TORONTO, Aug. 30, 2017 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (“WeedMD” or the “Company”), a federally licensed producer and distributor of medical cannabis, is pleased to announce its financial results for the period ended June 30, 2017, and to provide a corporate update.
Second Quarter 2017 Milestones:
|Completed Public Listing on the TSX Venture Exchange||•|
|Secured License to Sell Medical Cannabis and Live Cannabis Plants||•|
|Launched Patient Services and Started Registering Patients||•|
|Secured License to Produce Cannabis Oil||•|
|Shipped Live Cannabis Plants to Patients||•|
|Commenced Sales and Reported First Quarter of Revenue||•|
“WeedMD is achieving every initiative provided to shareholders either on or ahead of schedule - a testament to our team that is committed to the success of the Company. We are hitting all of our licensing milestones, generating strong yields, maintaining costs in line with our budget and producing product that is exceeding our patients’ expectations. We are building our business and look forward to continuing to deliver value for all of our shareholders,” said Bruce Dawson-Scully, CEO of WeedMD.
|For the quarter ended||Jun 30, 2017||Mar 31, 2017|
|Adjusted operating loss||(1,280,046)||(1,070,369)|
|Loss per share (basic and fully diluted)||(0.08)||(0.05)|
|As At||Jun 30, 2017||Dec 31, 2016|
“Momentum in Q2 is being carried into Q3 with WeedMD continuing to execute towards its vision of becoming a leader in niche and underserved seniors and female demographics within the burgeoning Canadian cannabis market,” said Bruce Dawson-Scully. “We are leveraging management’s deep industry expertise and relationships in the seniors, assisted-living and long-term care industries. The Company is making significant strides in securing initial supply contracts in long-term care with our proprietary integrated care program. In addition, the Company is working on a very compelling expansion opportunity to position the company strategically ahead of the future adult-use market.”
For more information on WeedMD, access our investor presentation on our website here.
This press release should be read alongside WeedMD’s unaudited Financial Statements and Management’s Discussion and Analysis Report, which can be found under the Company’s profile at www.sedar.com. WeedMD’s unaudited Financial Statements and Management’s Discussion and Analysis Report have been filed with Canadian Securities Regulators.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR). WeedMD operates a 26,000-square foot, scalable production facility in Aylmer, Ontario with four acres of property for future expansion. WeedMD is focused on providing consistent, quality medicine to the long-term care and assisted living markets in Canada through its comprehensive platform developed exclusively for that industry. WeedMD is dedicated to educating healthcare practitioners and furthering public understanding of the role medical cannabis can play as a viable alternative to prescription medication in relieving a variety of chronic medical conditions and illnesses.
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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. Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact.
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 Management Discussion and Analysis for the six-month period ended June 30, 2017 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in WeedMD's Management Discussion and Analysis 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
For further information, please contact: WeedMD Inc. Keith Merker, Chief Financial Officer Tel: 519-765-2440 Ext. 222 Email: email@example.com To learn more, visit us at www.weedmd.com