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
it is kicking off 2021 with the development of new extract products
featuring live resin and solventless hash, and rosin concentrates.
The Company’s newest Cannabis 2.0 extract products are expected to
debut during the second quarter of 2021, under WeedMD’s Color
Cannabis and Saturday Cannabis adult-use brands.
“WeedMD’s genetic library boasts unique strains,
with flavour and aroma profiles widely recognized throughout the
industry and we are thrilled to announce we are now expanding into
high-value, terpene-rich hash, live resin and rosin products,” said
George Scorsis, Executive Chairman and Interim CEO, WeedMD. “We are
listening to our consumers and retail partners in developing these
products and extending our portfolio. Our cultivation, commercial
and product teams are now capturing these profiles in a variety of
formats including solventless concentrates and extracts to deliver
premium products under our Color and Saturday Cannabis brands. This
expanded portfolio is tailor-made for consumers looking for richer
cannabis concentrates and alternative cannabis consumption
methods.”
Product development for both solventless
cannabis concentrates (including bubble hash and rosin) and
hydrocarbon (live resin) extract products is currently underway
alongside WeedMD and its highly skilled third-party processors.
This includes trialing processes to produce extracts which best
capture and preserve the Company’s most robust, trichome-coated
flowers, including award-winning strains such as Pedro’s Sweet
Sativa and Mango Haze.
The Company has further developed a unique,
in-house sub-critical CO2 extract post-processing methodology,
which preserves the flower’s terpene profile and results in a
malleable, semi-solid high-potency cannabis extract product. Trials
to confirm scalability and product integrity are currently underway
at the Company’s Aylmer, Ontario processing and extraction hub.
Extract products will be produced using WeedMD’s
own biomass, grown on site at the Company’s state-of-the-art
greenhouse and outdoor field in Strathroy, Ontario. Initial new
extract products are anticipated for market release in Q2 2021.
According to Statistics Canada, 527,987 units of
adult-use extract products were purchased by Canadians in January
2020. Within 10 months, this single month purchase volume rose
significantly by over 150%, to 1,328,769 units in October 2020.
Data from the period shows extracts made up 14% of the Canadian
cannabis market. Recent third-party* data suggest Canada’s
extracts market is forecasted to grow to 37% by 2025, split mostly
with 46% dried flower product, and the cannabis market is estimated
to grow to $11-billion in that time.
Access WeedMD’s 2021 Shareholder Newsletter
here. Information about upcoming corporate events can be found
here.
*Source: Defining the Cannabis Sector in Canada
in 2025: Ernst and Young LLP, 2019
About WeedMD Inc.
WeedMD Inc. is the publicly traded parent
company of WeedMD RX Inc. and Starseed Medicinal Inc., licence
holders 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, 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 seven provincial distribution
agencies where adult-use brands Color Cannabis and Saturday are
sold.
Follow WeedMD on LinkedIn
Twitter:
WeedMD, Color
Cannabis, Saturday
Cannabis &
Starseed
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Cannabis &
Starseed
For further information, please
contact:
For Investor Enquiries:Valter
PintoManaging Director KCSA Strategic
Communications1-212-896-1254weedmd@kcsa.com
For Media Enquiries:Marianella
delaBarreraVP, Communications & Corporate
Affairs416-897-6644marianella@weedmd.com
To learn more, visit us at www.weedmd.com
All product images and labels are provided for
information and illustrative purposes only, and do not represent
the actual cannabis product, product label, or its appearance.
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.
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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/86a90eec-f826-4dad-921c-161bc00c9752
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