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CAN (ON): Canntrust receives cultivation license for Niagara facilityCannTrust has received its Health Canada Cultivation Licence under the ACMPR for its completed 250,000 square foot Phase 1 redevelopment of its 430,000 square foot Niagara Greenhouse Facility. Phase 1 was completed both on budget and on time.
CannTrust expects the first harvest from its Niagara Facility in early November, with full utilization from Phase 1 expected in December 2017. The planned Phase 2 expansion at this facility is anticipated to be completed and in cultivation towards the middle of 2018. Phase 1 and 2 should conservatively provide the Company with an additional 40,000 kilograms of annual growing capacity.
A further expansion at the Niagara Facility, which is located on 46 acres of land, is currently under consideration as we position ourselves to capitalize on the increased demand expected to arise as a result of the July 2018 legalization of adult consumer recreational use of cannabis.
Management Overview"The expansion of our Greenhouse Facility together with our Health Canada Cultivation Licence will have a positive impact on the Niagara Region Economy. It will allow CannTrust to scale our production to meet growing market demand and provide maximum value to our customers, partners and shareholders" said Brad Rogers President of CannTrust Inc.
"Our standardized, best practices, pesticide-free products and our physician education programs continue to position us as one of the premier low-cost providers of high quality product resulting in exceptional new patient growth".
Rogers continued "The pending legislation to legalize the adult consumer recreational use of cannabis provides a further major opportunity for the Company. With the completion of all phases of our Niagara expansion we plan to have in excess of 1,000,000 square feet of production capacity. This will give us the ability to acquire a substantial share of the increased demand arising from this new market."
Eric Paul CEO said "We continue to experience dynamic growth in all areas of the Company as we execute our business plan aimed at being a market leader and innovator in the development of products and services. CannTrust has an exceptional team, all of whom have contributed to this important milestone and who continue to help us a build a business steeped in a culture of compliance and the highest standards".
Paul continued "Our recent listing on the CSE will provide the Company with the exposure, platform and access to capital markets required to effectively compete and participate in the dynamic growth of our industry."
Publication date: 10/11/2017
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