WeedMD Inc says Manitoba province added to cannabis supply distribution network

WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF) said Thursday that it has added the Manitoba Liquor and Lotteries Corp to its cannnabis supply distribution network.

Toronto-based WeedMD said in a press release that the Manitoba agreement is its sixth supply agreement. The company said it has also signed deals with Ontario, Alberta, British Columbia, Nova Scotia and Shoppers Drug Mart.

READ: WeedMD’s 3Q earnings demonstrate ‘solid execution’ versus some of its peers, says Haywood Securities

The company said it’s engaged in advanced discussions with other provincial liquor boards and emerging private retail operators.

The recent licensing of its six grow rooms gives WeedMD a production capacity of more than 110,000 square feet at its greenhouse facility. The company added that it’s on track to increase its cultivation capacity to more than 550,000 square feet by the first quarter of 2019.

“With our recent production capacity expansion, we are thrilled to announce the addition of another provincial partner at a time when high-quality cannabis is in full demand across Canada,” Brett Moon, senior vice president for sales and marketing, said in a statement.

Shares of WeedMD climbed C$0.13 to C$1.66 in Thursday’s Canadian trading. They climbed US$0.11 to US$1.26 on the OTC Markets.

In November, Haywood Securities Inc reiterated its Buy rating for WeedMD, saying it has demonstrated “solid execution versus some of its peers.”

–This story has been updated after the company corrected its press release to say that WeedMD has added the province of Manitoba to its distribution network–

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors