TORONTO, Nov. 05, 2019 (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 provide an operational update. The Company has successfully completed the harvest of its 27-acre crop of outdoor cannabis at its Strathroy facility. WeedMD will hold its Q3-19 earnings call to report its financial results on Friday, November 29, 2019 following the release of its quarterly financial filings. Call details found here.
WeedMD is also pleased to announce that it has entered into commercial extraction operations at its Aylmer facility, with the commissioning of its recently installed extraction equipment. In addition, the Company has secured a Health Canada licence to produce and sell cannabis concentrates, edibles and topicals at this location, paving the way for the production and sale of cannabis 2.0 products.
“With the outdoor harvest now complete, we’ve achieved a significant milestone. WeedMD now has a significant amount of cannabis that we intend to bring to market over the current and coming quarters as both dried flower and in various value-added formats,” said Keith Merker, CEO of WeedMD. “Combining our vertically-integrated extraction business at our CX Industries site in Aylmer with our low-cost production of dried flower, we are well positioned to emerge as a leader in the production and sale of extracts.”
Outdoor Harvest Details. The harvest of its 27-acre field is now complete. As WeedMD is now well into the post-harvest process, the Company plans to provide metrics, including total yield, alongside its earnings announcement later this month. See harvest video here.
Ongoing Test Results. To date, the Company has submitted 15 outdoor-cannabis samples for initial testing and reported results are in compliance with specifications for heavy metals and Health Canada’s requirements for mandatory cannabis testing for pesticide active ingredients. WeedMD looks forward to providing details including test results for cannabinoid contents, strain yields and market availability of its outdoor-cultivated cannabis, which includes some of its signature strains such as Pedro’s Sweet Sativa, Ghost Train Haze, ACDC and Ultra Sour as well as some new cultivars.
CX Industries Enters Commercial Operation. WeedMD also confirmed that its newly-installed Vitalis Q-90 CO2 extractor has entered commercial operations at its Aylmer, Ontario site. Read about CX Industries launch here.
CX Industries Processing Capability. With the commissioning of its first extractor, CX Industries is equipped to process 26,000 kgs of biomass annually. A second Vitalis-manufactured Q-90 extractor, engineered for high CO2 thorough-put efficiency will be installed in the coming month followed by two more extractors in 2020. At peak production, CX will have the capability to extract 200,000 kgs of biomass annually.
Health Canada Licensing. The Company confirms it is one of 43 licensed holders – out of 245 licence holders under the Cannabis Act – to secure an amended licence to produce and sell concentrates, edibles and topicals from its Aylmer facility. WeedMD and CX Industries plan to release new cannabis 2.0 product formats to Canadians as early as January 2020 across a number of brands.
Release of Q3 Financials & Earnings Conference Call. The Company will release its quarterly financials after market close on Thursday, November 28, 2019 followed by a conference call with management on Friday November 29, 2019 at 10 a.m. Eastern Time to report its Q3-19 financial results and operational outlook. The call will be hosted by Keith Merker, CEO and Nichola Thompson, CFO. Call-in details will be published in the coming weeks.
About CX Industries Inc.
CX Industries is a wholly-owned subsidiary of WeedMD Inc. and operates out of its fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility and specializes in cannabis extraction and processing. The facility is located on four acres of expandable property owned by WeedMD. At peak production in 2020, CX is expected to extract and process more than 200,000 kgs of biomass annually.
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. CX Industries operates out of the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. WeedMD has a multi-channeled distribution strategy that includes selling directly to medical patients, strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where WeedMD’s adult-use brand Color Cannabis is 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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