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WeedMD Inc. (WMD.V)

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0.3200+0.0050 (+1.59%)
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Previous Close0.3150
Open0.3200
Bid0.3150 x 0
Ask0.3250 x 0
Day's Range0.3150 - 0.3200
52 Week Range0.2250 - 0.9900
Volume149,771
Avg. Volume601,911
Market Cap78.92M
Beta (5Y Monthly)1.47
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
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News
  • WeedMD and Privately Owned CannTx Life Sciences Sign Letter of Intent to Create a Cannabis Cultivation and Consumer-Centric Product Portfolio
    GlobeNewswire

    WeedMD and Privately Owned CannTx Life Sciences Sign Letter of Intent to Create a Cannabis Cultivation and Consumer-Centric Product Portfolio

    Strategic acquisition of innovative, specialized cannabis operator will fold in micro-propagation technology, a craft portfolio, and solventless extraction capabilities Complementary operations and combined brand portfolio meets emerging trends in consumer preference, alongside continued growth in new business verticals Guelph-based state-of-the-art facility will help create synergies and further cost efficiencies to bring new strains and high-margin products to market at greater scale and consistency WeedMD management to host conference call on May 31, 2021 at 10 am Eastern TORONTO, May 31, 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 it has signed a Letter of Intent (the “LOI”) to acquire all of the issued and outstanding shares of renowned craft cultivator CannTx Life Sciences Inc. (“CannTx”) in an all-stock transaction (the “Transaction”). CannTx, which operates out of its licensed production facility in Guelph, Ontario, is a highly regarded cultivator that specializes in tissue culture and micropropagation techniques, agricultural research, craft cultivation, and processing of new cannabis products such as rosin and hash. Closing of the Transaction is subject to the parties finalizing a definitive agreement and the satisfaction of other conditions that are customary for transactions of this nature, and is expected to close in mid-year 2021. Under the terms of the LOI, WeedMD will acquire and integrate CannTx’s business operations including CannTx’s B2B and adult-use businesses, currently doing business as Steadystem Solutions and Royal City Cannabis Co. Upon completion, the combined entity will house one of the most comprehensive genetic banks in the industry, further strengthening WeedMD’s already robust cultivation and high-margin processing activities for new strain and product expansion. “The ethos of WeedMD will always be rooted in quality cultivation. With the acquisition of CannTx, we will now be able to participate across all market segments with a strong portfolio of refined cannabis brands and products that consumers are moving towards,” said George Scorsis, Interim CEO and Executive Chair of WeedMD. “The CannTx team is nationally regarded as one of the premier leaders in genetics validation and more recently for its craft cultivation and solventless, full-spectrum products under the Royal City Cannabis Co. brand - highlighted as some of the best craft products in the country. We are aligned in our philosophy that cannabis cultivation is a perfect mix of science and art. While working together in the genetic preservation and regeneration of our prized strains. we recognized that merging our talent and companies will solidify our respective businesses and together, move us closer to profitability.” “Since 2013, we’ve been saying that the key to success in the cannabis marketplace will be product differentiation through innovation and high standards of quality and consistency. We appreciate that our vision is warmly welcomed by the brand-focused leadership at WeedMD,” said Mike Abbott, President, CEO and Co-Founder of CannTx. “We also appreciate the hard work that the management team has undertaken to transform WeedMD into a vehicle for growth and realization of shareholder value while respecting stakeholder interests. We are excited to leverage this corporate infrastructure to help us introduce our great products to more Canadians seeking cannabis produced with passion.” “Our team of exceptional talents