TORONTO, Feb. 24, 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, is pleased to announce that its subsidiary Starseed Medicinal Inc. (“Starseed”) is now the preferred supplier of medical cannabis to the IUPAT Province of Ontario Health & Welfare Trust Fund’s participants. The agreement provides approximately 7,000 IUPAT members and their dependents with medical cannabis as an insured benefit, with no co-pay or out-of-pocket costs.
“We are honoured to welcome the IUPAT members to Starseed’s full-service medical platform which is now being sourced from WeedMD’s medical-grade cannabis production platform,” said Angelo Tsebelis, CEO of WeedMD. “Our end-to-end service model eliminates the many barriers associated with traditional ways of accessing cannabis and is transforming how Canadians access medical cannabis. We are pleased to work with progressive partners to continue to legitimize cannabis as an effective treatment option.”
“Providing our members with safe access to a broad and diverse range of medical cannabis therapies to suit their individual health and wellness needs is a positive step forward in sourcing alternatives to traditional pharma therapies,” said Jeffrey C. Baldwin, President – Benefit Plan Administrators (BPA) Limited, the administrator of the International Union of Painters and Allied Trades. “As cannabis industry leaders, Starseed and WeedMD are trusted sources of medical cannabis and we’re proud to partner with them to facilitate safe and affordable access for our members.”
Starseed and WeedMD are focused on delivering premium medical cannabis products through a unique education and service model. Access WeedMD’s investor presentation here.
Investor Relations Service Agreement
WeedMD also announced today that it has engaged KCSA Strategic Communications (“KCSA”), to provide investor relations services effective as of February 24, 2020 (the “Service Agreement”). Pursuant to the Service Agreement, KCSA will provide comprehensive investor relations services for an initial term of six months and unless terminated by either party, will thereafter be automatically renewed on a month-to-month basis. Pursuant to the Service Agreement, WeedMD will pay KCSA a monthly base fee of US$8,000, plus reasonable out-of-pocket expenses. KCSA does not currently own any shares of WeedMD nor does it have any other direct or indirect interest in WeedMD.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer 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. WeedMD also operates CX Industries Inc., a wholly-owned subsidiary of WeedMD Inc., from the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. With the recent acquisition of Starseed Medicinal Inc., a medical-centric licensed holder with operations in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnerships with union groups, employers and benefit providers in Canada, complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where its adult-use brands Color Cannabis and Saturday are sold.
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For further information, please contact:
For Investor Enquiries:
Chief Strategy Officer
For Media Enquiries:
VP, Communications & Corporate Affairs
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.
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
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