WeedMD Completes Planting on its 27-Acre Outdoor Grow
TORONTO, June 17, 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 completed the outdoor planting of more than 20,000 fully-rooted cannabis plants at its Strathroy, Ontario property. WeedMD is one of the first licensed producers in Canada to commence outdoor grow operations with its first harvest expected in October 2019. Video of Outdoor Grow Completed.
“With our outdoor grow now fully operational, WeedMD has one of the most compelling and low-cost cultivation platforms in Canada,” said Keith Merker, CEO, WeedMD. “Planting a variety of proprietary cannabis strains outdoors in June positions the Company to meet and exceed our production forecasts. WeedMD recently launched its adult-use brand Color Cannabis™, and with the introduction of new cannabis extract products in late 2019, we expect to have one of the largest, low-cost supplies of biomass to position ourselves vertically for the emerging extract market.”
WeedMD Outdoor Cultivation:
Health Canada licence amendment secured on May 31, 2019 Phase I includes the first 27 of 100 available acres at its Strathroy property Construction of fencing, security, irrigation and other required infrastructure completed on time and within a fully-funded $2 million budget 73 additional acres of production planned for Phase II in 2020 on the existing property Municipal approval secured Operational synergies with outdoor cultivation directly adjacent to WeedMD’s existing propagation operations within its licensed greenhouse facility All infrastructure and staffing resources exist onsite with a proven team dedicated and experienced in outdoor grow WeedMD’s cultivation team brings significant experience growing cannabis outdoors locally Selected strains proven to excel outdoors in southwestern Ontario Growing from rooted plants allows for higher yields, survival rates and consistency when compared to starting from seed Optimized plan with strains grouped with similar cultivation profiles in five planting zones Clones were rooted in organic material for over four weeks to reach acclimatization and optimal transplant size
WeedMD also recently announced the transition of its Aylmer, Ontario facility into a cannabis extraction and processing hub. Read extraction news here. With the large volume of high cannabinoid, low-cost input material that the outdoor harvest is expected to generate, the Company is positioned to process and market significant quantities of extracts and concentrates beginning in Q4 2019.
About WeedMD Inc. WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis products for both the medical and adult-use markets. The Company owns and operates two facilities: a 158-acre state-of-the-art greenhouse and outdoor facility located in Strathroy, Ontario and a 26,000 sq. ft. extraction and processing facility in Aylmer, Ontario. The Company currently has 136,000 square feet of licensed indoor and greenhouse production space and is expected to have a total footprint of more than 550,000 square feet of indoor and greenhouse production online in 2019. Additionally, 27 acres or 1,176,000 sq. ft. of outdoor cultivation is licensed and fully operational with first harvest expected in October 2019. 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. 201
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Marianella delaBarrera VP, Communications & Corporate Affairs Tel: 416-897-6644 Email: email@example.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; 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 December 13, 2017 (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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