CannTrust Granted Creditor Protection, Expects Shares To Be Delisted

(RTTNews) - CannTrust Holdings Inc. (CTST, TRST.TO) said Tuesday that it has obtained a court order that grants it protection from creditors and prevents them from enforcing claims against the company for an initial period of ten days.

CannTrust said that an initial order from the Ontario Superior Court of Justice grants it protection under the Companies' Creditors Arrangement Act or CCAA.

The embattled Canada-based cannabis company also said that trading in its common shares on the Toronto Stock Exchange or TSX and New York Stock Exchange or NYSE has been halted. As a result of it having filed for protection under the CCAA, the company expects its common shares will soon be delisted from trading on the TSX and NYSE.

The company also anticipates that provincial securities regulators in Canada will issue a cease trade order to prevent any trading in the common shares in that country.

CannTrust is struggling to recover after Health Canada last year suspended the company's license to produce and sell recreational and medical cannabis in Canada.
The regulator had found CannTrust to be non-compliant with regulations for growing cannabis in unlicensed greenhouse rooms and also for providing inaccurate information to the regulator.
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