By David Lao
Revenue for Tweed Marijuana Inc., reached its all-time high. Tweed, a medical marijuana company based in Canada released its fourth quarter results. The company has previously worked alongside a team of researchers from both Ryerson and University of Ottawa.
“Our entire disclosure will happen next Thursday, but what we have said publicly already is that sales for the fourth quarter were $641,309,” said a Tweed company spokesperson. “That works out to 87,138 grams for Q4.”
Tweed is the first publicly traded marijuana grower and distributor in Canada. The cannabis company previously partnered with Lesley Campbell, an assistant professor in Ryerson’s chemistry and biology department, as well as two researchers who were part of Lesley’s team. The team was studying the best conditions, particularly in the form of lighting, with which to grow weed.
“We’re really happy with the work that’s been going on in there, and we think that it’s going to have really long-term effects, and we think that we’re starting to see the results already in sales,” said the Tweed spokesperson.
The reports of Tweed’s previous third quarter showed that the company had sales reaching $316,117. “In December alone, which was the last month of the fourth quarter, it was $357,000, so you can see the pattern of growth developing, even within the quarter,” said the Tweed spokesperson. “Just December alone was more sales than all of Q3 combined.”
Figures for the company’s sales from the end of the fourth quarter, Jan. 1 to the Feb. 17 were also released, with over 75,000 grams sold in that period. “We came really close to totalling the entire previous quarter, so we’re excited about that, and that’s one of the reasons why we had to rethink our processing area,” said the spokesperson.
Tweed has two separate growing facilities, the first in their headquarters which is based in Smith Falls Ont., where they have multiple growing rooms on a 168,000 sq. ft. lot. The good stuff is being harvested and grown on a rotational basis. “One room will just be starting to flower, the other room will have finished product in that’s ready to clip, bind and cure,” said the spokesperson. “We stagger it so that we’re always right at the cusp of doing a harvest, but the growing time for strains is approximately 8-12 weeks depending on the strain.” Three separate growing rooms and an in-house laboratory were just completed in this location.
The other growing facility is under one of their subsidiaries, Tweed Farms, which is a greenhouse in Niagara. Tweed farms is about 350,000 sq. ft., and right now they “growing in about 10 per cent of it.”
The amount of strains available changes from day to day, but there is around 12 to 13 strains regularly available. The price also varies per strain chosen. “We do three different price points, so we have three strains that are priced at $6, and three strains that are $12, and then the rest of them that we have available are at $9,” said the spokesperson. “We did have over 1000 customers in the last couple of months, and we are approaching the 3000 customer mark.”
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