TORONTO, May 29, 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 is converting its fully-licensed 26,000 sq. ft. Aylmer, Ontario facility to a large-scale cannabis extraction and processing operation.
“WeedMD is optimizing its two licensed facilities to allow each to focus on a core vertical and to streamline our operations. We are transitioning the Aylmer site to produce a wide range of extracts and concentrates,” said Keith Merker, CEO of WeedMD. “All cultivation has been consolidated to our greenhouse and outdoor Strathroy facility, which is delivering consistently improving yields at increasingly competitive costs.”
About the Aylmer Extraction Facility
WeedMD is retrofitting its Aylmer operation into a purpose-built cannabis oil extraction facility that will be operational by summer 2019. Additional details:
- WeedMD is building on its experience in extract production, having processed oils onsite at Aylmer since June 2017
- The site is fully licensed for cannabis oil production and sale
- The Company will have four extraction lines in operation with the ability to process over 200,000 kgs of biomass annually
- WeedMD will utilize various extraction methods in order to meet the demands of the market
- The Company will provide formulation capabilities for wholesale and white label manufacturing
- The facility is being built to GxP* standards to support compliance for both domestic and international markets
- The existing fully-licensed 26,000 sq. ft. facility is located on an expandable four-acre site wholly-owned by WeedMD
- WeedMD will supply a large quantity of input material for cannabis extraction from the greenhouse and outdoor production from its Strathroy site
*GxP encompasses a broad range of compliance-related activities such as Good Laboratory Practices, Good Clinical Practices and Good Manufacturing Practices.
As recently announced, WeedMD’s Strathroy cultivation facility is expected to yield more than 150,000 kgs of dried flower per year in 2020. Outdoor grow video here.
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. indoor 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 in addition to more than 25 acres of outdoor cultivation space online in the first half 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.
Follow WeedMD On:
Facebook: https://www.facebook.com/weedmd/
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Twitter: https://twitter.com/WeedMD
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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
Cautionary Statement on 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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