CannTrust Holdings Inc. (CSE: TRST) announced financial and operating results for the six months ending June 30, 2017. All amounts expressed are in Canadian dollars unless otherwise noted.
Revenues for the three and six month periods ended June 30, 2017 were $4,541,378 and $7,574,623 respectively compared to $798,403and $1,499,180 in the comparable 2016 periods. Net Income (loss) for the three and six month periods ended June 30, 2017 were $754,864 and ($23,040) respectively compared to ($1,565,661) and ($2,253,574) respectively.
2017 Second Quarter Highlights
Record Revenues of $4.5M in Q2 2017, a 469% increase from the comparable prior year period
Active patients increased to more than 20,000 compared to 4,000 in the comparable prior year period
Positive Net Income, Cash Flow from Operations and Adjusted EBITDA
Increased average net selling price per gram to $8.86, an increase of 75% from the comparable prior year period
Increased oil production capacity with the addition of new state of the art extraction equipment
Cannabis extracts increased to over 50% of sales in the quarter
Reduced cash cost per gram to $1.49 1 compared to $1.96 in the prior quarter
Received approval for increase in Langstaff Facility Vault storage capacity from $6.25 million to $25 million
Began Phase 1 development of the 430,000 square foot Niagara Greenhouse which is scheduled to be online in the fall of 2017. Together with Phase 2, which is expected to be completed in 2018, this Facility should provide the Company with up to 40,000 additional kilograms of annual growing capacity
Patents for our single serve Brew Budz pods now granted in both the U.S. and Canada with patents pending in the E.U., China and Australia
Together with Apotex, our Global pharma partner, began the development of new dose forms aimed at making it easier for patients to use medical cannabis
