VAUGHAN, ON - CannTrust Holdings Inc. ("CannTrust" or the "Company" | TSX: 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 three and six months ending June 30, 2018. All amounts expressed are in Canadian dollars.
Revenue for the three and six month periods ended June 30, 2018 was $9,050,239 and $16,890,086 respectively, compared to $4,541,378 and $7,574,623 in the comparable 2017 periods. Net Income for the three and six month periods ended June 30, 2018 was $104,905 and $11,547,015 respectively, compared to a net income of $754,864 and a net loss of ($23,040) in the comparable 2017 periods. Earnings for the current period were impacted by approximately $1.5 million of increased costs associated with the ramp up of the Niagara Perpetual Harvest Facility. Earnings per share for the three and six month periods ended June 30, 2018 was $Nil and $0.12 respectively, compared to earnings per share of $0.01 and $Nil in the comparable 2017 periods.
2018 Second Quarter Highlights
- Record Revenues of $9M in Q2 2018, a 99% increase from the comparable prior year period
- Positive Net Income for the fifth consecutive quarter
- Active patients increased to more than 45,000, a 117% increase from the comparable prior year period
- Cannabis extracts were 60% of cannabis sales
- Officially opened Niagara Perpetual Harvest 450,000 sq. ft. hydroponic greenhouse facility
- Launched three new recreational brands: Liiv, Synr.g and Xscape
- Entered into three recreational supply agreements in Western Canada to supply 17,000 kg of cannabis annually
- Raised $100,395,000 through the issuance of common shares and warrants
- Entered into a joint venture with Grey Wolf Animal Health to focus on development of medical cannabis products for the global pet market
Source : newswire.ca