VAUGHAN, ON, July 11, 2019 /CNW/ - CannTrust Holdings Inc.
("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) has announced
it has implemented a voluntary hold on sale and shipment of all
cannabis products as a precaution while Health Canada visits and
reviews its Vaughan, Ontario
manufacturing facility.
CannTrust placed a hold on medical sales through their customer
service line and online as of 11:59
p.m. on July 10.
CannTrust is working closely with the regulator through the
review process and expects to provide further detail of the
duration of the hold and other developments as they become
available.
Patients and consumers who have questions about CannTrust
products can contact the Company's customer care team at
customercare@canntrust.ca and 1-855-RX4-CANN.
At this time, the impact of these matters on CannTrust's
financial results are unknown until the regulatory review process
is complete.
Independent Special Committee of the Board of
Directors
CannTrust has also announced that a Special Committee of the
Board of Directors has been established. The Special Committee is
comprised of independent members of the Board of Directors. The
purpose of the Special Committee is to investigate this matter in
its entirety.
About CannTrust
CannTrust is a federally regulated licensed producer of medical
and recreational cannabis in Canada. Founded by pharmacists, CannTrust
brings more than 40 years of pharmaceutical and healthcare
experience to the medical cannabis industry and serves more than
72,000 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 of excellence 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 expected timeframe and
resolution for the completion of Health Canada's quality product
testing and the Company's response to Health Canada's compliance
report. Forward-looking information and statements necessarily
involve known and unknown risks, including, without limitation:
results of Health Canada's quality product testing; 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.