TORONTO, July 20, 2020 (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, announced today it has partnered with Guelph-based CannTx Life Sciences Inc. (“CannTx”) to add new cultivars to its genetics bank and expand the lifecycle of the Company’s prized cannabis cultivars using cutting-edge tissue culture techniques via Steadystem Solutions (“Steadystem”). Tissue culture is an innovative and widely-recognized practice in agriculture used for preserving plant integrity, crop health and genetic accuracy. Under the Steadystem program, nodal segment cultures are collected from WeedMD’s mother plants and regenerated using an in-vitro platform to re-produce historical cannabinoid and terpene profiles.
“WeedMD is recognized for its diverse genetics library and its expertise in producing premium strains under a world-class cultivation platform,” said Curtis Wallace, Head of Cultivation at WeedMD. “It’s imperative that we proactively take steps to protect our valuable assets with tissue culture innovation as we also look to introduce new cultivars into our genetics bank and product lines.”
“Investing in the longevity and security of our strains provides added assurance that we are accurately cloning from the healthiest plants,” said Dr. Alexandre Sibilev, Vice President, Quality Assurance, Global Regulatory Compliance at WeedMD. “This precision cultivation gives us an opportunity to maintain our germplasm clean of contaminants and protected from phenotypic degradation.”
“We’re excited to partner with an innovative industry leader in WeedMD. By preserving their genetic assets and ensuring their integrity, WeedMD will be able to consistently and perpetually grow the same great products on which they’ve built a solid reputation,” said Mike Abbott, President/CEO and Co-Founder of CannTx. “We applaud forward-looking cultivators like WeedMD that are taking a proactive approach to protecting their operations, brands, and bottom line."
In addition to expanding WeedMD’s genetics bank and cultivars’ lifecycle with its rejuvenation techniques, the Steadystem tissue culture platform also banks genetic material for secure storage and plant asset preservation.
In other developments, WeedMD also announced that in accordance with the provisions of its deferred share unit plan (the “DSU Plan”) its Board of Directors has authorized the grant of an aggregate of 2,688,314 deferred share units (“DSUs”) to certain directors and officers of the Company. The purpose of the DSU Plan is to promote greater alignment of interests between the Company's shareholders and directors while reducing the cash expense of compensating its directors. Of the DSUs granted 1,441,647 will vest immediately, 623,334 will vest on December 8, 2020, and 623,333 will vest on June 8, 2021. In addition, the Board of Directors has authorized the grant of options to employees company-wide as part of WeedMD’s employee compensation plan. Further details regarding the DSU Plan are available in the Company’s management information circular dated June 19, 2020, which is available on SEDAR at www.sedar.com.
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About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., federally-licensed producers of cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, Ontario as well as CX Industries Inc., a wholly-owned subsidiary which specializes in cannabis extraction from the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario processing facility. With the addition of Starseed, a medical-centric operator based in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.
Follow WeedMD, Color Cannabis & Starseed:
LinkedIn: https://ca.linkedin.com/company/weedmd
Twitter: https://twitter.com/WeedMD
Instagram: https://www.instagram.com/weedmd/
Instagram: https://www.instagram.com/callitcolor/
&
Instagram: https://www.instagram.com/starseedca/
For further information, please contact:
For Investor Enquiries:
Valter Pinto
Managing Director
KCSA Strategic Communications
1-212-896-1254
weedmd@kcsa.com
For Media Enquiries:
Marianella delaBarrera
VP, Communications & Corporate Affairs
416-897-6644
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; the COVID-19 pandemic; 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 disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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