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WeedMD Rolls Out Cannabis Extraction Subsidiary

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WeedMD Rolls Out Cannabis Extraction Subsidiary
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Medical-grade cannabis producer WeedMD Inc. (OTC: WDDMFsaid Tuesday it has launched a new subsidiary, CX Industries Inc.

CX Industries will work on perfecting extraction, toll processing and third-party product formulation from WeedMD’s Aylmer, Ontario facility, with the capability to process more than 200,000 kgs of biomass in 2020, according to the company. 

"Our management team is now working with strategic partners to provide a platform for entrepreneurs and seasoned brands to enter the concentrates market, building on our history of collaborating successfully with our peers in the cannabis industry,” WeedMD CEO Keith Merker said in a statement. 

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The new extraction affiliate has a cannabis oil production license, four extraction lines and the ability to provide formulation capabilities for white-label manufacturing, WeedMD said. The company said it plans to renovate the extraction facility to meet GxP standards.

WeedMD is the publicly traded parent company of WeedMD Rx Inc., a licensed cannabis producer that covers both the adult-use and medical markets.

The stock was down 0.69% at $1.22 at the time of publication Tuesday.  

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Posted-In: CX Industries marijuana pot weedCannabis News Penny Stocks Markets

 

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