SMITHS FALLS, ON, Sept. 04, 2015 /CNW/ - Tweed Marijuana Inc.,
("Tweed" or the "Company") (TSXV: TWD) is pleased to announce that
it has entered into an agreement to acquire MedCannAccess ("MCA")
by way of amalgamation in an all-equity transaction that aims to
bring the Company's customer experience to new levels.
Through the integration of MCA, Tweed and its subsidiaries will
be able to offer in-person client services through MCA's existing
network of community engagement centres in the key market of
Ontario, making Tweed the first
Licensed Producer in Canada to
offer in-person services in the medical marijuana industry.
"Tweed has always placed a heavy emphasis on customer service.
Until today that meant people could call us and talk to a Customer
Care associate or find us on social media to learn more about our
products and services," said Bruce
Linton, Chairman and CEO of the Company. "Now they can
walk into a physical location and get that same level of service,
face to face."
Existing MCA centres in Guelph,
Etobicoke, and Hamilton will offer unmatched support to local
physicians and the broader healthcare community, while providing
patients with consultation and registration services at absolutely
no cost.
"The MCA team is comprised of individuals who have been
integrated into their local cannabis and medical communities for
years," said MCA's VP of Business Development, Rade Kovacevic.
"Working with Tweed, we can enhance support for our patients
locally and engage at the community level like never before."
Through the acquisition of MCA, Tweed will also acquire a 33%
stake in CannScience Innovations Inc. ("CannScience"), a drug
development company based out of the MaRS Centre in Toronto working collaboratively with the
University Health Network. CannScience conducts in-depth
extracts research, with the ultimate goal of delivering
standardized metered dosing in a range of alternate delivery
methods, a priority for the Company as the emerging cannabis
extract market evolves. CannScience's lead product in development
incorporates the Generex Biotechnology Corporation proprietary
RapidMistâ„¢ drug delivery technology, which is specially engineered
to propel metered doses into the buccal cavity where the
active pharmaceutical ingredient is absorbed, providing patients
with a safe, simple, and easy way to achieve rapid on-set
with no deposit in the lungs.
Finally, the acquisition will see Tweed obtain a library of
fully phenotyped, award-winning, proprietary genetics produced by
Humber Valley Seeds. These unique genetics will provide Tweed
with a more diverse product offering and open up new opportunities
for breeding and product development.
Terms of the all equity deal to acquire MCA include:
$1,500,000 in Tweed shares issued
immediately upon closing of the transaction and $4,240,000 in Tweed shares contingent upon
meeting certain milestones including expansion of in-person client
services milestones, key personnel deliverables, CannScience
meeting certain research-related milestones, and achieving
international expansion objectives.
With an ever-increasing platform for delivering a variety of
product lines across a number of growing platforms, Tweed is well
positioned to service the needs of patients across Canada. The addition of MCA to the Tweed team
will further enhance the Company's accessibility to patients and
doctors, while its equity stake in its new partner CannScience will
differentiate the company as the cannabis oil market develops.
Here's to Better Future Growth.
About Tweed:
Tweed Marijuana Inc. is Canada's first publicly traded
medical marijuana company and the first geographically diversified
producer with dual licenses under the Marihuana for Medical
Purposes Regulations. Through its wholly owned
subsidiaries, Tweed, Tweed Farms, and Bedrocan Canada the Company
operates three state-of-the-art production facilities
in Ontario and distributes marijuana across the country
to Canadian patients managing a host of medical conditions, as
regulated by the Marihuana for Medical Purposes Regulations
(Canada).
The Company is dedicated to educating healthcare practitioners,
providing consistent access to high quality medication, and
furthering the public's understanding of how marijuana is used for
medical purposes.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About MCA:
MedCannAccess was established to assist patients in accessing
medical cannabis products in a supportive, community-based
environment. The MCA production team is world renowned for
its cannabis breeding capabilities, while its established network
of community engagement centres provide personalized support
throughout the entire medical marijuana application process and
thereafter. The MCA team has over 50 years of combined experience
helping patients navigate the process to access cannabis for
medical purposes and have been industry leaders, co-founding both
the Canadian Association of Medical Cannabis Dispensaries and the
Canadian Medical Cannabis Industry Association.
About CannScience:
CannScience is an R&D biopharmaceutical company established
to conduct research and development of therapeutic products based
on the extracts from medical cannabis. CannScience is developing
proprietary technologies and owns know-how related to the chemistry
and pharmacology of medicinal cannabis. CannScience is working on
integrating various medical devices and drug delivery technologies
for the delivery of medications for various patient
populations.
CannScience is headed by Har
Grover, a well-known life sciences entrepreneur who has
worked with several of Canada's
leading life sciences companies. CannScience is currently executing
research in novel extracts and drug delivery formulations in
collaboration with the laboratory of Dr. Lakshmi P. Kotra who is
the Director at the Center for Molecular Design and Preformulation,
Scientist at University Health Network, and Associate Professor of
Medicinal Chemistry at the University of
Toronto.
Notice regarding Forward Looking Statements
This news release contains forward-looking statements.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects" or "does not
expect", "is expected", "estimates", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company or any
of its subsidiaries to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. In particular, statements about the
proposed acquisition of MCA by the Company, including the expected
timetable for completing the transaction, the receipt of
shareholder and regulatory approvals, benefits and synergies of the
transaction, future opportunities for the combined company and
products and any other statements regarding Tweed's and MCA's
future expectations, beliefs, goals or prospects are or involve
forward-looking information.
Although Tweed Marijuana Inc. has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Readers should not place undue reliance on
forward-looking statements. The factors identified above are not
intended to represent a complete list of the factors that could
affect the Company or any of its subsidiaries. Additional factors
are noted in the Company`s Annual Information Form dated as of
July 20, 2015 and available at
www.SEDAR.com. The forward-looking statements included in
this news release are made as of the date of this news release and
Tweed Marijuana Inc. does not undertake an obligation to publicly
update such forward-looking statements to reflect new information,
subsequent events or otherwise unless required by applicable
securities legislation.
SOURCE Tweed Marijuana Inc.