CannTrust finalizes outdoor grow purchase
Vaughan, Ont.-based licensed producer CannTrust has closed the first of its previously announced transactions to acquire 200 acres of outdoor cultivation land.
April 2, 2019 By Grow Opportunity Staff
The company has purchased 81 acres of land to advance its outdoor cannabis cultivation operation in British Columbia and has commenced fencing of the property, installation of security systems and other infrastructure required for commercial production.
“We are very pleased to be executing on our plans to increase capacity through outdoor cultivation,” said chief executive officer Peter Aceto. “Cannabis harvested from this new location will be used to produce the company’s award-winning oil products as well as its future product innovations as Canadian regulations expand to include new product formats.”
CannTrust plans to have plants in the ground and its first harvest from the 81 acres in 2019, subject to Health Canada approval, Aceto said in a release. He added that CannTrust intends to secure additional land which will bring outdoor cultivation to 200 acres and will lead to total annualized production capacity of between 200,000 and 300,000 kilograms.
CannTrust said details of the transactions will be released once the lease agreement conditions are closed.
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