CannTrust Holdings Inc. (CTST) said it sees Q1 sales of $17 million, or 116% higher than the $7.8 million in the year-earlier period, as the Ontario cannabis producer commences a $200 million share offering.

The company’s adjusted EBITDA loss is forecast to fall to between $3.5 million and $4.5 million from $8.55 million in the same period ended March a year ago, the company said Monday.

CannTrust said it harvested about 9,424 kg of cannabis from its Niagara Facility, double the output in the year-earlier period after annual capacity was boosted three-fold on the back of capital investments to enhance its extraction capability.

The company said average revenue per dry gram slipped to $5.57 in Q1 from $7.27 a year ago, while average revenue per ml extract dropped to $1.91 from $1.94. Sequentially, however, both indicators were up by 14% and 11% from Q4 readings, respectively.

Separately, management says it it has commenced an underwritten public offering of an aggregate $200 million common shares, 85% of which will be newly-issued shares and approximately 15% will be sold by existing shareholders.

The underwriters will receive a 30-day option to purchase up to an additional 15% of the shares.