VAUGHAN, ON, June 26, 2018 /CNW/ - CannTrust Holdings Inc. ("CannTrust" or the "Company") (TSX: TRST), one of Canada's leading licensed producers of cannabis, today held the official Grand Opening of its Niagara Perpetual Harvest Facility (the "Facility"), the first such facility in Canada. The 450,000 sq. ft. hydroponic facility sets new standards for the industry. The current annual output from the Facility is estimated at 50,000 kilograms. In addition, the Company has begun construction of an additional fully funded 600,000 sq. ft. expansion, that when completed, will double CannTrust's annual capacity to in excess of 100,000 kilograms.
In order to position itself as a major participant in the expanding worldwide cannabis market estimated at $180 billion annually, CannTrust has to-date invested close to $40 million at the Facility.
The Facility will position CannTrust as one of the lowest cost producers of high quality cannabis flower and dramatically increases CannTrust's cost-efficiency of taking cannabis from seed to sale through a unique combination of technology, science and expertise. CannTrust's perpetual harvest facility, while maintaining and in most cases exceeding indoor product quality, is projected to produce at a cost per gram that is significantly below traditional indoor production facilities. Future on-site innovations at the Facility indicate that the production cost per gram will drop even further.
Industry-leading highlights at the Facility include:
The first cannabis production facility in Canada to combine moving containerized benches with a perpetual harvest cropping system. The combination of technology and agronomy produces cannabis 365 days a year and the constant harvesting allows for a continuous work cycle, creating a steady production capacity and a more stable work environment for employees;
A natural gas co-generation system which significantly reduces energy costs and provides maximum efficiency for heat and power generation. This allows CannTrust to control two of its largest expenses and to keep production costs low;
Precise control of every aspect of the facility's environment, from light and irrigation to temperature and air movement, to ensure optimum growing conditions.
The Facility will ultimately employ around 250 people, most from within the local Niagara region. CannTrust is proud to be a valued member of the Niagara Community and has joined with Niagara College to help develop its Commercial Cannabis Production (CCP) Graduate Certificate Program. CannTrust will participate in practicals and teaching sessions at the College and will hire College interns and summer students to work at the Facility. The graduates from this program will help address CannTrust's growing need for knowledgeable employees in this specialized field. "It truly is a win-win for all involved," said Michael Camplin, General Manager of the Facility and a member of the local Niagara community.
"The size and scope of this facility is a testament to CannTrust's industry leading achievements and is setting new industry benchmarks for high-quality yields and reduced costs. Operating a facility of this scale, CannTrust is well-positioned to meet the increased Canadian and global demand for cannabis. With the legislation legalizing cannabis for adult consumer use having now passed its final official step and retail sales due to commence on October 17, 2018, our perpetual harvest facility offers CannTrust even more opportunities to lead the industry with its disciplined, scientific approach. It is a very exciting time for the industry and CannTrust is poised to be at the forefront of this evolving landscape," says Brad Rogers, President, CannTrust.
About CannTrust Since its inception in 2014, CannTrust has led the Canadian market in producing standardized product.
As a federally regulated licensed producer, CannTrust brings more than 40 years of pharmacy and healthcare experience to the medical cannabis industry. CannTrust currently operates a 60,000 sq. ft. state-of-the-art hydroponic facility in Vaughan, Ontario, as well as the recently completed 250,000 sq. ft. Phase One redevelopment of its 450,000 sq. ft. Niagara Perpetual Harvest Facility. The Phase Two expansion is underway and is anticipated to be completed and in cultivation by fall 2018. Phase Three construction, with an additional projected 600,000 sq. ft., is fully funded and has begun.
CannTrust is committed to research and innovation, as well as contributing to the growing body of evidence-based research regarding the use and efficacy of cannabis. Our product development teams along with our exclusive global pharma partner, Apotex Inc., are diligently innovating and developing products that will make it easier for patients to use medical cannabis. We support ongoing patient education about medical cannabis and have a compassionate use program to support patients with financial needs. For more information, please visit: www.canntrust.ca.
Forward Looking Statements This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon CannTrust's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking statements in this news release include, but are not limited to, statements with respect to internal expectations, expectations with respect to actual production volumes, expectations for future growing capacity and the completion of any capital project or expansions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical cannabis industry in Canada generally; the ability of CannTrust to implement its business strategies; competition; crop failure; and other risks.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, CannTrust does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for CannTrust to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in CannTrust's Annual Information Form dated March 29, 2018 (the "AIF") and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the AIF could cause actual events or results to differ materially from those described in any forward-looking information.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
CannTrust is a federally regulated licensed cannabis producer. We are proudly Canadian, operating a portfolio of brands including estora, Liiv and Synr.g, specifically designed to surprise and delight patients and consumers. At CannTrust, we are committed to providing an...