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
completed planting more than 18,000 fully-rooted cannabis plants at
its 27-acre outdoor field located adjacent to its modern greenhouse
in Strathroy, Ontario. As one of only a handful of
licensed-producers entering its second year of outdoor operations,
WeedMD also confirmed that its CX Industries extraction hub in
Aylmer is now fully operational and extracting cannabinoid-rich,
indoor and outdoor-harvested biomass into new cannabis formats.
The Company is producing vapourization (“vape”)
cartridges for initial launch this month to WeedMD and Starseed’s
medical channels. Additional details will be released about the
vape product during its launch week, June 22, 2020. The new
products will expand into the adult-use markets by Q3 2020 under
WeedMD’s Color Cannabis brand.
“The ability to effectively cultivate cannabis
outdoors optimizes our yields for cost-efficient production to
develop products with greater commercial sales value,” said Angelo
Tsebelis, CEO of WeedMD. “Over the past few months, our cultivation
team has made significant headway in boosting outdoor efficiencies,
selecting seven optimal outdoor strains and propagating over 18,000
cannabis clones now fully rooted and planted. Additionally, with
the ramp up of CX Industries, we are now commercializing our
extraction-grade, cannabinoid-rich biomass harvested indoors and
outdoors into new cannabis formats starting with vapes to meet our
production targets.”
CX Industries Inc. (“CX
Industries” or “CX”) is a WeedMD
business unit specializing in extraction, toll processing and
third-party product formulation from its fully-licensed Aylmer
site. With plans to process over 50,000 kgs of biomass annually at
peak production, CX offers tolling and white labelling services to
other LPs and brands. Two Vitalis Q90 extractors commissioned in
late 2019 moved CX Industries into commercial operation in
2020.
WeedMD’s Outdoor Cultivation Highlights
- Over 18,000 fully-rooted cannabis plants comprised from seven
strains selected from mother plants shown to excel outdoors in
southwestern Ontario.
- Planted in nutrient-rich, natural loamy soil on 27-acre field
with irrigation system installed, located directly adjacent to
WeedMD’s fully-licensed greenhouse.
- Utilized fertigation formulas prepared by award-winning
fertigation supplier Emerald Harvest.
- Optimizing planting methods for this second season, using
precision agriculture methods which include crews of under 10
people and a high-performance mechanical planter.
- Planting completed in one-third of the time, with one-third of
staffing required compared to 2019.
- All infrastructure and staffing resources onsite with an
experienced outdoor-dedicated team.
- A newly-built 50,000 square foot, fully-licensed processing
facility strictly for processing and storing outdoor-cultivated
biomass in now fully operational processing biomass for CX
Industries.
Check here for upcoming corporate
events and to access WeedMD’s latest Investor Presentation and
latest Corporate Update Video.
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:
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
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