WeedMD Announces the Development of New Cannabis 2.0 Products Featuring Hash, Live Resin and Rosin Extracts for Adult-Use Lineup
TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) — 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 is kicking off 2021 with the development of new extract products featuring live resin and solventless hash, and rosin concentrates. The Company’s newest Cannabis 2.0 extract products are expected to debut during the second quarter of 2021, under WeedMD’s Color Cannabis and Saturday Cannabis adult-use brands.
“WeedMD’s genetic library boasts unique strains, with flavour and aroma profiles widely recognized throughout the industry and we are thrilled to announce we are now expanding into high-value, terpene-rich hash, live resin and rosin products,” said George Scorsis, Executive Chairman and Interim CEO, WeedMD. “We are listening to our consumers and retail partners in developing these products and extending our portfolio. Our cultivation, commercial and product teams are now capturing these profiles in a variety of formats including solventless concentrates and extracts to deliver premium products under our Color and Saturday Cannabis brands. This expanded portfolio is tailor-made for consumers looking for richer cannabis concentrates and alternative cannabis consumption methods.”Product development for both solventless cannabis concentrates (including bubble hash and rosin) and hydrocarbon (live resin) extract products is currently underway alongside WeedMD and its highly skilled third-party processors. This includes trialing processes to produce extracts which best capture and preserve the Company’s most robust, trichome-coated flowers, including award-winning strains such as Pedro’s Sweet Sativa and Mango Haze.The Company has further developed a unique, in-house sub-critical CO2 extract post-processing methodology, which preserves the flower’s terpene profile and results in a malleable, semi-solid high-potency cannabis extract product. Trials to confirm scalability and product integrity are currently underway at the Company’s Aylmer, Ontario processing and extraction hub.Extract products will be produced using WeedMD’s own biomass, grown on site at the Company’s state-of-the-art greenhouse and outdoor field in Strathroy, Ontario. Initial new extract products are anticipated for market release in Q2 2021.According to Statistics Canada, 527,987 units of adult-use extract products were purchased by Canadians in January 2020. Within 10 months, this single month purchase volume rose significantly by over 150%, to 1,328,769 units in October 2020. Data from the period shows extracts made up 14% of the Canadian cannabis market. Recent third-party* data suggest Canada’s extracts market is forecasted to grow to 37% by 2025, split mostly with 46% dried flower product, and the cannabis market is estimated to grow to $11-billion in that time.Access WeedMD’s 2021 Shareholder Newsletter here. Information about upcoming corporate events can be found here.*Source: Defining the Cannabis Sector in Canada in 2025: Ernst and Young LLP, 2019About WeedMD Inc.WeedMD Inc. is the publicly traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, ON as well as a fully-licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. With the addition of Starseed, a medical-centric operator, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well, as seven provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.Follow WeedMD on LinkedInTwitter: WeedMD, Color Cannabis, Saturday Cannabis & StarseedInstagram: WeedMD, Color Cannabis, Saturday Cannabis & Starseed For further information, please contact:For Investor Enquiries:
KCSA Strategic Communications
[email protected]For Media Enquiries:
VP, Communications & Corporate Affairs
[email protected]To learn more, visit us at www.weedmd.comAll product images and labels are provided for information and illustrative purposes only, and do not represent the actual cannabis product, product label, or its appearance.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; the COVID-19 pandemic; 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 disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the 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 RELEASEA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/86a90eec-f826-4dad-921c-161bc00c9752