CannTrust Dumps KPMG As Auditor But Doesn’t Say Who They Are Hiring To Replace Them

Who dumped who we wonder?

Here’s what they say in their press release…

CannTrust Holdings Inc. (“CannTrust” or the “Company”) (unlisted) announced today that CannTrust and KPMG LLP (“KPMG”) have agreed that KPMG will not be completing the audits for the Company’s restated financial statements for the years ended December 31, 2018 and 2019 and will not stand for reappointment as the Company’s independent auditor for the Company’s financial statements for the year ended December 31, 2020.

KPMG has been the Company’s independent auditor since December 21, 2018 and, on August 8, 2019, KPMG withdrew its report dated March 27, 2019 on the Company’s financial statements for the year ended December 31, 2018 and its interim report to the Audit Committee dated May 13, 2019 on the interim financial statements for the three months ended March 31, 2019. KPMG has not audited any of CannTrust’s financial statements for any period subsequent to December 31, 2018 or expressed any opinion in respect of any of the Company’s financial statements for any period subsequent to March 31, 2019.

The Company is in advanced discussions with potential successor auditors and expects to announce a successor auditor in the coming weeks.

For a copy of the Company’s reporting package, including the notice of change of auditor and KPMG’s response letter, each prepared in accordance with the applicable requirements of Section 4.11 of National Instrument 51-102 – Continuous Disclosure Obligations, please visit www.sedar.com.

CannTrust remains under CCAA protection to facilitate its efforts to resolve its civil litigation claims and complete its review of strategic alternatives, which includes a review of financing options. Aspects of the ongoing efforts remain confidential, and the Company is unable to predict with any certainty either their timing or outcome. In the meantime, the reinstatement of its cannabis licenses and the restoration of its ongoing operations, CannTrust’s re-entry into the Canadian recreational and medical cannabis business segments and its entry into the Restructuring Support Agreement are essential to the Company’s focus on rebuilding its franchise. For more information about CannTrust’s CCAA proceedings, please visit: www.ey.com/ca/canntrust.

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