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.
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]