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WeedMD (WMD.V) latest licensing amendment to their Strathroy, Ontario, facility hopes to expand reach to profitability

Strathroy
09/22/2020

WeedMD (WMD.V) acquired a licensing amendment from Health Canada today allowing them expanded privileges, including the ability to produce, package, sell and distribute cannabis in all formats from its flagship cultivation and processing site in Strathroy, Ontario.

Their 610,000 square foot hybrid-greenhouse in Strathroy is presently operating at full capacity with a 210,000 square foot canopy, and extra drying and processing space.

“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. 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,” said Angelo Tsebelis, CEO of WeedMD.

The company’s outdoor grow, spanning some 27-acres and operating at a reduced cost, has been operating for two years. It’s located on site with 50,000 square foot licensed processing facility dedicated to processing outdoor cannabis. The outdoor harvest is anticipated to begin in October and will provide input material that’s rich in terpenes and high in cannabinoids for both extraction and dried flower formats, like pre-rolls and ready to roll. Their fully-licensed extraction centre in Aylmer, Ontario, produces cannabis derivatives and its Bowmanville, Ontario facility handles the company’s medical cannabis wing for both fulfilment and distribution.

—Joseph Morton

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