to nearly triple in 2019 and nearly double again in 2020.

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