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WeedMD reveals surging second quarter revenues ahead of preliminary results release

The company reported revenue of $8 million from its medical, adult-use and wholesale markets, 140% greater than the year before

Roll of $100s on cannabis leaves
Full interim financial results for the quarter will be released on August 29

WeedMD Inc (CVE:WMD) (OTCQX:WDDMF), a medical-grade cannabis producer, has reported record second-quarter revenue, which more than doubled year-on-year, in a release ahead of its full interim financial results for the quarter due on August 29.

The company reported revenue of $8 million from its medical, adult-use and wholesale markets, 140% greater than the year before.

“WeedMD continues to execute on multiple fronts, and we are pleased to announce another record quarter,” CEO Keith Merker said. “With our industry-leading outdoor grow and recent licensing of another 20 cultivation and processing rooms at our Strathroy greenhouse, WeedMD is positioned for continued growth and profitability.”

READ: WeedMD gets licence amendment approval to expand production into ten additional cultivation rooms and ten new processing rooms in Ontario

The Strathroy greenhouse is the Aylmer, Onatrio-based company’s flagship growing facility. On August 2, WeedMD received Health Canada approval to expand the facility into ten additional 10,000 square foot cultivation rooms and ten new processing rooms.

With the extra space in tow, the company's annual greenhouse production capacity will bump up to more than 20,000 kgs, while more than 25,000 kgs of incremental biomass is forecasted to be harvested from outdoor cultivation in the fourth quarter of 2019.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: WeedMD Inc

Price: 0.36 CAD

TSX-V:WMD
Market: TSX-V
Market Cap: $75.69 m
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