CannTrust Q3 profit falls despite record revenues as it files for NYSE listing
VAUGHAN, ONT.—CannTrust Holdings Inc. posted record revenues in the third quarter but the licensed producer of medical and recreational cannabis saw its net income decrease 36 per cent in the quarter before legalization of recreational use in Canada.
The Toronto-area company said it earned $421,240 or zero cents per share, compared with $655,309 or one cent per share a year earlier.
Revenues more than doubled to $12.6 million for the three months ended Sept. 30, up from $6.1 million a year earlier.
CannTrust says it is taking steps to list on the New York Stock Exchange.
The company said the number of active patients grew 61 per cent to more than 50,000 and it entered into supply agreements with nine Canadian provinces to supply recreational cannabis across Canada.
CannTrust operates a greenhouse in Niagara, Ont., that is undergoing an expansion, and a packaging facility in Vaughan, north of Toronto.