BUSINESS

Medical Marijuana Company To Seek TSX Listing

01/28/2014 06:03 EST | Updated 03/31/2014 05:59 EDT
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Tweed Inc., an Ontario company that won a federal licence today to grow medical marijuana, plans to seek a listing on the TSX Venture Exchange.

It has sent a letter of intent to the Toronto Stock Exchange saying it plans to take over a ticker owned by LW Capital Pool Inc. as soon as it can complete the regulatory process for listing on the Venture Exchange.

The company will grow medical marijuana plants at its site in a former Hershey Co. plant in Smiths Falls, Ont., about 80 km southwest of Ottawa. Registration begins Feb. 6 for patients wanting to buy its product.

Its master grower, Ryan Douglas, previously worked as cultivation manager for a state regulated, medical marijuana production facility in Maine.

It secured a licence to become a commercial supplier of marijuana from Health Canada, one of five companies that are listed as approved suppliers. 

Canada changed the laws that allowed medical marijuana users to grow their own product last year.

Starting in October, licences were no longer available to those who wish to grow their own medical marijuana. As of April 2014, the practice will be outlawed.

Anyone using medical marijuana will need to get it from a licensed medical supplier.

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