Toronto, Canada, July 24, 2020 – 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 the appointment of Bruce Croxon to its board of directors. Mr. Croxon, a prominent Canadian entrepreneur and venture capitalist and co-founder of Lavalife, brings his deep expertise as an investor and advisor in growth stage companies to WeedMD. The appointment was finalized at the Company’s annual general meeting of shareholders (“AGM”) held virtually in Toronto, Ontario on July 24, 2020.
“Bruce is a well-respected entrepreneur with an extensive track record for innovating and building successful high-performing businesses and teams,” said George Scorsis, Executive Chairman of WeedMD. “We’re excited to have him on the Board and look forward to his counsel and sharp business acumen as we drive brand and product awareness towards rapid growth in all our markets.”
“As a long-time proponent of Canadian business and talent, I’m looking forward to working with a cannabis company that is considered a gem in the industry,” said Mr. Croxon. “With its unparalleled cultivation platform, distribution channels and talented leadership team, I’m thrilled to be mentoring the team during what is expected to be a period of exponential growth as the Company moves towards profitability and expansion.”
All Company matters put forward at the AGM were approved by the Company’s shareholders, including the re-election of Angelo Tsebelis, George Scorsis, Gail Paech, G. Edmund King and Dr. Hugh Scully as directors of the Company. The directors will hold office until the next AGM or until successors are duly elected or appointed.
At this time, the Company would like to thank Michael Pesner for his tenure as a director and chair of the audit committee. Additionally, in accordance with the rules and policies of the TSX Venture Exchange, the Company’s shareholders approved WeedMD’s Omnibus Incentive Plan. The Company’s shareholders also re-appointed RSM Canada LLP, as WeedMD’s auditor to hold office until the next AGM or until its successor is duly appointed.
About Bruce Croxon
Mr. Croxon made his mark as a digital pioneer by co-founding Lavalife and revolutionizing how people connect. Partner, chairman and CEO, Mr. Croxon helped lead the company’s growth from four to 600 employees, while achieving revenue of approximately $100 million. Since the sale of Lavalife, Bruce has been active as both an investor and advisor in growth stage companies in the technology sector. As an ex-Dragon on CBC’s Dragons’ Den, he added a broad range of businesses and products to his portfolio that tapped into his passion for digital media, health and marketing. Mr. Croxon currently helms Round13, a company dedicated to investment in growth stage Canadian tech companies. He also co-hosts ‘The Disruptors’ on BNN and CTV, a weekly show spotlighting Canadian business, and believes Canadian entrepreneurs can hold their own with anyone in the world.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., federally-licensed producers of cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, Ontario as well as CX Industries Inc., a wholly-owned subsidiary which specializes in cannabis extraction from the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario processing facility. With the addition of Starseed, a medical-centric operator based in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.
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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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