VAUGHAN, ON, Sept. 19, 2019 /PRNewswire/ - CannTrust Holdings
Inc. ("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) has
received notice from the Alberta Gaming, Liquor and Cannabis
Commission (the "AGLC"), the Crown corporation in charge of
wholesale distribution of cannabis products to licensed cannabis
retailers in Alberta, advising the
Company that the AGLC has determined that the Company's products
sold to the AGLC will be returned to the Company pursuant to the
terms of the Cannabis Supply Agreement between the Company and the
AGLC (the "Supply Agreement"). Under the terms of the Supply
Agreement, goods sold to the AGLC may be returned to the Company
for any reason and the Company will be responsible for the cost of
the goods and all expenses related to the return.
The products to be returned constitute all or substantially all
of the Company's products currently held at the AGLC and are valued
at approximately $1.3 million in the
aggregate. The AGLC operates independently of Health Canada.
Health Canada has not ordered a recall in respect of any of
the Company's products.
CannTrust remains fully focused on achieving complete regulatory
compliance. The Company is committed to rebuilding the trust of all
stakeholders, and looks forward to delivering high quality,
innovative products to both its patients and customers in the
future.
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 return of the Company's
products, the Company's performance under the Supply Agreement, 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.
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SOURCE CannTrust Holdings Inc.