TORONTO (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (“WeedMD” or the “Company”), a federally licensed producer of medical cannabis, is pleased to announce that on June 16, 2017, the Company received a supplemental license from Health Canada for the production of medical cannabis oils.
The Company has imported a purpose-built high-throughput ethanol extraction machine from Germany, with the goal of starting R&D and production of cannabis oils immediately. After thorough analysis, WeedMD concluded that ethanol extraction is capable of producing a clean product that meets and exceeds the regulator’s strict guidelines, while providing a scalable and low-cost platform to service the future demand for oil and other extracted products. Once the Company has produced and inventoried saleable batches of oil, it will invite Health Canada to conduct a final inspection to secure an amendment permitting the sale of cannabis oils.
“This is an important milestone in our path and commitment to providing physicians and their patients with alternative, more convenient and dose-controlled consumption methods,” said Bruce Dawson-Scully, CEO of WeedMD. “We look forward to providing our patients with consistent, quality product in a variety of consumption methods as well as educating them and the medical community on the benefits of oil extracts. Based on data released by Health Canada, cannabis oil sales continue to grow at a faster rate than dried flower, and WeedMD will now be positioned to serve the long term care and seniors market with cannabis oil.”
For more information, an investor presentation can be accessed here.
Source: Cannabis Business Times