VAUGHAN, ON, Nov. 23, 2017 /CNW/ - CannTrust Holdings Inc. ("CannTrust" or the "Company" | CSE: TRST), a licensed producer of medical cannabis under the Health Canada Access to Cannabis for Medical Purposes Regulation ("ACMPR") program, today announced financial and operating results for the nine months ending September 30, 2017. All amounts expressed are in Canadian dollars unless otherwise noted.
Revenues for the three and nine month periods ended September 30, 2017 were $6,140,224 and $13,714,847 respectively compared to $786,915 and $2,286,095 in the comparable 2016 periods. Net Income for the three and nine month periods ended September 30, 2017 were $655,309 and $632,269 respectively compared to a net loss of ($3,056,303) and ($5,359,845) respectively in the comparable 2016 periods.
2017 Third Quarter Highlights
1 |
Costs to harvest (from cloning to harvest) - includes all cash operating costs (primarily growing labour, utilities, grow nutrients and rent). |
Developments subsequent to the Quarter
Third Quarter 2017 Financial Summary
Three Months |
Nine Months | |||||||||||
CAD$ (except grams sold) |
2017 |
2016 |
2017 |
2016 | ||||||||
Dried Cannabis |
$ |
2,277,064 |
$ |
696,265 |
$ |
6,123,459 |
$ |
2,091,929 | ||||
Extracts |
3,582,255 |
49,326 |
7,016,503 |
49,326 | ||||||||
Other |
280,905 |
41,324 |
574,885 |
144,840 | ||||||||
Total Revenue |
6,140,224 |
786,915 |
13,714,847 |
2,286,095 | ||||||||
Gross Profit (loss) |
5,356,806 |
(681,698) |
12,944,494 |
(155,175) | ||||||||
Adjusted EBITDA (loss)* |
1,226,588 |
(905,035) |
1,708,014 |
(2,888,177) | ||||||||
Net Income (loss) |
655,309 |
(3,056,303) |
632,269 |
(5,359,845) | ||||||||
Earnings (loss) per share - basic and diluted |
0.01 |
(0.10) |
0.01 |
(0.18) | ||||||||
Total grams sold |
667,235 |
138,118 |
1,475,550 |
427,178 | ||||||||
Average net selling price per gram - Dried Cannabis |
8.10 |
5.34 |
8.38 |
4.99 | ||||||||
Average net selling price per gram - Extracts |
9.27 |
6.35 |
9.42 |
6.35 | ||||||||
Total average net selling price per gram |
8.78 |
5.40 |
8.91 |
5.01 | ||||||||
*Non-IFRS Measures |
A comprehensive discussion of CannTrust's financial condition and results of operations are provided in the Company's Management Discussion & Analysis and Financial Statements filed with SEDAR and can be found on www.sedar.com.
Management Overview
"CannTrust is an experienced and advanced Licensed Producer of Pharmaceutical grade cannabis in Canada and our recently completed Phase 1 of our 430,000 square feet Niagara Facility is perfectly timed in order for us to supply the international orders we have recently received. The pending legislation to legalize the adult consumer recreational use of cannabis provides a further major opportunity for the Company. With the completion of all phases of our Niagara expansion we plan to have in excess of 1,000,000 square feet of production capacity. This will give us the ability to acquire a substantial share of the increased demand arising from these new markets" said Brad Rogers, President of CannTrust Inc.
"CannTrust has an amazing team, all of whom have helped build a business steeped in a culture of compliance and the highest standards" said Eric Paul CEO. "During the period we continued to experience dynamic growth in all areas of the Company as we continue to execute our business plan aimed at being a market leader and innovator in the development of products and services to better serve our patients and physicians."
"Our pharmaceutically standardized, pesticide-free products and our physician education programs continue to position us as one of the premier providers resulting in exceptional new patient growth. Our plan was always to be a Pharmaceutical Company producing quality medical cannabis in a variety of unique dosage forms that will provide the best treatment options for patients. Our shipments to Australia are just the beginning of what we believe will be a World market opportunity for us along with our exclusive global pharma manufacturing partner, Apotex Inc."
Paul continued "Our recent listing on the CSE has provided the Company with the exposure, platform and access to capital markets required to effectively compete and participate in the dynamic growth of our industry."
About CannTrusttm
Since its inception in 2014, CannTrust has led the Canadian market in producing pharmaceutically standardized product.
As a federally regulated licensed producer, CannTrusttm brings more than 40 years of pharmacy and healthcare experience to the medical cannabis industry. CannTrust currently operates a 50,000 square foot state-of-the-art hydroponic facility in Vaughan, Ontario and with its recently received Health Canada Cultivation License has begun production at Phase 1 of its 430,000 square foot cultivation facility in the Niagara region.
CannTrusttm is committed to research and innovation, as well as contributing to the growing body of evidence-based research regarding the use and efficacy of cannabis. Our product development teams along with our exclusive global pharma partner, Apotex Inc., are diligently innovating and developing products that will make it easier for patients to use medical cannabis. We support ongoing patient education about medical cannabis and have launched a compassionate use program to support patients with financial needs.
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon CannTrust's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.
Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, CannTrust does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for CannTrust to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in CannTrust's Final Long Form Prospectus dated August 11, 2017 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in CannTrust's Final Long Form Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Copyright © 2017 CannTrust Holdings Inc.
SOURCE CannTrust Holdings Inc.
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