On track to have more than 500,000 square feet of cultivation for the medical cannabis sector
The benefits of medical cannabis are becoming increasingly evident and recognized as an acceptable form of treatment. The global medical cannabis market size in 2017 was ~US$ 11 billion. The market value is expected to reach ~US$ 37 billion by 2023, for a CAGR of ~22% during 2017-2023. The US market will follow a similar trajectory.
The US medical and recreation marijuana market forecast to grow strongly
WeedMD Inc. (TSXV: WMD | OTCQX: WDDMF) is a Canadian producer and distributor of medicinal cannabis. The Company collects vital data that also contributes to ongoing research. By doing so, they are able to provide healthcare providers and their patients with the information they need to fully comprehend the role medical cannabis can play in their pain-management regimen, and enable them to make informed decisions regarding their overall health.
WeedMD operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The greenhouse currently has 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet.
The last few weeks have been good for WeedMD
On November 13, 2018 it was announced that WeedMD has secured a licence from Health Canada to sell cannabis cultivated at its greenhouse facility in Strathroy, Ontario. The original licence, issued under the Access to Cannabis for Medical Purposes Regulations, was successfully migrated to a licence under the Cannabis Act and its regulations.
Keith Merker, CEO of WeedMD said: “We are thrilled to secure approval to begin selling the medical-grade cannabis that we’ve been cultivating at our production facility in Strathroy. The Company continues to meet its production milestones on schedule and on budget. Beyond that, we are on track to have more than 500,000 square feet of cultivation online by 2019.”
On October 31, 2018 WeedMD announced it had signed a multiyear retail sales distribution agreement with Lifford Cannabis Solutions to represent WeedMD’s premium cannabis brands and products for the adult-use retail market in British Columbia and Alberta.
Brett Moon, SVP, Sales and Marketing at WeedMD, said: “With the onset of legalization, WeedMD’s products are garnering the attention of a discerning and knowledgeable cannabis audience.”
Back in August 2018 the first harvest was announced from the Strathroy facility. The first harvest was completed in early September and resulted in an impressive yield from the first 10,000 square foot grow room. The Company marked the event with a WeedMD “First Harvest” celebration party, a community open house that welcomed well over 120 guests that included WeedMD’s Board of Directors, local government, business leaders, investors, media representatives and employees.
There has been a lot of activity at WeedMD in the last few months including:
- Piloting a proprietary genome tracking program along with Blockstrain to protect cannabis genetics and intellectual property and launching Blockstrains revolutionary “genome to sale” software. (October 24)
- Partnering with a leading Quebec product formulation laboratory to spearhead cannabis product development. (October 23)
- Developing a pilot project to convert a popular Toronto-based medical cannabis center to a WeedMD cannabis education center. (October 16)
- Completing its first shipment of adult use cannabis. (September 28)
- Exporting cannabis genetics to Australia’s Medifarm. (September 13)
WeedMD is having great success in such a huge growing market, and with so much activity going on one would assume that they must be looking forward to the next “harvest celebration party”.
Canada’s new legislation will see so many new markets opening up supporting the cannabis industry and WeedMD’s development.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>