WeedMD Inc. (
TSX-V:WMD)
(OTCQX:WDDMF) (FSE:4WE) (“
WeedMD”
or the “
Company”), a federally-licensed producer
and distributor of medical-grade cannabis, announced today it has
commenced preparations for its 2020 outdoor growing season, making
this WeedMD’s second season cultivating outdoors. The Company
will be growing cannabis on its 27-acre fully-licensed outdoor
field in Strathroy, Ontario with clones expected to be planted in
early June and harvested throughout the fall of 2020.
“With the arrival of optimal weather conditions,
we are excited to launch our second year of outdoor cannabis
cultivation as we apply valuable learnings about the land, our
strains and scaling procedures for success outdoors,” said Angelo
Tsebelis, CEO of WeedMD. “Our teams are grooming the outdoor field,
selecting strains and preparing clones for propagation.
Highly-regarded for our standard of excellence in large-scale,
low-cost outdoor cannabis cultivation, we’re looking forward to
bringing our unique cultivation plan online in June. Our production
costs are amongst the lowest in the industry and with the volume of
high-cannabinoid, low-cost input material and ability to
successfully commercialize the output, we expect to process a
significant quantity of biomass for our own sales channels later
this year.”
The Company’s large-scale outdoor operation is
located on its 158-acre property that successfully harvested and
processed outdoor-cultivated cannabis in 2019 at a fractional cost
of producing greenhouse-cultivation cannabis, which is already one
of the lowest in the industry. The site also houses WeedMD’s main
cultivation hub in its 610,000 sq.ft. state-of-the-art modern
greenhouse. Additionally, a newly-built 50,000 sq. ft. processing
facility dedicated for managing outdoor-cultivated biomass was
recently built and licensed in the fall of 2019.
“Following a successful year in 2019, we gained
valuable first-mover advantage and the opportunity to improve our
methodologies, further develop and standardize our innovative
practices and now we’re excited to fully optimize our proprietary
outdoor production system in 2020,” said Curtis Wallace, Head of
Cultivation, WeedMD. “Using sustainable growing practices, such as
direct sunlight, living soil, onsite water reservoir, natural
bio-security practices and state-of-the-art irrigation mechanisms
already in place, we’ve carefully selected just over a handful of
cannabis strains this year and we’re looking forward to seeing them
thrive outdoors once again.”
More About WeedMD’s Outdoor Cultivation
Readiness
- Nutrient-rich, natural loamy soil on 27-acre field is currently
being tilled and cultivated
- All infrastructure and staffing resources onsite with a proven
team dedicated to outdoor grow
- A newly-built 50,000 square foot, fully-licensed processing
facility strictly for outdoor biomass
- WeedMD’s existing propagation operations are on site in its
licensed greenhouse facility
- Mother plants selected for strains that are proven to excel
outdoors in southwestern Ontario
About WeedMD Inc.WeedMD Inc. is
the publicly-traded parent company of WeedMD RX Inc. and Starseed
Medicinal Inc., federally-licensed producers 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 as well as CX
Industries Inc., a wholly-owned subsidiary which specializes in
cannabis extraction from the Company’s fully-licensed 26,000 sq.
ft. Aylmer, Ontario processing facility. With the addition of
Starseed, a medical-centric operator based in Bowmanville, Ontario,
WeedMD has expanded its multi-channeled distribution strategy.
Starseed’s industry-first, exclusive partnership with LiUNA, the
largest construction union in Canada, along with other employers
and union groups complements WeedMD’s direct sales to medical
patients. The Company maintains strategic relationships in the
seniors’ market and supply agreements with Shoppers Drug Mart as
well as six provincial distribution agencies where adult-use brands
Color Cannabis and Saturday are sold.
Follow WeedMD, Color Cannabis &
Starseed:
Facebook: https://www.facebook.com/weedmd/LinkedIn: https://ca.linkedin.com/company/weedmdTwitter: https://twitter.com/WeedMDInstagram: https://www.instagram.com/weedmd/
Instagram: https://www.instagram.com/callitcolor/&Instagram: https://www.instagram.com/starseedca/
For further information, please
contact:
For Investor Enquiries:Valter
PintoManaging Director KCSA Strategic
Communications1-212-896-1254weedmd@kcsa.com
For Media Enquiries:Marianella
delaBarreraVP, Communications & Corporate
Affairs416-897-6644marianella@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 Dec 2020 to Jan 2021
WeedMD (TSXV:WMD)
Historical Stock Chart
From Jan 2020 to Jan 2021