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WeedMD stock rises nearly 89% with new facility purchase

WeedMD stock rises nearly 89% with new facility purchaseCanadian medical cannabis producer WeedMD’s (TSXV:WMD) stock has risen 70% in the last few weeks following its purchase announcement of 14 acres worth of new greenhouse facilities from Perfect Pick Farms in Strathroy, Ontario. The acquisition will increase WeedMD’s annual production from 1,200 kg to over 21,000 kilograms.

WeedMD’s lease agreement for the initial 217,800 sq ft facility will last for two years, with an option to extend for an additional 10 years. Perfect Pick will provide a large portion of the skilled labor to operate the facility.

WeedMD operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for the greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass.

Source: WeedMD

WeedMD stock rises nearly 89% with new facility purchase

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