TORONTO, March 27, 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 announce it has applied for an amendment to its Strathroy licence to expand beyond its existing cultivation with an initial 25-acre, large-scale, low-cost, outdoor cannabis grow operation with the capacity to increase up to 50 acres. The Company confirms it has secured the support of the Municipality of Strathroy-Caradoc for its planned outdoor grow expected to be completed in two phases. In 2019, Phase I will be brought online, representing more than 25 acres of production, with an additional 25 acres planned for Phase II in 2020. Pending Health Canada approval, the outdoor grow is expected to increase WeedMD’s total production footprint to upwards of 2.7 million square feet with the potential to yield over 100,000 kgs of cannabis in 2020 together with greenhouse cultivation.
WeedMD’s outdoor grow will be situated on organically-certified* soil on its 98-acre Strathroy property which also houses the Company’s 610,000 sq. ft. modern greenhouse facility. Outdoor grow video here.
“Our municipality is proudly home to a thriving agricultural community which has long supported our local businesses and we’re pleased that WeedMD continues to expand its local footprint in a progressive and economically-viable manner,” said Mayor Joanne Vanderheyden, Municipality of Strathroy-Caradoc. “We welcome and wholly support its push for outdoor expansion along with the job opportunities, sustainable cultivation and community engagement it will bring for the continued long-term growth of our municipality.”
“In November 2017, we initially selected this 98-acre property in Strathroy because of its expansion potential, which included low-cost scalable outdoor production that is strategically located alongside our licensed state-of-the-art greenhouse propagation operations. WeedMD, with its proven cultivation team, genetics bank and propagation capabilities, has positioned itself as a first-mover in the industry,” said Keith Merker, CEO of WeedMD. “With our outdoor grow site, we will continue producing cannabis products at an expected lower cost, in a supportive municipality that will complement our existing robust production platform with our first outdoor harvest expected in fall 2019.”
“With the anticipated demand for extracted products and cannabis concentrates, our experienced cultivation team and proven outdoor grow genetics are expected to generate high yields at very low cost. The addition of an outdoor grow will ensure that WeedMD is positioned to meet the needs of its patients and customers in the ever-expanding cannabis market,” said Derek Pedro, Chief Cannabis Officer of WeedMD. “Our methodologies and standardized innovative practices have been derived from more than 15 years of outdoor growing experience under Canada’s legal cannabis programs. With cannabis plants being readied for transplant in June 2019, WeedMD is optimally positioned to rapidly scale production and is already being recognized as an industry-leader and expert in outdoor cultivation.”
Highlights of WeedMD’s Large-Scale, Low-Cost Outdoor Expansion
- Phase I of the outdoor grow is more than 25 acres. Capable of producing more than 25,000 kgs of cannabis, WeedMD has already commenced retrofitting the highly-secured space and its first outdoor harvest is expected in fall 2019.
- Phase II will bring the total outdoor grow to 50 acres in 2020. Increases WeedMD’s total production footprint to over 2.7 million square feet with the potential to yield more than 100,000 kgs of cannabis in 2020.
- Industry-leading production costs. With the cultivation of outdoor cannabis, WeedMD expects its production costs to be amongst the lowest in the industry.
- Experienced leadership team with leading methodologies to revolutionize outdoor cultivation. WeedMD’s skilled cultivation team is led by industry pioneer and Chief Cannabis Officer Derek Pedro who together have more than 40 years of combined outdoor, indoor and greenhouse cultivation experience.
- Outdoor grow complements WeedMD’s greenhouse cultivation in Strathroy. With the outdoor grow adjacent to its state-of-the-art 610,000 sq. ft. hybrid greenhouse facility in Strathroy, the Company can utilize existing, on-site storage and packaging as per Health Canada regulations. Also, WeedMD will leverage its existing site for its propagation, genetics and clones ahead of the outdoor growing season to take into account the longer growing period for its proprietary outdoor genetics.
- Sustainable growing practices. Cultivated in a natural environment using sustainable growing practices such as direct sunlight, pre-tested live soil that is certified-organic*, onsite water reservoir, appropriate ventilation, natural bio-security practices and state-of-the-art irrigation mechanisms already in place, Strathroy is positioned to become the standard of excellence for outdoor cannabis cultivation.
* Organically-certified soil as accredited by the Centre for Systems Integration (CSI), a division of the Canadian Seed Institute.
For more information, access WeedMD’s investor presentation here and recently updated corporate video here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis products for both the medical and adult-use markets. The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse and outdoor facility located in Strathroy, Ontario. The site currently has 110,000 square feet of licensed greenhouse space in production and is expected to have a total footprint of more than 550,000 square feet of greenhouse space as well as more than 25 acres of outdoor cultivation space online in the first half of 2019. 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.
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For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Executive Officer
Tel: 519-765-2440 Ext. 222
Email: investor@weedmd.com
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Marianella delaBarrera
VP, Communications & Corporate Affairs
Tel: 416-897-6644
Email: marianella@weedmd.com
Cautionary Statement on 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 December 13, 2017 (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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