TORONTO, Sept. 16, 2020 /PRNewswire/ - CannTrust Holdings
Inc. ("CannTrust," or "the Company") today announced that the
Ontario Superior Court of Justice, Commercial List, granted an
order in the Company's proceeding under the Companies' Creditors
Arrangement Act ("CCAA") extending the time
for CannTrust to call the next annual meeting of its shareholders
to a date 120 days following the completion of its CCAA
proceeding.
Further details regarding this order and CannTrust's CCAA
proceeding are available on the website of the Court-appointed
monitor in the Company's CCAA proceedings at
https://documentcentre.ey.com/#/detail-engmt?eid=370
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 planned restart of
manufacturing operations and the expectation that CannTrust's
cannabis product will be available in the Canadian medical and
recreational markets in Q4 2020. 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 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; the
ability of CannTrust to effectively resume its cannabis growing,
process and packaging operations, the ability of CannTrust to
implement its business strategies, and the potential impact of the
COVID-19 pandemic on CannTrust's customers and patients, the
financial viability of the Company, and general economic
conditions.
Any forward-looking information and statements reflect
management's current beliefs, are based on information currently
available to management 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 to 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.