Get the wood chippers and the incinerators ready, because there’s a whole lot of Canadian pot that needs to get nixed.
In an effort to comply with local law and regain good standing with Health Canada regulators, Canadian cannabis company CannTrust announced this week that they will destroy $77 million worth of improperly produced bud and non-compliant pot plants.
CannTrust first drew Health Canada’s attention this summer, when regulators determined that a number of the companies facilities — including grow rooms, production zones, and storage areas — did not meet regulatory standards. Health Canada responded by suspending the company’s license to produce and sell cannabis, as well as forcing them to recall any products that passed through CannTrust’s non-compliant supply chain.
At the time, CannTrust immediately fired their CEO and ousted the company president while watching a sharp stock price drop of more than 25%.
Gallery — Fuck-Tons of Weed That No One Is Smoking Except Cops:
Now, with plans to get back in the legal ganja game and climb out of the red, CannTrust has said that they are moving quickly to collect and destroy all of the cannabis produced in the improper facilities — with plans to eventually mulch more than $77 million worth of weed.
"CannTrust is confident that its detailed remediation plan will not only address all of the compliance issues identified by Health Canada, but it will also build a best-in-class compliance environment for the future," Robert Marcovitch, CannTrust’s interim Chief Executive Officer, said in a press release. "We have already made significant progress in these efforts. Our goal is to meet and exceed Health Canada's regulatory standard, and to rebuild the trust and confidence of our primary regulator, investors, patients, and customers."
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