CannTrust Closes Purchase of 81 Acres for Outdoor Grow

Published: April 3, 2019

CannTrust Closes Purchase of 81 Acres for Outdoor Grow

CannTrust Holdings Inc. has closed the first of its previously announced transactions to acquire 200 acres of outdoor cultivation land. The Company has purchased four parcels of land for cash, representing 81 acres of land, to advance its outdoor cannabis cultivation operation in British Columbia.

“We are very pleased to be executing on our plans to increase capacity through outdoor cultivation. Cannabis harvested from this new location will be used to produce the Company’s award-winning oil products as well as its future product innovations as Canadian regulations expand to include new product formats. The Company will continue to sell high quality dry flower from our Perpetual Harvest Greenhouses in Pelham, Ontario to medical and recreational consumers, and will use cannabis cultivated outdoors for its premium-priced extraction products at a fraction of the cost,” said Peter Aceto, Chief Executive Officer.

“Subject to Health Canada approval, it is our plan to have plants in the ground and our first harvest from the 81 acres in 2019. Additional land is intended to be secured by the Company, which will bring outdoor cultivation to 200 acres, and will lead to total annualized production capacity of between 200,000kg and 300,000kg for the Company. Production from these additional lands are expected to come online in the third quarter of 2020, subject to regulatory approvals. We believe the transaction further demonstrates CannTrust’s low-cost cultivation leadership and is another example of CannTrust taking bold action to reach its vision of becoming a global leader in providing innovative cannabis products.”