WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF) said Friday that it’s teaming up with Pita Pit Canada to launch Pioneer Cannabis Corp, a retail services provider.
Ontario-based WeedMD said in a press release that Pioneer will help retailers identify locations as well as providing assistance with licensing and security processes; point-of-sale and payment systems; marketing services; and training platforms.
The new company’s operations will be led by its president, Kristie Smith, who has more than eight years of experience as a senior executive at Pita Pit Canada.
"Pioneer brings an opportunity to those entrepreneurs interested in joining the cannabis industry, but who may not have the financial backing or the operational experience to pursue opening their own retail cannabis store," Smith said in a statement.
CEO Jordan Schwartz is a veteran manager who was most recently the managing director at Serruya Private Equity, where he oversaw acquisitions, investment and asset management of several retail, real estate and consumer product businesses.
WeedMD CEO Keith Merker said that his company is “excited to be a part of this opportunity.”
Pioneer, according to WeedMD, will pursue retail opportunities province by province in accordance with cannabis retail regulations.
Shares of WeedMD fetched C$1.70 in Thursday’s Canadian trading. They advanced US$0.12 to US$1.27 on the OTC Markets.
On Thursday, the company said that it had added the Manitoba Liquor and Lotteries Corp to its cannabis supply distribution network.
Contact Dennis Fitzgerald at [email protected]