January 3, 2019 MJ Shareholders
Toronto, Canada, January 3, 2019 – 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 provide an update on its greenhouse expansion in Strathroy, Ontario. With the recent licensing of six additional grow rooms bringing licensed production capacity at its hybrid greenhouse to 110,000 sq. ft., the Company confirms it is on track to increase its cultivation platform to more than 550,000 sq. ft. in early 2019. Latest greenhouse update 2019 video here.
“Our experienced operational team combined with our state-of-the-art hybrid greenhouse have enabled us to bring production online faster and more cost-effectively than any other Canadian licensed producer. With our fully-financed expansion plans, we are on schedule to rapidly increase our annual production capacity to more than 50,000 kg,” said Keith Merker, CEO of WeedMD. “The Company is fulfilling its supply agreements with provincial distribution agencies across the country and is committed to meeting the needs of existing medical and senior care patients. WeedMD also congratulates Shoppers Drug Mart on its recent licensing to distribute WeedMD-branded products across Canada starting early this year. By pursuing a wide range of high value-added applications for our expanding and funded production, WeedMD is positioning itself as a leading provider of top-quality cannabis products.”
The Company is also delivering on its broader growth strategy to provide value-added products across a wide spectrum of attractive verticals and international markets such as Australia and Israel – which recently introduced WeedMD’s leading cannabis genetics to its markets. Added Merker: “We are developing a diversified product offering, including near-term plans to introduce branded pre-rolled products and soft gel oil capsules, in addition to continued collaboration with our joint venture partner Phivida to develop CBD-infused beverages. WeedMD is also pursuing opportunities to secure strategic footholds in all other Canadian provinces with additional supply agreements.”
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis and cannabis oil for both the medical and adult-use markets under the Cannabis Act. The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The greenhouse currently has 110,000 square feet of licensed space in production and is expected to have a total footprint of more than 550,000 square feet online in early 2019. WeedMD has a multi-channeled distribution strategy that includes supply agreements with Shoppers Drug Mart and provincial distribution agencies, as well as through strategic relationships across the seniors’ market in Canada.
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