CannTrust Cannabis Oils are the first on Denmark's List of Admitted Cannabis Products
VAUGHAN, ON, July 6, 2018 /PRNewswire/ - CannTrust Holdings Inc. ("CannTrust" or the "Company") (TSX: TRST), one of Canada's leading licensed producers of cannabis, today announced that its Danish Joint Venture Partner STENOCARE has received approval to distribute CannTrust products in Denmark. CannTrust's high-quality, standardized cannabis oils are the first oils approved for Denmark's list of admitted cannabis products and are the only "ready-to-use" oil products available. STENOCARE now has a unique opportunity to set the industry standard for practitioners and patients.
Medical cannabis became legal in Denmark on January 1, 2018 after a unanimous vote by the Country's parliament. Danish rules surrounding the production of medical cannabis require a high degree of purity and quality, making CannTrust a natural partner for STENOCARE.
CannTrust first announced the Joint Venture with STENOCARE in March 2018. STENOCARE, a first-mover in Denmark's legalization of medical cannabis, has supply agreements with two of Denmark's leading pharmaceutical distributors, who together service 99% of pharmacies in the country. STENOCARE will initially sell CannTrust's market leading standardized cannabis oils while working towards the construction of a domestic growing facility. Construction of the facility is expected to begin in the fall, with technical expertise being provided by CannTrust. Under the terms of the Joint Venture CannTrust received a 25% equity stake in Steno Investments IVS together with the right to appoint half of its Board of Directors.
"This approval is a groundbreaking step for STENOCARE and advances CannTrust's global expansion. The rapid increase in the world-wide market demand for cannabis offers significant new opportunities for our Company. Our industry knowledge and expertise, together with our pharmaceutical approach and strong team, make us an ideal global partner," said Brad Rogers, President, CannTrust.
"We are very excited to be working with CannTrust. Being the first in Denmark to receive a license to distribute cannabis oils is the first of many highpoints for our two companies. We look forward to leveraging off CannTrust's expertise to construct a Perpetual Harvest Cultivation and Production Facility to address the growing needs of our Nation," added Thomas S. Schnegelsberg, CEO of STENOCARE.
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 favorable 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.
Copyright © 2017 CannTrust Holdings Inc.
SOURCE CannTrust Holdings Inc.