CannTrust renamed Phoena to reflect rebuild

Beleaguered cannabis company CannTrust Equity Inc. has been renamed Phoena Holdings Inc. The company says the new name is derived from the word “phenotype,” which describes traits within a plant’s genetic code that are used to produce cannabis. Phoena will be 90 per cent owned by investors led by a subsidiary of KenzollB.V., a Netherlands-based private equity investment company, and 10 per cent owned by CannTrust Holdings Inc. The renaming is meant to usher in a new era for the company, which exited creditor protection in March, after receiving $17 million in financing from the Kenzoll subsidiary, Marshall Fields International B.V. The creditor protection came after the company was found growing thousands of kilograms of annabis in unlicensed rooms between 2018 and 2019.