CannTrust Holdings Inc. (TSX: TRST) has announced this morning that their company has entered into a strategic partnership with Australian licensed producer, Cannatrek Ltd. CannTrust Holdings has invested a total of $6 million dollars in exchange for 19.8% of their new partner, CannaTrek.
Cannatrek is one of the only companies that owns a cannabis cultivation, manufacturing, sales, and import license issued by the Australian federal and local state government. Their company is constructing a 1.7 million sq. ft. greenhouse facility to develop and distribute low cost cannabis and cannabis derived products to the medicinal Australia cannabis industry. The strategic partners also plan to export medicinal product to the Pacific Asian region near Australia. Cannatrek has scheduled the completion of their state-of-the-art facility in Q1 of 2019.
This is one of many Canadian cannabis public companies that have invested into the developing Australian medicinal cannabis industry. Their company has also partnered with Australia’s Gold Coast University to conduct clinical trials with CBD oil capsules.
“We will continue to invest in strategic alliances with well-positioned business partners to maintain our position as a front-runner in the cannabis industry both in Canada and globally. This partnership with Cannatrek demonstrates CannTrust’s commitment and ability to be a global player in the rapidly expanding cannabis market. The rapid increase in worldwide demand for cannabis offers significant new opportunities for CannTrust,” said Peter Aceto, CEO ofCannTrust, in the press release.