This is an amendment to the oil production license obtained in June 2017, and enables WeedMD to begin selling cannabis oil.
WeedMD's stock was 7.3% higher at C$2.34 in afternoon trading on Friday.
As a licensed producer (LP), WeedMD has developed two distinct cannabis oil brands: the first, Axis, has been specifically formulated for the seniors’ market, including long-term care and assisted living;the second, Entourage, has been created to appeal to the general patient population under the Access to Cannabis for Medical Purposes Regulations (ACMPR).
The company plans to make its cannabis oil available for sale in early 2018.
“After receiving our license to produce cannabis oil just over five months ago, we are thrilled to confirm that we are now one of 21 Canadian LPs with licenses to produce and sell both dried flower and cannabis oil,” said Bruce Dawson-Scully, chief executive officer of WeedMD.
“Cannabis oil is in high demand, and we’ve taken the time to develop specific formulations to address the medicinal market as well as our seniors market niche including long-term care and assisted living,” he added.
According to Health Canada, cannabis oil sales continue to grow at a faster rate than dried flower; WeedMD said it is now positioned to serve this expanding market opportunity.
In unrelated news, David Danziger has announced his intention to step down from the board of WeedMD.
Shares in WeedMD Inc closed on Friday at C$2.32 each.