WDDMF - WeedMD Signs Supply Agreement with the Ontario Cannabis Retail Corporation
TORONTO, Sept. 06, 2018 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company) a federally-licensed producer and distributor of cannabis, is pleased to announce that it has entered into a supply agreement with the Ontario Cannabis Retail Corporation (“OCRC”), operating as the Ontario Cannabis Store (“OCS”) to supply branded cannabis products to the adult-use market in the Province of Ontario.
Under the agreement, the Company will initially supply its cannabis products for online sales via the OCS and will expand to supply Ontario’s private retailers once the province implements an approved framework.
“As a leading Ontario licensed producer, we’re thrilled to announce that adult consumers in our home province will have access to our trusted, medical-grade cannabis strains and products this fall,” said Keith Merker, Chief Executive Officer of WeedMD. “This counts as a significant milestone for WeedMD as it advances our strategic plan to develop a national distribution network at optimal price points to ensure the Company’s medical and adult-use products are available from coast-to-coast.”
The agreement with the OCRC is the fifth supply agreement signed by WeedMD. In addition to Ontario, the Company has signed agreements with the Alberta Gaming, Liquor & Cannabis Commission (AGLC), the British Columbia Liquor Distribution Branch (BC LDB), the Nova Scotia Liquor Corporation (NSLC) and Shoppers Drug Mart1. Additionally, WeedMD continues to be engaged in advanced discussions with other provincial liquor boards and emerging private retail operators.
For more information, access our investor presentation here and corporate video here.
1 Pending Health Canada approval
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis and cannabis oil under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The Greenhouse currently has 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet online by year-end 2018. WeedMD has a multi-channeled distribution strategy that includes supply agreements with Shoppers Drug Mart and provincial distribution agencies, as well as through strategic relationships across the seniors' market in Canada.
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For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Executive Officer
Tel: 519-765-2440 Ext. 222
Email: investor@weedmd.com
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Marianella delaBarrera
Corporate Communications & Public Affairs
Tel: 416-897-6644
Email:marianella@weedmd.com
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon WeedMD's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information in this news release include, but are not limited to, statements with respect to internal expectations, expectations with respect to actual production volumes, expectations for future growing capacity and the completion of any capital project or expansions. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of WeedMD to implement its business strategies; competition; crop failure; and other risks.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, WeedMD does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for WeedMD to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in WeedMD's Annual Information Form dated December 13, 2017 (the "AIF") and other disclosure documents of WeedMD filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the AIF and other disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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