TORONTO, June 11, 2018 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis, is pleased to announce that it has secured its Health Canada Cultivation Licence for the first four grow rooms within its 220,000 sq. ft. Phase I retrofit of its 610,000 sq. ft. modern greenhouse in Strathroy, Ontario.
With a fully-funded 220,000 sq. ft. retrofit in its final stage, the Company will progressively bring a total of 20 grow rooms online over the coming months. The first set of cannabis plants are ready to be transferred to the new facility over the next couple of weeks from the Company’s fully-licensed and operational facility in Aylmer, Ontario, located 60 km away. When Phase I is complete, WeedMD’s production profile has the possibility of increasing from 1,500 kg to more than 21,000 kg per annum. Additionally, the Company’s fully-funded Phase II expansion is currently underway with an incremental 175,000 sq. ft conversion representing the possibility of an additional yield of 12,000 kg bringing the yearly total to the possibility of more than 33,000 kg by year-end 2018. Once fully retrofitted - bringing total square footage to 610,000 sq. ft. - the entire facility would have the possibility of producing over 50,000 kg annually.
“The milestones achieved in the last 12 months exemplify the break-out year we’ve had at WeedMD as we continue tracking to schedule and budget, while we refine our cannabis production methods and set benchmarks for cultivation in Canada,” said Keith Merker, CFO of WeedMD. “Additionally, we’ve been increasing our headcount since the start of the year in anticipation of this licence, giving us ample time to train our new talent to hit the ground running as we begin expanded cultivation operations. With our state-of-the-art grow facilities, investment in talent acquisition, and the transformational merger announced recently with Hiku Brands Company Ltd. ("Hiku") (CSE:HIKU) (read here), we are positioning the Company and its shareholders for long-term success.”
The Company’s expansion into its large-scale modern greenhouse will be the main supply source for its medical cannabis patients, future adult-use consumers across Canada as well emerging international markets.
About WeedMD’s Greenhouse
- Situated on 98-acres of property with 610,000 sq. ft. or 14 acres of existing greenhouse structure in addition to ancillary buildings
- Phase I retrofit represents 220,000 sq. ft. of tempered glass greenhouse which is less than two years old
- With features such as full climate-control, supplemental lighting and black-out curtains, WeedMD has combined the best of indoor and greenhouse cultivation to create a true “hybrid” greenhouse
- Equipped with an on-site unlimited supply of natural clean water
- Modern fertigation system runs on full-recirculation loop which provides an accurate, innovative computerized method of monitoring plant nutrients and water. This will ensure that water is recycled and reused and does not leach into the surrounding area and that WeedMD meets its environmental responsibilities
- Boiler exhaust is scrubbed of CO2, cleaned and then utilized for production providing significant cost savings and ensuring optimal plant growth
With a true-hybrid greenhouse, WeedMD will be able to produce indoor quality cannabis, with maximum efficiency.
For more information, access our investor presentation here and 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 medical cannabis and oils under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and a second cultivation site at its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. WeedMD is focused on providing medical cannabis to the seniors' markets in Canada through its proprietary seniors care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays – including as it pertains to regulatory requirements, indications and potential side effects.
Follow WeedMD On:
Facebook: https://www.facebook.com/weedmd/
LinkedIn: https://www.linkedin.com/company-beta/5020743/
Twitter: https://twitter.com/WeedMD
Instagram: https://www.instagram.com/weedmd/
For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Financial 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
Margin Communications & Public Relations
Tel: 416-897-6644
Email: marianella@marginpr.com
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of WeedMD to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to our expectations with respect to: the timing and outcome of the merger with Hiku; and, planned cannabis production capacity of WeedMD. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. WeedMD does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
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