TORONTO, July 12, 2018 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company) is pleased to announce it has entered into a memorandum of understanding with the British Columbia (“BC”) Liquor Distribution Branch (“LDB”) to supply the province with high-quality, branded cannabis products for sale in BC’s adult-use market.
“BC is widely recognized for having one of the most mature and developed cannabis consumer markets in Canada. We are very proud that the province will be offering WeedMD’s quality products,” said Keith Merker, Chief Executive Officer of WeedMD. “As the provinces develop their cannabis retail strategies, we are emerging as a supplier to multiple distribution channels and categories. This deal is another step in our strategy to provide access to our products in emerging legal adult-use markets across the country.”
“We are thrilled to be reaching this significant milestone in developing a competitive wholesale assortment for non-medical cannabis,” said Blain Lawson, LDB’s general manager and CEO. “The volume, variety and quality of our product assortment speak to the LDB’s commitment to working towards eliminating the illicit market.”
WeedMD will supply the BC market with cannabis products at the advent of legal sales starting October 2018. This agreement represents another key milestone in WeedMD’s strategic plan to develop a national distribution platform for the Company’s medical and adult-use products, building upon the recent announcement of WeedMD’s respective supply agreements with the Alberta Gaming, Liquor and Cannabis Commission (AGLC) and Shoppers Drug Mart1. WeedMD is actively working with additional provincial distributors, regulators, and retailers to expand its adult-use distribution program, particularly as the Company completes the final stages of its 220,000 sq. ft. greenhouse retrofit within its 610,000 sq. ft. greenhouse facility in Strathroy, Ontario.
For more information, access our investor presentation here and corporate video here.
1 Pending Health Canada approval
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the ACMPR. The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and a second cultivation site at its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. WeedMD is focused on providing medical cannabis to the seniors’ markets in Canada through its proprietary seniors care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays – including as it pertains to regulatory requirements, indications and potential side effects.
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For further information, please contact:
Keith Merker, Chief Executive Officer
Tel: 519-765-2440 Ext. 222
To learn more, visit us at www.weedmd.com
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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 December 13, 2017 (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.
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