WeedMd stock is up nearly 5% today as the company begins its first-ever outdoor harvest at its new facility in Strathroy, Ontario.
WeedMD to Host Open House
WeedMD Inc (TSXV:WMD) (OTCQX:WDDMF) confirmed that it had commenced harvesting of its inaugural outdoor-cultivated cannabis crop at the company's new state-of-the-art 27-acre facility in Ontario. The havest will include over 35 unique varietal strains and will take place over a four-week period. To celebrate, the company will host an open house to be attended by local dignitaries, business leaders, financial analysts, and members of the press on October 3. WeedMD stock is currently up 4.3% on the news.
The 27-acre harvest is expected to be the most prolific outdoor harvest in the industry to date and adds a significant boost to WeedMD Inc's cultivation capacity along with its 610,000 square foot hybrid greenhouse and processing facility. Today's announcement coincides with the company's closing of a $13.1 million CAD bought-deal offering, the proceeds of which will be used to buy new equipment, retrofit its Aylmer facility and build an outdoor processing facility at the Strathroy plant. WeedMD shares are currently valued at $1.46 following today's news.
WeedMD Stock Helped By Strong Results
WeedMD stock has been a curious performer over the course of the last 12 months; having made gains of over 110% at the beginning of the year, the company's shares swung as much as 25% at times as the market stalled over summer. However, we included WeedMD Inc in our pick of pot penny stocks to watch in September because of its impressive quarterly results and big ambitions for its future operations.
WeedMD stock was boosted at the end of August after the company reported its Q2 results, which included a 139% quarter-over-quarter net revenue increase. Gross profit of $3.7 million represented a 46% margin, compared to 15% in the previous quarter. WeedMD also sold nearly 2,000 kilograms of dried cannabis product, which was a 150% quarterly increase. With the substantial increase in production capacity from the inaugural outdoor harvest, don't be surprised if this pot stock posts even better results come its next earnings call.
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