The name change occurs after the Ontario-based company exited court-supervised proceedings last month

CannTrust Equity Inc. this week announced its new corporate name, Phoena Holdings Inc. The new name represents a nod to the word phenotype, “which describes the traits taken from a plant’s genetic code that we use to merge nature, purpose and science to produce the best cannabis products on the market,” notes a statement from Phoena, which is 90 per cent owned by a group of investors and 10 per cent owned by CannTrust Holdings Inc.

Marijuana Business Daily reports that the name change comes as the Ontario-based company exited court-supervised proceedings last month after a key subsidiary completed a financing deal.

“Phoena reflects who we are today — stronger, more experienced and more focused — and forms the foundation for our future success as we enter the next era of our evolution,” company CEO Greg Guyatt said in a statement.

CannTrust has had some difficulties in the past. In the summer of 2019, the Ontario Cannabis Store opted to return $2.9 million worth of CannTrust products because of non-compliance issues.

According to Bloomberg, “the company filed to restructure under the Companies’ Creditors Arrangement Act, an approximate Canadian equivalent of Chapter 11 bankruptcy, in March 2020, after it ran into compliance issues with Health Canada over its cannabis production facilities.”

And in December 2019, the New York Stock Exchange reportedly warned the cannabis producer after its stock price had fallen below the necessary $1 per share cost to continue trading.

The company reports that no changes to current operations are anticipated. Phoena is also continuing to review obtaining a stock exchange listing for the company’s common shares, the statement adds.

The federally regulated, licensed cannabis producer has locations in the Ontario communities of Vaughan and Fenwick. Its greenhouse “produces Grade A cannabis flower, which is sold in a variety of dried flower and extract formats,” the company statement adds.