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Aug 9, 2019

CannTrust's auditor pulls reports on 'newly uncovered information'

CannTrust auditor pulls reports citing 'newly uncovered information'

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CannTrust Holdings Inc.’s (TRST.TO) independent auditor has withdrawn year-end and interim reports on the pot company’s financial statements due to “newly uncovered information.”

CannTrust said in a release Friday that KPMG LLP’s decision was prompted by information shared by the cannabis producer’s special committee of directors, which was created after a regulatory breach was disclosed in July. The Vaughan, Ont.-based company did not provide specific details on the information, but said in its release that it included information that led to the July 25 firing of CEO Peter Aceto and ouster of co-founder and chairman Eric Paul.

KPMG also said its decision was based on CannTrust cautioning against relying on its year-end and interim financial statements. KPMG will remain as the company’s auditor, CannTrust said.

CannTrust has been engulfed in controversy since July 8, after revealing Health Canada found it grew cannabis in unlicensed parts of its greenhouse in Pelham, Ont. The company subsequently suspended all sales and shipments, and it recently appointed an advisor to assist with a review of strategic alternatives.  

"We will continue cooperating with our auditor and regulators, and take whatever steps are necessary to restore full trust in the company's regulatory compliance,” said Robert Marcovitch, CannTrust’s interim chief executive officer, in a statement.

“Our medical patients, customers, shareholders and employees deserve nothing less." 

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.

CannTrust interim CEO vows to 'exorcise the demons' following illicit pot scandal

Robert Marcovitch, interim CEO of CannTrust Holdings, joins BNN Bloomberg to discuss the illicit cannabis production affected the company and how scandal-plagued producer hopes to navigate its current issues.