WeedMD Inc., a federally-licensed producer and distributor of medical-grade cannabis, announced that its subsidiary Starseed Medicinal Inc. (“Starseed”) has been awarded a cannabis research licence by Heath Canada (“Research Licence”). This allows for the testing of cannabis concentrates pertaining specifically to vaporization (vape) products in development testing at its Bowmanville, Ontario facility.
“With the evolution of next generation cannabis products such as extracts for vaporization, we want to ensure we drive important data collection forward on behalf of our patients and consumers,” said Angelo Tsebelis, CEO of WeedMD. “We are diligently assessing new cannabis products – in this case, specific to vapes – to determine optimum formulations that will result in the best performance and delivery of medical cannabis, as well as consumer acceptability.”
The Research Licence gives way to research activities and protocols that involve direct handling and storage of cannabis. It also allows for the administration and distribution of cannabis to focus group subjects for assessment of taste, sight, smell and/or touch. The research program is also expected to assess the effect of storage conditions on vaporization device cartridges to ensure product stability in various use conditions over time.
WeedMD also announced that as part of the transaction with Starseed Holdings Inc., the Company granted the following options: 5,674,875 options with an exercise price of $0.98 per share expiring November 3, 2022; and, 900,311 WeedMD options with an exercise price of $3.26 per share expiring November 1, 2023.
Access WeedMD’s investor presentation here.