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CannTrust Holdings Inc.
CTST, -14.00%
TRST, -14.57%
said Tuesday afternoon that Health Canada had suspended the cannabis company's license for the production and sale of cannabis. The regulators suspended CannTrust's shares Tuesday morning in expectation of news after the decline of 3.3% of its US stocks. Once trading resumed at 3:30 pm Eastern Time, the stock fell by more than 10%. Late Tuesday in the day, Health Canada told MarketWatch in an e-mail statement that it was "seizing and detaining all cannabis products" at the Pelham and Vaughn sites in Ontario. . As long as the suspension is in effect, CannTrust is allowed to grow and harvest existing crops and to dry and cut this marijuana. CannTrust is not allowed to grow new lots of weeds or sell cannabis while the suspension is in effect. CannTrust broke the law by growing cannabis in unlicensed premises, some of which was exported to medical patients in Denmark.
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