WeedMD finds more buyers for its cannabis

The Toronto-based parent of WeedMD RX Inc. and Starseed Medicinal Inc. sold 5,084 kilograms of dried cannabis in the first quarter

WeedMD is a Toronto-based public company that owns two licensed producers.

WeedMD Inc. offers same-day home delivery of medical cannabis.

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A Toronto-based cannabis company, WeedMD Inc., has recorded a big increase in sales in the first three months of 2020.

After deducting the cost of sales, WeedMD announced net revenue of nearly $12.2 million in the quarter. That compares with $2.85 million in net revenue in the previous quarter.

However, the company also reported a comprehensive loss of $9 million in the first three months of 2020. As a result, by the end of March, WebMD Inc. had $17.4 million in cash.

On the upside, WeedMD Inc. sold 5,084 kilograms of dried cannabis in the first quarter, which cost $0.84 per gram to cultivate.

According to a company news release, WeedMD Inc. owns two licensed producers—WeedMD RX Inc. and Starseed Medicinal Inc.

Along with them, the company possesses a 64-hectare and 26,000-square foot facilities in the Ontario communities of Strathroy and Aylmer, respectively.

That’s not all. WeedMD also launched same-day home-delivery service of medical cannabis in Toronto in June. The company calls this pilot project “PatientDirect”.

WeedMD Inc. shares cost $0.44 on the TSX Venture Exchange. As a result, the company is worth $83.47 million.

Adastra Labs purchase order

In other cannabis news today, Langley, B.C.–based Adastra Labs Holdings Ltd. announced receipt of a large purchase order.

That came from CannMart Inc., which has supplied 30,000 vaporizing Phyto Extractions cartridges.

Cannmark’s major shareholder is Toronto-based Namaste Technologies Inc.

Adastra shares cost $0.70 on the Canadian Securities Exchange. As a result, the company is worth $85.19 million.

Meanwhile, Toronto-based Leviathan Cannabis Group Inc. has announced that it will change its name to Leviathan Natural Products Inc. That’s as a result of shareholders approving a resolution last month at an annual and special meeting.

It’s worth noting that Leviathan plans to retain its ticker symbol “EPIC” on the Canadian Securities Exchange.

Its subsidiary, Leviathan US, says it plans to produce CBD derivatives with “superior potency and purity”. That will be accomplished by using liquid nitrogen to chill its 37,000-square-foot plant in Carthage, Tennessee.

As of this writing, Leviathan Cannabis Group shares cost $0.25 on the Canadian Securities Exchange.

As a result, the company is worth $21.19 million.

Charlie Smith

I'm the editor of the Georgia Straight newspaper in Vancouver, as well as a CannCentral contributor.

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