CannTrust Holdings Inc. (“CannTrust” or the “Company”) (unlisted) announced today the appointment of MNP LLP as its auditor. This follows the Company’s prior announcement of a change in auditor from KPMG LLP (“KPMG”) dated April 30, 2021. The Company’s audit committee and board have approved the appointment of MNP effective August 13, 2021.
MNP LLP is one of the largest national full-service business advisory firms in Canada, providing client-focused accounting, taxation, digital solutions and consulting advice.
The Company and its management are committed to working closely with MNP LLP on the completion of its audited financial statements for 2020 and 2021 for filing in the second quarter of 2022. With a successor auditor engaged, CannTrust intends to develop a plan and timetable for curing the Company’s historical disclosure defaults with the ultimate objective of submitting an application to the Ontario Securities Commission (the “OSC”) for a discretionary order revoking the OSC’s cease-trade order dated April 13, 2020. Due to recent amendments to Rule 15c2-11 under the U.S. Securities Exchange Act of 1934, the Company expects that brokers and dealers in the U.S. will cease to publish quotations for its common shares and will cease to submit such quotations for publication effective September 28, 2021 until financial statements are filed. Resolving CannTrust’s historical disclosure defaults will require a considerable amount of management time and expense and there can be no assurance that the Company will be successful in obtaining an order from the OSC.
For a copy of the Company’s reporting package, including the notice of change of auditor and MNP’s response letter, each prepared in accordance with the applicable requirements of Section 4.11 of National Instrument 51-102 – Continuous Disclosure Obligations, please visit www.sedar.com.
CannTrust remains under CCAA protection to facilitate its efforts to resolve its civil litigation claims and implement its Court approved Plan of Compromise, Arrangement and Reorganization. Aspects of the ongoing efforts remain confidential, and the Company is unable to predict with any certainty either their timing or outcome. For more information about CannTrust’s CCAA proceedings, please visit: www.ey.com/ca/canntrust.
CannTrust is a federally regulated licensed cannabis producer. We are proudly Canadian, operating a portfolio of brands including estora, Liiv and Synr.g, specifically designed to surprise and delight patients and consumers.
At CannTrust, we are committed to providing an exceptional customer experience, as well as consistent and quality products through standardized processes. Our greenhouse produces Grade A cannabis flower, with products currently being sold in dried flower, pre-roll, vape, oil drops and capsule formats. Founded in 2013, our continued success in the medical cannabis market and subsequent expansion into the recreational business, led to us being named Licensed Producer of the Year at the Canadian Cannabis Awards 2018.
CannTrust is committed to research and innovation, investing in developing technologies for new products in the medical, recreational, and wellness markets, while contributing to the growing body of evidence-based research regarding the use and efficacy of cannabis.
Learn more at www.canntrust.com.