CannTrust shares dive on report that CEO chair knew of unlicensed pot

Companies in this story: (TSX: TRST) The Canadian Press VAUGHAN, Ont. — CannTrust Holdings Corp. shares have plummeted further after a media report alleging that the cannabis company’s chief executive and chairman of the board were aware of pot cultivation in rooms without government approval months before Health Canada discovered the illicit activity. Shares of the Vaughan, Ont.-based licensed producer were down more than 20 per cent in late morning trading on the Toronto Stock Exchange to $2.73 from its previous close of $3.43.A report published in the Globe and Mail late yesterday cites emails that suggest CannTrust chairman Eric Paul and its chief executive Peter Aceto were informed in November that the firm was growing pot in unlicensed rooms at its Ontario greenhouse.CannTrust is being investigated by Health Canada, which says it discovered during an unannounced inspection in June that the pot firm was growing cannabis in several rooms before it got the appropriate licences to do so.CannTrust disclosed Health Canada’s findings on July 8, and nearly 13,000 kilograms of cannabis products linked to the five unlicensed rooms have been put on hold by both the regulator and voluntarily by CannTrust as samples undergo testing at government laboratories.CannTrust voluntarily halted all shipments and sales of its products as Health Canada conducts its investigation and an independent special committee of its board of directors examines what transpired.Prior to the share price drop today, CannTrust’s stock had already lost roughly 47 per cent of its value from $6.46 on July 5 before the company disclosed Health Canada’s findings. read more

Presidents of Cuba Chile to join CARICOM Heads at 39th meeting

The thirty-ninth Regular Heads of Government conference of the Caribbean Community (CARICOM) will welcome the Presidents of Chile and Cuba during the three-day meeting in Montego Bay, Jamaica.CARICOM Secretary General Ambassador Irwin LaRocqueThe meeting opens on July 4 and concludes on July 6 and is being chaired by Jamaica’s Prime Minister Andrew Holness.Secretary-General of CARICOM, Ambassador Irwin LaRocque, briefed media on the agenda of the conference on Monday.The Heads of Government (HOG) will dedicate Thursday and Friday to work through pressing issues on the agenda.Thursday’s discussions will focus on the Caribbean Single Market and Economy (CSME), particularly the Golding Commission Report which is a review of the CSME which was chaired by former Jamaican Prime Minister Bruce Golding.In June CARICOM facilitated stakeholder discussions in Georgetown on implementing an effective CSME.  The issue of affordable intra-regional travel and travel requirements for Haitians is also expected to be addressed under the CSME umbrella.The Heads of Government will also address disaster management and recovery, Ambassador LaRocque noted.Building a climate resilient Community is a top priority for those states in the hurricane belt. The Community was devasted last season by hurricanes Irma and Maria.Ambassador LaRocque noted he remains positive following a recent meeting in Barbados where discussions focused on the pledges and resources from development donors.During the conference, the Caribbean Disaster Emergency Management Agency (CDEMA) will facilitate a series of meetings on building resilience in Montego Bay. The engagements began today and will be reported to the Heads when they meet.Thursday and Friday’s working sessions will also include discussions with the Presidents of Chile, Sebastián Piñera, and Cuba, Miguel Díaz-Canel. CARICOM has long-standing relations with the Central American countries.Ambassador LaRocque noted the meeting with Cuba is significant since it is the Community’s second interaction with the new president. CARICOM and Cuba are currently in discussions on climate change and science and technology, however, it is unlikely any agreements will be signed during the conference.Heads of Government are also expected to hear the “far-reaching recommendations” of the CARICOM Commission on Marijuana. Ambassador LaRocque noted the Commission is recommending the decriminalization of marijuana.“They are recommending that … the legislation be put in place to allow for research of medical marijuana,” Ambassador LaRocque said. The report also addresses the concerns of abuse of the herb.During the conference, the new President of the Caribbean Court of Justice (CCJ) will be sworn in by the Governor-General.Vincentian Adrian Saunders will replace Sir Dennis Byron. The swearing in will be held on Wednesday. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedMember States need to inform their citizens of the benefits of CARICOM- LaRocqueJuly 4, 2017In “latest news”CARICOM heads to be briefed on CSME reviewFebruary 13, 2017In “Regional”Regional Stakeholders Consultation on CSME opens tomorrow in GuyanaJune 7, 2018In “latest news” read more