CannTrust Reports Record Revenue for Q3 2018 and is Taking Steps to List on the New York Stock Exchange
VAUGHAN, ON, Nov. 14, 2018 /CNW/ – CannTrust Holdings Inc. (“CannTrust” or the “Company” | TSX: TRST), a licensed producer of medical and recreational cannabis under the Cannabis Act and its regulations, today announced financial and operating results for the three and nine months ending September 30, 2018. All amounts expressed are in Canadian dollars.
Revenue for the three and nine month periods ended September 30, 2018 was $12,588,727 and $29,478,813 respectively, compared to $6,140,224 and $13,714,847 in the comparable 2017 periods. Net Income for the three and nine month periods ended September 30, 2018 was $421,240 and $11,968,255 respectively, compared to a net income of $655,309and $632,269 in the comparable 2017 periods. Earnings per share for the three and nine month periods ended September 30, 2018 was $Nil and $0.12 respectively, compared to earnings per share of $0.01 and $0.01 in the comparable 2017 periods.
2018 Third Quarter Highlights
- Record revenues of $12.6M in Q3 2018, a 105% increase from the comparable prior year period
- Operations for the quarter resulted in positive EBITDA and positive net income
- Active patients increased to more than 50,000, a 61% increase from the comparable prior year period
- Entered into supply agreements with 9 Canadian provinces to supply recreational cannabis across Canada
- Launched a fourth recreational brand: Peak Leaf
- Made our first shipment of cannabis oil to Denmark – the only cannabis oil accepted in Denmark
- Partnered with Australia’s Gold Coast University Hospital on a six-month study designed to evaluate the efficacy of CannTrust CBD capsules in slowing the progression of Amyotrophic Lateral Sclerosis (ALS) progression
- Partnered with McMaster University on medicinal cannabis research for chronic pain and for designing more effective, safer treatment protocols in public health policies
Developments subsequent to the Quarter
- Invested in National Access Cannabis Corp (“NAC”), a Canadian cannabis retailer
- Entered into an exclusive partnership agreement with Kindred Partners Inc., a wholly-owned Canadian subsidiary of Breakthru Beverage Group, the largest Canadian beverage alcohol broker, to provide sales support for recreational products and to subscribe for 902,405 common shares for gross proceeds of $9.2M
- Expanded our global reach by entering into a strategic partnership with Australian licensed producer, Cannatrek Ltd (“Cannatrek”), with plans in place for construction of a 1.7 million square-foot greenhouse facility
- Acquired a 19.4 acre property adjacent to our Niagara Greenhouse Facility which allows us to expand production capacity
- Strengthened our Management Team and Board of Directors
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