After reaching the critical threshold of listing on the New York Stock Exchange last month, Ontario-based medical cannabis company CannTrust Holdings Inc. (TSX:TRST; NYSE: CTST) just filed a preliminary short form base shelf prospectus.
That shelf prospectus will allow CannTrust to offer up to $700,000,000 in shares or securities during a 25-month period after receiving final regulatory approval. The prospectus was filed for every Canadian province except for Quebec, as well as with the U.S. Securities and Exchange Commission.
After announcing the shelf prospectus filing, CannTrust issued this statement clarifying that no arrangements have been made yet to offer the shares to any specific buyer:
After offering stock internationally by completing the final regulatory requirements to list on the NYSE in late February, CannTrust has also focused on deepening its leadership team with new additions.
Former CFO Ian Abramowitz recently moved into the newly formed Senior VP of Global Investments and Partnerships position to find deals to strike with outside cannabis companies and oversee international expansion.
To fill the Chief Financial Officer position left empty by that move, CannTrust tapped Greg Guyatt, a former member of upper management from natural food company GreenSpace Brands.
Aside from management changes, the bulk of CannTrust’s operations revolve around cannabis intended for both medical and recreational consumers produced at the Niagara Perpetual Harvest Facility. The company is currently expanding out that facility after receiving local permits, with more than one million sq. ft. of production space to be utilized by the last phase of construction.
Products produced at that Pelham, Ontario facility made headlines at the end of 2018 a handful of months after recreational marijuana was legalized when CannTrust dominated the Canadian Cannabis Awards.
The company scored major wins at that high profile awards event, including the coveted Licensed Producer Of The Year title.