CannTrust Holdings (TSX:TRST) announced the execution of a long-term agreement with Envest for low-cost heat and power in its Niagara facility.
As quoted in the press release:
“Cultivating cannabis at scale, even in a greenhouse, requires significant amounts of supplemental heating and lighting. Given that these are two of the major components in the cost of cultivation, the implementation of a 10 megawatt cogeneration solution at our Niagara facility will ensure that we are one of the lowest cost producers in the industry. After almost a year researching cogeneration we are thrilled to partner with Envest due to their industry expertise and comprehensive solution” said Eric Paul, Chief Executive Officer of CannTrust.
“Envest is pleased to provide CannTrust with a comprehensive cogeneration solution that supports its growing need for a long-term secure supply of energy and enhances its position as a low-cost cannabis producer,” said Jason Moretto, Chief Executive Officer of Envest.