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
the appointment of Tricia Symmes as General Manager of CX
Industries Inc. (“
CX Industries” or
“
CX”). CX Industries is the wholly-owned
subsidiary of WeedMD that specializes in extraction, toll
processing and third-party product formulation and operates out of
the Company’s fully-licensed extraction hub in Aylmer, Ontario. In
this newly-created role, Tricia will lead CX Industries’ commercial
operations and the development of new business channels and product
development for both the adult-use and medical markets. CX
Industries will leverage her extensive knowledge and experience in
bringing over 20 pharmaceutical products to market, including
developing medical cannabis formulations as it looks to introduce
high-margin products of new cannabis classes.
Also joining the CX team is industry specialist
Logan Marynissen, as Director of Extraction. Logan will optimize
WeedMD’s extraction operations and provide technical oversight for
the production of new cannabis products. Tricia and Logan will
drive CX Industries to commercial scale and lead product innovation
with low-cost cannabis readily available from WeedMD’s outdoor and
greenhouse-crafted cannabis. Outdoor-cannabis harvest video
here.
“As we strengthen our verticals, build new
cannabis product lines and continue scaling for growth, we are
positioning WeedMD for long-term success and CX will be a critical
component as we execute our new cannabis products strategy,” said
Keith Merker, CEO of WeedMD. “We welcome Tricia and Logan, both
seasoned leaders from Canada’s pharmaceutical and extraction
industries who bring considerable bench-strength and experience to
our team. With Tricia’s commercial acumen, deep understanding of
P&L structures and medical cannabis oversight, and Logan’s rich
experience in varied extraction methodologies, they are perfectly
suited to lead CX.”
CX Industries’ Vitalis Q-90 supercritical CO2
extractor recently entered commercial operations. With its focus on
end-product manufacturing and white-labelling, CX expects to
produce the highest margin cannabis products for increased
profitability. A significant portion of WeedMD’s low-cost
greenhouse and outdoor biomass is slated for CX Industries. Its
throughput capacity of 26,000 kgs will double to over 50,000 kgs
per year when a second extractor becomes operative by end of 2019.
At peak production in 2020 with four machines in operation, CX will
have the capacity to extract and process 200,000 kgs of biomass
annually. More about CX launch here.
“This is a pivotal time to be joining CX
Industries as we leverage WeedMD’s robust and disruptive
cultivation platform to develop industry-leading, margin-rich
cannabis products. Everything from concentrates to sprays to
topicals,“ said Tricia Symmes, General Manager of CX Industries.
“The industry is rife with opportunity as consumers look for
alternate ways to incorporate cannabis into their routines and
borrowing from Pharma and CPG will ensure we remain
best-in-class.”
Additionally, CX Industries and WeedMD will list
a range of cannabis extract products across its medical and
non-medical markets in Q1 2020. The Company also expects to launch
new brands to complement its current portfolio and introduce
products of new cannabis classes in the new year.
About CX Industries’ hires:
Tricia Symmes, General Manager, CX
Industries: Most recently the Chief Operating Officer of
Acerus Pharmaceuticals, Tricia has a deep knowledge in commercial
and business development as well as regulatory, governance and
compliance requirements. She previously held positions of
increasing responsibility including General Manager at Alcon Canada
and Vice President of Sales and Marketing with Novartis
Pharmaceuticals. Tricia holds an MBA from Charles Strut University,
an Honors Bachelor in Kinesiology from Western University and a
post-graduate certificate in Human Resources Management from Humber
College.
Logan Marynissen, Director of
Extraction, CX Industries: Logan spent the last four years
overseeing Canopy Growth’s extraction operations in Smith Falls,
Ontario. He will be instrumental as WeedMD scales its CX
operations. He brings experience and deep knowledge in plant
extraction methodologies such as: distillation, crystallization,
decarboxylation, terpene separation, winterization and
supercritical extraction. Logan holds an Honors BSc. Degree in
Biological & Pharmaceutical Chemistry from Guelph
University.
Access WeedMD’s investor presentation here and
2019 corporate video highlights 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/Instagram: https://www.instagram.com/callitcolor/
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/db6929d6-df48-45c6-a4aa-374e236c6827
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.comTo 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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