WeedMD Inc. (TSXV:WMD) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis, is pleased to announce the appointment of Kevin McGovern as a board director.
Kevin McGovern is the Chairman of McGovern Capital, a global investment, strategy and licensing provider which provides investments and business strategy to emerging companies, particularly those engaged in consumer technologies and holders of intellectual property rights and most recently over the past several years, in the global cannabis sector. Through McGovern Capital and its affiliates, he has co-founded over 25 companies, six of which have become world/category leaders and has been lead negotiator/principal in over twenty global joint ventures.
Mr. McGovern was a founder of beverage company SoBe, the fastest growing beverage company ever in the US, before it was sold to Pepsi for $375 million. He helped to drive the development and launch of products for the world’s leading skin care supplier, TriStrata Inc. TriStrata owned the rights (over 100 patents) to alpha hydroxy acids, the most successful skin restoration and wrinkle reduction technology in skin care history. Mr. McGovern created, supervised and negotiated Tristrata’s worldwide licensing program, which technology has been incorporated in approximately 40% of all global skin care products by more than 70 companies, and was sold in over 80 countries. In addition, McGovern Capital was one of three owners of KX Industries, L.P., the largest manufacturer and worldwide source of carbon water purification filters, having invented and supplied PUR to P&G, the first end-of-tap filter to Brita, and the first refrigerator water filter to Electrolux. He has done significant work in eliminating water pollution through The Water Initiative and continues to do so globally through his personal entities.
Mr. McGovern has served on various public and private boards including The Sports Authority and he is a member of the National Board of the Smithsonian (the world’s largest research and museum institution). He is a graduate of Cornell University (BA) and St. John’s University School of Law (JD) and is a Trustee Emeritus and a Presidential Councillor (highest honor to alumni) of Cornell University (having served as the Co-Chairman of the Technology Transfer Committee). Mr. McGovern was named the Cornell “Entrepreneur of the Year” in 2007, was given St. John’s University School of Law’s “Distinguished Alumni Award” and awarded The East West Institute’s “Global Game Changer Award”. The Luce Foundation honored him as its 2015 Humanitarian of the Year. He also teaches a course on “Global Innovation and Commercialization” at the graduate business school at Cornell University and has been a guest lecturer at Cornell NY Tech, MIT, NTU in Singapore, and KAUST in Saudi Arabia. The McGovern Family Center for Venture Development in Life Sciences at Cornell University was recently acclaimed as one of the Top 10 Venture Development Centers in North America.
“Kevin is a well-respected pioneer and visionary investor in the emerging cannabis space,” said Michael Kraft, Chairman of WeedMD. “His wealth of knowledge and experience in building world category leaders combined with his incredible network will be instrumental as we begin to license the intellectual property around our proprietary seniors’ care program and also as we expand our footprint beyond Canada into international markets.”
“This is an exciting time for WeedMD,” said Mr. McGovern. ”Being an investor, lecturer and licensing strategist, particularly in the medical cannabis space, I have chosen to work with the WeedMD team because I think they are uniquely qualified to be a global leader in this space. They have the resources, appropriate culture, and focus to develop not only quality products but products that will be global leaders. I hope to bring our network of global distributors and relationships to help them achieve their goals.”
The board of directors has approved a grant of incentive stock options under its stock option plan to certain of its officers and directors to acquire a total of 2,173,000 common shares of the Company. All of the options are exercisable at a price of $2.36 per share and for directors will vest quarterly over 12 months and for executive management and officers will vest over 24 months from the grant date and in addition will be subject to specific performance milestones. The options have a term of 5 years and are subject in all respects to the terms of WeedMD’s stock option plan and the requirements of the TSX Venture Exchange.
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 seniors’ markets in Canada through its specialized and 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.
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For further information, please contact:
Keith Merker, Chief Financial Officer
Tel: 519-765-2440 Ext. 222
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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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