CannTrust reports record revenue for Q2 2018

 

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

Developments subsequent to the Quarter

  • Construction of the fully funded Niagara Facility 600,000 sq. ft. expansion has begun
  • Entered into an agreement to acquire a 23-acre property adjacent to the Niagara Facility which will allow for significant further expansion

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.

https://www.newswire.ca/news-releases/canntrust-reports-record-revenue-for-q2-2018-and-is-on-track-to-full-completion-of-its-million-sq-ft-niagara-facility-690805361.html

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