CannTrust Board Takes Next Steps To Gain Regulatory Approval

CannTrust Holdings Inc (NYSE: CTST) shares rocketed higher by 16% on Monday after the company reported its next step in bringing its cannabis production business back into compliance following a September license suspension.

CannTrust said it has determined the company will need to destroy $12 million in biological assets and $65 million in inventory as a result of previous production that violated the terms of the company’s license. CannTrust had its license suspended by Health Canada on Sept. 17 after the company was found to be growing cannabis in unlicensed rooms.

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