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WeedMD plants over 18,000 cannabis plants outside at Strathroy; Aylmer extraction hub now fully operational

The plants are fully rooted, planted over 27 acres, and consist of seven strains selected from mother plants shown to excel outdoors in southwestern Ontario

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WeedMD is one of only a handful of licensed-producers entering its second year of outdoor operations

WeedMD Inc (CVE:WMD) (OTCQX:WDDMF) revealed it has planted over 18,000 cannabis plants outdoors next to its Strathroy, Ontario greenhouse and that it's Aylmer extraction hub is now fully operational.

The plants are fully rooted, planted over 27 acres, and consist of seven strains selected from mother plants shown to excel outdoors in southwestern Ontario, the company said.

WeedMD, a medical-grade cannabis producer, noted that it was one of only a handful of licensed-producers entering its second year of outdoor operations.

READ: WeedMD reports full year 2019 revenue of C$20.8 million thanks to strong sales in adult-use and medical markets

"The ability to effectively cultivate cannabis outdoors optimizes our yields for cost-efficient production to develop products with greater commercial sales value,” Angelo Tsebelis, CEO of WeedMD said in a statement.

"Over the past few months, our cultivation team has made significant headway in boosting outdoor efficiencies, selecting seven optimal outdoor strains and propagating over 18,000 cannabis clones now fully rooted and planted."

Tsebelis noted that with the ramp-up of CX Industries, the group is also now commercializing its extraction-grade, cannabinoid-rich biomass harvested indoors and outdoors into new cannabis formats starting with vapes to meet its production targets.

CX Industries specializes in extraction, toll processing and third-party product formulation from WeedMD's fully-licensed Aylmer site and plans to process over 50,000 kgs of biomass annually at peak production. CX also offers tolling and white labelling services to other licensed producers and brands. It entered commercial operation this year.

WeedMD also said it was producing vape cartridges for initial launch in the week of June 22 to WeedMD and Starseed’s medical channels.

The new products will expand into the adult-use markets by the third quarter this year, under WeedMD’s Color Cannabis brand, it added.

On Thursday, WeedMD revealed that it posted revenue of C$20.8 million during fiscal 2019, driven largely by strength in adult-use and medical cannabis sales, representing a 162% increase over 2018, which came in at C$8 million.

During its fourth-quarter ended December 31, 2019, the company saw its total revenue hit nearly C$2.9 million, derived entirely from consumer sales.

Shares ticked up in Toronto almost 4% to stand at C$0.54 each..

---Updates for share price---

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Price: 0.38 CAD

TSX-V:WMD
Market: TSX-V
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