TORONTO, April 22, 2020 (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, announced today it has commenced preparations for its 2020 outdoor growing season, making this WeedMD’s second season cultivating outdoors. The Company will be growing cannabis on its 27-acre fully-licensed outdoor field in Strathroy, Ontario with clones expected to be planted in early June and harvested throughout the fall of 2020.
“With the arrival of optimal weather conditions, we are excited to launch our second year of outdoor cannabis cultivation as we apply valuable learnings about the land, our strains and scaling procedures for success outdoors,” said Angelo Tsebelis, CEO of WeedMD. “Our teams are grooming the outdoor field, selecting strains and preparing clones for propagation. Highly-regarded for our standard of excellence in large-scale, low-cost outdoor cannabis cultivation, we’re looking forward to bringing our unique cultivation plan online in June. Our production costs are amongst the lowest in the industry and with the volume of high-cannabinoid, low-cost input material and ability to successfully commercialize the output, we expect to process a significant quantity of biomass for our own sales channels later this year.”
The Company’s large-scale outdoor operation is located on its 158-acre property that successfully harvested and processed outdoor-cultivated cannabis in 2019 at a fractional cost of producing greenhouse-cultivation cannabis, which is already one of the lowest in the industry. The site also houses WeedMD’s main cultivation hub in its 610,000 sq.ft. state-of-the-art modern greenhouse. Additionally, a newly-built 50,000 sq. ft. processing facility dedicated for managing outdoor-cultivated biomass was recently built and licensed in the fall of 2019.
“Following a successful year in 2019, we gained valuable first-mover advantage and the opportunity to improve our methodologies, further develop and standardize our innovative practices and now we’re excited to fully optimize our proprietary outdoor production system in 2020,” said Curtis Wallace, Head of Cultivation, WeedMD. “Using sustainable growing practices, such as direct sunlight, living soil, onsite water reservoir, natural bio-security practices and state-of-the-art irrigation mechanisms already in place, we’ve carefully selected just over a handful of cannabis strains this year and we’re looking forward to seeing them thrive outdoors once again.”
More About WeedMD’s Outdoor Cultivation Readiness
- Nutrient-rich, natural loamy soil on 27-acre field is currently being tilled and cultivated
- All infrastructure and staffing resources onsite with a proven team dedicated to outdoor grow
- A newly-built 50,000 square foot, fully-licensed processing facility strictly for outdoor biomass
- WeedMD’s existing propagation operations are on site in its licensed greenhouse facility
- Mother plants selected for strains that are proven to excel outdoors in southwestern Ontario
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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