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WeedMD secures processing license for its Strathroy cultivation facility

CEO Keith Merker said that the license represents a key milestone, allowing the cannabis company to scale up downstream capacity in packaging and distribution

cannabis greenhouse
WeedMD is hoping to yield more than 150,000 kg by 2020

WeedMD Inc, the medical cannabis producer, announced Monday that it had received a processing license from Health Canada for its Strathroy operation.

The license is a key step in the company’s ability to scale up production, packaging and distribution of cannabis products from its southwestern Ontario facility.

READ: WeedMD adds 60 acres to expand outdoor capacity in Strathroy

“Our recently announced outdoor production expansion combined with this processing license positions WeedMD with the ability to fully execute on its plans to scale up our downstream capacity in packaging and distribution,” said Keith Merker, CEO of WeedMD in a statement.

“This is another critical milestone that will enable WeedMD to address the current supply bottlenecks being experienced across the Canadian cannabis industry.”

The cannabis company is planning to increase its total yield to more than 150,000 kilograms of greenhouse and outdoor cultivation by 2020. It has applied to Health Canada to expand its Strathroy grow operation to include nearly 100 acres of outdoor cultivation, with an initial 25 acres to come online in 2019.

Shares of WeedMD were trading at C$1.81 in Canada and at US$1.36 in the US on Monday afternoon.

--Updates share price--

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: WeedMD Inc

Price: 0.42 CAD

Market: TSX-V
Market Cap: $88.49 m

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