WeedMD Partners with Leading Quebec Product Formulation Laboratory to Spearhead Cannabis Product Development
October 23, 2018 (Source) — Appoints Dr. Domenico Fuoco as Chief Innovation Officer
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 signed a pivotal agreement with Montreal-based Smart Medicines GMP Inc. (“Smart Medicines”) and appointed its founder and president, Dr. Domenico Fuoco, to the position of Chief Innovation Officer of WeedMD. Smart Medicines is a leading-edge, research-driven organization that creates, develops and launches pharmaceuticals, natural health products and cosmetics.
“Partnering with a team that understands product development – from ideation to formulation, will provide WeedMD with a significant advantage as we plan for long-term success. I’m pleased to welcome Dr. Domenico Fuoco and the Smart Medicines team, who are already applying their expertise in the development of natural health products, drug development and molecular modeling for a variety of cannabis products,” said Keith Merker, CEO of WeedMD. “Their vision is impressive, and together we’ve laid out an ambitious plan to extend into consumer markets such as health and wellness, cosmetics and nutraceuticals.”
“This is a natural progression for both myself and the Smart Medicines team as we already have experience working with cannabis and have been waiting for the right partner to work with on an exclusive basis. WeedMD is the perfect fit – we share the same principles as well as a philosophy rooted in science and geared for the production of novel, safe, quality products,” said Dr. Domenico Fuoco, CIO of WeedMD. “We’ve already established a five-year plan and we’re ramping up our 10,000 sq. ft. fully-equipped, state-of-the-art laboratory in Montreal to bring WeedMD to the next level of success.”
With close to 20 years of analytical chemistry and product development experience, Dr. Fuoco is widely recognized in the R&D community. As an award-winning, widely-published scientific author who has received numerous awards and fellowships, he’s worked in collaboration with McGill University Health Centre, Concordia University and Montreal General Hospital as well as several well-known pharmaceutical companies. While president of Smart Medicines GMP Inc., he’s been leading the technology transfer hub between universities and industry, overseeing product development, closely leading the activity from proof of concept to market as well as scaling up operations. As the lead on many new drug development programs and clinical trials, he’s also well-versed in registration, supervision and liaising with Health Canada. A graduate from the University of Perugia’s School of Pharmacy, Dr. Fuoco also holds a Ph.D. in Medicinal Chemistry along with the official equivalent in Quebec as a Doctor of Pharmacy.
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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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