CannTrust Holdings Inc. (TSX:TRST) (NYSE:CTST) announced today the closing of its previously-announced underwritten public offering of 36,363,636 common shares at a price to the public of US$5.50 per share. The Company sold 30,909,091 common shares in the offering for total gross proceeds to the Company of approximately US$170 million before deducting underwriting discounts and commissions and estimated offering expenses, and certain shareholders sold 5,454,545 common shares in the offering. In connection with the offering, the Company and the Selling Shareholders have granted to the underwriters a 30-day option to purchase up to an additional 4,636,363 and 818,182 common shares, respectively, at the public offering price, less the underwriting discount, which would result in additional gross proceeds to the Company of approximately $25.5 million.

The Company intends to use the net proceeds of the offering for general corporate purposes, including cultivation and facility expansion, expanded outdoor growing, international expansion, enhanced extraction capacity, upgrades for GMP Certification and biosynthesis development.

BofA Merrill Lynch, Citigroup, Credit Suisse Securities (USA) LLC and RBC Capital Markets acted as lead book-running managers for the offering. Jefferies LLC and Canaccord Genuity LLC also acted as book-running managers.

A final prospectus supplement has been filed to the Company’s short form base shelf prospectus dated March 18, 2019 in connection with the offering with the securities commissions in each of the provinces of Canada, except Québec, and with the United States Securities and Exchange Commission as part of a registration statement on Form F-10, as amended, which was declared effective by the SEC on March 19, 2019, in accordance with the Multijurisdictional Disclosure System established between Canada and the United States.

The Supplement and the accompanying Base Prospectus contain important detailed information about the offering. The Supplement and the accompanying Base Prospectus can be found for free on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Copies of the Supplement and accompanying Base Prospectus may also be obtained from BofA Merrill Lynch NC1-004-03-43,  200 North College Street, 3^rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or via email, at dg.prospectus_requests@baml.com, Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone: (800) 831-9146, Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, 3^rd Floor, New York, NY 10010; tel:1-800-221-1037, or via email, at usa.prospectus@credit-suisse.com, or from RBC Capital Markets 180 Wellington Street West, 8^th Floor, Toronto, ON M5J 0C2, Attn: Simon Yeung, or via telephone: (416) 842-5349 , or via email at simon.yeung@rbc.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

About CannTrust

CannTrust is a federally regulated licensed producer of medical and recreational cannabis in Canada. 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 Niagara Perpetual Harvest Facility in Pelham, Ontario, and prepares and packages its product portfolio at its manufacturing centre of excellence in Vaughan, Ontario.