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WeedMD set to enter growing cannabis oil market with new licence

The firm aims to start research and production of cannabis oils immediately, it said
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The firm aims to start research and production of cannabis oils immediately, it said

Progress at WeedMD Inc (CVE:WMD) just keeps rolling on..

Today, the group said it had received a supplemental licence from Health Canada to produce medical cannabis oils - an important market.

"This is an important milestone in our path and commitment to providing physicians and their patients with alternative, more convenient and dose-controlled consumption methods," said Bruce Dawson-Scully, chief executive.

The firm aims to start research and  production of cannabis oils immediately, and to that end, has imported a purpose-built high-throughput ethanol extraction machine from Germany.

With ethanol extraction, a clean product can be generated that exceeds the regulator's strict guidelines, while providing a scalable and low-cost platform to service the future demand for oil and other extracted products.

Once WeedMD has produced and inventoried saleable batches of oil, it will invite Health Canada to conduct a final inspection to secure an amendment permitting the sale of cannabis oils.

Dawson-Scully added: "We look forward to providing our patients with consistent, quality product in a variety of consumption methods as well as educating them and the medical community on the benefits of oil extracts.

"Based on data released by Health Canada, cannabis oil sales continue to grow at a faster rate than dried flower, and WeedMD will now be positioned to serve the long-term care and seniors market with cannabis oil."

WeedMD operates a 26,000-square-foot, scalable production facility in Aylmer, Ontario, and has over four acres of property for future expansion.

It's been a busy few  days for the company.

Last week, it said it had started selling cannabis to patients registered for home grow, and also struck a new tie-up to bring a cannabis brand specifically targeting women to Canada.

Van der Pop is the leading female-focused Cannabis brand on social media and WeedMD  struck a letter of intent with Tokyo Smoke BrandCo to license it.

WeedMD will produce and ship Van der Pop's branded cannabis in Canada to registered patients starting later this year.

Shares in Toronto were unchanged at 86 cents.

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