WeedMD stock is down slightly on Wednesday after the company provided a corporate update in which it said that it had completed its inaugural harvest at its Strathroy, Ontario facility, and set a date of November 23 for its third-quarter earnings call.
WeedMD Stock Trades Near Year-Low
WeedMD Inc (TSXV:WMD) (OTCQX:WDDMF) has said that harvesting of its 27-acre outdoor cannabis crop has been completed and that further metrics such as total yield will be provided alongside those Q3 results later this month. Samples of the crop will also have to be submitted to Health Canada in order to test for pesticide active agreements, cannabinoid contents, and strain yields. With WeedMD stock trading near a year low, investors will be hoping that the provision of those results can provide an upturn in fortunes.
“With the outdoor harvest now complete, we’ve achieved a significant milestone. WeedMD now has a significant amount of cannabis that we intend to bring to market over the current and coming quarters as both dried flower and in various value-added formats,” said Keith Merker, CEO of WeedMD, adding that, "we are well-positioned to emerge as a leader in the production and sale of extracts." Cannabis extracts will go to market in mid-December, another potentially huge catalyst for growth in WeedMD stock.
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WeedMD Well Placed Ahead of 2.0 Market
WeedMD Inc confirmed that it is one of 43 licensed holders to secure an amended license to sell cannabis derivatives such as concentrates, edibles, and topicals when the 2.0 market comes into effect in December. The company said it hopes to begin selling these products by January 2020 across a variety of brands.
WeedMD stock has been an unusual performer in 2019. While most major pot stocks tanked under the pressure of a struggling market, the Ontario-based producer generally managed to avoid the worst of the industry headwinds. Despite losing about 10% of its share value since the beginning of the year, WeedMD reported solid Q2 earnings in August, and, with the completion of this harvest, is extremely well-positioned ahead of the 2.0 market with an annual production capacity of over 20,000 kilograms of hemp biomass.
WeedMD shares are currently trading at $0.86 on the OTC marketplace, making it one of the most attractive penny stocks on the Canadian market.
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