WeedMD Completes First Shipments of Adult-Use Cannabis
September 28, 2018 (Source) — Provinces now stocking WeedMD-branded products in advance of legalization
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 announce that it has delivered its first shipments of WeedMD-branded cannabis to contracted provinces ahead of the landmark date of October 17, 2018 – an important milestone for the Company as it successfully ramps up production from its best-in-class cultivation facilities.
“We’re on the cusp of making history in Canada as the adult-use cannabis market opens up in the coming weeks. I’m proud of the dedication and hard work the WeedMD team has put into ensuring that our branded medical-grade cannabis is made available and accessible to all of our market channels,” said Keith Merker, CEO of WeedMD. “With the continued production ramp-up of both our large-scale, state-of-the-art greenhouse and our premium indoor growing facility, our team is executing to plan and delivering on all fronts to meet our supply commitments to the provinces, Shoppers Drug Mart and our medical markets. We’re looking forward to these long-term partnerships and the expansion opportunities that they bring.”
WeedMD has signed five cannabis supply and purchase agreements including with the Alberta Gaming, Liquor & Cannabis Commission (AGLC), the British Columbia Liquor Distribution Branch (BC LDB), the Nova Scotia Liquor Corporation (NSLC), the Ontario Cannabis Retail Corporation (OCRC), operating as the Ontario Cannabis Store (OCS) and Shoppers Drug Mart. Additionally, WeedMD continues to be engaged in discussions with other provincial liquor boards and emerging private retail operators.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis plant, dried flower and 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.
Cautionary Statement on 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.
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