TORONTO, Aug. 14, 2019 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade Cannabis, is pleased to announce that 40 of its medical cannabis strains were included in the completion of the first phase of TruTrace Technologies’ (“TruTrace”, formerly BLOCKStrain Technology Corp.) medical cannabis verification pilot project (the “Pilot Project”) with Shoppers Drug Mart. As recently announced by the parties, together with Deloitte Canada LLP (“Deloitte”), Phase 2 of the Pilot Project is targeted for completion in late November 2019. Shoppers and TruTrace release here.
Built on TruTrace’s proprietary StrainSecure™ system which focuses on cannabis product testing and verification to confirm origin, authenticity and quality, WeedMD is the first and only licensed producer to have 40 strains registered in the program. This technology helps in the protection of WeedMD’s unique strains and assists its customers, including Shoppers Drug Mart, with strain and product authenticity.
“WeedMD has long recognized the importance of strain validation,” said Keith Merker, CEO of WeedMD. “As Health care practitioners look to prescribe, trust and better understand cannabis science, we’re proud to confirm that 40 WeedMD strains were used in the completion of this pilot project. We congratulate TruTrace, Shoppers Drug Mart and the newly-added Deloitte team on this landmark initiative and we look forward to completing the next phase this fall.”
“As the first LP to participate in the strain registry program, WeedMD stands out as a cannabis producer that consistently looks to instill patient and industry trust in the products prescribed and consumed,” said Robert Galarza, CEO of TruTrace Technologies. “The completion of Phase 1 was a collective effort that included the very important participation of WeedMD with their robust library of strains – the only complete set of genetics to be included at this stage – thereby ensuring the integrity of the project’s traceability and origin assurances.”
About TruTrace’s StrainSecure Registration Program
In January 2019, WeedMD successfully registered forty of its strains using TruTrace's StrainSecure™ technology. Following the collection, sequencing and registration of the DNA of its cannabis strains, WeedMD became the first licensed producer in the world to incorporate a cannabis authenticity and tracking platform into its sales program. Read press release here.
Under the program, TruTrace’s team collects plant data and performs genomic sequencing in plant batches which are then registered in a blockchain-enabled database for intellectual property protection and strain validation. Known as StrainSecure, all information gathered from the plants, including their molecular and chemical makeup, can be tracked via the program. A video introducing the WeedMD and TruTrace pilot project can be found here.
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 and outdoor facility located in Strathroy, ON. The Company also operates CX Industries, a wholly-owned subsidiary of WeedMD Inc. CX operates out of the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. WeedMD has a multi-channeled distribution strategy that includes selling directly to medical patients, strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where WeedMD’s adult-use brand Color Cannabis is sold.
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For further information, please contact:
Keith Merker, Chief Executive Officer
Tel: 519-765-2440 Ext. 201
To learn more, visit us at www.weedmd.com
For Media Inquiries, WeedMD:
VP, Communications & Corporate Affairs
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 June 21, 2019 (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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