CannTrust Continues Global Expansion as Danish Partner, STENOCARE, Receives License to Distribute CannTrust Products
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.
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.