WeedMD Inc (CVE:WMD) saw shares nudge higher Thursday as it said it had become one of the first Canadian pot producers to partner internationally.
The company said it had exported its cannabis genetics to Australia’s Medifarm, a privately-held Queensland-based licensed producer.
Medifarm is the first licensed medical cannabis producer in Australia to be authorized for therapeutic use, noted WeedMD.
"WeedMD has differentiated itself by proudly supplying more than 20% of the Canadian cannabis industry with its highly-regarded cannabis strains," said Keith Merker, the chief executive at WeedMD.
"Today, we are honoured to be one of the first Canadian LPs to welcome an international partner with the sale and export to Australia’s Medifarm
"As trusted and proven cultivators in our respective markets, we’re thrilled to see selected WeedMD genetics enter Australia and provide Medifarm’s patients with our trusted cannabis strains."
Edward Harris, managing director of Medifarm, added: "WeedMD’s highly-regarded cannabis strains will help us bring Australians continued access to a diverse set of consistent, quality cannabis products.
"Ensuring that our patients have access to clinically-validated and cost-effective medicine for their therapeutic use is paramount for Medifarm.
"We are honoured to be making history alongside WeedMD – together we are amongst the very first LPs to secure respective export and import licenses for cannabis seeds.”
Weed MD runs two facilities - a 26,000 sq ft indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse in Strathroy, Ontario, which currently has 44,000 sq ft in production and is expected to have a total footprint of more than 500,000 sq ft by year-end 2018.
WeedMD shares added 0.84% to C$2.39 in Toronto.