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CannTrust Tumbles After Report Executives Knew About Illegal Pot Growth 

Stock Markets Jul 24, 2019 01:38PM ET
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Investing.com - CannTrust tumbled in midday trade on Wednesday after a report suggested that its executives knew it was growing unlicensed cannabis.

The report by Canada’s Globe and Mail caused shares of CannTrust Holdings (NYSE:CTST) to slump more than 20%.

The report cites internal emails that show CannTrust Chairman Eric Paul and CEO Peter Aceto knew about the breach seven months before regulators forced the company to halt sales.

The company told the Globe and Mail that it is conducting an investigation into the matter that will be completed soon.

Health Canada issued a non-compliant rating on July 8 for growing marijuana crops in five unlicensed rooms between October and March. Sale of its products are currently on hold and have been pulled from stores.

Other cannabis companies were lower after the news, with Canopy Growth (NYSE:CGC) falling 0.5%, Aurora Cannabis (NYSE:ACB) slipping 1.4% and Altria Group (NYSE:MO) down 0.6%.

CannTrust Tumbles After Report Executives Knew About Illegal Pot Growth 
 

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Comments (7)
Matt luck
Matt luck Jul 25, 2019 1:40AM ET
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I'm buying in the $2-3 range, bargain bin fire sale prices entry into medical marijuana market. Much much cheaper than peers, for a reason yes, but this is being priced like bankruptcy is a month away lol.
BriAn Cook
BriAn Cook Jul 24, 2019 2:36PM ET
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They need to fire guys responsible. its not fair to share holders and patients.
Mark Smith
Mark Smith Jul 24, 2019 2:28PM ET
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They will be lucky if they get away with just losing their license ,  i think this could be a lot worse for some of the senior boys if half of what is going around is proved !!
Max Malcy
Max Malcy Jul 24, 2019 2:28PM ET
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this happens everywhere, you'd be surprised. cannabis companies send it right out the back door. they don't loose their license tho. fines
Aeddan Davies
Aeddan Davies Jul 24, 2019 1:54PM ET
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could this be a buy now? will they go back up if health Canada reinstates their license? risky but it could work.
Melvin Akina
Melvin Akina Jul 24, 2019 12:43PM ET
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crap like this will be the downfall of legalization, that's greed for ya.
Alberto Valdes
Alberto Valdes Jul 24, 2019 12:41PM ET
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This is good news for Aurora the competetion is on hold a good time to make some sales
cannaobsvr Pa
cannaobsvr Jul 24, 2019 12:25PM ET
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The madness never ends
 
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