WeedMD Inc (TSXV: WMD) announced this morning that the firm has received a license amendment from Health Canada. The amendment relates to a processing facility that is located at its Strathroy, Ontario intended to process the firms outdoor-grown cannabis.
The facility itself is a 50,000 square foot structure that has been custom built for the purpose of drying, curing, and processing the cannabis grown at WeedMD’s outdoor facility; located adjacent to the new structure. The building has the capacity to process and store over forty tonnes worth of cannabis product.
The harvest has been very successful so far and this represents another milestone as we continue to disrupt traditional modes of cultivation. WeedMD now expects to take a leadership position in Canada for low-cost, high-cannabinoid biomass.
Keith Merker, CEO of WeedMD
The timing of the license amendment plays well into the operations of WeedMD, who is currently in the process of harvesting its 27-acres of outdoor grown product. 2019 marks the first year in which outdoor grow was legal in Canada for licensed producers, making WeedMD’s harvest one of the most significant in the space. The addition of outdoor production nearly doubles the firms annual production capacity, and is expected to make WeedMD one of the lowest cost producers within the country.
WeedMD closed yesterday’s session at $1.24 on the TSX Venture Exchange.
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