WeedMD Secures Cannabis Sales Licence for its Large Scale State-of-the-Art Greenhouse
November 13, 2018 (Source) — WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to announce that it has secured a licence from Health Canada to sell cannabis cultivated at its greenhouse facility in Strathroy, Ontario. The original licence, issued under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), was successfully migrated to a licence under the Cannabis Act and its regulations. The sales licence allows the Company to transport cannabis from its Strathroy greenhouse to its nearby indoor facility in Aylmer, Ontario for packaging and distribution to its medical and adult-use customers.
“We are thrilled to secure approval to begin selling the medical-grade cannabis that we’ve been cultivating at our production facility in Strathroy,” said Keith Merker, CEO of WeedMD. “The Company continues to meet its production milestones on schedule and on budget. We brought the initial 44,000 square feet of our Strathroy platform online in record time and have a further 60,000 square feet completed and just awaiting Health Canada approval. Beyond that, we are on track to have more than 500,000 square feet of cultivation online by 2019.”
About WeedMD’s Sustainable Greenhouse
- with features including full climate-control, supplemental lighting and black-out curtains, WeedMD has adopted the best cultivation infrastructure to create a true “hybrid” greenhouse
- equipped with an on-site supply of natural clean water
- modern fertigation system runs on full-recirculation loop which provides an accurate, innovative computerized method of monitoring plant nutrients and water – ensuring that water is recycled and reused rather than leaching into the surrounding area
- boiler exhaust is scrubbed for CO2 which is then utilized for production, providing significant cost savings and ensuring optimal plant growth
With a true-hybrid greenhouse, WeedMD is able to produce indoor quality cannabis, with maximum efficiency.
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 for both the medical and adult-use markets under the Cannabis Act. The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a large-scale 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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