CannTrust Holdings Inc (TSE:TRST) Misses Revenue Targets & SAFE Banking Act: Ben Smith’s Market Wrap
Midas Letter Lead Financial Writer Ben Smith dissects what CannTrust Holdings Inc’s (TSE:TRST) (NYSE:CTST) (FRA:C9S) recent financial reporting means for the company and the cannabis space more broadly. Smith notes that CannTrust typically hits its targets and had been trading near recent highs. As a result, the news that CannTrust missed its targets acted like a “bombshell to the market.” Smith cautions investors to pay attention to the news flow in the sector and not just individual names. In addition to CannTrust’s missed revenues, there have also been four downgrades in recent weeks, including Cronos Group Inc (TSE:CRON) (NASDAQ:CRON) (FRA:7CI). Smith emphasizes that the current cannabis news cycle is not conducive to multiple expansions in the sector. Smith also addresses the SAFE Banking Act, which would reform banking laws in the United States and would make it easier for US MSOs to access capital. While the legislation has made it through committee, Smith feels it is highly unlikely to be passed before Q4 2019.
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