Sales for dried cannabis reached just over C$3.5 million for the three-month period, which ended on June 30, compared to a little under C$2 million for the same time period last year. Total revenues for the Canadian licensed producer were C$9 million for the second quarter.
During the quarter, CannTrust’s net selling price per gram lowered from last year to C$8.36.
Eric Paul, CEO of CannTrust, said the company was pleased with its results for the second quarter and is well positioned as a developer of cannabis products for the medical market.
The company revealed its earnings took a hit from C$1.5 million in costs for the ramp up of its Niagara Perpetual Harvest Facility, where expansion construction started in June.
According to the report, the company held a C$11.7-million position in cash as of June 30.
The president of the company, Brad Rogers, added that the operation of the company’s Perpetual Harvest Facility shows the ability for CannTrust to produce high-quality yields and reduced costs.
“Operating a facility of this scale, CannTrust is well-positioned to meet the increased Canadian and global demand for cannabis,” Rogers said.
The 450,000-square-foot hydroponic facility is expected to produce 50,000 kilograms of cannabis per year, before the completion of the 600,000-square-foot expansion. CannTrust estimates the final facility will produce over 100,000 kilograms of cannabis per year.
As part of its quarterly developments, the company highlighted that of the entirety of its cannabis sales, 60 percent represented extracts. The patient count for CannTrust also grew to over 45,000 active consumers of its products.
The company holds a “strong buy” rating on the analyst data aggregator site TipRanks, thanks to the reviews from three cannabis analysts.
The most recent report on CannTrust, from Derek Dlay with Canaccord Genuity, gives the company a C$11 share price target. The aggregate price target from TipRanks is C$15.50.
Following an early dip for the stock, shares for CannTrust rose 3.33 percent. The company’s closing price on Tuesday was C$6.83.
The increase for CannTrust represents strong support for its results, as Tuesday’s trading session brought declines across the board in the cannabis space due to Ontario’s decision to delay retail sales of cannabis until April 1, 2019.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).