In the hours leading up to Christmas, when investors despaired of a "Santa Claus Rally" on indexes, it was cheering to hear of one cannabis-related concern that was making progress on getting its product to market.
Toronto-based WeedMD Inc. (TSX-Venture:WMD), a federally-licensed producer and distributor of medical-grade cannabis, told investors on Christmas Eve it had secured a Health Canada licence amendment approval which allows the Company to expand production into six additional 10,000-square-foot cultivation rooms at its state-of-the-art hybrid greenhouse in Strathroy, Ontario.
Licensing of the six additional grow rooms, comprising a total of 60,000 square feet, increases WeedMD’s licensed production space in Strathroy to 110,000 sq. ft. and increases the Company’s total production footprint, including its indoor cultivation centre-of-excellence in Aylmer, Ontario, to 136,000 sq. ft.
Said CEO Keith Merker, "This is an exciting time for WeedMD – we have just completed another amazing round of cannabis harvests from our two sites and we are now able to capitalize on our large-production greenhouse capacity expansion.
"We have been busy preparing for this pivotal moment and have more than 20,000 cannabis plants that we will begin transplanting into the new rooms immediately."
While the price of the shares stayed put at $1.03, approaching noon ET, in an abbreviated session Christmas Eve, the shares themselves flew off the shelves, with volume topping 315,000.
