WeedMD Secures DTC Eligibility and Graduates to OTCQX® Best Market
October 2, 2018 (Source) — Allowing expedited trade settlement and improved liquidity for U.S. investors
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 it has secured its Depository Trust Company (“DTC”) eligibility for WeedMD’s publicly traded securities. The Company will also begin trading on the OTCQX® Best Market under the ticker symbol “WDDMF” in the United States. U.S. investors can now find current financial disclosure and real-time level 2 quotes for WeedMD on www.otcmarkets.com.
“Having WeedMD become both DTC eligible and traded on the OTCQX® Best Market provides the Company with more visibility and transparency in the U.S. and greater liquidity for our current and future shareholders,” said Keith Merker, CEO of WeedMD. “We are excited to be expanding our U.S. investment community through this well-respected platform.”
The DTC is a subsidiary of the Depository Trust & Clearing Corporation and manages the electronic clearing and settlement of publicly traded securities. Securities that are eligible to be electronically cleared and settled through the DTC are considered “DTC eligible”, allowing for cost-effective clearing and guaranteed settlement, simplifying and accelerating the receipt of stock and cash for investors and brokers. Securities that are not DTC eligible are often not accepted for trading at certain brokerages due to the amount of paperwork and human resources required to execute and settle trades. As such, non-DTC eligible securities are typically more difficult for a significant percentage of investors to access than those that are DTC eligible. Further, companies that are approved for DTC electronic transfers typically experience higher trading volumes of their securities given the additional accessibility and availability of shares for trading.
OTCQX® Best Market Graduation
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and international securities. The OTCQX® Best Market was created for established, investor-centric U.S. and international companies. To qualify for the OTCQX® Best Market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities law and must be current in their disclosures. OTC Markets Group Inc. strives to enable investors to seamlessly trade through the broker of their choice and to empower companies to improve the transparency of information to investors.
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
InvestorIntel.com is a leading online source of investor information that provides public market coverage for both investors and industry alike. A qualified online influencer through ... <Read more about InvestorIntel>