WeedMD To Absorb Excise Tax and Offer Free Shipping for Medical Cannabis Patients
September 26, 2018 (Source) — Demonstrates Ongoing Commitment to the Medicinal Use Community and to Putting Patients First
WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to provide an update on its medical cannabis program and its dedication and responsibility to putting patients first.
Patients First Approach
Given the recent government announcements to impose an excise tax of $1 per gram (or 10% of the sale price) on cannabis (the “Excise Tax”), WeedMD is pleased to announce it will further support its medical-use customers by continuing to offer competitive pricing on its premium, medical-grade cannabis and that it will absorb the increased cost as a result of the Excise Tax. Scheduled to come into effect on October 17, 2018, the Excise Tax is applicable for both the recreational and the medical market on all cannabis products containing THC.
Additionally, effective immediately, the Company will be offering free standard shipping on all medical cannabis orders with no minimums and no restrictions. WeedMD also remains committed to its compassionate pricing program which supports patients that require financial assistance.
“Despite the fact that almost all prescription drugs are tax free in Canada, medical cannabis patients are being forced to pay the Excise Tax on their medicine. WeedMD is proud to demonstrate support for our patients by implementing these cost-relief initiatives and putting our patients first,” said Keith Merker, CEO of WeedMD. “The reality is that many patients do not have the cost of their medicine covered by insurance and often struggle to afford their prescriptions. Adding an additional tax could put their treatment further out of reach.”
WeedMD also urges all cannabis patients, industry advocates, and fellow Canadians to express their support for the removal of the Excise Tax on medical cannabis by signing Petition E-1528 (the “Petition”). Signatures for the Petition close October 17, 2018, the day the Excise Tax and adult-use legalization are scheduled to come into effect.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis and cannabis oil under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The greenhouse currently has 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet online by year-end 2018. WeedMD has a multi-channeled distribution strategy that includes supply agreements with Shoppers Drug Mart and provincial distribution agencies, as well as through strategic relationships across the seniors’ market in Canada.
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; 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 Annual Information Form dated December 13, 2017 (the “AIF”) and other disclosure documents of WeedMD filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the AIF and other disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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