TORONTO, May 01, 2017 (GLOBE NEWSWIRE) — WeedMD Inc. (WMD.V) (“WeedMD” or the “Company”) is pleased to announce that it received an amendment to its license from Health Canada to include the sale of dried cannabis products and starting materials to patients on April 28, 2017. Pre-registration of patients has already begun and the Company will be launching its line of medical cannabis in the coming weeks.
Obtaining our license to sell medical cannabis products is another major milestone for WeedMD. The expedited nature of the sales amendment came ahead of schedule and accelerates our path to revenue and cash flow. We’ve been stockpiling product in anticipation of the sales amendment and are excited to open our doors to patients,
– Bruce Dawson-Scully, CEO of WeedMD.
The sales license permits the Company to sell 1,200kg of dried medicinal cannabis per year. WeedMD’s 26,000 sq. ft. indoor production facility in Aylmer, Ontario, is operating at full capacity and can produce 1,300kg of dried cannabis per annum, with yields and costs consistently improving with each harvest. In anticipation of the sales license, the Company has already produced an inventory of approximately 300kg of dried cannabis product.
The Company has over $6.0 million in working capital and building permits in place for its next phase of growth. WeedMD is constructing a commercial extraction laboratory, to be competed in Q2/17, as well expanding from 26,000 sq. ft. to over 220,000 sq. ft., to be completed in early 2018 ahead of the launch of Canada’s adult use cannabis market. Near term, the Company has plans to build out further mothering and nursery rooms that could augment current production by up to 40%, taking grow capacity to over 1,800kg per annum.
“Our focus on the difficult-to-penetrate long-term care and retirement sector will be a key differentiator for the company. Our goal is to be the strategic partner to the long-term care industry, and raise the bar by setting a new standard in producing high quality medicinal cannabis and enriching the lives of patients. With our facility operating at full capacity, a sales license in hand, and compelling expansion plans underway, we are now better positioned than ever to deliver our products to patients and build the business for shareholders,” added Dawson-Scully.
For more information, access our investor presentation on our website here.
About WeedMD Inc.
WeedMD Inc. is a licensed producer of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR). WeedMD operates a 26,000 square foot, scalable production facility in Aylmer, Ontario with four acres of property for future expansion. WeedMD is focused on providing consistent, quality medicine to the long-term care and assisted living markets in Canada through its comprehensive platform developed exclusively for that industry. WeedMD is dedicated to educating healthcare practitioners and furthering public understanding of the role medical cannabis can play as a viable alternative to prescription medication in relieving a variety of chronic medical conditions and illnesses.
Follow WeedMD On:
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Company’s common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by 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