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Thursday, Feb 22, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


CannTrust fails to file documents, risks losing TSX listing

After failing to share required financial statements CannTrust is in danger of losing its TSX listing

CannTrust fails to file financial statements, risks losing TSX listing

CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST) could lose its listing on the Toronto Stock Exchange (TSX) by spring 2020.

After CannTrust failed to share certain financial statements, the TSX told CannTrust on Tuesday the company’s eligibility to list its common shares on the TSX was under review.

If CannTrust can’t share the required documents with the TSX by March 25, 2020 the company’s securities will be delisted 30 days later. The company’s securities will continue to trade normally throughout all of this, according to a press release.

CannTrust said it is working with an independent auditor and anticipates it will be able to meet these deadlines and share the necessary statements with the TSX.

The company must share several statements from 2018 and 2019 as well as management’s discussion and analysis for those periods.

The company’s stock dropped 1.79 per cent following the announcement to $1.10 per share.

On Oct. 8, 2018 the company’s stock was at an all-time high of $13.90 per share, which was almost matched in March 2019 at $12.91 per share. Since then its valuation has steadily and rapidly declined.

Read more: CannTrust to destroy $77 million worth of cannabis to regain compliance 

Read more: CannTrust grew and sold cannabis from black market seeds last year: report 

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