have clear actionable insights on how to solve present challenges in our industry to achieve excellent results,” said Buck Young, Executive Director and Co-Founder of CannTx. “We have accomplished so much as an employee-owned and founder-led company. Coming together will allow us to realize the commercial value of all our industry learnings alongside the talent, assets, and capabilities WeedMD possesses.” By preserving their genetic assets and ensuring their integrity, WeedMD will be able to consistently and perpetually grow the same great products on which they’ve built an award-winning reputation. In addition to expanding WeedMD’s genetics bank and cultivars’ lifecycle with its rejuvenation techniques, CannTx’s platform also efficiently creates genetic assets storage. Benefits to WeedMD and CannTx: Complementary Operations and Premium Craft Brand: WeedMD’s low-cost southwestern Ontario production platform and robust sales channels are expected to generate improved margins with the addition of craft brand Royal City Cannabis Co. which was recently added to a select group of “Craft Cultivators” by the Ontario Cannabis Store. CannTx’s indoor craft cultivation operations in Guelph, Ontario will be maintained as the Company’s craft and specialty production site (for rosin and hash processing). WeedMD’s low-cost, state-of-the-art greenhouse and outdoor cultivation operations housed in Strathroy continues to be the primary cultivation hub. Its Aylmer extraction facility is maintained as its primary biomass processing facility where its oils, capsules, balms and vape products are currently produced and also serves as it medical cannabis and retail packaging centre.Further Strengthens Distribution Capabilities: In addition to expanding its cultivation footprint into the craft market, WeedMD will leverage CannTx’s international relationships to market new and innovative consumption methods to emerging cannabis markets in the Americas and Europe. Additionally, CannTx’s affiliation with the University of Guelph and other learning institutions will broaden WeedMD’s network. The Company has the necessary infrastructure to meet emerging industry demand, including expanding medical cannabis portfolio and the rapidly growing retail environment in 2021.Broadens Technical Expertise and Proprietary Assets: With its limited overlap in talent, CannTx’s management team will bring extensive propagation, agricultural, and science-based experience, as well as strong industry and client relationships. Its proprietary Steadystem Solutions program, which collects tissues from donor plants and regenerates them using an in-vitro platform to re-produce and maintain historical cannabinoid and terpene profiles, while removing bacterial, fungal, entomological, and viral pathogens, is a welcome asset. These strengths will be complementary to WeedMD’s cultivation and product-focused skillsets. Conference Call Information: WeedMD will host a conference call with George Scorsis, Interim CEO and Executive Chair, alongside newly appointed CFO Beth Carreon, on Monday May 31st, 2021. Management will be available for questions following opening remarks. Conference Call Details: Date:Monday, May 31, 2021Time:10 a.m. Eastern TimeDial-in Number:Canada/USA: 1-800-319-4610. International Toll: 1-604-638-5340Participants, please dial in and ask to join the WeedMD callReplay Dial-in:Canada/USA: 1-800-319-6413. International Toll: 1-604-638-9010Replay Access Code: 6629Available after 12:00 p.m. Eastern Time, until June 30, 2021 Access WeedMD’s 2021 Shareholder Newsletter here. Updated investor presentation and corporate deck can be found here. 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 and its brands on LinkedIn Twitter: WeedMD, Color Cannabis, Saturday Cannabis & Starseed Instagram: WeedMD, Color Cannabis, Saturday 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 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. Forward-looking information in this press release includes, but is not limited to, statements in respect of the Transaction, including the proposed terms and potential closing thereof and the potential synergies and impact on the prospects of WeedMD to be realized as a result of the Transaction. 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

