WeedMD Inc (OTCMKTS:WDDMF) will introduce its color cannabis products for adult use into the Quebec province this year. To this effect, the company signed a marketing, sales, and distribution agreement with ROSE Life Science, which is based in Quebec.
Cannabis products in Nova Scotia and Ontario
WeedMD’s cannabis products are already available in Ontario, British Colombia, Nova Scotia, Saskatchewan, and Manitoba. The company expects to introduce its cannabis products in other provinces soon.
Adds George Scorsis as Interim CEO
WeedMD gave an additional charge of Interim CEO to George Scorsis, the current Executive Chairman. It is on the backdrop of the resignation of Angelo Tsebelis from the Director and CEO roles and following the merger of Starseed Holdings Inc and WeedMD. However, Angelo will provide advisory services to WeedMD.
WeedMD added its Chief Legal Officer – Jason Alexander as director. Interim CEO, George praised the leadership of Angelo for his exemplary guidance during the complex period. Angelo played a vital role in integrating Starseed with WeedMD and optimizing the operations and commercialization of distribution and sales efforts. The company posted a two-fold increase in sales in the first nine months of last year.
Scorsis is pleased to welcome Alexander to the board of directors. Alexander is instrumental in working together with Angelo. WeedMD is well positioned in the commercial, cultivation, and product frameworks to reach profitability targets in Canada.
WeedMD begins this year with a focused approach to improve the growth of Saturday brands and Color Cannabis and boost market share. The company will also use the portfolio of Starseed to improve its presence in the medical cannabis.
Q3 2020 highlights
WeedMD posted revenues of $6.3 million in Q3 2020. It is an increase of 8% compared to the previous quarter. The dried cannabis sales in the quarter are 2.088 million grams at an average per gram sale price of $2.55 compared to 2.74 million grams at $2.36 each in the same period of last year.
The QoQ growth is on the backdrop of current momentum mainly in the adult-use Color Cannabis products. WeedMD is shipping products and establishing new retail accounts across the nation using its expanded sales team. The company will strive to meet the growing demand for adult-use cannabis products. It also focuses on medical use products to improve margins going forward.