WeedMD Inc (TSXV: WMD) issued an operational update this morning, the highlight of which being that the firm has officially completed its first annual outdoor crop harvest. The full details of the harvest are to be released in conjunction with the firms third quarter financial statements, which will be filed on November 28 after the markets close.
Figures including the total yield of its outdoor harvest will be included within the financial statements, as well as that of cannabinoid content on a strain by strain basis. The firm is now well into the post harvest process, and has submitted 15 samples for initial testing, and results have shown that the product is compliant with Health Canada specifications for heavy metals and pesticides.
“With the outdoor harvest now complete, we’ve achieved a significant milestone. WeedMD now has a significant amount of cannabis that we intend to bring to market over the current and coming quarters as both dried flower and in various value-added formats. Combining our vertically-integrated extraction business at our CX Industries site in Aylmer with our low-cost production of dried flower, we are well positioned to emerge as a leader in the production and sale of extracts. “
Keith Merker, CEO of WeedMD
With regards to value added product manufacturing, WeedMD’s extraction-focused subsidiary, CX Industries, has now entered operations. The firm has commissioned its first extractor, a Vitalis Q-90 CO2 extractor that is capable of extracting 26,000 kilograms of biomass annually. A second extractor is expected to come online within the month. Two more extractors will be installed in 2020, allowing CX to have an annual extraction capacity of 200,000 kilograms of cannabis and hemp biomass.
The operations of CX Industries are also further bolstered by the receipt of appropriate licensing to allow for the manufacturing of edibles, topicals, and concentrates. WeedMD’s cannabis 2.0 products are anticipated to hit retailers as early as January 2020.
Finally, WeedMD will be hosting its third quarter conference call on Friday, November 29 at 10:00 AM EST. Full details related to the conference call can be found here.
WeedMD Closed yesterday’s trading session at $1.12 on the TSX Venture.
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