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CAN (ON): WeedMD to retrofit 610,000 sq.ft. Perfect Pick greenhouseWeedMD has entered into a definitive lease and purchase option agreement with Perfect Pick Farms, 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 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.
The facility is located in Strathroy, 30 km west of London, Ontario, and 60 km from WeedMD’s existing licensed facility in Aylmer, Ontario. Health Canada has provided approvals to proceed with the expansion, which will become a second-site license for WeedMD.
“This transformational partnership represents an outstanding opportunity for WeedMD, with the potential to increase our production capabilities more than twelvefold in the first year and the optionality to materially increase our footprint in a risk-free, sustainable way over the long-term – all part of our strategic growth plan,” said Bruce Dawson-Scully, CEO of WeedMD. “We also secure a key shareholder and experienced operator which brings significant greenhouse management knowledge to our leadership team and over 40 years of cultivation expertise. Leveraging Perfect Pick’s strengths to diversify into low cost greenhouse-grown cannabis complements our indoor operations. This positions us for a very significant production increase aimed at supplying the medical market, as well – it becomes our supply chain source for oil production for the seniors’ market. In addition, this production platform optimally positions the Company to supply the emerging adult-use cannabis markets with our first harvest ready for this coming summer.”
“Having the opportunity to participate in the cannabis industry, as both a shareholder and an operator, is very exciting for Perfect Pick,” stated Jerry Zakaria, CEO of Perfect Pick Farms. “Produce cultivation and management has been passed down for three generations in our family and now we have the opportunity to apply that expertise and knowledge towards large-scale cannabis cultivation. WeedMD has demonstrated itself as exceptional and compliant operators in the highly regulated cannabis industry, and we are very excited to partner and work hand in hand with the WeedMD team, by expanding production capacity in a sustainable way to meet future market opportunity and demand.”
For more information:
250 Elm Street
Aylmer, ON. N5H 2M8
T: 1-844-WEEDMD-6 (1-844-933-3636)
F: 1-844-WEEDMD-7 (1-844-933-3637)
Publication date: 11/23/2017
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