VAUGHAN, Ont. — Troubled cannabis corporation CannTrust Holdings Inc. says the Toronto Stock Exchange is reviewing the company’s eligibility for continued listing on the exchange.
The corporation, which has been beneath fire because it disclosed in July that Overall health Canada had found illicit cultivation in unlicensed rooms at its Pelham, Ont., greenhouse, says the TSX is reviewing the listing since of its failure to file its current economic statements.
CannTrust says it has not filed its restated audited economic statements for 2018, its restated interim economic statements for the very first quarter of 2019 and its interim economic statements for the second and third quarters of 2019 along with the corresponding management discussion and evaluation.
The TSX has told the corporation if it is unable to make the disclosures by March 25, 2020, the company’s securities will be delisted 30 days following that point.
CannTrust says it is operating with its independent auditor and expects to file the economic statements and connected disclosure just before the deadline.
Overall health Canada suspended CannTrust’s licenses to create and sell cannabis in September. The corporation has submitted a detailed remediation program to Overall health Canada and expects to comprehensive the operate described in the program by the finish of the very first quarter of 2020.
In the wake of its disclosure of illicit cultivation, the corporation fired its CEO “with cause” and asked its chairman to resign immediately after the board found new information and facts throughout an internal investigation.
The company’s shares surged briefly on Oct. 15 when it announced plans to destroy $77 million worth of cannabis plants and inventory as aspect of its efforts to comply with Overall health Canada regulations.
CannTrust announced Oct. 25 that it was laying off as a lot of as 140 people — roughly one particular quarter of its workforce — when it operates to regain its federal licences to sell and create pot.
It mentioned the cuts had been anticipated to outcome in month-to-month money savings of about $400,000 and price up to $800,000 in severance payments if the staff are not recalled inside 35 weeks.
The legal cannabis sector has struggled because Canada legalized the solution in October of 2018, suffering from provide shortages and a lack of retail outlets, especially in Ontario.
CannTrust shares had been down 5 cents, or four.46 per cent, at $1.07 in midday trading on The Toronto Stock Exchange.