VAUGHAN, Ont. —
CannTrust Holdings Inc. says the company’s net revenue for its first full quarter after legalization of recreational cannabis will be $17 million, more than double what it was a year earlier.
The cannabis producer says it hasn’t finalized its results for the quarter ended March 31 but preliminary estimates show net revenue will be up 116 per cent from $7.8 million in last year’s first quarter.
The revenue during the three-month period is also expected to be five per cent higher than in the fourth quarter of 2018, when recreational use of cannabis by adults became legal in Canada.
CannTrust says it harvested 9,424 kilograms of cannabis from its Niagara operations, up 96 per cent from the fourth quarter and that pricing for dry cannabis and oils was stable.
Its adjusted loss before taxes and other expenses was estimated at between $3.5 million and $4.5 million, which is less than its fourth-quarter net loss of $8.5 million.
The company had said in March that it expected adjusted EBITDA in the first quarter would be consistent with the fourth quarter of 2018.
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The Canadian Press