WDDMF - WeedMD acquires cannabis sales license from Health Canada
Last week, WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) announced the acquisition of a license from Health Canada to sell cannabis grown at its facility in Strathroy, Ontario. Under the terms of the license, the company can now transport cannabis from Strathroy to Aylmer, Ontario where they have indoor packaging and distribution space.
With 44,000-square-feet of space already approved, and another 60,000-square-feet awaiting the okay from Health Canada, WeedMD appears well on track to reach their production goals for the new year.
“We are thrilled to secure approval to begin selling the medical-grade cannabis that we’ve been cultivating at our production facility in Strathroy,” said Keith Merker, CEO of WeedMD in a statement. “The Company continues to meet its production milestones on schedule and on budget. We brought the initial 44,000 square feet of our Strathroy platform online in record time and have a further 60,000 square feet completed and just awaiting Health Canada approval. Beyond that, we are on track to have more than 500,000 square feet of cultivation online by 2019.”
[New acquisitions put Green Thumb Industries at the forefront of Nevada's cannabis industry]
According to the company, the new Strathroy greenhouse is a state-of-the-art sustainable facility, complete with blackout curtains, supplemental lighting, and full climate control. It also has an onsite supply of natural clean water and a modern fertigation system that runs via a computerized method of monitoring plant water supply and nutrients.
Other features include a water supply that is on a full recirculation loop, meaning that it is recycled and reused. The facility also scrubs carbon dioxide from the boiler exhaust and reuses it to ensure optimal plant growth.
WeedMD’s continued plans for expansion
In October, WeedMD secured Depository Trust Company eligibility and began trading on the OTCQX Best Market under the ticker symbol WDDMF. Becoming DTC eligible simplifies and the receipt of stock and cash for both investors and brokers while accelerating the process as well.
“Having WeedMD become both DTC eligible and traded on the OTCQX Best Market provides the Company with more visibility and transparency in the U.S. and greater liquidity for our current and future shareholders,” said Merker in a statement. “We are excited to be expanding our U.S. investment community through this well-respected platform.”
Shortly after that announcement, WeedMD and Blockstrain Technology Corp. (TSXV:DNAX.V) (OTC:DNAXF) worked together to launch Blockstrain’s proprietary genome tracking software, designed to protect intellectual property when it comes to cannabis strains. Moreover, according to a statement, the new technology aims to protect consumers as well, helping them to ensure the quality and accuracy of their purchases.
The company recently became Blockstrain’s first commercial client with the registration of 40 strains developed in-house.
“This is significant for our industry and our discerning consumers/customers that expect consistent products be delivered. We are proud to be the first company in Canada that can stand behind its products in a way that is transparent and verifiable,” said Merker in a statement. “We can now confirm instantly through Blockstrain’s technology that our products are authentic and that customers are receiving [high-quality] strains developed by WeedMD, verified as tested for quality and purity.”
Moreover, WeedMD has targeted the seniors market with the development of numerous business relationships across Canada, including a supply agreement with Shoppers Drug Mart.
*Header image: WeedMD