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March 31, 2020, 1:24 p.m. EDT

Cannabis company CannTrust enters creditor protection, stock halted

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By Max A. Cherney

Marijuana producer CannTrust Holdings Inc. said Tuesday that it had obtained an initial order from a Canadian court to protect it under a law there that allows companies to avoid bankruptcy. The New York Stock Exchange halted trading U.S. shares of CannTrust and Reuters reported that the NYSE was commencing delisting proceedings. Shares were halted in Canada as well. The company said the court may order an extension to the creditor and class action protection. "Without its cannabis licenses, the Company has been unable to generate any meaningful revenue since June 2019," CannTrust said in a statement, adding that the effects of the COVID-19 pandemic have "exacerbated what were already difficult circumstances" by introducing potential delays in regulator reviews of its licenses, attract new financing or a "strategic partner."

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