  • WeedMD Reports Fiscal Year 2020 Financial Results and First Quarter 2021 Preliminary Gross Revenue of $12 Million
    GlobeNewswire

    WeedMD Reports Fiscal Year 2020 Financial Results and First Quarter 2021 Preliminary Gross Revenue of $12 Million

    Net revenue increased 41% YOY to $29.4 million for the full year ended December 31, 2020Kilograms harvested in 2020 grew 88% over prior year to 33,751 with more Grade A flowerWeighted average cost per gram of $0.46 in 2020 decreased by 42% from $0.79 in 2019 partly due to cost efficiencies implementedPreliminary unaudited Q1 2021 gross revenue of $12 million (1) represents 40% growth in high-margin, direct-to-consumer/patient sales when compared to prior year, up 72% from Q4 2020 Management to host conference call on Monday, May 31st at 10:00 a.m. Eastern Time TORONTO, May 31, 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, announced today its financial results for the fiscal year ended December 31, 2020. The Company also announced preliminary unaudited first quarter 2021 gross revenue of $12 million, which represents a direct-to-consumer and patient record increase of approximately 40% when compared to prior year period, after removing a one-time bulk sale revenue recorded in the prior year period. The Company expects to file its first quarter 2021 financial results on or before June 30, 2021. “We kicked off this year having accomplished several important milestones aligned with our 2020 business transformation initiatives whereby we realized the benefits of our cultivation efficiencies and production capabilities that drove increased brand recognition, retail outreach of our premium adult-use brands, and engagement with new partners positioning us for strategic growth,” said George Scorsis, Interim CEO and Executive Chair, WeedMD. “We are seeing steady growth in consumer demand across Canada for our top-selling Color Cannabis dried flower, pre-rolls, vapes and live resin products, as well as our Saturday Cannabis multi-pack pre-rolls and vapes. This is reflective in our products expanding into over 1,100 national retail locations this year, a 350% year-over-year increase from previous year which is a testament to our marketing strategy and quality of products. Likewise, our Starseed Medicinal brand reached a milestone of 36 new product SKUs over this past year and 20% increase in patient activations to date - all trends that we expect to continue throughout the remainder of 2021.” Summary of Results For the Year-Ended Dec. 31, 2020 Dec. 31, 2019 ($000’s) ($000’s) Net revenue 29,434 20,820 Gross (loss) profit before changes in fair value (21,991)4,049 Income (loss) and comprehensive (loss) (89,607)(10,392)Adjusted EBITDA* (43,584)(11,883) As at Dec. 30, 2020 Dec. 31, 2019 ($000’s) ($000’s) Cash and cash equivalents 22,322 8,184 Inventory 30,665 31,287 Biological assets 1,956 7,666 Working Capital 45,060 30,618 *Adjusted EBITDA is not a recognized measurement under International Financial Reporting Standards (“IFRS”) and this data may not be comparable to data presented by other companies. Management defines Adjusted EBITDA as EBITDA adjusted to exclude interest, tax, and depreciation, stock compensation, fair value changes and other non-cash items, and non-recurring items. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. The Company uses this non-IFRS measure to provide shareholders and others with supplemental measures of its operating performance. The Company also believes that securities analysts, investors and other interested parties, frequently use this non-IFRS measure in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate Adjusted EBITDA differently than the Company, this metric may not be comparable to similarly titled measures reported by other companies. We caution readers that Adjusted EBITDA should not be substituted for determining net loss as an indicator of operating results, or as a substitute for cash flows from operating and investing activities. See the Company’s management’s discussion and analysis for the 12 months ended December 31, 2020 (the “2020 MD&A”) for a detailed reconciliation of Adjusted EBITDA to Net Income / (Loss). The Company’s financial statements for the 12 months ended December 31, 2020 and the 2020 MD&A are available on SEDAR at www.sedar.com Preliminary Q1 2021 Revenue(1) WeedMD also provided preliminary unaudited revenue highlights for the three-month period ended March 31, 2021. First quarter 2021 gross revenues of $12 million represents 72% growth sequential Q1 2021 versus Q4 2020, reflecting the Company’s record sales increase of higher-margin, direct-to-consumer and direct-to-patient products. Revenue from Adult-Use and Medical channels increased meaningfully quarter-over-quarter to record high sales in the first quarter 2021 driven by expanded product availability across retail outlets, new distribution channels including the addition of the Province of Quebec, and customer acquisition initiatives. Revenue Highlights Q4 2020Q1 2021(1) ($000’s)($000’s)Revenue by Channel Medical 2,5775,500Adult-Use 4,3866,500Total Gross Revenue 6,96312,000 “With the $30 million credit facility we closed with LiUNA Pension Fund in the fourth quarter of 2020, and the $17.25 million bought deal equity financing secured in March 2021, we have improved our liquidity and secured