Tweed, based in a former chocolate factory in Smiths Falls, Ontario, said yesterday it purchased more than 60 new strains of medical marijuana seeds and plants from licensed growers. It didn’t disclose how much the purchases cost.
“Being public helps, because it does give us another threshold of transparency or credibility,” Tweed Chairman Bruce Linton said by phone today. “It should assist us in capital access.”
Tweed, with a market value of C$90.8 million ($82.7million), won a government license to grow and sell marijuana to patients who have a doctors prescription. The system was supposed to replace home-grown medical pot on April 1 before a recent court challenge by individual growers.
Health Canada has estimated the market could be worth C$1.3 billion in 10 years.
In the U.S., a movement to soften or eliminate marijuana laws has been stoked by legalization in Colorado and Washington state, the first states to allow its sale for recreational use. While the drug is still illegal under federal law, the Justice Department hasn’t moved to stop those states from proceeding.