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Canadian cannabis company CannTrust becomes Phoena

May 4, 2022 | Media Partners, The GrowthOp

This post is presented by our media partner The Growth Op
View the original article here.

The name change occurs after the Ontario-based company exited court-supervised proceedings last month

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CannTrust Equity Inc. this week announced its new corporate name, Phoena Holdings Inc.

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“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 the necessary $1 per share cost to continue trading.

The company reports that no changes to current operations are anticipated. Phoena is also continuing to review obtaining a stock exchange listing for the company’s common shares, the statement adds.

The federally regulated, licensed cannabis producer has locations in the Ontario communities of Vaughan and Fenwick. Its greenhouse “produces Grade A cannabis flower, which is sold in a variety of dried flower and extract formats,” the company statement adds.

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