- WeedMD. Inc is officially permitted to run four additional grow rooms within its 220,000 sq. ft. property in Toronto.
- WeedMD’s production profile has the possibility of increasing from 1,500 kg to more than 21,000 kg per annum, cites analyst.
- “Once fully retrofitted – bringing total square footage to 610,000 sq. ft. – the entire facility would have the possibility of producing over 50,000 kg annually,” following the 2nd phase of the expansion project set for completion sometime after 2018.
Second site approval confirms Phase I expansion ready for summer harvest
TORONTO, June 11, 2018 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis, is pleased to announce that it has secured its Health Canada Cultivation License for the first four grow rooms within its 220,000 sq. ft. Phase I retrofit of its 610,000 sq. ft. modern greenhouse in Strathroy, Ontario.
With a fully-funded 220,000 sq. ft. retrofit in its final stage, the Company will progressively bring a total of 20 grow rooms online over the coming months. The first set of cannabis plants are ready to be transferred to the new facility over the next couple of weeks from the Company’s fully-licensed and operational facility in Aylmer, Ontario, located 60 km away. When Phase I is complete, WeedMD’s production profile has the possibility of increasing from 1,500 kg to more than 21,000 kg per annum. Additionally, the Company’s fully-funded Phase II expansion is currently underway with an incremental 175,000 sq. ft conversion representing the possibility of an additional yield of 12,000 kg bringing the yearly total to the possibility of more than 33,000 kg by year-end 2018. Once fully retrofitted – bringing total square footage to 610,000 sq. ft. – the entire facility would have the possibility of producing over 50,000 kg annually.
The milestones achieved in the last 12 months exemplify the break-out year we’ve had at WeedMD as we continue tracking to schedule and budget, while we refine our cannabis production methods and set benchmarks for cultivation in Canada. Additionally, we’ve been increasing our headcount since the start of the year in anticipation of this licence, giving us ample time to train our new talent to hit the ground running…