Along with the release of its Q3 financial results, CannTrust Holdings (TSX:TRST) announced after market close on Wednesday (November 14), that it is taking steps to become listed on the New York Stock Exchange (NYSE).
The company saw record revenues of C$12.6 million during Q3, indicating a 105 percent increase from Q3 2017’s C$6.14 million revenue. Additionally, CannTrust stated that it is pursuing listing its common shares on the NYSE, but gave few details.
Freshly appointed CEO Peter Aceto commented on the decision, explaining that the listing would be a logical step ahead for the company.
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“CannTrust has firmly established itself as one of the top licensed producers in Canada with a global platform rooted in science and innovation. A US listing is a natural step forward in our evolution as we look to broaden our investor base and expand our business on an international scale,” he said in the press release.
Highlights from the Q3 report also showed that active patients grew to over 50,000, a 61 percent increase from Q3 2017. These numbers coincide with CannTrust obtaining supply agreements with nine Canadian provinces for recreational cannabis post-legalization.
During Q3, the company also made history with its first shipment of cannabis oil to Denmark, signifying the first and only medical cannabis oil to be accepted into the country.
“We are extremely pleased with our Q3 results that are a testament to the success of this company and the incredible progress that we have made in such a short period of time,” Eric Paul, chairman of the board and former, said in the statement.
“With the opening of the recreational market and the numerous opportunities that our company is positioned to capitalize on, this is only the beginning.”
Paul made headlines in early October when he opted to step down from his CEO position just two weeks before cannabis legalization in Canada. He paved the way for Aceto, formerly the CEO of online bank Tangerine, to fill his place; Paul chose to stay with CannTrust as chairman of the board and by serving as a special advisor to the company’s management team.
Following the announcement, CannTrust shares were way up on Thursday (November 15) boosting 22.85 percent to $8.87 a piece as of 11:00 a.m. EST on the TSX.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.