WDDMF - CannabisNewsBreaks - WeedMD Inc. (TSX.V: WMD) (OTCQX: WDDMF) (FSE: 4WE) Acquires Starseed Holdings Inc. Secures $25M Strategic Equity Investment by LPF
WeedMD (TSX.V: WMD) (OTCQX: WDDMF) (FSE: 4WE), a federally-licensed producer and distributor of medical-grade cannabis, and Starseed Holdings Inc., a medically-focused, federally-licensed cannabis company, on Monday announced the closing of the previously disclosed acquisition of Starseed Holdings by WeedMD. According to the update, WeedMD also completed, concurrent with the closing, the previously announced private placement of subscription receipts with the LiUNA Pension Fund of Central and Eastern Canada (“LPF”), for aggregate gross proceeds of $25 million. “We officially welcome the Starseed team to the WeedMD family which together will kick-off 2020 as a very compelling, vertically-integrated cannabis company that will execute across the entire value chain,” WeedMD CEO Keith Merker said in the news release. “Starseed’s unique medical distribution platform complements WeedMD’s high-quality cultivation and processing platform. This partnership, along with the $25 million strategic equity investment by LPF, positions WeedMD and its shareholders with a fortified balance sheet and one of the most captive medical cannabis businesses in the country as we enter the new year.”
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About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer of 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, Ontario. WeedMD also operates CX Industries Inc., a wholly-owned subsidiary of WeedMD Inc., from the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. With the recent acquisition of Starseed Medicinal Inc., a medical-centric licensed holder with operations in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where its adult-use brands Color Cannabis and Saturday are sold. For more information, visit www.WeedMD.com.
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