WeedMD will use a portion of the net proceeds towards new construction within its existing facility to accommodate a mothering room, nursery and extraction lab, in order to increase process efficiencies and provide patients with more extensive strain selection and derivatives options. WeedMD intends to apply the remainder of the net proceeds towards developing the commercial scale production, distribution and sales infrastructure for its cannabis and cannabis oil extracts program, to working capital, other growth opportunities and general corporate purposes.
“This financing provides WeedMD with the capital to expand our facility and production capacity. Our first harvest commenced two weeks ago and is ongoing with the more than 6,000 plants currently growing,” said Bruce Dawson-Scully, CEO of WeedMD. “We remain on target to apply to Health Canada for our sales license amendment by the end of this month, with the goal of securing this licensing in Q1, 2017. Concurrently, we are in the process of finalizing our application to Health Canada for the production of oil extracts, which we plan to submit before the end of this month.”
As partial consideration for their services, the Agents were issued 352,000 compensation options (the “Compensation Options”). Each Compensation Option will entitle the holder thereof to purchase one unit of WeedMD at an exercise price of $0.75 for a period of two years from the completion of a liquidity event, with each unit being comprised of one common share of WeedMD and one Warrant.
WeedMD and Aumento announced on November 9, 2016 that they have entered into a letter agreement which outlines the terms and conditions pursuant to which WeedMD and Aumento will complete a transaction that will result in a reverse take-over of Aumento by the shareholders of WeedMD (the “Transaction”). The Transaction will constitute the liquidity event referred to above in regard to the Convertible Debenture Financing and Aumento intends for the Transaction to constitute its “Qualifying Transaction” as such term is defined in the policies of the TSX Venture Exchange (the “TSXV”). Under the Transaction, Aumento will acquire all of the common shares of WeedMD by exchanging 1.25 common shares of Aumento for each common share of WeedMD (the “Exchange Ratio”). The Warrants and the Compensation Options issued pursuant to the Convertible Debenture Financing will be exchanged for similar securities of Aumento and will have their respective terms, including exercise price and value, adjusted by the Exchange Ratio.
About WeedMD Rx Inc.:
WeedMD is a licensed producer of medical marijuana under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) and operates a 25,000 square foot, scalable, state-of-the-art production facility in Aylmer, Ontario. WeedMD is focused on producing small-batch, high-grade, condition-specific cannabis products for patients throughout Canada. WeedMD is dedicated to educating healthcare practitioners, providing consistent access and education for high quality medication, and furthering the public’s understanding of how marijuana is used for medical purposes.
To learn more, visit us at www.weedmd.com.
About Aumento Capital V Corporation:
Aumento is incorporated under the provisions of the Business Corporations Act (Ontario) with its registered and head office in Toronto, Ontario. It is a capital pool company and is a “reporting issuer” in the provinces of Ontario, British Columbia and Alberta.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and, if applicable, pursuant to the requirements of the TSXV, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed Transaction; future developments; and use of funds. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Aumento and WeedMD disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
To view the photos associated with this press release, please visit the following links:
519-765-2440 ext. 201 or Mobile: 416-666-4600
www.weedmd.comAumento Capital V Corporation
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).