WeedMD Inc. is looking to sell its subsidiary’s production facility in Bowmanville, Ont. as part of its “facility optimization strategy.”
WeedMD subsidiary, Starseed Medicinal Inc., is the licence holder for the Bowmanville Facility, which is licensed by Health Canada for cultivation, processing, sale of dried cannabis and cannabis extracts, and to conduct research. The company is looking to sell the propert to Final Bell Canada Inc. for $2.5 million in cash.
“We continue to execute on our strategic plans to optimize and solidify the areas of our business that will drive increased revenue, improve our cash-flow, maximize our margins, pay down debt, and move us closer to profitability,” said George Scorsis, interim CEO and executive chair of WeedMD.
According to a press release published on June 15, the company is in the process of streamlining and consolidating its cultivation operations at its Strathroy, Ont. facility, and processing and production activities at its Aylmer, Ont. site.
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