CannTrust Holdings Inc. (TSX:TRST), one of the Canadian marijuana stocks, began trading on the New York Stock Exchange (NYSE) Monday
SmallCapPower | February 26, 2019: CannTrust Holdings Inc. (TSX:TRST), one of the Canadian cannabis stocks, began trading on the New York Stock Exchange (NYSE) on February 25, 2019, under the symbol CTST. Its share price fell nearly 6% on its first day to close at US$9.06. The Company’s common shares will continue to be listed on the Toronto Stock Exchange under the ticker symbol TRST.
CannTrust Holdings Chief Executive Officer Peter Aceto stated, “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. 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.”
CannTrust has over 40 years of pharmaceutical and healthcare experience in the medical cannabis industry and serves ~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.
During its third quarter, CannTrust Holdings report revenue of $12.6 million, up 105% year over year, while generating $11.97 in net income during the first nine months of its fiscal year 2018. Shares of CannTrust have surged more than 74% year to date to its current price of C$11.79. CannTrust Holdings stocks trades at a market capitalization of C$1.3 billion on the TSX with a price-to-book multiple of 7.02x and the Company has 105.6 million common shares outstanding.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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