Disgraced cannabis producer CannTrust says all of its cannabis licenses have been reinstated, and the Vaughan, Ontario company plans to relaunch its cannabis products in the final quarter of this year.
The company said it received notice that the licenses for its Vaughan facility were reinstated by Health Canada.
“CannTrust will restart manufacturing operations at its Vaughan facility imminently,” the company said in a press release Thursday.
“With all licenses now reinstated, the company expects to have cannabis products available during the fourth quarter of 2020.”
CannTrust’s federal licenses were suspended in September 2019, months after a whistleblower alerted regulators to illegal production.
CannTrust was one of the biggest cannabis companies in Canada at the time, with an active medical clientele of 67,000 customers.
Shane Morris of Ottawa-based Morris and Associates Consulting, said it is too early to conclude whether or not CannTrust got off too light, but he said, “the industry is only as good as its weakest players, or how compliant folks are.”
“Obviously there are many ways to pull out of compliance. I think the CannTrust way was quite egregious,” the former Aurora Cannabis executive said.
Morris said any regulated industry needs the ability for players to come back into compliance.
The company’s standard cultivation and processing licenses for its Niagara facility were reinstated earlier this year.
Health Canada “is satisfied with the actions the company has taken in response to the suspension,” the federal health department said at the time.
CannTrust entered creditor protection in March to try to resolve civil litigation exposure and complete a review of strategic alternatives.
CannTrust fired its chief executive, Peter Aceto, with cause last July over the scandal. The company also asked for the resignation of its longtime chairman, Eric Paul.
Ontario Securities Commission’s Joint Serious Offences Team launched an investigation into the affair shortly after.
When reached for comment, the OSC would not provide any update on the year-old investigation.
Health Canada did not immediately answer queries from Marijuana Business Daily.
Written by Matt Lamers.
View the original article at here.
Marijuana Business Daily