VAUGHAN, ON, March 17, 2021 /CNW/ - CannTrust Holdings
Inc. ("CannTrust" or the "Company") (Unlisted) announced today
that, pursuant to section 124(1) of the Business Corporations
Act (Ontario), its board of
directors (the "Board") has appointed Greg
Guyatt and Dan Hogan as
directors of the Company. As a result of today's announcement, the
Board is now comprised of Robert
Marcovitch (chair), Mark E. Dawber, Greg Guyatt, Dan
Hogan, Shawna Page and
Mitchell Sanders.
Greg Guyatt has been Chief
Executive Officer of the Company since February 2020, having joined CannTrust as Chief
Financial Officer in February 2019.
Previously, he served as the CFO of GreenSpace Brands Inc., a
Canadian-based premium natural food product company, and brings
more than 20 years of experience leading high-performing finance
teams from the CPG, retail, pharmaceutical and private equity
sectors. From 2009 through 2016, he held increasingly senior
finance roles at Sears Canada, and prior to that spent seven years
in the pharmaceutical industry. In these roles, he had
responsibility for a broad portfolio including governance,
strategic planning, risk management, financial reporting and
treasury. Greg has a wealth of M&A and capital markets
expertise, having begun his career at Deloitte, before spending
several years as an investment banker with UBS in the United Kingdom. Mr. Guyatt holds a B.Comm from
Mount Allison University, and has CPA
and CA designations.
Dan Hogan is the former Head of
Strategic Priorities at CannTrust. He is a seasoned executive with
over 40 years of experience in consumer products companies, with
revenues ranging from $200 million -
$23 billion. Dan brings strong
operations, finance and executive leadership skills to the Board.
He also has extensive experience in restructuring, remediation,
continuous improvement, and strategic development. Prior to joining
CannTrust, Dan was the CEO of eBags Inc., an internet retailer of
travel goods. Prior to that, he was the Chief Operating Office and
Chief Financial Officer of the Coleman Company, a $1.3 billion international manufacturer of
outdoor equipment. Dan also brings international experience, having
been responsible for operations and businesses in Europe, Asia,
Latin America, and North America at Georgia-Pacific, World Kitchen, Coleman, and
eBags.
CannTrust remains under CCAA protection to facilitate its
efforts to resolve its civil litigation claims and complete its
review of strategic alternatives, which includes a review of
financing options. Aspects of the ongoing efforts remain
confidential, and the Company is unable to predict with any
certainty either their timing or outcome. In the meantime, the
reinstatement of its cannabis licenses and the restoration of its
ongoing operations, CannTrust's re-entry into the Canadian
recreational and medical cannabis business segments and its entry
into a Restructuring Support Agreement are essential to the
Company's focus on rebuilding its franchise. For more information
about CannTrust's CCAA proceedings, please visit:
www.ey.com/ca/canntrust.
About 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, which is currently sold in dried flower, 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.
Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of Canadian Securities laws and "forward-looking
statements" within the meaning of the
United States Private Securities Litigation Reform Act of
1995 and other applicable United
States safe harbor laws, and such statements are based upon
CannTrust's current internal expectations, estimates, projections,
assumptions and beliefs and views of future events.
Forward-looking information and forward-looking statements can
be identified by the use of forward-looking terminology such as
"believes", "expect", "likely", "may", "will", "should", "intend",
"anticipate", "potential", "proposed", "estimate" and other similar
words, including negative and grammatical variations thereof, or
statements that certain events or conditions "may", "would" or
"will" happen, or by discussions of strategy.
The forward-looking information and statements in this news
release include statements relating to the expectation that
CannTrust will settle certain civil litigation claims and emerge
from creditor protection under the CCAA. Forward-looking
information and statements necessarily involve known and unknown
risks, including, without limitation: the outcome of the Company's
contingent liabilities; the impact of potential regulatory and
other investigations; the Company's review of strategic
alternatives; risks associated with general economic conditions;
adverse industry events; loss of markets; future legislative and
regulatory developments in Canada,
the United States and elsewhere;
the cannabis industry in Canada
generally; and, the ability of CannTrust to implement its business
strategies.
Any forward-looking information and statements speak only as of
the date on which they are made, and, except as required by law,
CannTrust does not undertake any obligation to update or revise any
forward-looking information or statements, whether as a result of
new information, future events or otherwise. New factors emerge
from time to time, and it is not possible for CannTrust to predict
all such factors. When considering these forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in CannTrust's Annual
Information Form dated March 28, 2019
(the "AIF") and filed with the applicable Canadian securities
regulatory authorities on SEDAR at www.sedar.com and filed as an
exhibit CannTrust's Form 40-F annual report under the United States
Securities Exchange Act of 1934, as amended, with the United States
Securities and Exchange Commission on EDGAR at www.sec.gov (the
"March 2019 Form 40-F"). The risk
factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements. Readers are also
reminded that CannTrust remains in default of its periodic
disclosure requirements under applicable securities laws and stock
exchange requirements, that its most recent AIF, Form 40-F and
other disclosures do not reflect all risk factors that currently
face the Company, and that the Company has not completed or filed
the restatements of the financial statements included in the AIF or
the March 2019 Form 40-F or otherwise
filed an amendment to such Form 40-F, and that the Company has
determined not to correct its prior filings or make any further
filings in respect of periodic disclosure requirements under
applicable securities laws and stock exchange requirements. None of
the Company's securities is listed for trading on any stock
exchange in any jurisdiction and, in Canada, trading in the Company's securities is
subject to a cease-trade order issued on April 13, 2020 by the Ontario Securities
Commission for CannTrust's failure to comply with its disclosure
obligations under applicable securities laws.
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SOURCE CannTrust Holdings Inc.