CannTrust Holdings Inc. – the embattled Canadian cannabis producer whose license was suspended last year after compliance violations – is returning to the marketplace with the launch of two brands, Liiv and Synr.g.
The products will first be available in Ontario, Alberta, and British Columbia, the company announced on Wednesday.
Despite the company’s return and product launch, it remains under Companies’ Creditors Arrangement Act (CCAA) protection as it deals with multiple class-action lawsuits and other litigation.
CEO Gregg Guyatt indicated that CannTrust plans to expand its portfolio again next year.
“CannTrust has built a stronger, more efficient business, to be highly competitive in the Canadian cannabis market. Ultimately, today is the result of an incredible amount of hard work from our employees. We’re thankful for the opportunity to get back to giving our consumers access to the products they know and love from CannTrust.” – Guyatt in a statement
The company’s struggles began in the summer of 2019 when Canadian regulators discovered the firm had cultivated cannabis in unlicensed rooms, ultimately suspending their license. The company was later forced to destroy as much as $65 million worth of inventory. Earlier this year, regulators reinstated CannTrust’s licenses for two of its cultivation facilities.
CannTrust said it underwent an 18-month remediation program focused on compliance.
“So now the attention changes from the remediation and relaunch into the actual relaunch execution phase right now and getting those products back in the hands of consumers,” Guyatt told CTV.
The company remains barred from trading and exchanges under an April order by the Ontario Securities Commission for its failure to comply with disclosure obligations under applicable securities laws.