CANNTRUST HOLDINGS FACE 3 POTENTIAL PENALTIES | BNN BLOMMBERG – SPECIAL THANKS BNN BLOOMBERG FOR THIS VIDEO
Okay so contrast waiting for health canada to complete its investigation into turing management moves in light of this recent development where health canada investigated and german unannounced audit on can trusts facilities determined that there was a significant amount of cannabis grown in unlicensed facilities in the company’s niagara facility as a result 5200
Kilograms of unlicensed canvases placed on hold as well as the company voluntarily placing about 7,500 kilograms from their vonn facility on hold as well now mr. paul who i spoke to yesterday says he can’t really explain how this on licensed cannabis was a grown without the company’s management being aware of it however he is concerned about the prospect of losing
The company’s production license that is one of the potential penalties that the company could face if it actually if health canada completes its investigation and decides to take a very strong line on enforcement other potential penalties include a fine of 1 million dollars a warning letter and potentially destroying the actual cannabis that’s kept on hold right
Now that got nearly 13 metric tons some of the voluntary basis by the company but exactly a big chunk of production a significant amount of revenue i mean it sounds like there’s no actual contamination of the cannabis and they did say yesterday there are two big growth facilities are operating as normal the entire thing that that’s what we understand – and right
Now there is quality and testing work being done under this canvas to ensure that it is there’s no contamination or it is what they what they’ve said that they’ve looked to grow in in those facilities in terms of a thc level or a cbd level as well um cantrell’s now has until july 18th 10 business days from believe yesterday to deliver a final inspection report to
Health canada my understanding is health canada may take up to eight weeks determine what i’d like to follow through in terms of cancerous and what kind of enforcement it would look to put onto this company and just remember last week it didn’t seem to affect the stock that much but contrast had to ratchet radically revised down its estimate for production from
Its new outdoor fields and bc because of health comments our licensing delays yeah and and it begs the question whether or not this new development will factor in in can trust receiving its amendment to its outdoor growing facility it dialed back the amount of cannabis it expected to grow this year outdoors from seventy five thousand kilograms to about i believe
Fifteen thousand kilograms if it doesn’t grow if it doesn’t receive the proper licensing by august 5th it actually doesn’t foresee any outdoor grow to happen this year so that’s very significant for can trust in terms of the amount of production it plans to have going forward i’m david you’ve been touching on this thing there are calls out there for a transition
And management of these cannabis companies because some of them headed by entrepreneurs who just plunge it into the industry made a lot of money exactly and minder setting to just talking to governance experts so we’re really at an inflection point of this industry that is still very early days relatively speaking for the legal cannabis industry and similarly to
What we’ve seen happen in the past in terms of governance and operational missteps from áfreeá or canopy growth to name a couple um we’re starting to see board members and and and investors and shareholders really want their managers to really step up and ensure that these companies aren’t going to be lost leaders going forward that they can actually manage the
Books and be regulatory be compliant with regulatory issues david thanks very much indeed
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CANNTRUST HOLDINGS FACE 3 POTENTIAL PENALTIES | BNN BLOMMBERG By RICH TV LIVEliveBroadcastDetails{isLiveNowfalsestartTimestamp2019-07-09T233740+0000endTimestamp2019-07-09T234202+0000}
