Toronto, Canada, December 5, 2017 — WeedMD Inc. (TSX-V: WMD) (“WeedMD” or the “Company”), a federally-licensed producer (LP) and distributor of medical cannabis, is pleased to confirm that the Company has elected to accelerate the expiry date of 6,488,230 outstanding warrants (the “Warrants“) issued on November 8, 2016. Each Warrant may be exercised to acquire one common share of WeedMD (a “Common Share“) at an exercise price of $0.80 (the “Exercise Price“), for gross proceeds to WeedMD of up to $5,190,584 million if all Warrants are exercised. As at December 4, 2017 8,400,256 warrants have been exercised for gross proceeds to WeedMD of $6,720,205.
Under the terms of the Warrants, WeedMD is permitted to accelerate the expiry date of the Warrants if the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is greater than $1.20 for a period of 20 consecutive trading days (the “Acceleration Event“). WeedMD is pleased to confirm that an Acceleration Event occurred as of December 4, 2017. Accordingly, WeedMD has chosen to accelerate the expiry time of the Warrants to 5 p.m. (Toronto time) on January 8, 2018 (the “Accelerated Expiry“).
Notice of the Accelerated Expiry will be given to the warrant agent and all registered holders of Warrants effective today, in accordance with the terms of the warrant indenture.
About WeedMD Inc.:
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. The Company is focused on providing medical cannabis to the long-term care, assisted living and senior’s markets in Canada through its specialized, comprehensive platform. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays – including as it pertains to regulatory requirements, indications and potential side effects.
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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.
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