Major capacity expansion of 60,000 sq. ft. more than doubles WeedMD’s cannabis production
TORONTO, Dec. 24, 2018 (GLOBE NEWSWIRE) — 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 it has secured a Health Canada licence amendment approval which allows the Company to expand production into six additional 10,000 square foot cultivation rooms at its state-of-the-art hybrid greenhouse in Strathroy, Ontario. Licensing of the six additional grow rooms, comprising a total of 60,000 sq. ft., increases WeedMD’s licensed production space in Strathroy to 110,000 sq. ft. and increases the Company’s total production footprint, including its indoor cultivation centre-of-excellence in Aylmer, Ontario, to 136,000 sq. ft.
“This is an exciting time for WeedMD – we have just completed another amazing round of cannabis harvests from our two sites and we are now able to capitalize on our large-production greenhouse capacity expansion,” said Keith Merker, CEO of WeedMD. “We have been busy preparing for this pivotal moment and have more than 20,000 cannabis plants that we will begin transplanting into the new rooms immediately. With a total of 10 cultivation rooms now in operation at our state-of-the-art greenhouse, we are responding to the considerable demand for cannabis with an efficient production ramp up in order to meet supply commitments to our patients, provincial partners, seniors care providers, Shoppers Drug Mart, and a growing number of new patients and customers across the country. Additionally, we’re on the cusp of completing the fully-funded retrofit of our hybrid greenhouse expected to yield high-quality, cost-effective cannabis cultivation in 2019.”
WeedMD is well-positioned with an operational production footprint that will be greater than 500,000 sq. ft. in early 2019. For more information, access WeedMD’s investor presentation here and recently updated corporate video here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis and cannabis oil for both the medical and adult-use markets under the Cannabis Act. The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The Greenhouse currently has 110,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet online in early 2019. WeedMD has a multi-channeled distribution strategy that includes supply agreements with Shoppers Drug Mart and provincial distribution agencies, as well as through strategic relationships across the seniors’ market in Canada.
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For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Executive Officer
Tel: 519-765-2440 Ext. 222
Email: investor@weedmd.com
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Marianella delaBarrera
VP, Communications & Corporate Affairs
Tel: 416-897-6644
Email: marianella@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 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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