Canadian-based CannTrust Holdings Inc (TSX: TRST) has announced that it has completed all of it’s required regulatory conditions to begin listing on American exchanges. The company let the public know that its shares will begin trading on the NYSE on Monday, February 25th under the ticker symbol ‘CTST”.
“We are continuously looking to deliver shareholder value and the NYSE listing is a natural progression for CannTrust. We have taken steps to strengthen our management team to accelerate our growth as we face high demand for our products and expertise, both domestically and internationally,” said CannTrust CEO Peter Aceto. “Specifically, we have recently hired Greg Guyatt as Chief Financial Officer, who has demonstrated experience in international capital markets. We expect the NYSE listing will result in an expanded institutional and retail shareholder base, increased capital markets exposure and firmly establish CannTrust as a global company.”
The company first announced an interest to list on the NYSE earlier in November following their Q3 sales figures doubling. The move is meant to increase CannTrust’s exposure to additional investors. Currently, the firm serves 58,000 medical cannabis patients and has a market cap around $590 million.
While the company might not be the top name in the Canadian cannabis market, it did win several awards for top CBD oil and hybrid flower products, beating out many of it’s more mainstream competitors. The company also has agreements in place with nine Canadian provinces to supply cannabis and provincial regulators continue to handle supply shortages.
CannTrust Holdings’ stock price stayed relatively the same, inching up only one percent in today’s trading session. Like most other cannabis companies, CannTrust has been in the midst of a bullish upturn since January, increasing over 50 percent from it’s December low of C$6.1 per share to today’s C$11.54 per share. When the possibility of an NYSE listing was first revealed back in November, shares jumped over 30 percent that day. Currently, the company is well on track to match it’s eclipse it’s former record high stock price of C$14.9 per share back in October.
CannTrust Company Profile
CannTrust is a federally regulated licensed producer of medical and recreational cannabis in Canada, and the 2018 Canadian Cannabis Awards “Top Licensed Producer of the Year”. Founded by pharmacists, CannTrust brings more than 40 years of pharmaceutical and healthcare experience to the medical cannabis industry and serves more than 63,000 medical patients with its dried, extract and capsule products.
The Company operates its 450,000 sq. ft. Niagara Perpetual Harvest Facility in Pelham, Ontario, and prepares and packages its product portfolio at its 60,000 sq. ft. manufacturing centre of excellence in Vaughan, Ontario. CannTrust is developing nanotechnology to develop new products in the medical, recreational, beauty, wellness and pet markets. The Company has established its international footprint through a strategic partnership with Cannatrek Ltd. in Australia and a joint venture with STENOCARE in Denmark.
The Company has also partnered with Breakthru Beverage Group through Kindred Canada, for recreational distribution in Canada. CannTrust is committed to research and innovation through partnerships with McMaster University in Ontario and Gold Coast University in Australia, which were designed to contribute to the growing body of evidence-based research regarding the use and efficacy of cannabis. – Canntrust