As far back as last fall, insiders have been warning this year would be marked by a series of bankruptcies. This week began to seem like the beginning of that wave.
Twitter–@TheCannalysts, Bloomberg, Financial Post, CanTechLetter, CBC Ottawa, Bloomberg
- When CannTrust, once the country’s ninth largest licensed producer, was granted creditor protection last week, it was the largest LP to declare bankruptcy, but not the first. (Chatham, Ontario’s AgMedica, which sought protection in December, might be the earliest, but I’m not certain.)
Financial Post, Grizzle, Chatham Daily News
- CannTrust likely chose bankruptcy protection over the prospect of losing several class-action lawsuits.
- The New York Stock Exchange delisted CannTrust, calling it “no longer suitable for listing,” making CannTrust the first publicly traded Canadian pot company to get booted from a major exchange.
MJ Biz Daily, Torkin Manes Blog
One day after CannTrust, mid-sized Kitchener-Waterloo LP James E. Wagner Cultivation sought creditor protection and announced a “consensual restructuring” supported by Trichome Financial.
MJ Biz Daily, NewsWire