WeedMD Provides Update on Greenhouse Expansion and Production Capacity Increase
TORONTO, Jan. 03, 2019 (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 provide an update on its greenhouse expansion in Strathroy, Ontario. With the recent licensing of six additional grow rooms bringing licensed production capacity at its hybrid greenhouse to 110,000 sq. ft., the Company confirms it is on track to increase its cultivation platform to more than 550,000 sq. ft. in early 2019. Latest greenhouse update 2019 video here.
“Our experienced operational team combined with our state-of-the-art hybrid greenhouse have enabled us to bring production online faster and more cost-effectively than any other Canadian licensed producer. With our fully-financed expansion plans, we are on schedule to rapidly increase our annual production capacity to more than 50,000 kg,” said Keith Merker, CEO of WeedMD. “The Company is fulfilling its supply agreements with provincial distribution agencies across the country and is committed to meeting the needs of existing medical and senior care patients. WeedMD also congratulates Shoppers Drug Mart on its recent licensing to distribute WeedMD-branded products across Canada starting early this year. By pursuing a wide range of high value-added applications for our expanding and funded production, WeedMD is positioning itself as a leading provider of top-quality cannabis products.”
The Company is also delivering on its broader growth strategy to provide value-added products across a wide spectrum of attractive verticals and international markets such as Australia and Israel – which recently introduced WeedMD’s leading cannabis genetics to its markets. Added Merker: “We are developing a diversified product offering, including near-term plans to introduce branded pre-rolled products and soft gel oil capsules, in addition to continued collaboration with our joint venture partner Phivida to develop CBD-infused beverages. WeedMD is also pursuing opportunities to secure strategic footholds in all other Canadian provinces with additional supply agreements.”
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 for both the medical and adult-use markets under the Cannabis Act. 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 110,000 square feet of licensed space in production and is expected to have a total footprint of more than 550,000 square feet online in early 2019. 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.
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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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