The license allows the Toronto-based medical marijuana firm to test cannabis concentrates that pertain to vape products in development testing at its Bowmanville, Ontario facility.
WeedMD CEO Angelo Tsebelis told shareholders that the company was committed to developing new cannabis products for its customers.
READ: WeedMD subsidiary Starseed Medicinal adds benefits provider myHSA to its medical cannabis program
“With the evolution of next-generation cannabis products such as extracts for vaporization, we want to ensure we drive important data collection forward on behalf of our patients and consumers,” Tsebelis said in a statement.
“We are diligently assessing new cannabis products - in this case, specific to vapes - to determine optimum formulations that will result in the best performance and delivery of medical cannabis, as well as consumer acceptability.”
According to WeedMD, the research license gives way to activities and protocols that involve direct handling and storage of cannabis while also allowing for the administration and distribution of cannabis to focus group subjects for feedback. The program is also expected to evaluate the effect of storage conditions on vape cartridges to ensure product stability over time.
WeedMD acquired Starseed Holdings in December 2019.
The firm also said that as part of the acquisition it was granting nearly 5.7 million options at C$0.98 per share expiring November 3, 2022, and just over 900,000 WeedMD option with an exercise price of C$3.26 per share expiring on November 1, 2023.
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