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TORONTO, Nov. 22, 2017 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), announces that it has entered into a definitive lease and purchase option agreement with Perfect Pick Farms Ltd. (“Perfect Pick”), a large-scale modern greenhouse cultivator located in Strathroy, Ontario. Perfect Pick’s 98-acre property includes 610,000 sq. ft. or 14 acres of state-of-the-art greenhouse facilities that are ready for rapid retrofit for cannabis cultivation. WeedMD will initially lease 217,800 sq. ft. or 5 acres of greenhouse, with an option to expand into the balance of 392,040 sq. ft. or 9 acres of greenhouse space at its discretion. The agreement also includes an option to purchase the property, greenhouse facilities and infrastructure.
This transformational expansion, amongst the most capital efficient in the industry, will increase WeedMD’s annual production from 1,200 kg to more than 21,000 kg in the initial 217,800 sq. ft. leased space. The retrofit is fully funded with the Company’s current treasury and once fully retrofitted, the 14-acre facility will increase WeedMD’s annual production capacity to more than 50,000 kg.
Highlights of WeedMD’s Large-Scale Greenhouse Expansion:
Strategic partnership with established Ontario greenhouse management and cultivation team, bringing 40 years of cultivation expertise and experience to WeedMD and an ability to rapidly scale production. Perfect Pick is a family-run business that will provide a large portion of the skilled labor required to operate the facilityFacility is located in Strathroy, 30 km west of London, #420lasvegas #420toronto #leafsbysnoop #khalifakush #williesreserve #hightimes #leafly #420vegas #jujuroyalbrand #curejar #stashjar #lasvegascannabis #ganjajar #lasvegascannabiscommunity
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