CannTrust Update on Outdoor Cultivation and ties to Australia
Added: (Wed Jul 10 2019)
Pressbox (Press Release) -
CannTrust Holdings have released a report updating investors on their outdoor cultivation operations in British Colombia, and their first shipment of CBD products to their Australian partners. After finalizing and securing their purchase of 81 acres of land in B.C for the sole purpose of outdoor cannabis cultivation, CannTrust have further invested in Security, Fencing, Irrigation and other preparation in accordance with their application to Health Canada for the licenses they require to cultivate cannabis on the land.
CannTrust initially estimated with the size of the land they have acquired and the projected date of permit acceptance, that the company would be able to produce 75,000KG of cannabis products from 2019. However as the company have yet to receive their permits, at this stage of the growing season, the company re estimated that for the year of 2019 they will be able to produce somewhere between 0-15,000KG, again subject to timing and approval by the regulators.
The company expects that 15,000KG is a reasonable estimate if the company can complete their planting by the first half of July this year, and if they are unable to meet that target, yields will drop considerably if the plant is complete in the second half of the month. The company went on to explain that if their crops are not initially planted by the 5th of August, then for the year of 2019 there will in fact be no outdoor harvest.
CannTrust are already pushing forward, and are looking to reach a firm agreement for the long term lease of an additional 160 acres of land, giving them a total of 240 acres to plant on by the beginning of growing season of 2020. Combining their two outdoor growth centers, the company have estimated that once cultivation is in full swing, they will be able to produce a respectable 100,000-200,000kg of cannabis in 2020, again subject to the approval of regulators. The company have said that the land they have purchased is situated in a very nutrient rich agricultural region, and in the long term they will remain focused on cultivating and producing cannabis products at a low cost.
And more good news for the company, is that they successfully completed their first shipment of CBD and THC products to Australia. The products that they have shipped, will be in turn sold by their partner Cannatrek LTD, who are one of the biggest suppliers in Australia when it comes to medical cannabis.
CannTrust now offers their Australian partners 9 different products which they can sell to their medical patients. CEO Peter Aceto said in a recent interview, after completing their shipment “The first steps to build CannTrust’s global footprint were established last year through partnerships in Europe and Australia. We continue to make excellent progress with our partners in these regions as they build their operations and through our regular shipments of our award-winning products to both Denmark and Australia. We will continue taking action to establish leading positions in medical cannabis markets around the world. CannTrust is in an excellent position to increase our international business as medical and recreational cannabis continue to gain acceptance worldwide,”
Nathan Fung – IEC International