WeedMD Partners With Shoppers Drug Mart for Pioneering Scheme

WeedMD [stock_market_widget type="inline" template="generic" color="default" assets="WMD" markup="(CVE: {symbol} {currency_symbol}{price} ({change_pct}))" api="yf"] has become the first producer to qualify for Shoppers Drug Mart’s medical cannabis strain traceability scheme.

The Ontario-based firm began supplying Shoppers Drug Mart in February 2019 and hailed the agreement as a major coup. The retailer has 1,300 stores across Canada, but it currently sells medical cannabis online only.

Shoppers Drug Mart is keen to give doctors and pharmacists confidence about the quality of medical cannabis they are handing out to patients. It has teamed up with Tru Trace Technologies for a pilot scheme that uses blockchain technology to track medical cannabis from seed to the final product.

Traceability, provenance and accountability are important considerations for consumers and patients, and this scheme is designed to tick all of those boxes.

WeedMD has a similar philosophy and it partnered with TruTrace in October 2018 to register its genetic strains via the firm’s StrainSecure platform. It registered 40 proprietary strains after recognizing the importance of strain validation.

It has now become the first company to take part in Shoppers Drug Mart’s scheme, and chief Merker said it was a proud moment for the firm. “Patients and their medical practitioners expect traceability and origin assurance of their cannabis strains as it goes a long way to building continued trust and accountability in our industry,” he added.

Phase 1 of the pilot program will wrap up by July 31 and gain a full launch in November 2019.

WeedMD aims to produce more than 100,000 kg of marijuana in 2020 after applying to double the capacity of its site in Ontario. It is converting its facility in Aylmer, Ontario, into an extraction site that can process 200,000 kg of biomass per year, while cannabis cultivation will be handled at its site in nearby Strathroy.

Earlier this week it announced it has completed the outdoor planting of more than 20,000 fully rooted cannabis plants at the Strathroy property after securing a Health Canada amendment licence on May 31. It reported that construction was completed on time and within the fully funded $2 million budget.

Shares in WeedMD began the week at $1.52, dipped to $1.38 on Thursday and then rallied again to end the week broadly flat.

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Martin Green is an experienced journalist with a strong focus on the cannabis, alcohol, and gambling industries. He is particularly interested in the political issues affecting the global marijuana trade, and he has a keen focus on regulation changes and legal topics. He holds a BA English Literature, MA Creative Writing and a National Qualification in Journalism diploma. He has worked in journalism since 2009 and written for a broad range of newspapers, business titles and magazines, including The Sun, The Metro, The Journal, Livestrong, Drinks Retailing News, Harpers, Sportsbook Review, Vital Football, Essex Live and Surrey Live. Address: 682 Indian Road, Toronto, Ontario, M6P 2C9. Phone: 416-721-8257.
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