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“Listing on the TSX Venture Exchange represents another important milestone for WeedMD and our corporate growth plan, providing liquidity for our existing shareholders, providing access to a budding investor base that is interested in the cannabis sector, and positioning WeedMD to raise capital to fund future growth opportunities,” said Bruce Dawson-Scully, CEO of WeedMD.
WeedMD is a licensed producer of medical cannabis under the ACMPR and plans to be Canada’s first producer focused on the long-term and retirement sector by leveraging the Company’s deep industry relationships and expertise. Management believes senior patients represent a significantly higher value market segment than typical ACMPR patients. This is due in large part to consistent treatment schedules and the cost-effective nature of patient acquisition and servicing associated with long-term care facilities.
“Based on our decades of experience in senior care, WeedMD management’s goal is to provide safe and effective alternatives to symptom management for seniors,” said CEO Bruce Scully.
WeedMD operates in a fully retrofitted 26,000 sq. ft. indoor facility in Aylmer, Ontario, on four (4) acres of land and has an option to acquire four (4) acres of neighboring land, which combined could support the construction of more than 220,000 sq. ft. of new production space. With $6.0 million in working capital and building permits approved, WeedMD is strategically positioned to deliver on its next phase of growth.
In addition to listing on the TSX Venture Exchange, WeedMD is executing on several value-generating licensing and business milestones in the near future, including:
- Sales License: WeedMD has completed the review and inspection process with Health Canada and is currently awaiting results that, if approved, would allow it to sell dried flower product to patients. The Company expects to receive its sales license in the second quarter of 2017.
- Commercial Extraction Laboratory: WeedMD will commence building out a commercial extraction laboratory and expects construction to be completed in the second quarter of 2017.
- Extracts Production License: WeedMD will apply for an amendment to its ACMPR license to allow the Company to begin medical cannabis oil production upon the successful completion and buildout of its extracts lab. Assuming buildout of the lab in Q2/17, WeedMD expects to receive an amendment allowing for extract production in the summer of 2017.
- Expansion Plan: With building permits approved and in place, WeedMD’s next phase of growth – expanding from 26,000 sq. ft. to over 220,000 sq. ft. The Company has an additional 100 acres of nearby land for potential future expansion, and is actively looking at alternatives to accelerate go-to-market as Canada’s recreational market is expected to launch on or before July 1, 2018.
“I would like to thank our management and the entire WeedMD team for their tremendous commitment and efforts over the past years. We’re very excited to introduce WeedMD to the public markets and to expand our shareholder base, especially now ahead of a number of exciting milestones and catalysts that will advance the growth of our company as we execute on our corporate strategy,” said Chairman Michael Kraft.
In connection with the Company’s Qualifying Transaction (as defined by the policies of the TSX Venture Exchange), the Company issued 116,667 shares to Eight Capital as consideration for its sponsorship report prepared with respect to the transaction.
For more information, access our investor presentation on our website here. Also, please see the filing statement as posted on SEDAR on March 31, 2017 here with respect to our qualifying transaction with Aumento Capital V Corp.
WeedMD Inc. is a licensed producer of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR). WeedMD operates a 26,000 square foot, scalable production facility in Aylmer, Ontario with four acres of property for future expansion. WeedMD is focused on providing consistent, quality medicine to the long-term care and assisted living markets in Canada through its comprehensive platform developed exclusively for that industry. WeedMD is dedicated to educating healthcare practitioners and furthering public understanding of the role medical cannabis can play as a viable alternative to prescription medication in relieving a variety of chronic medical conditions and illnesses.
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To learn more, visit us at www.weedmd.com
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.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.