WeedMD Reports Preliminary Q2 Net Revenues of $8 Million and Confirms Earnings Call on August 29, 2019
August 07 2019 - 6:10AM
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 report
preliminary unaudited revenues of $8 million for the three months
ending June 30, 2019. Taking into consideration its sales from the
medical, adult-use and wholesale markets, WeedMD increased its net
revenues quarter-over-quarter by more than 140% to $8 million.
The interim financial results for the three and six month
period ending June 30, 2019, will be released on August 29, 2019.
The information contained herein may change based on final
results.
“WeedMD continues to execute on multiple fronts
and we are pleased to announce another record quarter,” said Keith
Merker, CEO of WeedMD. “With our industry-leading outdoor grow and
recent licensing of another 20 cultivation and processing rooms at
our Strathroy greenhouse (read press release here), WeedMD is
positioned for continued growth and profitability.”
Q2 Conference Call
The Company will host a conference call with
management on Thursday August 29, 2019 at 10 a.m.
Eastern Time to report its Q2, 2019 financial results
and operational outlook. The call will be hosted by Keith Merker,
CEO and Nichola Thompson, CFO of WeedMD.
Management will be available for analyst and media questions
following opening remarks.
Conference Call Details:
Date: |
Thursday August 29, 2019 |
|
|
Time: |
10 a.m. Eastern Time |
|
|
Dial-in Number: |
Canada/USA: 1-800-319-4610. International Toll:
1-604-638-5340Participants, please dial in and ask to join the
WeedMD call. |
|
|
Replay Dial-in: |
Canada/USA: 1-800-319-6413. International Toll:
1-604-638-9010Replay Access Code: 3544Replay will be available
after 12:00 p.m. Eastern Time, until September 29, 2019. |
For more information, access WeedMD’s AGM
investor presentation here and 2019 corporate video highlights
here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent
company of WeedMD Rx Inc., a federally-licensed producer of
cannabis products for both the medical and adult-use markets. The
Company owns and operates a 158-acre state-of-the-art greenhouse
and outdoor facility located in Strathroy, ON. The Company
also operates CX Industries, a wholly-owned subsidiary of WeedMD
Inc. CX operates out of the Company’s fully-licensed 26,000 sq. ft.
Aylmer, Ontario production facility which specializes in cannabis
extraction and processing. WeedMD has a multi-channeled
distribution strategy that includes selling directly to medical
patients, strategic relationships across the seniors’ market and
supply agreements with Shoppers Drug Mart as well as six provincial
distribution agencies where WeedMD’s adult-use brand Color
Cannabis is sold.
Follow WeedMD & Color Cannabis:
Facebook:
https://www.facebook.com/weedmd/LinkedIn:
https://www.linkedin.com/company/weedmd/?originalSubdomain=frTwitter:
https://twitter.com/WeedMDInstagram:
https://www.instagram.com/weedmd/&Instagram: https://www.instagram.com/callitcolor/
For further information, please
contact:
WeedMD Inc.
Keith Merker, Chief Executive Officer Tel: 519-765-2440 Ext.
201Email: investor@weedmd.com
To learn more, visit us at www.weedmd.com
For Media
Inquiries:
Marianella delaBarreraVP, Communications & Corporate
AffairsTel: 416-897-6644Email: marianella@weedmd.com
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
the Company's future results of operations, 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 June 21, 2019
(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.
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 RELEASE
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