TORONTO, April 10, 2019 (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 it has closed on the purchase of an additional 60 acres
of prime land located directly adjacent to its 98-acre Strathroy property. WeedMD’s outdoor grow now has the potential to increase
to more than 100 acres. As previously announced, the Company has applied to Health Canada for an amendment to its Strathroy licence
to expand beyond its greenhouse cultivation with an initial 25-acre, low-cost, outdoor grow operation in 2019. Link to release here. An additional 25 acres had previously been planned to come online as Phase
II in 2020. With today’s announcement, Phase II will increase to 75 acres for an overall outdoor cultivation of 100 acres online by
2020.
Pending Health Canada approval, WeedMD’s outdoor grow is expected to increase its total yield to more than
100,000 kgs of cannabis in 2020 and more than 150,000 kgs when combined with its greenhouse cultivation. Outdoor grow video here.
“With the amalgamation of this property and our existing licensed footprint, we now own more than 160 acres of
contiguous land in Strathroy – that’s 100 adjoining acres of prime workable agricultural land for outdoor cultivation. WeedMD is
well-positioned to be the industry leader setting the benchmark for low-cost, scalable, quality-driven outdoor production in
Canada,” said Keith Merker, CEO of WeedMD. “As one of the first out of the gate, our experienced cultivation team has started
onsite preparedness with ready-tested genetics and clones being propagated at our state-of-the-art greenhouse. The ability to
produce consistent strains for dried flower, extracts and concentrates at a fraction of the cost of other production platforms will
give us a strategic edge as we expand our product lines and commercial reach with our first outdoor harvest expected in fall
2019.”
“Our Strathroy property was strategically selected in 2017 for its modern greenhouse and future growth
potential. The vast outdoor property has full sunlight, an abundance of air flow, a protective buffer zone of trees and proximity
to our infrastructure and propagation operations at the greenhouse. We have now capitalized on the opportunity to expand across
perfectly-maintained adjacent lands already primed for outdoor cultivation - all of which can now be easily folded into our
licensed property,” said Derek Pedro, Chief Cannabis Officer of WeedMD. “With the purchase of the adjacent 60 acres of land for
outdoor grow, we’re well on our way to rapidly scaling production, with Phase II bringing us to full capacity in 2020.”
For more information, access WeedMD’s investor presentation here and recently updated corporate video here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis
products for both the medical and adult-use markets. The Company owns and operates two facilities: a 26,000 sq. ft. indoor facility
in Aylmer, Ontario and a state-of-the-art greenhouse and outdoor facility located in Strathroy, Ontario. The Company currently has
136,000 square feet of licensed production space and is expected to have a total footprint of more than 550,000 square feet of
indoor and greenhouse production in addition to more than 25 acres of outdoor cultivation space online in the first half of 2019.
WeedMD has a multi-channeled distribution strategy that includes selling directly to medical patients, strategic relationships
across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies.
Follow WeedMD On:
Facebook: https://www.facebook.com/weedmd/
LinkedIn: https://www.linkedin.com/company/weedmd/?originalSubdomain=fr
Twitter: https://twitter.com/WeedMD
Instagram: https://www.instagram.com/weedmd/
For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Executive Officer
519-765-2440 Ext. 222
investor@weedmd.com
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Marianella delaBarrera
VP, Communications & Corporate Affairs
416-897-6644
marianella@weedmd.com
Cautionary Statement on 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; 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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VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE