Canada NewsWire
VAUGHAN, ON, March 29, 2018
VAUGHAN, ON, March 29, 2018 /CNW/ - 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 year ended December 31, 2017. All amounts expressed are in Canadian dollars unless otherwise noted.
Revenues for the three and twelve month periods ended December 31, 2017 were $6,982,917 and $20,697,764 respectively compared to $2,095,993 and $4,382,088 in the comparable 2016 periods. Net Income for the three and twelve month periods ended December 31, 2017 were $6,253,161 and $6,885,430 respectively compared to a net loss of ($8,260,098) and ($13,619,943) in the comparable 2016 periods. Earnings per share for the year ended December 31, 2017 was $0.09 compared to a loss per share of ($0.32) in the comparable 2016 period. During our most recent quarter a number of regular grow rooms at our Langstaff Facility were used to harvest Mother Plants for Phase 1 of the Niagara Greenhouse Facility. As a result, during the quarter the Company used third party product purchases as a harvest replacement and bridge to meet the demand for the Company's products. The higher cost of these third party purchases negatively impacted earnings for the three months ended December 31, 2017 by approximately $1.8 million.
2017 Fourth Quarter Highlights
Developments subsequent to the Quarter
2017 Fourth Quarter and Year-end Financial Summary
| Three Months | | Twelve Months | |||||||||
| December 31, | | December 31, | |||||||||
CAD$ (except grams sold) | 2017 | | 2016 | | 2017 | | 2016 | |||||
| Dried Cannabis | $ | 2,411,508 | | $ | 1,482,150 | | $ | 8,534,967 | | $ | 3,574,079 |
| Extracts | 4,311,132 | | 535,784 | | 11,327,635 | | 585,110 | ||||
| Other | 260,277 | | 78,059 | | 835,162 | | 222,899 | ||||
Total Revenue | 6,982,917 | | 2,095,993 | | 20,697,764 | | 4,382,088 | |||||
Gross Profit | 11,035,579 | | 3,681,880 | | 23,980,073 | | 3,526,705 | |||||
Adjusted EBITDA (loss)* | (1,667,129) | | 138,514 | | 40,885 | | (2,749,663) | |||||
Net Income (loss) | 6,253,161 | | (8,260,098) | | 6,885,430 | | (13,619,943) | |||||
Earnings (loss) per share - basic and diluted | 0.08 | | (0.15) | | 0.09 | | (0.32) | |||||
Total grams sold | 757,669 | | 283,862 | | 2,233,219 | | 711,040 | |||||
| Average net selling price per gram - Dried Cannabis | 8.14 | | 7.39 | | 8.31 | | 5.72 | ||||
| Average net selling price per gram - Extracts | 9.34 | | 6.43 | | 9.39 | | 6.43 | ||||
Total average net selling price per gram | 8.87 | | 7.11 | | 8.89 | | 5.85 |
*Non-IFRS Measures
A comprehensive discussion of CannTrust's financial condition and results of operations are provided in the Company's Management Discussion & Analysis and Audited Consolidated Financial Statements filed with SEDAR and can be found on www.sedar.com.
Management Overview
"We are very pleased with our Q4 and year-end results. We continued to experience dynamic growth in all areas of the Company as we execute our business plan aimed at being a market leader and innovator in the development of products and services to better serve our patients and physicians and to position us for the pending legislation to legalize the adult consumer recreational use of cannabis. Graduating to the TSX reflects the amazing progress we have made since listing on the CSE and represents yet another important milestone for CannTrust as we continue our successful journey as one of Canada's leading cannabis companies. CannTrust has an amazing team, all of whom have helped build a business steeped in a culture of compliance and the highest standards" said Eric Paul CEO.
Paul continued "Our pharmaceutically standardized, pesticide-free products and our physician education programs continue to position us as one of the premier providers of quality cannabis. Our shipments to Australia and our Joint Venture with Stenocare of Denmark are just the beginning of what we believe will be a Global market opportunity for us."
"CannTrust is an experienced and advanced Licensed Producer of Pharmaceutical grade cannabis in Canada. Our recently completed Phase 1 and our soon to be completed Phase 2 of our 430,000 square feet Niagara Greenhouse Facility are perfectly timed in order for us to supply the international orders we have recently received. The pending legislation to legalize the adult consumer recreational use of cannabis provides a further major opportunity for the Company" said Brad Rogers, President of CannTrust Inc.
About CannTrust™
Since its inception in 2014, CannTrust has led the Canadian market in producing pharmaceutically standardized product.
As a federally regulated licensed producer, CannTrust™ brings more than 40 years of pharmacy and healthcare experience to the medical cannabis industry. CannTrust currently operates a 50,000 square foot state-of-the-art hydroponic facility in Vaughan, Ontario, as well as the recently completed 250,000 square foot Phase 1 redevelopment of its 430,000 square foot Niagara Greenhouse Facility. The Phase 2 expansion is underway and is anticipated to be completed and in cultivation towards the middle of 2018.
CannTrust™ is committed to research and innovation, as well as contributing to the growing body of evidence-based research regarding the use and efficacy of cannabis. Our product development teams along with our exclusive global pharma partner, Apotex Inc., are diligently innovating and developing products that will make it easier for patients to use medical cannabis. We support ongoing patient education about medical cannabis and have launched a compassionate use program to support patients with financial needs.
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon CannTrust's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.
Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, CannTrust does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for CannTrust to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in CannTrust's Final Long Form Prospectus dated August 11, 2017 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in CannTrust's Final Long Form Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
Copyright © 2017 CannTrust Holdings Inc.
SOURCE CannTrust Holdings Inc.
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