Monday, August 19, 2019 8:13:29 AM
The Globe and Mail reports in its Saturday, Aug. 17, edition that Canntrust Holdings says the Ontario Securities Commission has approved a management cease-trade order. A Canadian Press dispatch to The Globe reports that the OSC order prohibits Canntrust directors and executive officers from trading in company securities until two full business days after it makes all of its required filings. Canntrust sought the order earlier this month in anticipation of missing an Aug. 14 deadline to file an interim financial report for the three and six month periods ended June 30. Canntrust says the filings will depend, in large measure, upon the timing and impact of Health Canada's decisions regarding its non-compliance with regulatory requirements. "Although the special committee is directing the company to work closely with Health Canada to remediate the root causes of any non-compliance identified by Health Canada, to date, the company has not had any substantive discussions with Health Canada concerning remediation matters," Canntrust said in a statement. Canntrust said it is working with the regulator to prepare a remediation plan for submission, but cannot say when the problems will be resolved."
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