Medical-grade cannabis producer WeedMD Inc. WDDMF said Tuesday it has launched a new subsidiary, CX Industries Inc.
CX Industries will work on perfecting extraction, toll processing and third-party product formulation from WeedMD’s Aylmer, Ontario facility, with the capability to process more than 200,000 kgs of biomass in 2020, according to the company.
"Our management team is now working with strategic partners to provide a platform for entrepreneurs and seasoned brands to enter the concentrates market, building on our history of collaborating successfully with our peers in the cannabis industry,” WeedMD CEO Keith Merker said in a statement.
Benzinga's Cannabis Capital Conference heads to Detroit on Aug. 15 — click here to learn more!
The new extraction affiliate has a cannabis oil production license, four extraction lines and the ability to provide formulation capabilities for white-label manufacturing, WeedMD said. The company said it plans to renovate the extraction facility to meet GxP standards.
WeedMD is the publicly traded parent company of WeedMD Rx Inc., a licensed cannabis producer that covers both the adult-use and medical markets.
The stock was down 0.69% at $1.22 at the time of publication Tuesday.
Never miss a news story in the cannabis world. Click here to check out Benzinga Cannabis for more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.