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WeedMD looking at planting first crop over the next month as first phase greenhouse expansion nearly complete

The medical cannabis firm said the first phase of construction was nearly complete
WeedMD looking at planting first crop over the next month as first phase greenhouse expansion nearly complete
The first phase (not pictured) is nearly complete

WeedMD Inc (CVE:WMD, OTC:WDDMF) expects to plant its first crop over the next month as the expansion of its state-of-the-art 14-acre greenhouse in Strathroy, Ontario, is well underway.

The medical cannabis firm said the first phase of construction covering 220,000 sq ft of the 610,000 sq ft facility was nearly complete.

READ: WeedMD Inc shares nudge higher as it's set to branch into pot-infused drinks

The first harvest is expected in July this year and the firm's annual production will increase from 1,500 kg to more than 21,000 kg.

"We are on solid footing with a fully-funded, 15-fold production expansion well underway and I am very pleased that we remain on-track and on budget," said Bruce Dawson-Scully, the chief executive of WeedMD.

"Additionally, we are working hard on patient and seniors' care outreach and engagement programs in addition to launching our strategy for capturing the adult-use market that is expected to significantly increase demand across Canada."

Earlier this month the firm unveiled it is branching into the business of cannabis-infused beverages.

It has inked a letter of intent (LOI) with Phivida Holdings Inc (CSE:VIDA; OTC:PHVAF) to form a joint venture called Cannabis Beverages Inc (CanBev).

The second phase of the greenhouse expansion sees the firm begin to retrofit another 175,000 sq ft of space, which will result in additional annual production of 12,000 kg.

This will increase the production area to a total of 395,000 sq ft and the company's annual production to more than 33,000 kg.

Option to purchase further land

The greenhouse will be the main supply source for the group's medical cannabis patients, ongoing wholesale supply to other licensed cannabis producers, and future adult-use consumers across Canada, in addition to emerging international markets.

Also today, the firm revealed it had exercised its option to purchase its original 26,000 sq ft production site in Aylmer, Ontario.

WeedMD also has the option to buy an additional four acres of adjacent land to its existing property.

This would bring the total footprint to eight acres and enable WeedMD to expand its indoor operations from 26,000 sq ft to more than 220,000 sq ft.

Shares in Toronto advanced 4.62% to C$2.04 each.

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