WeedMD draws C$35.9 million under C$39.1 million BMO credit agreement

By Devika Patel

Knoxville, Tenn., May 31 – WeedMD Inc. drew C$35.9 million under a new C$39.1 million credit agreement with Bank of Montreal last quarter.

“WeedMD entered into a credit agreement with Bank of Montreal for total funds of up to C$39.1 million,” chief financial officer Nichola Thompson said on the company’s first quarter ended March 31 earnings conference call on Friday.

“At the end of the quarter, the company had drawn C$35.9 million, leaving up to C$3.2 million available for future projects,” she said.

The company’s cash balance was $16.9 million at the end of the quarter.

WeedMD Inc. is the Toronto-based publicly traded parent company of WeedMD Rx Inc., a federally licensed producer and distributor of medical cannabis.

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