FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “WeedMD Confirms its Licensed and Scalable Outdoor Grow is Coming Online in Early June.”
WeedMD Inc. (TSX-V: WMD) (OTCQX: WDDMF) (FSE: 4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to confirm that following the receipt of Health Canada’s licence for outdoor cultivation, WeedMD will begin planting more than 20,000 cannabis plants during the week of June 10, 2019 at its Strathroy, Ontario site. The Company expects to be the first licensed producer in Canada to start growing cannabis outdoors.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis products for both the medical and adult-use markets. The Company owns and operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a 158-acre state-of-the-art greenhouse and outdoor facility located in Strathroy, Ontario. The Company currently has 136,000 square feet of licensed production space across its facilities and is expected to have a total footprint of more than 550,000 square feet of indoor and greenhouse production in addition to more than 25 acres of outdoor cultivation space online in the first half of 2019. WeedMD has a multi-channeled distribution strategy that includes selling directly to medical patients, strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies.
As the cannabis industry begins to heat up, companies are aggressively seeking employees to fill positions. Decades ago, the cannabis plant was being reintroduced into states such as California, Oregon, Alaska, and Washington. Since then, California and nine more states and the District of Columbiahave legalized recreational cannabis use. Moreover, countries across the world have begun to decriminalize or legalize cannabis on some level as, notably, Canada became the second nation ever to legalize cannabis entirely back in late 2018. The rapid expansion and development of the industry further highlight the profound impact cannabis is having around the world. Furthermore, ZipRecruiter reported that cannabis jobs openings increased by 445%, outpacing even the technology (254%) and healthcare (70%) industries. Primarily, positions such as brand ambassadors, sales associates, product managers, and delivery drivers are firmly in demand, according to Glassdoor. Specifically, brand ambassadors and sales associates each accounted for 5% of the job openings, representing the largest share for individual positions while professional and technical fields accounted for 53% of the job openings in 2018. Glassdoor reported that the large discrepancy in the job sector is due primarily to the wide range of available positions. Nevertheless, as the cannabis industry begins to accelerate, it is expected that more professional and corporate roles will be in demand to help businesses comply with tax laws and regulations. Additionally, this workforce integration is also expected to result in the market sustaining its growth, as according to data compiled by Grand View Research, the global legal marijuana market is expected to reach USD 146.4 Billion by 2025 while registering a CAGR of 34.6%.
The U.S. currently represents the largest cannabis marketplace in the world due to its early adoption. Glassdoor reported that states such as California, Colorado, and New York had the most job openings last year while U.S. cities like San Francisco accounted for 13% of the openings, and Los Angeles accounted for 7%. Job opportunities within the U.S. industry is prevalent due to its large size, however, other emerging markets are also witnessing an influx of job openings. For instance, Canada has fully legalized cannabis, however, its market still remains within its infancy stage. The market is currently hindered by heavily imposed government regulations, which has limited retailers, cultivators, and distributors. Regardless, cannabis jobs have exponentially grown since Canada’s Prime Minister Justin Trudeau announced his plan to legalize cannabis. According to Statistics Canada, there were nearly 2,400 employees within the cannabis industry by the end of 2017. Indeed.ca reported that in July 2018, cannabis-related job searches were four times more than the same period in 2017. Specifically, cannabis job hirings surged in March 2018 after the Canadian Senate provisionally accepted Bill C-45, which enacted the Cannabis Act in order to provide legal cannabis access. As of late May 2019, there were over 2,700 cannabis-related job openings posted on Indeed.ca. By 2019, cannabis-related job listings are expected to increase by 220%, according to Vangst’s 2018 Salary Guide. “When I asked people what positions they were hiring for, it was everything from a botanist to a chemical engineer to a Ph.D. to a retail store manager to a marketing manager to a human resource manager to a Chief Financial Officer,” Karson Humiston, Chief Executive Officer and Founder of Vangst said. “You name it, and these companies were hiring for it.”
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