WeedMD Announces Intent to Change Corporate Name to Entourage Health Corp.
Following overwhelming shareholder approval received at the Company's AGM held on June 30, 2021, WeedMD will commence doing business as Entourage Health over a transition period that will commence in the coming days.
Company reports results of Annual General & Special Meeting of Shareholders held on June 30, 2021 which includes overwhelming shareholder approval for corporate rebrand
Company confirms the Management Cease Trade Order is lifted following the respective filing of its fiscal year-end 2020 financials and first quarter 2021 financials
TORONTO, July 05, 2021 (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 the results of its annual general and special meeting of shareholders (the “AGM”) held on June 30, 2021. The shareholders overwhelmingly approved all motions including allowing for a corporate rebrand that will transition WeedMD Inc. into Entourage Health Corp. (“Entourage Health”) over the next few months.
The Company expects to provide additional information in respect of the proposed corporate rebrand and the commencement of trading of the Company’s common shares on the TSX Venture Exchange under the name Entourage Health Corp. over the coming days.
“This is truly an exciting and transformative time for our Company. WeedMD’s values and principles will always be at the heart of who we are - advocates for our patients, consumers, shareholders and communities upholding a standard that delivers on quality, sustainability and experience – now rooted in Entourage Health Corp.,” said George Scorsis, Interim CEO and Executive Chair. “Entourage Health represents WeedMD’s evolution - from its inception in 2013 as one of the first licensed producers, to its launch of award-winning brands, followed by the merger with Starseed Medicinal and pending addition of craft cultivator CannTX – we are a group of professionals who always put the consumer and patient first. We are now looking to develop and expand into new markets and our cannabis experts that make up Entourage Health will expedite and bolster our growth for years to come. I thank our employees, partners and most importantly our shareholders for their unwavering trust and commitment to our success.”
While WeedMD now transitions into doing business as Entourage Health Corp., its Health Canada licence will continue under its wholly owned subsidiary WeedMD RX Inc.
All other Company matters put forward at the AGM were approved by the shareholders, including the re-election to the Company’s board directors of Jason Alexander, Lu Cacioppo, Bruce Croxon, G. Edmund King, Gail Paech, and George Scorsis. The directors will hold office until successors are duly elected or appointed.
Additionally, in accordance with the rules and policies of the TSX Venture Exchange, the Company’s shareholders re-approved WeedMD’s Omnibus Incentive Plan. The Company’s shareholders also re-appointed RSM Canada LLP, as WeedMD’s auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed.
Management Cease Trade Order Lifted
WeedMD also announced an update to its previously announced Management Cease Trade Order of April 21, 2021 (the "MCTO"). On May 31, 2021, the Company filed and posted its annual audited financial statements, annual management's discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2020 to SEDAR. WeedMD also confirms that on June 29, 2021, it filed and posted its first quarter 2021 interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the three-months ended March 31, 2021 to SEDAR. As a result of the filings, the Ontario Securities Commission lifted the MCTO effective at the close of business on Friday, July 2, 2021.
All AGM-related documents and financial filings can be found on the Company’s profile on SEDAR at www.sedar.com.
About WeedMD Inc.
WeedMD Inc. is the publicly traded parent company of WeedMD RX Inc., a licence holder producing and distributing 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, ON as well as a fully licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. With the addition of Starseed Medicinal, a medical-centric operator, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well as eight provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold. WeedMD is also the exclusive Canadian producer and distributor of award-winning U.S.-based wellness brand Mary’s Medicinals sold in both medical and adult-use channels.
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For further information, please contact:
For Investor Enquiries:
Valter Pinto or Scott Eckstein
KCSA Strategic Communications
For Media Enquiries:
VP, Communications & Corporate Affairs
To learn more, visit us at www.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; the COVID-19 pandemic; 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 disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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