WeedMD Inc (TSX: WMD) this morning announced that it has implemented a management team at its wholly-owned extraction subsidiary CX Industries. Tricia Symmes has been named as General Manager for the subsidiary, while Logan Marynissen will be serving as the Director of Extraction.
Both new hires are highly experienced in their fields. Tricia Symmes most recently served as the COO of Acerus Pharmaceuticals, focusing on business development and regulatory, governance and compliance requirements. She previously served at Alcon Canada and Novartis Pharmaceuticals as well. At CX Industries, Tricia will be focused on business development with regards to both the adult use and medical markets. her experience of bringing over 20 pharmaceuticals to market will be leaned on to develop new sales channels for CX’s products.
Logan Marynissen comes directly from Canopy Growth, where he spent the last four years focused on extraction operations. His experience in extraction methods will be utilized to scale CX’s operations as the firm brings additional extraction equipment online.
CX Industries currently has a throughput capacity of 26,000 kilograms of biomass per annum, with that figure expected to double by the end of the current year. Next year peak production is expected to commence, with the Alymer, Ontario based facility expected to have an annual capacity of 200,000 kilograms of cannabis and hemp biomass. The facility is expected to be used for the purpose of processing a large portion of WeedMD’s greenhouse and outdoor grown cannabis, as well as for toll processing and third part product formulation.
WeedMD is set to report its third quarter financials after market close on Thursday. A conference call will be head Friday morning at 10:00 AM EST.
WeedMD last traded at $1.13 on the TSX Venture.
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