Federally-licensed medical cannabis producer WeedMD is on track for more than 500,000 sf in cultivation by year end, the company said its Q2 2018 quarterly report.
With a current cash balance of $43 million, WeedMD’s expansion and business development plans are fully funded.
Company CEO Keith Merker pointed to supply agreements with Shoppers Drug Mart, Nova Scotia Liquor Corporation, Alberta Gaming, Liquor & Cannabis Commission and British Columbia Liquor Distribution Branch.
“Our production platform positions the company to support existing and incoming supply commitments as well as pursue international distribution opportunities,” said WeedMD CEO Keith Merker.
“With an expected 500,000 square feet of fully-funded production space online by the end of this year, WeedMD is poised to become a top-ten licensed producer in terms of actual realizable production capacity,” he said.
The company highlighted milestones achieved during and subsequent to the year ended June 30, 2018, including:
- Commissioning large-scale greenhouse in Strathroy, Ontario
- Adding six new cultivation rooms expected to be licensed and populated with plants by the end of September
- Achieving agreement with Phivida Holdings Inc. to develop & operate Cannabis Beverages and be exclusive supplier of extracts for cannabis-infused products
- Achieving agreements with Revive Therapeutics Ltd. to supply Revive with CBD for its research program evaluating CBD in treating liver disease
- Commissioning an extraction lab that produces cannabis oil products
- Appointment of Keith Merker as CEO and Nichola Thompson as Interim CFO.
The company now employs over 100 people across a variety of disciplines, including production, sales, marketing, and finance, as it scales its operations.
Financial results for the three and six months ended June 30, 2018. The company reported revenues of $2.1 million for the quarter ending June 30, 2018, representing a quarter-over-quarter increase of 83% and a year-over-year increase of 787%.
Revenue of $3.2 million in the first half of fiscal 2018 represents a 1271% increase compared to the first half of fiscal 2017.
About the WeedMD
- Federally-licensed producer and distributor of cannabis and cannabis oil under the Access to Cannabis for Medical Purposes Regulations.
- Two facilities: a 26,000 sf. indoor facility in Aylmer, Ontario and 44,000 sf greenhouse in Strathroy, Ontario
- Supply agreements with Shoppers Drug Mart, Nova Scotia Liquor Corporation, Alberta Gaming, Liquor & Cannabis Commission and British Columbia Liquor Distribution Branch as well as through strategic relationships across the seniors’ market in Canada.