Canadian cannabis company CannTrust Equity Inc.(OTC: CNTTQ) said it wants to change its name in the hopes that this will be a new start for the company.
On Tuesday, the Ontario-based company announced its changing its name to Phoena Holdings Inc., representing “a phoenix rising from the ashes.”
In 2019, the company released a statement saying Health Canada had determined that one of CannTrust’s production facilities was not in compliance with regulations.
The courts found that the company was growing cannabis in five unlicensed rooms between 2018-2019 and CannTrust had provided inaccurate information to Health Canada regarding its licensing application.
Following this, the Ontario Securities Commission began pursuing lawsuits against three of CannTrust’s former executives stating they allegedly lied about CannTrust having the necessary licences for growing cannabis.
Phoena CEO Greg Guyatt says this will be a transformational and inspiring time for the company.
“Phoena reflects who we are today. We are stronger, more experienced and focused. The name change forms the foundation for our future success as we enter the next era of our evolution,” Guyatt said in a statement. “While our name is new, the core values we have developed over the last two years are the same, as are the great products and experiences our consumers and patients have come to expect,” he added.
Phoena (pronunc. Fee-nah) is a licensed cannabis producer of high-quality federally regulated cannabis. You may already be familiar with our brands, @liivcannabis, @SynrgCannabis, @XscapeCannabis & @estoramedical. To learn more, tap the link in our bio. pic.twitter.com/cEUgMgu1sb
— Phoena (@PhoenaInc) May 3, 2022
The name Phoena comes from the word “phenotype”, which the company says describes the traits from a plant’s genetic code that the company uses to merge nature, purpose and science to produce cannabis.
In March 2019, CannTrust’s equity securities were listed on the Toronto Stock Exchange and traded above $10 per share CannTrust’s equity securities now trade below two dollars per share.
Phoena is 90 per cent owned by a group of investors led by Marshall Fields International B.V., a subsidiary of Kenzoll B.V. With the remaining 10 per cent owned by CannTrust Holdings Inc. (OTC: CNTTCQ).
Marshall Fields International B.V. is a Netherlands -based private equity investment company.
Phoena is working to get a new stock exchange listing for company shares after being delisted from the TSX in 2020.