TORONTO, May 31, 2019 (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 that it has secured Health Canada approval for 27 acres of low-cost, outdoor cultivation on its Strathroy, Ontario property. The Company will commence planting more than 20,000 clones in early June with plans to harvest in fall 2019, increasing potential production output by an additional 27,000 kgs.
With a combined indoor and outdoor production footprint of over 5.2 million sq. ft. and projected total potential annual output of 150,000 kgs of cannabis by 2020, WeedMD is now positioned to become one of Canada’s largest cannabis producers.
“Our ability to scale, coupled with our team’s proven experience in growing our proprietary genetics outdoors, positions us as a first-mover in the industry,” said Keith Merker, CEO of WeedMD. “We have put together the most compelling outdoor cultivation plan in the industry and this licence is the final piece of that plan to fall into place.”
WeedMD Outdoor Cultivation & Production Strategy
- Health Canada licence amendment secured
- 27-acres of organically-certified soil for newly-licensed Phase I
- Construction of fencing, security, irrigation and other required infrastructure is complete within a fully-funded $2 million budget
- 100 acres of production planned for Phase II in 2020 on the existing property
- Municipal approval secured
- Outdoor cultivation is directly adjacent to WeedMD’s existing licensed greenhouse facility
- All infrastructure and human resources exist onsite
- Cultivation team has significant local outdoor cannabis cultivation experience
- Selected strains proven to excel outdoors in southwestern Ontario
- More than 20,000 clones already rooted in organic material and ready to be planted
“WeedMD is leading the way by bringing its unique outdoor cultivation plan online in record time,” said Derek Pedro, Chief Cannabis Officer of WeedMD. “With construction, irrigation and security complete and more than 20,000 live plants propagated, prepped and ready to be planted, we are on track for a successful harvest this fall.”
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 products for both the medical and adult-use markets. The Company owns and operates two facilities: a 26,000 sq. ft. facility in Aylmer, Ontario and a 158-acre state-of-the-art greenhouse and outdoor facility located in Strathroy, Ontario. The Company currently has 136,000 square feet of licensed production space across its facilities and is expected to have a total footprint of more than 550,000 square feet of indoor and greenhouse production space online in 2019. In addition, 27 acres of outdoor cultivation has now been approved for cultivation with first harvest expected in the fall of 2019. WeedMD has a multi-channeled distribution strategy that includes selling directly to medical patients, strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies.
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For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Executive Officer
Tel: 519-765-2440 Ext. 201
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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