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CTST

CannTrust

$3.20

0.955 (42.54%)

07:21
08/12/19
08/12
07:21
08/12/19
07:21

CannTrust says taking 'whatever remedial steps necessary' to regain compliance

After trading hours on Friday, August 9, CannTrust received a report from Health Canada notifying the company that its manufacturing facility in Vaughan, Ontario has been rated non-compliant with certain regulations. CannTrust has accepted Health Canada's findings and remedial actions are underway. Heath Canada's rating was based on observations made during an inspection completed during the period July 10-16, which noted: The conversion of five rooms from operational areas to storage areas, which were used for storage since June 2018 without prior approval of Health Canada; The construction of two new areas without prior approval of Health Canada, one of which was used to store cannabis since November 2018; Insufficient security controls at the manufacturing facility; Inadequate quality assurance investigations and controls; Standard operating procedures that did not to meet the requirements under regulations; and Documents or information that were not retained in a manner to enable Health Canada to complete its audit in a timely manner. As previously announced, the company implemented a voluntary hold on the sale and shipment of all cannabis products while Health Canada reviewed its Vaughan, Ontario manufacturing facility. CannTrust continues to work closely with Health Canada and will provide further details of the hold and other developments as they become available. Under the direction of the recently constituted independent Special Committee of the board of directors of the company and newly-appointed interim CEO, Robert Marcovitch, the company has already begun the process of investigating and remediating the root causes of any non-compliance and expects to propose a robust remediation plan to Health Canada. The company's CEO Robert Marcovitch stated: "We are continuing to work hard to regain the trust of Health Canada, our patients, shareholders and partners. We have retained independent consultants who have already started addressing some of the deficiencies noted in Health Canada's report. We are looking at the root causes of these issues and will take whatever remedial steps are necessary to bring the company into full regulatory compliance as quickly as possible." Although the company, under the supervision of the Special Committee, is preparing a remediation plan for submission to and consideration by Health Canada, Health Canada has advised the company that it is currently unable to provide any guidance about the timing or content of its decisions concerning the company.

CTST CannTrust
$3.20

0.955 (42.54%)

07/08/19
BOFA
07/08/19
DOWNGRADE
Target $3.5
BOFA
Underperform
BofA double downgrades CannTrust to Underperform after Health Canada probe
BofA Merrill Lynch analyst Christopher Carey downgraded CannTrust two notches, to Underperform from Buy, and halved his price target on the shares $3.50 from $7 after the company announced that an audit from Health Canada found it had cultivated cannabis in rooms not yet licensed to do so and put a freeze on some of the company's inventory. Even following this morning's slide he expects the stock to remain weak due to uncertainty on the impact of the probe on CannTrust's financials as well as due to likely diminished investor confidence, said Carey. In morning trading in New York, CannTrust shares are down 92c, or 19%, to $4.02.
07/08/19
07/08/19
DOWNGRADE

CannTrust downgraded to Neutral from Buy at Eight Capital
Eight Capital analyst Graeme Kreindler earlier today downgraded CannTrust Holdings to Neutral from Buy and lowered his price target for the shares to C$6 from C$11.
07/09/19
ROTH
07/09/19
DOWNGRADE
Target $4
ROTH
Neutral
CannTrust downgraded to Neutral from Buy at Roth Capital
Roth Capital analyst Scott Fortune downgraded CannTrust to Neutral from Buy, noting that the company has taken a "huge credibility hit" from the issued Health Canada non-compliance rating audit report, in which Health Canada has placed a hold on about 5,200 kg of dried cannabis. To be determined is Health Canada's enforcement response to what he deems a "flagrant lack of compliance" surrounding cultivating cannabis in five unlicensed rooms over a five-month timeframe. The analyst believes the operations misstep will have material impact to financials. Fortune also lowered his price target on the shares to $4 from $8.50.
07/12/19
07/12/19
DOWNGRADE

CannTrust downgraded to Sell from Neutral at Eight Capital
Eight Capital analyst Graeme Kreindler downgraded CannTrust Holdings to Sell from Neutral and cut his price target for the shares to C$4 from C$6. The analyst downgraded the shares to Neutral on July 8.

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