Possible sign that the company can continue to function??
"TSX: TRST, NYSE: CTST) has received a notice from the Ontario Cannabis Store (the "OCS"), the Crown corporation in charge of wholesale distribution of cannabis products to licensed cannabis retailers in Ontario and the operator of Ontario's online recreational cannabis store, advising the Company that the OCS has determined certain of the Company's products sold to the OCS are Non-Conforming Products under the terms of the Master Cannabis Supply Agreement between the Company and the OCS (the "Master Agreement") and that the OCS has elected to return these products to the Company. Under the terms of the Master Agreement, any product that does not comply with applicable law is considered to be Non-Conforming Product and the OCS may elect to exercise its right, among others, to return such product to the Company at the Company's expense.
The products listed in the OCS return notice constitute all or substantially all of the Company's products currently held at the OCS and are valued at approximately $2.9 million in the aggregate. The Company intends to fully perform its obligations under the Master Agreement. The OCS operates independently of Health Canada. Health Canada has not ordered a recall in respect of any of the Company's products.
About CannTrust
CannTrust is a federally regulated licensed producer of medical and recreational cannabis in Canada. Founded by pharmacists, CannTrust brings years of pharmaceutical and healthcare experience to the medical cannabis industry and serves medical patients with its dried, extract and capsule products. The Company operates its Niagara Perpetual Harvest Facility in Pelham, Ontario, and prepares and packages its product portfolio at its manufacturing centre in Vaughan, Ontario. The Company has also purchased 81 acres of land in British Columbia and expects to secure over 240 acres of land in total for low-cost outdoor cultivation which it will use for its extraction-based products.
