New licence allows for ongoing product development and the evaluation of cannabis concentrates in portable vaporizer devices for optimal formulations
TORONTO, Feb. 13, 2020 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (WDDMF) (4WE.F) (“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”) has been awarded a cannabis research licence by Heath Canada (“Research Licence”). This allows for the testing of cannabis concentrates pertaining specifically to vaporization (vape) products in development testing at its Bowmanville, Ontario facility.
“With the evolution of next generation cannabis products such as extracts for vaporization, we want to ensure we drive important data collection forward on behalf of our patients and consumers,” said Angelo Tsebelis, CEO of WeedMD. “We are diligently assessing new cannabis products – in this case, specific to vapes – to determine optimum formulations that will result in the best performance and delivery of medical cannabis, as well as consumer acceptability.”
The Research Licence gives way to research activities and protocols that involve direct handling and storage of cannabis. It also allows for the administration and distribution of cannabis to focus group subjects for assessment of taste, sight, smell and/or touch. The research program is also expected to assess the effect of storage conditions on vaporization device cartridges to ensure product stability in various use conditions over time.
WeedMD also announced that as part of the transaction with Starseed Holdings Inc., the Company granted the following options: 5,674,875 options with an exercise price of $0.98 per share expiring November 3, 2022; and, 900,311 WeedMD options with an exercise price of $3.26 per share expiring November 1, 2023.
Access WeedMD’s investor presentation here.
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.
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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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