Canada’s first listed medical marijuana firm Tweed Marijuana announced that it had delivered its first cannabis shipments to clients.
Tweed’s shares began trading at the Toronto Venture Exchange in April, with the company currently valued at $113 billion. The company also disclosed today that its produces the medical cannabis at its Smiths Falls site which is located near Ottawa, and that it adheres with federal laws.
Medical marijuana users are required by new federal laws that took effect on April 1 to obtain their supply from commercial planters. However, a federal court injunction that was awarded in March permits some users to continue cultivating their own marijuana until a further constitutional case challenging the regulations is determined. Health Canada said it intends to challenge the injunction.
The new system requires patients to send a doctor-approved form to a commercial grower of their choosing. The grower will then ship the drug to them using a secure courier like Canada Post.
“The team at Tweed is committed to making more and more strains available as quickly as possible,” Tweed CEO and co-founder Chuck Rifici said in a press release, according to Wall Street Journal.
Over 37,000 Canadians are allowed to have medical marijuana for medical purposes. The medical cannabis is used for managing various conditions such as cancer, attention-deficit disorder, multiple sclerosis, among others.
Health Canada has estimated that the number of patients on medical marijuana program will accelerate to around 300,000 and 400,000 in a decade. By early February, the agency said that it had received over 450 applications from potential growers, with roughly 25 fresh applications being received every week.
The list includes Vancouver-based MediJean Distribution Inc and Peace Naturals Project in Ontario. Tweed’s shares were trading 2.9 percent higher, or 10 cents up, at $3.21 at the Toronto Venture Exchange in late Monday morning trade. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Jonathan Millet at firstname.lastname@example.org