House Positions for C:ACB from 20181128 to 20181128

House	Bought	$Val	Ave	Sold	$Val	Ave	Net	$Net
1 Anonymous	5,686,977	44,034,728	7.743	4,600,106	35,630,870	7.746	1,086,871	-8,403,858
39 Merrill Lynch	1,636,550	12,663,408	7.738	721,151	5,599,526	7.765	915,399	-7,063,882
53 Morgan Stanley	980,288	7,575,870	7.728	420,634	3,272,517	7.78	559,654	-4,303,353
13 Instinet	1,275,440	9,853,922	7.726	1,222,668	9,454,571	7.733	52,772	-399,351
143 Pershing	92,527	707,895	7.651	56,922	442,150	7.768	35,605	-265,745
90 Barclays	42,200	327,681	7.765	7,800	60,328	7.734	34,400	-267,353
28 BBS	83,158	645,644	7.764	58,690	451,524	7.693	24,468	-194,120
76 Industrial Alliance	9,100	71,751	7.885	200	1,556	7.78	8,900	-70,195
200 Acumen	2,300	17,020	7.40	0			2,300	-17,020
48 Laurentian	2,000	15,640	7.82	0			2,000	-15,640
70 Manulife	2,000	15,340	7.67	453	3,470	7.66	1,547	-11,870
59 PI	2,300	17,876	7.772	1,000	7,800	7.80	1,300	-10,076
94 Hampton	1,300	10,036	7.72	356	2,723	7.649	944	-7,313
56 Edward Jones	623	4,671	7.498	5	38	7.60	618	-4,633
25 Odlum	400	3,070	7.675	0			400	-3,070
15 UBS	599	4,738	7.91	200	1,548	7.74	399	-3,190
89 Raymond James	0			252	1,942	7.706	-252	1,942
18 Echelon	4,650	35,392	7.611	5,300	41,744	7.876	-650	6,352
22 Fidelity	0			1,000	7,840	7.84	-1,000	7,840
83 Mackie	0			1,320	10,414	7.889	-1,320	10,414
33 Canaccord	29,825	233,987	7.845	31,441	245,888	7.821	-1,616	11,901
68 Leede	2,500	19,111	7.644	4,400	33,911	7.707	-1,900	14,800
4 Cantor Fitz	0			7,635	56,346	7.38	-7,635	56,346
57 Interactive	7,185	55,647	7.745	15,130	116,911	7.727	-7,945	61,264
19 Desjardins	141,956	1,095,792	7.719	151,667	1,172,205	7.729	-9,711	76,413
72 Credit Suisse	13,580	105,012	7.733	39,272	308,083	7.845	-25,692	203,071
101 SG Capital	13,200	102,125	7.737	66,300	514,856	7.766	-53,100	412,731
14 ITG	7,751	59,793	7.714	64,111	496,555	7.745	-56,360	436,762
124 Questrade	492,201	3,806,829	7.734	561,507	4,343,830	7.736	-69,306	537,001
88 Credential	118,607	922,777	7.78	200,469	1,548,516	7.724	-81,862	625,739
65 Goldman	35,895	278,165	7.749	140,700	1,098,244	7.806	-104,805	820,079
99 Jitney	552,230	4,251,321	7.698	668,000	5,162,530	7.728	-115,770	911,209
62 Haywood	8,300	65,128	7.847	129,594	1,012,436	7.812	-121,294	947,308
85 Scotia	783,686	6,027,023	7.691	968,597	7,447,991	7.689	-184,911	1,420,968
80 National Bank	290,144	2,253,841	7.768	496,920	3,787,987	7.623	-206,776	1,534,146
9 BMO Nesbitt	963,568	7,453,865	7.736	1,247,357	9,637,657	7.726	-283,789	2,183,792
79 CIBC	5,531,309	42,752,368	7.729	5,878,267	45,465,133	7.734	-346,958	2,712,765
2 RBC	2,906,070	22,543,915	7.758	3,292,502	25,524,626	7.752	-386,432	2,980,711
7 TD Sec	4,351,558	33,634,645	7.729	5,010,051	38,701,760	7.725	-658,493	5,067,115
TOTAL	26,071,977	201,666,026	7.735	26,071,977	201,666,026	7.735	0	0

TRST:TSX one-year price target of $21.00 on CannTrust Holdings,

A listing on the New York Stock Exchange could help CannTrust Holdings (CannTrust Holdings Stock Quote, Chart: TSX:TRST) close the valuation gap between it and its peers, says Beacon Securities analyst Russell Stanley.

This morning, CannTrust announced it had shipped CBD oil capsules to Australia’s Gold Coast University Hospital, where they will be used in an ALS study. The company says it is dedicated to exploring the medicinal value of its cannabis products.

“With our medicinal cannabis experience and over 50,000 patients enrolled over the past five years, we continue to see the medical potential of the cannabis plant,” CEO Peter Aceto said. “We are committed to being international leaders in the generation of scientific evidence proving the medical benefits in treating a variety of indications. With hundreds of thousands of people living with ALS in Canada and globally, we continue to focus on improving peoples’ lives around the world. We also thank PharmaCann for its expertise and assistance in importing our products to Australia, to make this study possible.”

Stanley notes that the the CBD strain that will be used in the study was developed by CannTrust from its proprietary genetics, meaning the results will be specific to the company. The analyst says he believes traditional dried cannabis will become increasingly commoditized, meaning product innovation will become more important. He also believes the prospect of a New York Stock Exchange listing will help close what he sees as a valuation gap between the company and its peers.

TRST continues to trade at approximately 8x EV/2020E EBITDA based on our forecast, representing a 37% discount to the broad peer group multiple of 12x, and an 80% discount to the 38x average amongst those with a $1B+ market capitalization (based on consensus estimates),” Stanley says. “We believe a NYSE-listing, which management recently announced it has begun work towards, would significantly expand the investor audience and support multiple expansion for TRST. Companies with a US listing now trade at approximately 71x 2020E EBITDA, based on consensus expectations.”

In a research update to clients today, Stanley maintained his “Buy” rating and one-year price target of $21.00 on CannTrust Holdings, implying a return of 144 per cent at the time of publication.

Stanley thinks CannTrust will generate Adjusted EBITDA of $7.9-million on revenue of $67.0-million in fiscal 2018. He expects those numbers will improve to EBITDA of $51.1-million on a topline of $175.8-million the following year.

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