July 23, 2015 • Blog, The Power 50, Uncategorized
Operating out of the former Hershey’s chocolate factory in Smith Falls, Ontario, Tweed is taking the fuss out of medical marijuana. And with just 18 companies currently able to legally produce marijuana in Canada, it’s their game to lose.
The medical marijuana grower and distributor has one of the largest licenses in an industry that is expecting its user base to grow ten-fold over the next ten years. While recent legal changes made it possible for commercial growers to exist, prior to that, Canadians with a medical marijuana prescription had to either grow their own plants, buy from a government-approvedoutlet or purchase pot in legally grey areas.
In true modern fashion, Tweed’sproductscan be ordered from your phone or on a website, and arrives by courier or Canada Post. They even have a call centre to help you pick the strains that are right for you. In an industry that is trending up, Tweed is scaling up its production. They’ve more than doubled their operations, adding a 350,000-square-foot greenhouse in Niagara-on-the-Lake this past spring. Their license increased from 3,500 kilograms to 15,000 kilograms, and if they hit capacity, calculations show that at the cheapest of their dozen strains ($7 per gram), they will rake in over $100 million in sales.
“It’s Tweed’s game to lose,” said Khurram Malik, an analyst with Jacobs Securities, who covered the first-ever medical marijuana company to be listed on the TSX. “We’re still in the very early, early stages of what Tweed can do,” Malik said. While growing marijuana may be easy, doing so to meet Health Canada’s stringent standards has been a bit of a learning curve for the company. But with revenues for the company forecasted at $16.5 million and $29 million in 2016 and 2017, respectively, it’s safe to say that they’re figuring it out.
Medical marijuanaThe Power 50Tweed
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