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Tweed Marijuana starts Cannabis extraction

Last updated: 13:46 20 Aug 2015 EDT, First published: 11:46 20 Aug 2015 EDT

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Tweed Inc. will use preeminent pharmaceutical grade extraction methods to produce purified cannabis derivatives

Tweed Marijuana (CVE:TWD), Canada's first publicly traded medical marijuana company, said its wholly owned unit, Tweed Inc., has received authorization from Health Canada to begin the production of cannabis extracts in the company's state-of-the-art facility in Smiths Falls, Ontario.

Tweed will use preeminent pharmaceutical grade extraction methods to produce purified cannabis derivatives, the company said in a statement on Thursday.

"The major advantage that comes with commercial scale is that you can provide products to customers that they couldn't make themselves at home, offering a higher level of quality and purity," chief executive officer Bruce Linton said in the statement.

Seven new precision climate-controlled drying rooms, a dedicated trimming room, extraction room and processing room were also all approved for use by Health Canada. 

Enhanced infrastructure will allow the company to continue providing access to premium, dried cannabis while simultaneously scaling for diversified derivative production, the company said.

Tweed Marijuana said its pending Bedrocan Canada Corp. acquisition and facility enhancements at Tweed Farms will provide the basis for accelerated extract production. 

The introduction of cannabis derivatives into the Canadian market will require large-scale production in order to satisfy the immediate and growing demand for non-smoked forms of cannabinoids, the company said.

Shares fell 1.7% to C$1.79 at 11.19 a.m. in Toronto.

Tweed Marijuana will be releasing its quarterly results for the period ended June 30 on August 31.

 


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