WeedMD Inc. Provides Bi-Weekly Status Report Regarding Management Cease Trade Order and Update Regarding Interim Financial Statements
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TORONTO, May 14, 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 providing a bi-weekly update on the status of the management cease trade order granted on May 3, 2021 (the “MCTO“) by its principal regulator, the Ontario Securities Commission, in accordance with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on April 21, 2021 (the “Default Announcement“), that it would be unable to file its annual audited financial statements, annual management’s discussion and analysis and related certifications for the year ended December 31, 2020 (the “Required Annual Filings“) on or before April 30, 2021, as required under applicable securities laws. The Company’s CEO and newly appointed CFO confirm they are working expeditiously to file the Required Annual Filings and expect to do so on or about May 28, 2021.
The Company also announces that the filing of its unaudited interim financial statements, management’s discussion and analysis and related CEO and CFO certifications for the three-months ended March 31, 2021 (the “Required Interim Filings“), will be delayed beyond the filing deadline of May 31, 2021.
Update on 2021 Interim Financials
The delay in the completion of the Required Interim Filings is also as a result of certain personnel changes in the Company’s finance department, including the Company’s previous Chief Financial Officer tendering his resignation on April 13, 2021 and which resignation has prevented the Company’s officers and directors from preparing the Company’s regulatory filings in a timely fashion. The Company is working expeditiously to complete the Required Interim Filings as soon as possible. The Company expects the Required Interim Filings to be filed on or prior to June 30, 2021. It is expected that, following the Company’s filing of the Required Annual Filings, pursuant to the terms of the MCTO, the MCTO will remain in effect until two full business days following the filing of the Required Interim Filings, or further order of the Director of the Ontario Securities Commission.
Bi-Weekly Status Report
The Company confirms that since the date of the Default Announcement, except as set out above: (i) there has been no material change to the information set out in the Default Announcement or subsequent default status reports that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About 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.
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To learn more, visit us at www.weedmd.com
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.
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