03:48:24 EDT Fri 29 Mar 2024
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WeedMD Inc
Symbol WMD
Shares Issued 107,937,230
Close 2018-10-23 C$ 1.45
Market Cap C$ 156,508,984
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WeedMD, Smart Medicines to develop pot products

2018-10-23 09:19 ET - News Release

Mr. Keith Merker reports

WEEDMD PARTNERS WITH LEADING QUEBEC PRODUCT FORMULATION LABORATORY TO SPEARHEAD CANNABIS PRODUCT DEVELOPMENT

WeedMD Inc. has signed a pivotal agreement with Montreal-based Smart Medicines GMP Inc. The company has appointed Dr. Domenico Fuoco, founder and president of Smart Medicines GMP, to the position of chief innovation officer. Smart Medicines GMP is a leading-edge, research-driven organization that creates, develops and launches pharmaceuticals, natural health products and cosmetics.

"Partnering with a team that understands product development -- from ideation to formulation -- will provide WeedMD with a significant advantage as we plan for long-term success. I'm pleased to welcome Dr. Domenico Fuoco and the Smart Medicines team, who are already applying their expertise in the development of natural health products, drug development and molecular modelling for a variety of cannabis products," commented Keith Merker, chief executive officer of the company. "Their vision is impressive and, together, we've laid out an ambitious plan to extend into consumer markets, such as health and wellness, cosmetics and nutraceuticals."

"This is a natural progression for both myself and the Smart Medicines team, as we already have experience working with cannabis and have been waiting for the right partner to work with on an exclusive basis. WeedMD is the perfect fit -- we share the same principles, as well as a philosophy rooted in science and geared for the production of novel, safe, quality products," commented Dr. Fuoco. "We've already established a five-year plan and we're ramping up our 10,000-square-foot, fully equipped, state-of-the-art laboratory in Montreal to bring WeedMD to the next level of success."

With close to 20 years of analytical chemistry and product development experience, Dr. Fuoco is widely recognized in the research and development community. As an award-winning, widely published scientific author, who has received numerous awards and fellowships, Dr. Fuoco has worked in collaboration with McGill University Health Centre, Concordia University and Montreal General Hospital, as well as several well-known pharmaceutical companies. While president of Smart Medicines GMP, Dr. Fuoco has been leading the technology transfer hub between universities and industry, overseeing product development, closely leading the activity from proof of concept to market, as well as scaling up operations. As the lead on many new drug development programs and clinical trials, Dr. Fuoco is also well versed in registration, supervision and liaising with Health Canada. A graduate from the University of Perugia's School of Pharmacy, Dr. Fuoco also holds a PhD in medicinal chemistry, along with the official equivalent in Quebec as a doctor of pharmacy.

About WeedMD Inc.

The company is the publicly traded parent company of WeedMD Rx Inc., a federally licensed producer and distributor of cannabis plant, dried flower and oil under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The company operates two facilities: a 26,000-square-foot indoor facility in Aylmer, Ont., and a state-of-the-art greenhouse facility located in Strathroy, Ont. The greenhouse currently has 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet on-line by year-end 2018. WeedMD has a multichannelled 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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