Tweed Marijuana Inc. announces the acquisition of additional OTTAWA,
April 3, 2014 /CNW/ -
Tweed Marijuana Inc. ("
Tweed Marijuana") (TSXV: LWI.H) announced today that its wholly-owned subsidiary
Tweed Inc. ("
Tweed") has completed an acquisition of medical marihuana seeds and plants from certain growers licensed under the
Marihuana Medical Access Regulations (MMAR) in advance of the
April 1, 2014 deadline for transfers to occur. The
Marihuana for Medical Purposes Regulations (MMPR) allowed for the transfer of seeds and plants from growers licensed under the MMAR up until the end of
March 2014 with authorization from
Health Canada. With the requisite
Health Canada authorizations, Tweed has completed transactions with a number of growers licensed under the MMAR whereby it has acquired over 60 new strains of medical marihuana so that patients who choose to obtain medical marihuana from Tweed can benefit from a wide variety of choices. With the addition of the newly acquired strains, Tweed will have over 80 strains it can offer patients.
One shipment of material which was intended to be acquired from licensed growers under the MMAR is being held by the RCMP while it confirms the details of the shipment. In an effort to be transparent, the RCMP was informed in contemplation of shipping the material and was invited to examine the material. No remuneration has been exchanged at this point and no payment will be made until the shipment arrives and is properly processed at the Tweed facility and tested by an independent laboratory. The contracts with the vendors relating to this shipment provide that if the transfer is disallowed by Health Canada or otherwise prohibited by law, the contract is void.
In addition to providing Tweed customers with additional variety, these purchases were undertaken to assist Tweed in ensuring that it had sufficient future inventory to meet demand, which is already showing signs of exceeding short-term production capacity. In the medium-term, Tweed believes that with those acquisitions which were completed and an acceleration of its own in-house growing capabilities, it will have sufficient supply available to meet expected demand.
Tweed welcomes the opportunity to introduce the newly acquired strains as quickly as possible in the coming months.