WeedMD has yet to sell its first bud, but that’s not stopping the Aylmer-based medicinal marijuana producer from growing its business.
The budding industrial grow op, located in Imperial Tobacco’s shuttered plant, is eying a greenhouse expansion to increase its output tenfold to 300 kilograms per week – but that’s not all. The $3 million start-up is getting ready to go public on the Toronto Stock Exchange this spring too.
“It’s exciting times and we’ve certainly been busy,” said Bruce Dawson-Scully, chief executive of WeedMD.
“We have close to 30 employees and we’re in full production mode, everything is working very well. We’re looking forward to expanding our operations and getting into the market.”
WeedMD’s big plans come as the company closes in on its final regulatory hurdle – a Health Canada licence to sell its product.
The medicinal marijuana business got clearance to cultivate plants last spring but wasn’t able to sell its buds until it passed a thorough operational review by Health Canada. For the past 10 months, WeedMD has been growing, harvesting, drying and storing its marijuana while federal regulators probed every aspect of the operation.