Company Expects Products to be Available in Q4
2020
VAUGHAN, ON, Aug. 6, 2020 /CNW/ - 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.
Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of Canadian Securities laws and "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and other applicable
United States safe harbor laws,
and such statements are based upon CannTrust's current internal
expectations, estimates, projections, assumptions and beliefs and
views of future events.
Forward-looking information and forward-looking statements can
be identified by the use of forward-looking terminology such as
"believes", "expect", "likely", "may", "will", "should", "intend",
"anticipate", "potential", "proposed", "estimate" and other similar
words, including negative and grammatical variations thereof, or
statements that certain events or conditions "may", "would" or
"will" happen, or by discussions of strategy.
The forward-looking information and statements in this news
release include statements relating to the planned restart of
manufacturing operations and the expectation that CannTrust's
cannabis product will be available in the Canadian medical and
recreational markets in Q4 2020. Forward-looking information and
statements necessarily involve known and unknown risks, including,
without limitation: the outcome of the Company's contingent
liabilities; the impact of potential regulatory investigations; the
Company's review of strategic alternatives; risks associated with
general economic conditions; adverse industry events; loss of
markets; future legislative and regulatory developments in
Canada, the United States and elsewhere; the cannabis
industry in Canada generally; the
ability of CannTrust to effectively resume its cannabis growing,
process and packaging operations, the ability of CannTrust to
implement its business strategies, and the potential impact of the
COVID-19 pandemic on CannTrust's customers and patients, the
financial viability of the Company, and general economic
conditions.
Any forward-looking information and statements reflect
management's current beliefs, are based on information currently
available to management and, except as required by law, CannTrust
does not undertake any obligation to update or revise any
forward-looking information or statements, whether as a result of
new information, future events or otherwise. New factors emerge
from time to time, and it is not possible for CannTrust to predict
all such factors. When considering these forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in CannTrust's Annual
Information Form dated March 28, 2019
(the "AIF") and filed with the applicable Canadian securities
regulatory authorities on SEDAR at www.sedar.com and filed as an
exhibit to CannTrust's Form 40-F annual report under the United
States Securities Exchange Act of 1934, as amended, with the United
States Securities and Exchange Commission on EDGAR at www.sec.gov
(the "March 2019 Form 40-F"). The
risk factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements. Readers are also
reminded that CannTrust remains in default of its periodic
disclosure requirements under applicable securities laws and stock
exchange requirements, that its most recent AIF, Form 40-F and
other disclosures do not reflect all risk factors that currently
face the Company, and that the Company has not completed or filed
the restatements of the financial statements included in the AIF or
the March 2019 Form 40-F or otherwise
filed an amendment to such Form 40-F, and that the Company has
determined not to correct its prior filings or make any further
filings in respect of periodic disclosure requirements under
applicable securities laws and stock exchange requirements. None of
the Company's securities is listed for trading on any stock
exchange in any jurisdiction and, in Canada, trading in the Company's securities is
subject to a cease-trade order issued on April 13, 2020 by the Ontario Securities
Commission for CannTrust's failure to comply with its disclosure
obligations under applicable securities laws.
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SOURCE CannTrust Holdings Inc.