VAUGHAN, Ont. – CannTrust Holdings Inc. says its reorganization plan has been approved by the Ontario Superior Court of Justice.<\/p>\n<\/p>\n
The insolvent cannabis company said the restructuring under the Companies’ Creditors Arrangement Act remains subject to conditions, including U.S. court approval of a class action and expiration of appeal periods that are expected to be satisfied in the fourth quarter.<\/p>\n<\/p>\n
The Ontario-based company has previously said it anticipates hiring a new independent auditor in the third quarter and has initiated discussions with the Ontario Securities Commission about proposing a plan and timetable for curing the company’s historical disclosure defaults. <\/p>\n<\/p>\n
CannTrust faced civil litigation in the form of class-action lawsuits from plaintiffs who said they lost millions of dollars after CannTrust allegedly made misrepresentations about having necessary licences for growing. <\/p>\n<\/p>\n
The company says it expects to seek a revocation of the OSC’s cease-trade order from April 2020 and then pursue a new listing of its common shares on a Canadian stock exchange.<\/p>\n<\/p>\n
The company says it has made progress on fully restoring its operations and relaunched two recreational cannabis brands in late 2020 and introduced a new medical cannabis brand in early 2021.<\/p>\n<\/p>\n
This report by The Canadian Press was first published July 16, 2021.<\/p>\n<\/p>\n
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