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 report
record preliminary unaudited revenues of $12 million(1) for the
three month period ended March 31, 2020. The Company will report
record sales growth representing the first full quarter of
integration with Starseed Holdings Inc.
(“
Starseed”) following its acquisition in December
2019.
WeedMD will file its first quarter 2020
financial results after market on Tuesday July 14, 2020 and host a
conference call with management the following day.
“Driven by Color Cannabis brand recognition,
customer acquisition initiatives and a substantial sale of our
outdoor-cultivated biomass, our first quarter 2020 net revenues of
$12 million represents record-high sales from all channels – an
increase of 325% quarter-over-quarter,” said Angelo Tsebelis, CEO,
WeedMD. “With the benefits of our fully-integrated business model,
scaled-up cultivation and production capabilities combined with our
strong distribution channels, WeedMD is uniquely positioned for
continued growth and a clear path to profitability. We are looking
forward to sharing more during our conference call in July.”
Q1 Conference Call:
The Company will host a conference call with
management on Wednesday July 15, 2020 at 10 a.m. Eastern
Time to discuss its financial
results.
The call will be hosted by Angelo Tsebelis, CEO
and Lincoln Greenidge, CFO. Management will be available for
analyst and media questions following opening remarks.
Call
Details: |
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|
Date: |
Wednesday July 15, 2020 |
|
|
Time: |
10 a.m. Eastern Time |
|
|
Dial-in
Number: |
Canada/USA: 1-800-319-4610.
International Toll: 1-604-638-5340 Participants, please dial in and
ask to join the WeedMD call |
|
|
Replay
Dial-in: |
Canada/USA: 1-800-319-6413.
International Toll: 1-604-638-9010 Replay Access Code: 4771
Available after 12:00 p.m. Eastern Time, until August 15,
2020. |
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:
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
Notes: |
|
(1) |
Preliminary and unaudited financial results are subject to
customary financial statement procedures by the Company and its
auditors. Actual results could be affected by subsequent events or
determinations. While the Company believes there is a reasonable
basis for these preliminary financial results, the results involve
known and unknown risks and uncertainties that may cause actual
results to differ materially. These preliminary fiscal results
represent forward-looking information. See "Forward Looking
Information". |
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; the COVID-19 pandemic;
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.
Financial
Outlook This press release contains
a financial outlook within the meaning of applicable Canadian
securities laws. The financial outlook has been prepared by
management of the Company to provide an outlook for the three
months ended March 31, 2020 and may not be appropriate for any
other purpose. The financial outlook has been prepared based on a
number of assumptions including the assumptions discussed under the
heading “Forward Looking Information” above and assumptions with
respect to market conditions, pricing, and demand. The actual
results of the Company’s operations for any period will likely vary
from the amounts set forth in these projections and such variations
may be material. The Company and its management believe that the
financial outlook has been prepared on a reasonable basis. However,
because this information is highly subjective and subject to
numerous risks, including the risks discussed under the heading
"Forward Looking Information" above, it should not be relied on as
necessarily indicative of future results.
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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