CannTrust Holdings Inc. released its financial results for the fourth quarter and year ended December 31, 2018.
“The CannTrust team has delivered remarkable growth in the fourth quarter of 2018. We achieved record sales volume, record revenue and our medical patient count continues to increase, reflecting the quality of our products and customer service,” said Peter Aceto, Chief Executive Officer. “We expect the trajectory of revenue growth to continue in 2019 as we bring additional capacity online through our Phase 2 expansion, realize the potential of investments we have made into training and crop yield optimization, implement targeted price increases and distribute our products to more and more consumers.”
Fourth Quarter 2018 Highlights
- CannTrust reported record revenue of $16.2 million, a 132% increase from the fourth quarter of 2017.
- Active patient count increased to 58,000, up from 37,000 at the end of the prior year, an increase of 57%.
- The Company sold 3,407kg of dried cannabis equivalent, a 4.5x increase from 758kg in the fourth quarter of 2017.
- Cash costs per gram decreased to $2.94 from $5.16 in the fourth quarter of 2017.
- CannTrust was voted Top Licensed Producer of the year and received six other service and product awards at the 2018 Canadian Cannabis Awards.
- The Company closed the purchase of a 19.4 acre property on land adjacent to its Perpetual Harvest Facility in the Town of Pelham, which will be used to construct its Phase 3 expansion and bring total production capacity to 100,000kg per year upon its completion.