WDDMF - WeedMD Applies to Secure Dealer's License from Health Canada
TORONTO, March 01, 2018 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSXV:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis, has submitted an application to obtain a Health Canada Dealer’s License (“Dealer’s License”) under the Controlled Drugs and Substances Act (“CDSA”) and its associated regulations. The Dealer’s License will enable WeedMD to conduct research and development (“R&D”) and store cannabis derivatives that are not currently covered under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Dealer’s License also positions the Company to export cannabis oils and concentrates to international markets, as well as to process natural health products.
“As we ramp up our cannabis production to a rate of more than 20,000 kg annually, the Company will be supporting its commercial initiatives with R&D to expand its product offerings for domestic and international markets. With our new state-of-the-art laboratory at the Aylmer facility, we will be able to conduct research to bring novel formulations and dosing methods to market with a Dealer’s License,” said Dr. Luc Duchesne, Chief Scientific Officer of WeedMD. “Additionally, we will be able to test cannabis products in-house which will increase efficiencies and enable us to collect valuable data about strains and their desired effects.”
This is another R&D initiative that WeedMD is undertaking, having recently announced its partnership with the world-renowned Technion-Israel Institute of Technology here. Under the WeedMD-Technion partnership, WeedMD will submit 25 of its strains for inclusion in the Cannabis Data Project, which maps strains and their efficacy in treating certain medical conditions. As there are only a limited number of Dealer’s Licenses amongst the 90 Licensed Producers in Canada, securing this license is a critical step in advancing WeedMD’s medical and recreational growth strategies. The Company will work both independently and with research institutions to accelerate innovation for cannabinoid applications and delivery systems and further its position in the global cannabis market.
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.
For more information, access our investor presentation here.
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.