FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “WeedMD to Expand Production with Outdoor Cannabis Cultivation at Its Licensed 98-Acre Strathroy Property”.
WeedMD Inc. (TSX-V: WMD) (OTCQX: WDDMF) (FSE: 4WE), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to announce it has applied for an amendment to its Strathroy license to expand beyond its existing cultivation with an initial 25-acre, large-scale, low-cost, outdoor cannabis grow operation with the capacity to increase up to 50 acres.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis products for both the medical and adult-use markets. The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse and outdoor facility located in Strathroy, Ontario.
According to a recent report published by Forbes, Brightfield Group indicated that the global cannabis market value had crossed the USD 7.5 Billion mark at the end of 2017 and is projected to breach USD 30 Billion by 2021. The United States currently accounts for about 90% of the entire market but its dominance of the cannabis market is likely to decline to about 57%, due to the legalization of cannabis products around the world. Canada is considered to be one of the largest markets for cannabis products and the country has legalized cannabis on a national scale this June. However, earlier this year, California voted in favor of recreational cannabis laws, which were officially implemented at the beginning of this year.
A research by Technavio shows that the legalization of cannabis for recreational and medical products continues to represent an emerging trend which is gaining traction around the globe. Currently, 28 States across the U.S. have legalized marijuana, while 15 others have authorized the use of CBD products. “The incorporation of new techniques in cannabis cultivation has resulted in the higher growth rate of the global legal cannabis market. The use of these advanced techniques has led to improved quality of the marijuana-derived CBD-oil products, which augurs well for the growth of the market,” says a Senior Analyst at Technavio.
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