TORONTO, March 13, 2018 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), is pleased to provide an update on its expansion, including the construction and retrofitting of its state-of-the-art 14-acre greenhouse facility in Strathroy, Ontario.
The first phase of construction covers 220,000 sq. ft. of the 610,000 sq. ft. greenhouse and is well underway. Upon completion of security installations and Health Canada site audit, WeedMD anticipates planting its first crop over the next month. With Phase I nearing completion and its first harvest expected in July 2018, WeedMD’s annual production will increase from 1,500 kg to more than 21,000 kg.
With Phase II of the expansion, the Company will begin to retrofit another 175,000 sq. ft. of greenhouse space, which will result in additional annual production of 12,000 kg. This will increase the production area to a total of 395,000 sq. ft. and the Company’s annual production to more than 33,000 kg.
WeedMD’s Greenhouse Expansion
The Company’s expansion into its large-scale modern greenhouse will be the main supply source for its medical cannabis patients, ongoing wholesale supply to other LPs, and future adult-use consumers across Canada in addition to emerging international markets.
About our state-of-the-art modern greenhouse:
- Situated on 98-acres of expandable property with 610,000 sq. ft. or 14 acres of existing greenhouse structure in addition to ancillary buildings
- Phase I retrofit of 220,000 sq. ft. tempered glass greenhouse that is less than two years old is nearing completion with 22 individual climate-controlled 10,000 sq. ft. production rooms. This will enable WeedMD to harvest one room every 10-12 days, depending on the strain, on a rotational basis.
- Equipped with an on-site unlimited supply of natural clean water
- Modern fertigation system runs on full-recirculation loop which provides an accurate, innovative computerized method of monitoring plant nutrients and water. This will ensure that water is recycled and reused and does not leach into the surrounding area and that WeedMD meets its environmental responsibilities
- Exhaust from our boilers is scrubbed of CO2, cleaned and then utilized for production providing significant cost savings and ensuring optimal plant growth
With a true-hybrid greenhouse, WeedMD will be able to produce indoor quality cannabis, with maximum efficiency and extremely low costs.
“We are on solid footing with a fully-funded, 15-fold production expansion well underway and I am very pleased that we remain on-track and on budget. Our team is looking forward to our first harvest in July 2018,” said Bruce Dawson-Scully, CEO of WeedMD. “Additionally, we are working hard on patient and seniors’ care outreach and engagement programs in addition to launching our strategy for capturing the adult-use market that is expected to significantly increase demand across Canada.”
WeedMD Exercises Option to Purchase Aylmer Property and Facility
WeedMD is also pleased to announce that it has exercised its option to purchase its original production site in Aylmer. This facility includes four acres of land and the Company’s fully licensed and operational 26,000 sq. ft. of indoor production. In addition, WeedMD has the option to purchase an additional four acres of adjacent land to its existing property. This would bring the total footprint to eight acres and enable WeedMD to expand its indoor operations from 26,000 sq. ft. to more than 220,000 sq. ft.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils 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 licence 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 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.
Follow WeedMD On:
For further information, please contact:
Keith Merker, Chief Financial Officer
Tel: 519-765-2440 Ext. 222
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Margin Communications & Public Relations
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE