On Monday, Tweed Marijuana Inc. (TSXV:TWD) announced another milestone with its first shipment of medical marijuana to customers. Following the seizure by the RCMP of a previous marijuana supply shipment belonging to Tweed and its fellow producer Mettrum, things are now running much more smoothly.
“We are very happy that Tweed’s medicine is en route to those who need it,” said Tweed CEO Chuck Rifici in a press release on Monday.
It’s a good thing that, too, that Tweed is ready to meet demand, as along with fellow producer Tilray, the company has seen higher than expected demand for their first month of operations alone. According to CBC News, Tweed has had to up its production expectations to 6 million grams per year, a significant increase from its previous guidance of 1.5 million.
Tweed has continued to show significant success in the medical marijuana industry. Notably, it secured a $15 million bought deal financing last month, which it plans to use in part to continue to expand its facilities.
Located in Smith Falls, Ontario, Tweed’s eight building medical marijuana facility was once the iconic Hershey Chocolate factory. According to Tweed’s website, chocolate factory was a source of employment for the Smith Fall’s community and a valuable attraction for thousands of visitors up until its closure in 2008. With its medical marijuana operations, Tweed hopes to revive the facility, “so that once again 1 Hershey Drive can become a source of job creation and investment in the Smiths Falls community.”
Tweed was Canada’s first publicly traded medical marijuana company. Its 100 percent owned subsidiary Tweed Inc. is one of twelve producers licensed by Health Canada.
Securities Disclosure: I, Teresa Matich, hold no investment interest in any companies mentioned in this article.