WeedMD receives Health Canada approval for addition of six cannabis cultivation rooms

WeedMD Inc (CVE:WMD) said Monday that it has received approval from Health Canada for a license amendment that allows the company to expand production into six 10,000-square-foot cultivation rooms at its hybrid greenhouse in Strathroy, Ontario.

The Aylmer, Ontario-based company said in a press release that the expansion increases its licensed production space in Strathroy to 110,000 square feet and boosts the company’s total production footprint to 136,000 square feet. That total includes WeedMD’s indoor cultivation center of excellence in Aylmer.

“This is an exciting time for WeedMD,” CEO Keith Merker said in a statement. “We have just completed another amazing round of cannabis harvests from our two sites, and we are now able to capitalize on our large production greenhouse capacity expansion.”

He added that a total of 10 cultivation rooms at its “state of the art” greenhouse allows the company to meet “considerable demand” for cannabis.

Shares of WeedMD fetched C$1.03 in recent Canadian trading.

Last month, analysts at Haywood Securities Inc reiterated its Buy rating for the company after it posted third-quarter results in-line with expectations and demonstrated “solid execution versus some of its peers.”

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors