WeedMD Completes Strategic Investment in Snipp Interactive Inc.
March 21, 2018 (Source) — WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis, is pleased to announce that it has made a strategic investment in Snipp Interactive Inc. (TSX-V:SPN) (“Snipp”), a global loyalty and promotions company focused on disruptive engagement platforms for consumers. The companies have also entered into an agreement whereby WeedMD will appoint Snipp as its technology vendor of record to design and deploy custom marketing solutions for direct sales, retail sales, referral/sourcing programs, distributor programs and other programs.
“As we move into new markets, it’s important to provide informed and engaging online experiences to consumers. By utilizing Snipp’s proprietary solutions to develop and implement new marketing and sales programs, we plan to deepen our relationship with current and future customers,” said Bruce Dawson-Scully, CEO of WeedMD. “We are excited to roll out these campaigns to expand market awareness, enhance communication touch points, and further engage our consumers.”
WeedMD is also proud to announce its participation in Snipp’s recently launched Cannabis Resource Marketing Centre (“CMRC”), which brings together all of the accumulated knowledge Snipp has acquired in designing and launching marketing programs in regulated industries, including alcohol, pharmaceuticals and tobacco. The goal of the CMRC is to help cannabis marketers hit the ground running and take advantage of the deep expertise and flexible technology platforms engineered by Snipp for regulated industries. See www.snipp.com/CMRCfor more detail.
“We are looking forward to working with the team at WeedMD as we provide strategic support and launch our industry-leading, technology-based solutions to advance and accelerate their marketing and sales programs,” said Atul Sabharwal, CEO of Snipp. “Snipp is committed to positioning WeedMD as not only a market leader, but as a pioneer in leveraging emerging technologies as they build their business to drive engagement and loyalty. Our focus will initially be to help raise market awareness along with acquisition and retention of medical patients, and eventually for retailers as the adult use market emerges.”
Under the terms of the strategic partnership, WeedMD will invest $250,000 into Snipp on the same terms and condition as their recently announced financing at $0.10 per share. As part of the agreement, WeedMD, will have the right to nominate one member to the Snipp advisory board.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. The Company is focused on providing medical cannabis to the long-term care, assisted living and seniors’ markets in Canada through its proprietary seniors’ care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays – including as it pertains to regulatory requirements, indications and potential side effects.
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Company’s common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
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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