CannTrust Holdings Gets Expansion Approval

CannTrust Holdings (NYSE:CTST,TSX:TRST) received an approval from Health Canada for an amendment to its phase 2 expansion plan for a facility in Pelham, Ontario.

As quoted in the press release:

“We have always been confident that our processes meet and exceed regulatory standards, and we now have further validation of this from our regulators,” said Peter Aceto, Chief Executive Officer. “With this approval, CannTrust is set to meet its plan to reach 50,000 [kilograms] of annualized capacity at the perpetual harvest greenhouse and continue providing award-winning products in a cost-effective manner.”

CannTrust’s expected production ramp is as follows:

• The last 20 [percent] of the Phase 2 expansion is expected to be operating at full capacity by the end of Q2 2019.
• Pending Health Canada approval, the Company anticipates planting on its previously announced outdoor land acquisition of 81 acres in Q2 2019 and expects to realize a yield of approximately 1,000 [kilograms] per acre in 2019. Total 2019 production from this harvest is expected to be approximately 75,000 [kilograms].

Click here to read the full press release.