WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF) revealed Tuesday that it has successfully completed harvesting its 27-acre outdoor cannabis crop at its sprawling facility in Strathroy, Ontario.
The Toronto-based cannabis company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, Ontario.
In a statement, WeedMD also said it will hold its third-quarter earnings conference call to discuss its financial results on November 29.
Meanwhile, the company provided a corporate update saying it has launched commercial extraction operations at its Aylmer facility. In addition, the company said it has secured a Health Canada licence to produce and sell cannabis concentrates, edibles and topicals at this location, paving the way for the “production and sale of cannabis 2.0 products.”
“With the outdoor harvest now complete, we’ve achieved a significant milestone. WeedMD now has a significant amount of cannabis that we intend to bring to market over the current and coming quarters as both dried flower and in various value-added formats,” said WeedMD CEO Keith Merker in a statement.
“Combining our vertically-integrated extraction business at our CX Industries site in Aylmer with our low-cost production of dried flower, we are well positioned to emerge as a leader in the production and sale of extracts,” he added.
The company said it has submitted 15 outdoor-cannabis samples for initial testing and the results are in compliance with specifications for heavy metals and Health Canada’s requirements for mandatory cannabis testing for pesticide active ingredients. WeedMD will provide test results for cannabinoid content, strain yields and market availability of its outdoor-cultivated cannabis, which includes some of its signature strains such as Pedro’s Sweet Sativa, Ghost Train Haze, ACDC and Ultra Sour.
CX Industries processing capability
WeedMd’s wholly-owned subsidiary, CX Industries, operates out of the company's licensed 26,000-square-foot facility in Aylmer, Ontario. The company said that with the commissioning of its first extractor, CX Industries is equipped to process 26,000 kilograms of biomass annually.
A second Vitalis-manufactured Q-90 extractor, engineered for high CO2 thorough-put efficiency will be installed shortly, followed by two more extractors in 2020, said the company. At peak production, CX Industries will have the capability to extract 200,000 kgs of biomass annually.
The company will release its results after market close on November 28, to be followed by a conference call the next day with management at 10 am Eastern Time. The call will be hosted by CEO Keith Merker and CFO Nichola Thompson.
WeedMD produces and distributes medical-grade cannabis by selling directly to consumers and through retailers such as Shoppers Drug Mart.
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