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Troubled CannTrust Appoints New CEO, Submits Remediation Plan To Health Canada

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Troubled CannTrust Appoints New CEO, Submits Remediation Plan To Health Canada

Cannabis company CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST) said Friday it has named CFO Greg Guyatt as its new CEO to replace Robert Marcovitch, who will remain a non-executive chairman on its board.

The beleaguered Canadian cannabis company offered updates on its remediation plan and its New York Stock Exchange listing and reminded investors that it has no significant revenue, has conducted serious layoffs and is the subject of several regulatory investigations.

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In July, CannTrust’s board of directors formed a special committee to examine the circumstances that led to findings of non-compliance from Health Canada, and to form a remediation plan and oversee strategic alternatives.

CannTrust also said it will present documentation to Health Canada on Friday in relation to the finalization of its restitution operations at its Niagara facility, and said it expects to finalize remediation operations at the Vaughan facility in the second quarter.

There is no guarantee Health Canada will restore either of the two facility licenses, according to CannTrust.

CannTrust’s cash reserve as of the end of January was around $167 million, the company said. 

The company said it obtained an extension for the further listing and trading of its shares on the New York Stock Exchange. 

CannTrust shares were trading 2.61% higher at 83 cents at the time of publication Friday. 

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