Proactive Investors - Run By Investors For Investors

CannTrust Holdings looks to uplist to NYSE as 3Q sales more than double

The Canadian cannabis company is taking steps to list on the NYSE to widen its base of investors
marijuana greenhouse
CannTrust's 3Q revenue came in at C$12.6 million, up from $6.1 million in the year-ago quarter

The Canadian cannabis company CannTrust Holdings Inc (TSE:TRST, OTCMKTS:CNTTF) revealed it is pushing ahead with its plan to uplist to the New York Stock Exchange as it announced that its sales more than doubled in the third quarter.

For its latest quarter, CannTrust posted profits of C$421,240, compared with earnings of $655,309, in the corresponding period last year.

READ: Canopy Growth loss widens in fiscal 2Q as revenue misses estimates

Its revenue, however, was the bright spot as it came in at $12.6 million, up from $6.1 million in the year-ago quarter. Medical marijuana made up the bulk of the company’s sales, accounting for about $10 million of total revenue.

In the quarter, CannTrust sold 266,616 grams worth of wholesale cannabis and 699,389 grams of dried medical cannabis equivalents and its average net selling price per gram was $8.37

News of the company’s results comes as it takes steps to list its shares on the New York Stock Exchange to widen its base of investors and improve liquidity.

“CannTrust has firmly established itself as one of the top licensed producers in Canada with a global platform rooted in science and innovation,” said Peter Aceto, CannTrust’s new CEO.

“A US 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,” he added.

Fourth recreational brand Peak Leaf launched

On CannTrust’s list of achievements in its latest quarter, was its move to enter into agreements with nine Canadian provinces to supply recreational cannabis across Canada.

In two other advances, it also introduced its fourth recreational brand – Peak Leaf and made its first shipment of cannabis oil to Denmark, where it is the only cannabis oil accepted in Denmark.

After the quarter closed, CannTrust also acquired 19.4 acres next to its Nigara Greenhouse Facility to expand its operations. The company is in the midst of finishing off a 600,000 square foot expansion of the Niagara Facility.

CannTrust shares rose slightly in Thursday’s pre-market session to hit $5.53.

Contact Ellen Kelleher at [email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full TRST profile View Profile

CannTrust Holdings Inc Timeline

Related Articles

October 17 2018
The biotech was founded by an investment group led by scientists and driven by a no-nonsense CEO whose stake is more than just business as usual
Cancer cells
June 27 2018
The Nottingham-based privately-owned company has made an impressive fist of developing the OMIS (Opto-magnetic Imaging Spectroscopy) cancer detection system
woman at a microscope
August 02 2018
Currently undergoing phase III clinical trials, AP101 is being developed to treat Epidermolysis Bullosa, a condition which occurs prominently in children and makes skin fragile to even the faintest touch
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use