With recreational marijuana legal in Canada starting October 17, provinces are starting to line-up suppliers in order to ensure quality and safety and meet what is expected to be high market demand. Napanee, Ontario-based ABcann Global Corp. (TSX-V:ABCN) on Thursday said that it has been selected by the Alberta Gaming, Liquor & Cannabis Commission to fill that role.
No specific amount of cannabis to be supplied was provided.
ABcann holds sales and production licenses from Health Canada and is pursuing international markets through partnerships with an initial emphasis on Australia, Germany and Israel. The company produces pharmaceutical-grade marijuana products from its indoor cultivation facility in Napanee utilizing proprietary plant-growing technology.
Through its wholly-owned subsidiary, Harvest Medicine Inc., ABcann has a growing footprint in the medicinal cannabis space too. In less than 18 months of operations, the specialty medical marijuana clinics have already surpassed 15,000 active patients through mid-June.
Addressing this rapidly growing market segment, the company plans to open a new clinic in Edmonton this month and launch a telemedicine app by the end of the summer.
Shares of ABCN are up two cents, or 1.54%, to $1.32 in Thursday morning trading.
After ending 2017 at $1.53 per share, the stock spiked to as high as $4.06 in January before falling to the current level, putting the stock down 15% on the year through Wednesday's close.
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