TORONTO, Jan. 20, 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 confirm that a special meeting (“Meeting”) of shareholders (the “Shareholders”) of WeedMD will take place as scheduled on February, 4, 2020 at 10:00 a.m. (EST) at Fogler, Rubinoff LLP, located at TD Centre North Tower, Suite 3000, 77 King Street West, Toronto, Ontario.
The Meeting is being held in connection with the private placement of subscription receipts (the “Subscription Receipts”) with the LiUNA Pension Fund of Central and Eastern Canada (“LPF”) for gross proceeds of $25 million, which was completed as part of WeedMD’s acquisition of Starseed Holdings Inc. (“Starseed”). Upon WeedMD receiving the requisite shareholder approvals at the Meeting, the Subscription Receipts will automatically convert into WeedMD common shares. Further details about the financing are contained in the Meeting information circular (the “Circular”) which is available for download on WeedMD’s SEDAR profile here.
Shareholders as of the record date of December 30, 2019 will have the right to vote by proxy or in person at the Meeting. All Shareholder votes are important and each is encouraged to take the time to read the Circular and vote prior to the voting deadline of January 31, at 10:00 a.m. (EST).
In connection with the closing of the Starseed acquisition, WeedMD will be issuing 538,756 common shares to Stoic Advisory Inc. as consideration for financial advisory services provided to WeedMD. In addition, upon completion of the $25 million equity investment, an additional 153,637 common shares will be issued to Stoic.
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 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 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.
Follow WeedMD, Color Cannabis & Starseed:
For further information, please contact:
For Investor Enquiries:
Chief Strategy Officer
For Media Enquiries:
VP, Communications & Corporate Affairs
To learn more, visit us at www.weedmd.com
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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