VAUGHAN, ON, Sept. 12, 2019 /CNW/ – CannTrust Holdings Inc.
("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) today is
providing a status update in accordance with its obligations under
the alternative information guidelines set out in National Policy
12-203 – Management Cease Trade Orders ("NP 12-203"), which require
the Company to provide bi-weekly updates until such time as the
Company is current with its filing obligations under Canadian
securities laws. As previously announced, the Company is subject to
a management cease trade order ("MCTO") issued by the Ontario
Securities Commission. The MCTO prohibits the directors and
executive officers of the Company from trading in or acquiring
securities of the Company until two full business days after the
Company files an interim financial report for the three and six
month periods ended June 30, 2019, an
interim management's discussion and analysis for the corresponding
period and certifications of interim filings. The MCTO does not
affect the ability of investors who are not insiders to trade in
the securities of the Company.
The Company advises that: (i) there have been no material
changes to the information contained in the Company's August 16, 2019 news release and August 29, 2019 news release; (ii) it intends to
continue to comply with the alternative information guidelines of
NP 12-203; and (iii) except as previously disclosed, there are no
subsequent specified defaults (actual or anticipated) within the
meaning of NP 12-203.
About CannTrust
CannTrust is a federally regulated licensed producer of medical
and recreational cannabis in Canada. Founded by pharmacists, CannTrust
brings years of pharmaceutical and healthcare experience to the
medical cannabis industry and serves medical patients with its
dried, extract and capsule products. The Company operates its
Niagara Perpetual Harvest Facility in Pelham, Ontario, and prepares and packages its
product portfolio at its manufacturing centre in Vaughan, Ontario. The Company has also
purchased 81 acres of land in British
Columbia and expects to secure over 240 acres of land in
total for low-cost outdoor cultivation which it will use for its
extraction-based products.
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 corrective actions being
taken by the Company, and Health Canada's pending determinations.
Forward-looking information and statements necessarily involve
known and unknown risks, including, without limitation: actions
taken in respect of the Company's products by its customers and
regulators; results of Health Canada's investigation, including
orders and compliance measures required by Health Canada and their
impact on the operations, inventory, assets and financial condition
of the Company; the Company's implementation of remediation plans
and related actions; regulatory approval; 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; and,
the ability of CannTrust to implement its business strategies.
Any forward-looking information and statements speak only as of
the date on which they are made, 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 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
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.
The TSX and NYSE do not accept responsibility for the adequacy
or accuracy of this release.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/canntrust-provides-default-status-report-300917561.html
SOURCE CannTrust Holdings Inc.