CannTrust announced last week that a Netherlands-based holding company will take majority control of the beleaguered cannabis producer. Marshall Fields International BV—along with a group of individual investors — will acquire 90 percent of CannTrust Equity, which is a new subsidiary of CannTrust Holdings.
“We are delighted to have found great partners who share our vision for the future of the company. This is the culmination of two-and-a-half years of hard work from the entire CannTrust team,” CannTrust CEO Greg Guyatt said in a statement. “We have remediated and improved our operations, restored our cannabis licenses, relaunched our business, settled all class action litigation against the company and others, and now secured the right strategic partner.”
Marshall Fields BV is a subsidiary of Kenzoll BV, an Amsterdam-based private equity company that specializes in cannabis firms, as well as troubled assets.
CannTrust paid $50 million into a trust in January to help settle a class-action lawsuit by former shareholders. The company was delisted from both the Toronto and New York stock exchanges in 2020, less than a year after a former employee blew the whistle to the Voice and other news organizations on illegal growing operations at their Fenwick facility.
