Mr. Valter Pinto
WEEDMD SECURES EXPANDED HEALTH CANADA LICENCE TO SELL ALL CANNABIS FORMATS FROM FLAGSHIP CULTIVATION FACILITY
WeedMD Inc. has secured an amendment to its Health Canada licences allowing the company to produce, package, sell and distribute all cannabis formats directly from its 610,000-square-foot flagship cultivation and processing site in Strathroy, Ont.
"The ability to sell our growing portfolio of cannabis products to provincial distributors and the medical market from our Strathroy cultivation hub will accelerate our path to profitability as we continue to execute on our consolidation plans -- achieving operational efficiencies with speedier product fulfilment," said Angelo Tsebelis, chief executive officer of WeedMD. "Additionally, it provides us with the flexibility to further commercialize the ready-to-use space at our modern greenhouse in Strathroy for the production and shipment of high-margin new cannabis formats such as a variety of extracts, topicals and edibles. It also provides a runway for growth should we elect to scale up or consider future expansion opportunities and partnerships."
WeedMD's hybrid greenhouse in Strathroy is currently operating at full capacity under a 210,000-square-foot canopy alongside additional drying and processing space. The company's 27-acre, low-cost, outdoor grow, now in its second year of operation, is located on site, along with a 50,000-square-foot stand-alone, licensed processing facility dedicated for outdoor cannabis processing. The outdoor harvest is expected to kick off in early October, 2020, and will provide terpene-rich, high-cannabinoid input material for extraction and dried flower product formats such as prerolls and ready to roll. WeedMD's fully licensed, extraction centre of excellence in Aylmer, Ont., produces the company's cannabis derivatives, and its fully licensed Bowmanville, Ont., facility houses the company's medical fulfilment and distribution activities, as well as its award-winning client services team.
About WeedMD Inc.
WeedMD is the publicly traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets. The company owns and operates a fully licensed 158-acre state-of-the-art greenhouse, outdoor cultivation site and processing facility located in Strathroy, Ont., as well as a fully licensed 26,000-square-foot Aylmer, Ont., processing facility, specializing in cannabis extraction. With the addition of Starseed, a medical-centric operator based in Bowmanville, Ont., WeedMD has expanded its multichanneled distribution strategy. Starseed's industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups, complements WeedMD's direct sales to medical patients. The company maintains strategic relationships in the seniors' market and supply agreements with Shoppers Drug Mart, as well as six provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.
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