After hitting the major milestone of listing on the New York Stock Exchange at the end of February, CannTrust Holdings Inc. (TSX: TRST; NYSE: CTST) today made two announcements about expanding the company’s product lines.
As an industry-wide effort to ramp up production continues, CannTrust just received an amendment to the company’s license from Health Canada for the final portion of current cultivation expansion plans.
With that regulatory hurdle overcome, the company’s Pelham, Ontario facility is now licensed for utilizing all 450,000 sq. ft. of space for cannabis cultivation. That move effectively completes CannTrust’s previously announced second phase of expansion plans.
A planned upcoming third phase of expansion includes both outdoor grow operations and additional indoor greenhouse space to be completed by Q4 2020.
In addition to receiving the cultivation and processing license amendment from Health Canada, CannTrust is now launching three new pre-dosed cannabis extracts aimed at medical patients.
Those newly available products include a high dose 25mg CBD capsule, a 50mg high dose CBD drop, and a low dose CBD / THC mixed capsule.
Capsules, oils, and extracts have become more popular items for online sales from licensed producers, with a federal survey of recreational and medical users showing a decline from 2017 – 2018 in smoking dried flower as the primary means of ingesting cannabis.
A Health Canada report for 2018 further showed a sharp increase in the amount of cannabis oil products sold versus pre-rolled dried flower.
CannTrust’s VP of Innovation and Global Regulatory Affairs Dr. Ilana Platt commented on the new product releases for medical consumers:
Companies such as CannTrust have frequently issued statements in recent weeks to reassure medical patients that they remain a priority after recreational usage was legalized last year.
Recreational sales have notably lagged behind expected numbers since the Cannabis Act went into effect back in October, in part due to ongoing supply issues and higher pricing from legal outlets versus black market sellers.