TORONTO, Sept. 21, 2020 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical and adult-use cannabis, announced today that it has secured an amendment to its Health Canada licences allowing the Company to produce, package, sell and distribute all cannabis formats directly from its 610,000-square-foot flagship cultivation and processing site in Strathroy, Ontario.
“The ability to sell our growing portfolio of cannabis products to provincial distributors and the medical market from our Strathroy cultivation hub will accelerate our path to profitability as we continue to execute on our consolidation plans – achieving operational efficiencies with speedier product fulfilment,” said Angelo Tsebelis, CEO of WeedMD. “Additionally, it provides us with the flexibility to further commercialize the ready-to-use space at our modern greenhouse in Strathroy for the production and shipment of high-margin new cannabis formats such as a variety of extracts, topicals and edibles. It also provides a runway for growth should we elect to scale-up or consider future expansion opportunities and partnerships.”
WeedMD’s hybrid-greenhouse in Strathroy is currently operating at full capacity under a 210,000 square foot canopy alongside additional drying and processing space. The Company’s 27-acre, low-cost, outdoor grow, now in its second year of operation, is located on site along with a 50,000 square foot stand-alone, licensed processing facility dedicated for outdoor cannabis processing. The outdoor harvest is expected to kick-off in early October 2020 and will provide terpene-rich, high-cannabinoid input material for extraction and dried flower product formats such as pre-rolls and ready-to-roll. WeedMD’s fully-licensed, extraction centre-of-excellence in Aylmer, ON produces the Company’s cannabis derivatives, and its fully-licensed Bowmanville, ON facility houses the Company’s medical fulfilment and distribution activities as well as its award-winning client services team.
Information about upcoming corporate events including earnings conference call details can be found here. Access WeedMD’s latest Investor Presentation here and Corporate Update Video here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets. The Company owns and operates a fully-licensed 158-acre state-of-the-art greenhouse, outdoor cultivation site and processing facility located in Strathroy, Ontario as well as a fully-licensed 26,000 sq. ft. Aylmer, Ontario processing facility, specializing in cannabis extraction. With the addition of Starseed, a medical-centric operator based in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.
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For further information, please contact:
For Investor Enquiries:
KCSA Strategic Communications
For Media Enquiries:
VP, Communications & Corporate Affairs
Forward Looking Information This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon WeedMD’s current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will” happen, or by discussions of strategy.
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information in this news release include, but are not limited to, statements with respect to internal expectations, expectations with respect to actual production volumes, expectations for future growing capacity and the completion of any capital project or expansions. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of WeedMD to implement its business strategies; the COVID-19 pandemic; competition; crop failure; and other risks.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, WeedMD does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for WeedMD to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in WeedMD’s disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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