TORONTO, Dec. 04, 2017 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (“WeedMD” or the “Company”), a federally-licensed producer (LP) and distributor of medical cannabis, is pleased to announce that on December 1, 2017 the Company secured its cannabis oil sales license from Health Canada. This is an amendment to the oil production license obtained in June 2017, and enables WeedMD to begin selling cannabis oil. The Company has developed two distinct cannabis oil brands. The first, AxisTM by WeedMD, has been specifically formulated for the seniors’ market, including long-term care and assisted living, while the second, EntourageTM by WeedMD, has been created to appeal to the general patient population under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company plans to make its cannabis oil available for sale in early 2018.
“After receiving our license to produce cannabis oil just over five months ago, we are thrilled to confirm that we are now one of 21 Canadian LPs with licenses to produce and sell both dried flower and cannabis oil,” said Bruce Dawson-Scully, CEO of WeedMD. “Cannabis oil is in high demand, and we’ve taken the time to develop specific formulations to address the medicinal market as well as our seniors market niche including long-term care and assisted living.”
Based on data released by Health Canada, cannabis oil sales continue to grow at a faster rate than dried flower, and WeedMD is now positioned to serve this expanding market opportunity.
Earlier this year, the Company imported purpose-built, high-throughput ethanol extraction equipment from Germany and the US, and immediately started researching, developing and producing cannabis oils. AxisTM is developed exclusively to service the needs of long-term care and assisted living patients. EntourageTM is for sales to more general ACMPR patients. Our platform provides a scalable and low-cost platform to service the future demand for cannabis oil. Each of the AxisTM and EntourageTM lines has three offerings: (i) High THC oil, (ii) Hybrid - equal concentrations of THC and CBD, and (iii) High CBD oil.
Additionally, WeedMD recently announced its transformative expansion plan into a large-scale modern greenhouse, expected to be the main source of supply for cannabis oil for its medical cannabis patients as well for the future adult-use market. For more about the expansion, read here and see corporate video here.
WeedMD also announces that Mr. David Danziger CPA, CA is stepping down from the Board of Directors. The Company would like to thank him for serving on the board and appreciates all of his time, effort and contributions. WeedMD will announce Mr. Danziger's replacement in due course.
For more information, access our investor presentation here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. The Company is focused on providing medical cannabis to the long-term care, assisted living and senior’s markets in Canada through its specialized, comprehensive platform. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays - including as it pertains to regulatory requirements, indications and potential side effects.
Follow WeedMD on:
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For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Financial Officer
Tel: 519-765-2440 Ext. 222
Email: investor@weedmd.com
To learn more, visit us at www.weedmd.com
For WeedMD Media Inquiries:
Marianella delaBarrera
Margin Communications & Public Relations
416-897-6644
marianella@marginpr.com
Forward-Looking Information
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Company's common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
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