Expanding its Genetics Business Abroad and Adding Israel to Growing List of Countries Cultivating WeedMD’s Industry-Leading Genetics
TORONTO, Nov. 27, 2018 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (WDDMF) (4WE.F) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to announce it has exported its cannabis genetics to Israel’s Pharmocann, a privately-held pharma-agricultural medical cannabis producer working under the authorization of Israel’s Ministry of Health and widely recognized as a pioneer in the worldwide medical cannabis industry.
“We are delighted that Pharmocann, one of the world leaders and advocates in the medical cannabis community, has selected WeedMD’s genetics to strengthen its robust genetics library. Israel has been researching and advancing medical cannabis for well over 50 years, and Pharmocann has been providing high-quality products to medical patients for over a decade,” said Keith Merker, CEO of WeedMD. “Widely lauded for its breakthrough developments in cannabis treatments, we welcome the Pharmocann team to WeedMD’s expanding list of international genetics customers.”
“Pharmocann is at the forefront of cannabis production and development, and together with WeedMD, we share a common goal of producing premium brands for our patients,” said Gil Hovesh, CEO of Pharmocann. “Building our genetic library with quality strains from WeedMD will help us advance our product offerings and give our patients greater access to clinically-validated and cost-effective medicine.”
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 for both the medical and adult-use markets under the Cannabis Act. 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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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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