WeedMD Inc. (CVE:WMD) announced recently that it had signed an exclusive supply agreement with three long-term care facilities
SmallCapPower | September 29, 2017: WeedMD Inc. (TSXV: WMD) Tuesday announced that it is set to provide nine care homes in Ontario with medical cannabis after striking an exclusive supply agreement. WeedMD will supply medicinal cannabis products on an exclusive basis with three long term care and retirement home providers, which include peopleCare Communities, Arbour Heights, and the Belmont Long Term Care Facility, totaling over 1,000 beds. With the seniors demographic growing at four times the rate of the broader population, WeedMD views the long-term care and seniors’ market as one of the most attractive medical markets.
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In addition to peopleCare Communities, the Company also signed respective agreements with Arbour Heights and its sister home, the Belmont Long Term Care Facility, which together house more than 300 beds. These programs are expected to be rolled out before year-end, following the soon-to-be expected receipt of the Company’s license to sell cannabis oil, as its production license was received on June 19, 2017. In what represents a significant milestone for the medical cannabis and long-term care industries, WeedMD will be the exclusive supplier of cannabis products for distribution to the residents of these communities.
The Company will continue to focus on securing additional supply contracts in the long-term care, assisted living and seniors’ markets, offering its proprietary integrated care program along with its cannabis products. Also, WeedMD is advancing an expansion plan to position itself strategically for the future adult-use market, which it expects to unveil in the coming weeks.
During the past two weeks, the Company’s stock price has surged more than 24% to reach $0.86 on September 28, 2017. Currently WeedMD is trading at Price to Book ratio of 16.86x.
Disclosure: Neither the author nor any of the principals at SmallCapPower, or their family members, own shares in the company mentioned above.
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