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 that 40 of its medical cannabis
strains were included in the completion of the first phase of
TruTrace Technologies’ (“TruTrace”, formerly BLOCKStrain Technology
Corp.) medical cannabis verification pilot project (the “Pilot
Project”) with Shoppers Drug Mart. As recently announced by the
parties, together with Deloitte Canada LLP (“Deloitte”), Phase 2 of
the Pilot Project is targeted for completion in late November 2019.
Shoppers and TruTrace release here.
Built on TruTrace’s proprietary StrainSecure™
system which focuses on cannabis product testing and verification
to confirm origin, authenticity and quality, WeedMD is the first
and only licensed producer to have 40 strains registered in the
program. This technology helps in the protection of WeedMD’s unique
strains and assists its customers, including Shoppers Drug Mart,
with strain and product authenticity.
“WeedMD has long recognized the importance of
strain validation,” said Keith Merker, CEO of WeedMD. “As health
care practitioners look to prescribe, trust and better understand
cannabis science, we’re proud to confirm that 40 WeedMD strains
were used in the completion of this pilot project. We congratulate
TruTrace, Shoppers Drug Mart and the newly-added Deloitte team on
this landmark initiative and we look forward to completing the next
phase this fall.”
“As the first LP to participate in the strain
registry program, WeedMD stands out as a cannabis producer that
consistently looks to instill patient and industry trust in the
products prescribed and consumed,” said Robert Galarza, CEO of
TruTrace Technologies. “The completion of Phase 1 was a collective
effort that included the very important participation of WeedMD
with their robust library of strains – the only complete set of
genetics to be included at this stage – thereby ensuring the
integrity of the project’s traceability and origin assurances.”
About TruTrace’s StrainSecure Registration
Program
In January 2019, WeedMD successfully registered
forty of its strains using TruTrace's StrainSecure™ technology.
Following the collection, sequencing and registration of the DNA of
its cannabis strains, WeedMD became the first licensed producer in
the world to incorporate a cannabis authenticity and tracking
platform into its sales program. Read press release here.
Under the program, TruTrace’s team collects
plant data and performs genomic sequencing in plant batches which
are then registered in a blockchain-enabled database for
intellectual property protection and strain validation. Known as
StrainSecure, all information gathered from the plants, including
their molecular and chemical makeup, can be tracked via the
program. A video introducing the WeedMD and TruTrace pilot project
can be found here.
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/
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, WeedMD:
Marianella delaBarreraVP, Communications & Corporate
AffairsTel: 416-897-6644Email:marianella@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; 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
WeedMD (TSXV:WMD)
Historical Stock Chart
From Feb 2024 to Mar 2024
WeedMD (TSXV:WMD)
Historical Stock Chart
From Mar 2023 to Mar 2024