CannTrust Holdings Inc. (TSX: TRST; NYSE:CTST), today announced it has finalized a Letter of Intent with Société québécoise du cannabis ("SQDC") to provide Quebec with high quality cannabis for the recreational market.
"This LOI signifies the first step towards a long and impactful relationship with the SQDC and consumers in Quebec. This is an important milestone as we have secured national distribution across all ten provinces for our adult-use products," said Peter Aceto, Chief Executive Officer, CannTrust. "This will allow us to develop our brand presence in Quebec at a time when consumers are beginning to develop their preferences."
The LOI will serve as an introduction of CannTrust's recreational brands to the Quebec market beginning with two of the Company's most established strains that will be available through SQDC later this year.
"Like our partners at SQDC, CannTrust encourages safe and responsible consumption of cannabis by both medical patients and legal age recreational consumers," said Mr. Aceto. "To this end we support laws that make the underage sales and purchase of cannabis illegal."
CannTrust is a federally regulated licensed producer of medical and recreational cannabis in Canada, and the 2018 Canadian Cannabis Awards "Top Licensed Producer of the Year". Founded by pharmacists, CannTrust brings more than 40 years of pharmaceutical and healthcare experience to the medical cannabis industry and serves more than 70,000 medical patients with its dried, extract and capsule products. The Company operates its approximately 450,000 sq. ft. Niagara Perpetual Harvest Facility in Pelham, Ontario, has been permitted to construct another 390,000 sq. ft. facility in Pelham, and prepares and packages its product portfolio at its approximately 60,000 sq. ft. manufacturing centre of excellence in Vaughan, Ontario. The Company has also purchased 81 acres of land in British Columbia and expects to secure over 200 acres of land in total for low-cost outdoor cultivation which it will use for its extraction-based products.