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An eastern Ontario manufacturer at the forefront of Canada's budding medical marijuana business is trying to find answers after the RCMP seized a shipment of marijuana it had ordered. The incident highlights the gray legal area in which medical marijuana manufacturers are opening up shop, under Health Canada's new rules. Tweed Inc., which became Canada's first publicly-traded medical marijuana manufacturer on Friday, says the RCMP seized a shipment of pot at the Kelowna airport that the company had bought from a grower licensed under the previous regime. The company said in a statement it had informed the RCMP of the shipment beforehand "in an effort to be transparent."
"We felt everything was done absolutely correctly," Tweed chairman Bruce Linton told the National Post. "When you call police to say, 'Come look at this,' you believe you have everything in order." A Health Canada spokesperson confirmed to the Post the department had given Tweed the green light to purchase marijuana from a licensed grower. The company says it had to buy product because it hadn't anticipated the large demand from licensed buyers, who are ordering several times more marijuana per head than the company expected. Meanwhile, Tweed Inc.'s shares debuted on the TSX Venture Exchange Friday, where they opened at $4.60 per share -- much higher than the asking price of 85 cents -- before finally settling down to close at $2.59 per share. That gives the company a market value of about $90 million. Tweed is aiming to capture about $100 million of Health Canada's projected $1.3 billion annual medical marijuana market. Canada's medical marijuana companies are open for business under Health Canada's new regime. So far, the department has approved 12 companies to grow and sell pot to patients, but there are another 600 applicants waiting in the wings.
News Moderator - The General @ 420 MAGAZINE ®
Source: Huffingtonpost.ca
Author: The Huffington Post Canada
Contact: Contact us
Website: RCMP Seizes Marijuana Headed For Canada's First Publicly-Traded Grower
"We felt everything was done absolutely correctly," Tweed chairman Bruce Linton told the National Post. "When you call police to say, 'Come look at this,' you believe you have everything in order." A Health Canada spokesperson confirmed to the Post the department had given Tweed the green light to purchase marijuana from a licensed grower. The company says it had to buy product because it hadn't anticipated the large demand from licensed buyers, who are ordering several times more marijuana per head than the company expected. Meanwhile, Tweed Inc.'s shares debuted on the TSX Venture Exchange Friday, where they opened at $4.60 per share -- much higher than the asking price of 85 cents -- before finally settling down to close at $2.59 per share. That gives the company a market value of about $90 million. Tweed is aiming to capture about $100 million of Health Canada's projected $1.3 billion annual medical marijuana market. Canada's medical marijuana companies are open for business under Health Canada's new regime. So far, the department has approved 12 companies to grow and sell pot to patients, but there are another 600 applicants waiting in the wings.
News Moderator - The General @ 420 MAGAZINE ®
Source: Huffingtonpost.ca
Author: The Huffington Post Canada
Contact: Contact us
Website: RCMP Seizes Marijuana Headed For Canada's First Publicly-Traded Grower
