Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

CannTrust Q3 profit falls despite record revenues; filing for NYSE listing

CannTrust Q3 profit falls despite record revenues; filing for NYSE listing | iNFOnews.ca
Mature cannabis plants are photographed at the CannTrust Niagara Greenhouse Facility during the grand opening event in Fenwick, Ont., on June 26, 2018. CannTrust Holdings Inc. posted record revenues in the third quarter but the licensed producer of medical and recreational cannabis saw its net income decrease 36 per cent in the quarter before legalization of recreational use in Canada.THE CANADIAN PRESS/Tijana Martin

VAUGHAN, Ont. – CannTrust Holdings Inc. posted record revenues in the third quarter but the licensed producer of medical and recreational cannabis saw its net income decrease 36 per cent in the quarter before legalization of recreational use in Canada.

The Toronto-area company says it earned $421,240 or zero cents per share, compared with $655,309 or one cent per share a year earlier.

Revenues more than doubled to $12.6 million for the three months ended Sept. 30, up from $6.1 million a year earlier.

CannTrust says it is taking steps to list on the New York Stock Exchange.

The company said the number of active patients grew 61 per cent to more than 50,000 and it entered into supply agreements with nine Canadian provinces to supply recreational cannabis across Canada.

CannTrust operates a greenhouse in Niagara, Ont., that is undergoing an expansion, and a packaging facility in Vaughan, north of Toronto.

Companies in this story: (TSX:TRST)

News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

Abbey Westbury

Related Articles