TORONTO, May 17, 2021 (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 entered into an exclusive licensing and supply agreement (the “Agreement”) with Ontario craft cannabis producer CannTx Life Sciences Inc. (“CannTx”) to release celebrated cultivars “Rockstar Tuna” and “Royal Goddess” - re-labelled “Crown” - for its Starseed Medicinal patients. The ‘Limited Edition’ release of these high-THC whole flower products will be available starting in late May, 2021.
CannTx is a highly regarded licensed producer that specializes in small-batch, hand-crafted cultivation utilizing tissue cultured donor-stock, as well as full-spectrum, solventless concentrates such as ice hash and rosin. Its adult-use brand Royal City Cannabis Co.’s celebrated cultivars and pressed ice hash products are sold in the “Craft Cultivator” category in Ontario’s retail markets.
“This unique partnership is a natural fit for both WeedMD and CannTx, bringing together complementary renowned cultivars, with distinctive terpene profiles, that are hand-crafted for our medical patients by this University of Guelph-affiliated micro-propagator,” said Joseph Mele, SVP, Commercial Sales and Marketing, WeedMD. “We continue to advance our drive for excellence by selecting exclusive licensing partnerships with teams that are passionate about quality cannabis. Together, we’re proud to be leading the wave of change that is bringing greater choice, quality, and value in cannabis products for Canadians.”
“We pride ourselves on hand-crafting artisanal, small-batch products that are appreciated by discerning patients, and we’re thrilled to be collaborating with a producer that shares our brand ethos,” said Buck Young, Director and Co-Founder of CannTx. “WeedMD is a long-time, highly valued partner that has built a strong distribution network and reputation for excellence and we’re looking forward to continuing to bring more innovative products to market together.”
WeedMD and CannTx have had a long-standing commercial relationship. In July 2020, the parties announced an agreement to enhance the Company’s genetics bank with new cultivars, and to preserve the lifecycle of elite proprietary strains such as Pedro’s Sweet Sativa using tissue culture technology. This has allowed WeedMD and its brands to consistently and perpetually clone, grow and produce the same great products on which they’ve built a solid reputation. In addition to expanding WeedMD’s genetics bank and cultivars’ lifecycle with its rejuvenation techniques, CannTx’s platform also banks genetic material for secure storage and plant asset preservation.
Access WeedMD’s 2021 Shareholder Newsletter here. Updated investor presentation and corporate deck can be found here.
About WeedMD Inc.
WeedMD Inc. is the publicly traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., licence holders producing and distributing 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, ON as well as a fully-licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. With the addition of Starseed, a medical-centric operator, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well as seven provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.
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For further information, please contact:
For Investor Enquiries:
Valter Pinto
Managing Director
KCSA Strategic Communications
1-212-896-1254
weedmd@kcsa.com
For Media Enquiries:
Marianella delaBarrera
VP, Communications & Corporate Affairs
416-897-6644
marianella@weedmd.com
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; the COVID-19 pandemic; 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 disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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