CannTrust Equity Inc. this week announced its new corporate name, Phoena Holdings Inc.
“Phoena reflects who we are today — stronger, more experienced and more focused — and forms the foundation for our future success as we enter the next era of our evolution,” company CEO Greg Guyatt said in a statement.
CannTrust has had some difficulties in the past. In the summer of 2019, the Ontario Cannabis Store opted to return $2.9 million worth of CannTrust products because of non-compliance issues.
According to Bloomberg, “the company filed to restructure under the Companies’ Creditors Arrangement Act, an approximate Canadian equivalent of Chapter 11 bankruptcy, in March 2020, after it ran into compliance issues with Health Canada over its cannabis production facilities.”
And in December 2019, the New York Stock Exchange reportedly warned the cannabis producer after its stock price had fallen below
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