September 19, 2019 / 12:25 PM / 2 months ago

Alberta to return C$1.3 million worth of pot products to CannTrust

(Reuters) - CannTrust Holdings Inc said on Thursday that Alberta government has decided to return C$1.3 million worth of sold pot products, days after the Canadian health regulator cancelled the company’s licence to produce and sell cannabis.

U.S.-listed shares of CannTrust were trading down 8% at $1.17 in premarket.

Alberta Gaming, Liquor and Cannabis Commission (AGLC), which is in charge of distribution of products to licenced pot retailers in the province, said goods to be returned constitute all of the company’s products currently held at the commission.

Earlier in August, online retailer Ontario Cannabis Store said it would also return the company’s products valued at about C$2.9 million ($2.18 million).

Health Canada on Tuesday suspended CannTrust’s licence to produce and sell cannabis, the latest step by the regulator after it found the company was illegally cultivating pot.

The Ontario-based company’s shares have lost more than half their value in the last two months since it was found growing pot in unlicensed rooms and a bulk of its inventory was put on hold by the regulator.

Reporting by Arundhati Sarkar in Bengaluru; Editing by Shinjini Ganguli

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