CannTrust Holdings Inc. has announced financial and operating results for the three and nine months ending September 30, 2018.
Revenue were C$12,588,727 (three months) and C$29,478,813 (nine months) respectively, compared to C$6,140,224 and C$13,714,847 in the comparable 2017 periods.
To break that down, CannTrust generated more than double what it did last year on both a quarterly and year-to-date basis.
Net Income for the three and nine month periods ended September 30, 2018 was C$421,240 and C$11,968,255 respectively, compared to a net income of C$655,309 and C$632,269 in the comparable 2017 periods.
The Canadian company has confirmed that it is taking steps to list its common shares on the New York Stock Exchange.
“A U.S. listing is a natural step forward in our evolution as we look to broaden our investor base and expand our business on an international scale.”
Peter Aceto, Canntrust (pictured)
“We are extremely pleased with our Q3 results that are a testament to the success of this Company and the incredible progress that we have made in such a short period of time. With the opening of the recreational market and the numerous opportunities that our Company is positioned to capitalize on, this is only the beginning,” said Eric Paul, Chairman of the Board. “The appointment of Peter Aceto as CEO, a globally recognized and seasoned professional, will be the perfect compliment to our leadership team and will lead our Company into the next phase of our rapid growth.”
“Our Q3 results attest to the great work Eric and the Company have done and I look forward to building on this platform. The legalization of the adult consumer recreational market is only the beginning of many new and exciting opportunities for the Company. We look forward to boldly executing on our vision for CannTrust both at home and abroad,” said Peter Aceto, CannTrust’s newly appointed CEO.
Peter Aceto added, “CannTrust has firmly established itself as one of the top licensed producers in Canada with a global platform rooted in science and innovation. A U.S. listing is a natural step forward in our evolution as we look to broaden our investor base and expand our business on an international scale.”
See below for the company’s financial highlights.
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 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
Cannabis Business Worldwide