CANNABIS CORNER: CANNTRUST IS DONE

Hilary Kramer

Hilary Kramer is an investment analyst and portfolio manager with 30 years of experience on Wall Street.

We’ve been talking for weeks about consolidation as the road forward for the battered Big Cannabis group. This took a major step in that direction.

CannTrust Holdings Inc., once traded under the symbol CTST, has been under the shadow of a potential delisting since March 31. That order was finalized in Toronto on April 13.

CTST had been a zombie stock for months. Losing it actually gives most of the names left on my screen room to rally.

But there’s still a lot of work to do. Watching Aurora Cannabis Inc. (NYSE:ACB) this week makes me think we’ll need to see a much bigger implosion before shareholders in other companies will get satisfaction.

Consider: CTST was halted with the stock at a lowly $0.64, having been cut in half over the trailing year. ACB is only $0.69 now.

A lot of great companies trade at low price points for a good reason. But ACB relies on the public market for capital. If it doesn’t rally fast, it’s in trouble.

We won’t cheer, but we won’t cry either. I am eager for a little sunlight in this space. If it means the second-biggest grower giving its business to better-capitalized rivals, that’s progress.

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