Marijuana Producer Destroys Millions: Canadian cannabis producer CannTrust Holdings will destroy $ 77 million worth of Canadian dollars ($ 58,200,000) in products in an effort to regain regulatory compliance.

CannTrust said Monday night that it will destroy CA $ 12 million plants and CA $ 65 million worth of inventory that was not authorized by its license. The destruction process will allow the company to agree with its license again.

Shares jumped nearly 33 percent in EE operations. UU On Tuesday.

"CannTrust is confident that its detailed remediation plan will not only address all compliance issues identified by Health Canada, but also create the best compliance environment in its class for the future," said Acting CEO Robert Marcovitch in a press release.

Marijuana Producer Destroys Millions

"Significant progress has been made in these efforts. Our goal is to meet and exceed the regulatory standard of Health Canada, and to rebuild the confidence of our primary regulator, investors, patients and clients."

CannTrust had its licenses to produce and sell suspended cannabis on September 17 after regulators discovered in late 2018 and early 2019 that the company was illegally cultivating thousands of kilograms of product in unlicensed parts of its greenhouse in Pelham, Ontario. It was later discovered that CannTrust had also circumvented regulations at its plant in Vaughan, Ontario.

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