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
operational update. The Company has successfully completed
the harvest of its 27-acre crop of outdoor cannabis at its
Strathroy facility. WeedMD will hold its Q3-19 earnings call to
report its financial results on Friday, November 29, 2019 following
the release of its quarterly financial filings. Call details found
here.
WeedMD is also pleased to announce that it has
entered into commercial extraction operations at its Aylmer
facility, with the commissioning of its recently installed
extraction equipment. In addition, the Company has secured a Health
Canada licence to produce and sell cannabis concentrates, edibles
and topicals at this location, paving the way for the production
and sale of cannabis 2.0 products.
“With the outdoor harvest now complete, we’ve
achieved a significant milestone. WeedMD now has a significant
amount of cannabis that we intend to bring to market over the
current and coming quarters as both dried flower and in various
value-added formats,” said Keith Merker, CEO of WeedMD. “Combining
our vertically-integrated extraction business at our CX Industries
site in Aylmer with our low-cost production of dried flower, we are
well positioned to emerge as a leader in the production and sale of
extracts.”
Outdoor Harvest Details. The
harvest of its 27-acre field is now complete. As WeedMD is now well
into the post-harvest process, the Company plans to provide
metrics, including total yield, alongside its earnings announcement
later this month. See harvest video here.
Ongoing Test Results. To date,
the Company has submitted 15 outdoor-cannabis samples for initial
testing and reported results are in compliance with specifications
for heavy metals and Health Canada’s requirements for mandatory
cannabis testing for pesticide active ingredients. WeedMD looks
forward to providing details including test results for cannabinoid
contents, strain yields and market availability of its
outdoor-cultivated cannabis, which includes some of its signature
strains such as Pedro’s Sweet Sativa, Ghost Train Haze, ACDC and
Ultra Sour as well as some new cultivars.
CX Industries Enters Commercial
Operation. WeedMD also confirmed that its newly-installed
Vitalis Q-90 CO2 extractor has entered commercial operations at its
Aylmer, Ontario site. Read about CX Industries launch here.
CX Industries
Processing Capability. With the commissioning of
its first extractor, CX Industries is equipped to process 26,000
kgs of biomass annually. A second Vitalis-manufactured Q-90
extractor, engineered for high CO2 thorough-put efficiency will be
installed in the coming month followed by two more extractors in
2020. At peak production, CX will have the capability to extract
200,000 kgs of biomass annually.
Health Canada Licensing. The
Company confirms it is one of 43 licensed holders - out of 245
licence holders under the Cannabis Act – to secure an amended
licence to produce and sell concentrates, edibles and topicals from
its Aylmer facility. WeedMD and CX Industries plan to release new
cannabis 2.0 product formats to Canadians as early as January 2020
across a number of brands.
Release of Q3 Financials & Earnings
Conference Call. The Company will release its quarterly
financials after market close on Thursday, November 28, 2019
followed by a conference call with management on Friday
November 29, 2019 at 10 a.m. Eastern Time to report its Q3-19
financial results and operational outlook. The call will be hosted
by Keith Merker, CEO and Nichola Thompson, CFO. Call-in details
will be published in the coming weeks.
Access WeedMD’s investor presentation here and
2019 corporate video highlights here. For more information about CX
Industries, visit website here.
About CX Industries Inc.CX
Industries is a wholly-owned subsidiary of WeedMD Inc. and operates
out of its fully-licensed 26,000 sq. ft. Aylmer, Ontario production
facility and specializes in cannabis extraction and processing. The
facility is located on four acres of expandable property owned by
WeedMD. At peak production in 2020, CX is expected to extract and
process more than 200,000 kgs of biomass annually.
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,
outdoor and processing facility located in Strathroy, Ontario.
WeedMD also operates CX Industries Inc., a wholly-owned subsidiary
of WeedMD Inc. CX Industries 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.:
For Investor Inquiries:James Williams Director,
Capital Markets Email: investor@weedmd.com
For Media Inquiries:
Marianella delaBarreraVP, Communications & Corporate
AffairsTel: 416-897-6644Email: marianella@weedmd.com
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; 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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