TORONTO, Aug. 02, 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 it has secured a Health Canada licence amendment approval to expand production into ten additional 10,000 square foot cultivation rooms and ten new processing rooms at its state-of-the-art hybrid greenhouse in Strathroy, Ontario. Licensing of the 20 additional rooms and ancillary space more than doubles WeedMD’s licensed greenhouse production space in Strathroy. Additionally, 27-acres of outdoor grow on the property was licensed and planted in June of this year.
With a total of eighteen 10,000 square foot hybrid cultivation rooms now licensed, WeedMD’s annual greenhouse cannabis production capacity is more than 20,000 kgs, with more than 25,000 kgs of incremental biomass forecasted to be harvested from the outdoor cultivation in Q4, 2019. The 10 new processing rooms will be used for drying, trimming and processing cannabis.
“In the past year we have successfully expanded our production capacity more than 20-fold, and brought online an efficient quality-driven production platform that is recognized across Canada as a trusted source of medical-grade cannabis,” said Keith Merker, CEO of WeedMD. “The scalability of our production, together with our extraction capabilities at CX Industries, gives us the platform to continue delivering the results that our stakeholders expect.”
Current Licensed Production in Strathroy
- Eighteen 10,000 sq. ft. cultivation rooms, two 5,000 sq. ft. rooms for propagation
- Total of 215,000 sq. ft. currently licensed for cultivation and sale
- Outdoor grow capacity of 27 acres or 1.18M sq. ft.
- Licensed production capacity of over 50,000 kgs annually at full production
- Additional 308,000 sq. ft. in two traditional greenhouses expected to come online in early 2020
- Additional 73 acres of outdoor production expected to come online in 2020
The Company recently announced the launch of affiliate CX Industries, an extraction hub that will operate out of its Aylmer, Ontario facility. Together with its greenhouse cultivation and outdoor grow that is in full operation, WeedMD is producing significant low-cost biomass input for its extraction and processing hub. For more information, access CX Industries’ website.
For more Company information, access WeedMD’s investor presentation here and 2019 corporate video highlights here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer of cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse and outdoor facility located in Strathroy, ON. The Company also operates CX Industries, a wholly-owned subsidiary of WeedMD Inc. CX operates out of the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. 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 where WeedMD’s adult-use brand Color Cannabis is sold.
Follow WeedMD & Color Cannabis:
For further information, please contact:
Keith Merker, Chief Executive Officer
Tel: 519-765-2440 Ext. 222
To learn more, visit us at www.weedmd.com
For Media Inquiries:
VP, Communications & Corporate Affairs
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 June 21, 2019 (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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