CannTrust Holdings is dominating the Toronto Stock Exchange today after the company debuted its Q3 earnings and plans to list on the New York Stock Exchange (NYSE) yesterday.
CannTrust Holdings Inc (TSX:TRST) is headquartered in Vaughan, Ontario, and the cannabis company produces and distributes pharmaceutical grade medical cannabis in Canada. CannTrust sells dried cannabis and oil extracts to clients based on medical prescriptions given by a healthcare practitioner.
CannTrust Holdings Q3 Earnings
Yesterday the cannabis company announced its revenue for Q3 and the rest of 2018. The highlights of CannTrust's third quarter are as follows:
- $12.6 million in Q3 2018 revenue, which is a 105% increase from the comparable prior year period.
- CannTrust's active patients increased to more than 50,000, a 61% increase from the comparable prior year period.
- CannTrust signed supply agreements with nine Canadian provinces to supply recreational cannabis across Canada.
- The launching of a fourth recreational brand, called Peak Leaf.
- The first shipment of cannabis oil to Denmark was made making it the only cannabis oil accepted in Denmark.
In Q3 2017, the cannabis company only brought in $6.1 million. The net income for CannTrust Holdings in Q3 was just over $421,000.
CannTrust just recently appointed a new CEO, Peter Aceto.
"We are extremely pleased with our Q3 results that are a testament to the success of this Company and the incredible progress that we have made in such a short period of time. With the opening of the recreational market and the numerous opportunities that our Company is positioned to capitalize on, this is only the beginning," said Eric Paul, Chairman of the Board.
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NYSE Listing
In addition to the great Q3 news, CannTrust announced it is taking steps to list its shares on the New York Stock Exchange. Aceto sees CannTrust as one of the "top licensed producers in Canada" and believes his company can compete against its other large competitors in the Canadian cannabis space.
According to Yahoo Finance, TRST stock is currently trading at $8.95 on the TSX, up +$1.73 (+23.96%).
Featured Image: Depositphotos/© leungchopan
