Ontario, Canada-based CannTrust Holdings reported that first-quarter income greater than doubled from a yr earlier, totally on the again of rising medical marijuana gross sales, whereas the corporate’s internet revenue inched larger. Adult-use gross sales, nevertheless, struggled.
First-quarter income jumped 115% from a yr earlier to 16.9 million Canadian dollars ($12.6 million), because of power within the firm’s MMJ enterprise. CannTrust stated its lively affected person rely reached 68,000 as of March 31, a 70% improve over the primary quarter of 2018.
The firm’s internet revenue elevated to CA$12.eight million within the first quarter from CA$11.four million a yr earlier.
However, CannTrust reported decrease internet income from wholesale hashish within the first quarter – the corporate’s first full monetary quarter of leisure gross sales – as Canada’s federal license holders proceed to wrestle to show a revenue promoting authorized leisure marijuana.
Wholesale internet income – primarily reflecting gross sales to provinces for the adult-use market – fell within the January-March interval to $CA5.5 million from CA$6.5 million within the fourth quarter of 2018.
Canada legalized leisure marijuana on Oct. 17, 2018.
CannTrust shares commerce as CTST on the New York Stock Exchange and as TRST on the Toronto Stock Exchange.