WeedMD boosted as it receives license to sell dried cannabis products

WeedMD (CVE:WMD) has reached another major milestone – a license to sell dried cannabis products ahead of schedule.

It received an amendment to its license from Health Canada to include the sale of such products from its facility in Aylmer, Ontario.

• READ – WeedMD goes public with a new take on the Canadian cannabis sector

It has also been licensed to sell starting materials to patients wishing to grow their own medicine under ACMPR, a practice WeedMD strongly supports.

“Obtaining our license to sell dried cannabis products is another major milestone for WeedMD,” said chief executive Bruce Dawson-Scully.

“The expedited nature of the sales amendment came ahead of schedule and accelerates our timeline to revenue generation, and is a direct result of the dedication and quality efforts of our entire team.

“We look forward to opening our doors to patients and are excited to serve both patients in the long-term care and senior market as well the broader medical patient community.”

The group’s 26,000 sq ft indoor facility is now licensed to produce and sell 1,200kg of dried medical cannabis and the firm has already stockpiled around 300kg of dried cannabis.

Facility can produce up to 1,300kg of dried cannabis a year..

The facility can produce up to 1,300kg of dried cannabis a year and WeedMD plans to build an oil extract lab as well as further mothering and nursery rooms that could increase current production by up to 40%.

Shares on Friday raced up almost 12% to stand at $0.95 in Toronto.

Yesterday, the company made its stock market debut and got off to a good start, with volume reached 2.7 million shares during morning trade at prices from $0.83 to $1.29.

Private capital has backed the company to this stage, enabling it to obtain approval from Health Canada a year ago for cultivation at its 26,000 square feet in Ontario.

Chief Financial Officer Keith Merker foresees expansion at Aylmer before long, with 120,000 square feet being the number management has in mind for this second-phase build-out.  The space would house a full seed-to-sale cycle, accommodating as many as 45,000 plants once fully operational.

“We have the application process going with respect to increasing capacity and once we receive our sales license we’ll start on phase 2.  We will build out our lab as well as a further mothering room and nursery that would augment overall production by up to 40%,” he said.

Story by ProactiveInvestors