the capital resources to further execute on our strategic growth plans,” said Beth Carreon, CFO. “We are on track for continued revenue growth while we continue to improve our internal cost structure with production efficiencies implemented in 2020 and now being realized along with improved margins during the remainder of 2021 and beyond.” Key Financial Highlights For the fiscal year ended December 31, 2020, WeedMD recorded net sales of $29.4 million, compared to approximately $20.8 million for the fiscal year ended December 31, 2019, an increase of 41% year-over-year.Gross loss before changes in fair value was $22.0 million for full year 2020 versus gross profit of $4.0 million for full year 2019. The decline was mainly driven by inventory write-down.Kilograms harvested for full year 2020 increased by 15,763 kg or 88% to 33,751 kg compared to full year 2019 partly due to additional flowering rooms becoming operational at Strathroy.Weighted average cost per gram of inventory on hand was $0.46 for period ending December 31, 2020, compared to $0.79 for the same period in 2019.Adjusted EBITDA decreased by $31.7 million to $(43.6) million for full year 2020 from $(11.9) million for full year 2019, primarily driven by the full-year impact of the Starseed integration, as well as commercial costs incurred in order to drive overall Company growth. Corporate Highlights During Fiscal Year Ended December 31, 2020 During the period, WeedMD entered into a Cannabis 2.0 supply partnership with Pax Labs, Inc., a leader in premium cannabis vaporizer technology, with award-winning devices for both oil concentrates and flower. Most recently in 2021, the Company began selling Pedro’s Sweet Sativa, strain-specific PAX® ERA® products to its Starseed Medicinal clients.WeedMD also entered into a commercial arrangement with leading Canadian retailer, Fire & Flower Inc. to manufacture, package and ship the retailer’s Revity CBD™ product line, which is now available at Fire & Flower stores in the province of Saskatchewan.The same year, WeedMD entered into an exclusive licensing agreement with Mary’s Medicinals to bring its award-winning, premium line of self-care products to Canada, including adult-use and direct-to-consumer medical channels. The products kicked off its initial release with Starseed Medicinal in February 2021, followed by expansion in Ontario retail markets via the Ontario Cannabis Store in May 2021.Also in 2020, WeedMD expanded access to its Starseed Medicinal products into Atlantic Canada under the purview of New Brunswick-based physician, Dr. Julie Hildebrand. Dr. Hildebrand is widely recognized for specializing in cannabis medicine and education, and is working with patients and benefits providers in New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland.On the medical side, during the course of 2020, the Company signed four strategic partners and their benefits providers to exclusive supply arrangements.In 2020, the Company’s shareholders elected Bruce Croxon, a prominent Canadian entrepreneur and venture capitalist and co-founder of Lavalife, to WeedMD’s board of directors (the “Board”). In the fourth quarter of 2020, WeedMD appointed veteran finance executive and former Deloitte partner, Lu Cacioppo, FCPA, CA, to the Board as an independent director and chair of WeedMD’s Audit Committee. Also in the fourth quarter of 2020, the Company appointed seasoned human resources executive Deborah Sikkema as its Chief People Officer. Ms. Sikkema was also appointed to WeedMD’s Compensation Committee alongside its Board.During the course of 2020 and subsequent to year-end, WeedMD’s Starseed Medicinal signed six LiUNA locals to medical cannabis programs, while expanding coverage to Manitoba in early 2021. Preliminary First Quarter 2021 Highlights & Subsequent Events Starting in January 2021, WeedMD appointed executive chairman, George Scorsis, as interim Chief Executive Officer. Concurrent with this, WeedMD’s Chief Legal Officer, Jason Alexander, was appointed to the Board.Also in January 2021, the Company reallocated its medical packaging, labelling and distribution activities from its Bowmanville, Ontario site to its Aylmer, Ontario facility which also houses the Company’s extraction hub. These strategic steps are part of WeedMD’s ongoing plan to maximize the utilization of its facilities, improve operational efficiencies and further align its cost structure.In February 2021, the Company announced the expansion of its Color Cannabis products into the Province of Quebec which makes it accessible to over 85 per cent of Canada’s retail market. Consumers in Quebec, one of Canada’s largest markets, may purchase Color products via the Société québécoise du cannabis (SQDC) in partnership with local producer ROSE LifeScience..In March 2021, WeedMD announced and closed its oversubscribed $17.25 million bought deal equity financing.In April 2021, the Company named Beth Carreon as Chief Financial Officer. Formerly of Tilray Canada and Nestlé Canada, Ms. Carreon is a seasoned financial executive with broad experience in corporate finance, mergers and acquisitions, banking and consumer-packaged goods,. In May 2021, WeedMD entered into an exclusive licensing and supply agreement with Ontario craft cannabis producer CannTx Life Sciences Inc. to release celebrated cultivars “Rockstar Tuna” and “Royal Goddess” for its Starseed Medicinal patients. Conference Call Information: WeedMD will host a conference call with George Scorsis, Interim CEO and Executive Chair, and Beth Carreon, CFO on Monday, May 31st, 2021. Management will be available for questions following opening remarks. Conference Call Details: Date:Monday, May 31, 2021Time:10 a.m. Eastern TimeDial-in Number:Canada/USA: 1-800-319-4610. International Toll: 1-604-638-5340Participants, please dial in and ask to join the WeedMD callReplay Dial-in:Canada/USA: 1-800-319-6413. International Toll: 1-604-638-9010Replay Access Code: 6629Available after 12:00 p.m. Eastern Time, until June 30, 2021 Management Cease Trade Order Update WeedMD is providing a bi-weekly update on the status of the management cease trade order granted on May 3, 2021 (the "MCTO") by its principal regulator, the Ontario Securities Commission, in accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), following the Company's announcement on April 21, 2021 (the "Default Announcement"), that it would be unable to file its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended December 31, 2020 (the "Required Annual Filings") on or before April 30, 2021, as required under applicable securities laws. On May 14, 2021, the Company also announced that the filing of its unaudited interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the three-months ended March 31, 2021 (the "Required Interim Filings") will be delayed beyond the filing deadline of May 31, 2021. The Company will post the Required Interim Filings on or before June 30, 2021. Bi-Weekly Status ReportThe Company confirms that since the date of the Default Announcement, except as set out above, including with respect to the filing today of the Required Annual Filings: (i) there has been no material change to the information set out in the Default Announcement or subsequent default status reports that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed. Updated investor presentation and corporate deck can be found here. Access WeedMD’s 2021 Shareholder Newsletter here and information about upcoming corporate events here. The Company’s financial statements and related management’s discussion and analysis for the fiscal year ended December 31, 2020 are available under the Company’s profile on SEDAR at www.sedar.com. All amounts are expressed in Canadian dollars and are in accordance with International Financial Reporting Standards unless otherwise noted. 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 and its brands on LinkedIn Twitter: WeedMD, Color Cannabis, Saturday Cannabis & Starseed Instagram: WeedMD, Color Cannabis, Saturday Cannabis & Starseed For further information, please contact: For Investor Enquiries:Valter Pinto or Scott EcksteinKCSA 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 Notes: (1) Preliminary and unaudited financial results are subject to customary financial statement procedures by the Company and its auditors. Actual results could be affected by subsequent events or determinations. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See "Forward Looking Information". 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. Forward looking information included in this press release includes, but is not limited to, statements in respect of the Company’s financial results for the three months ended March 31, 2021 and the filing of the financial statements and related management’s discussion and analysis in respect thereof. 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. Financial Outlook This press release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the Company's forecasted revenue for the three month period ending March 31, 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading " Forward Looking Information" above and assumptions with respect to market conditions, pricing, and demand. The actual results of the Company's operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management have approved the financial outlook in this press release and believe that it has been prepared on a reasonable basis and such financial outlook is being provided for the purpose of providing further information about the Company's future business operations. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading "Forward Looking Information" above, it should not be relied on as necessarily indicative of future results. 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

  • WeedMD to Host Fiscal Year End 2020 Conference Call on May 31st
    GlobeNewswire

    WeedMD to Host Fiscal Year End 2020 Conference Call on May 31st

    Company financials to be filed after market on May 28, 2021 and operational outlook to be provided during call, including first quarter 2021 record milestones achieved TORONTO, May 21, 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, announced today that it will file its financial statements and management’s discussion and analysis for the fourth quarter and fiscal year ended December 31, 2020, after market close on Friday May 28th, 2021. The Company will host a conference call to discuss these results, and provide an operational update as well as recap of achievements from the the first quarter of 2021 on Monday, May 31st, 2021 at 10 a.m. Eastern Time. The call will be hosted by CEO and Executive Chairman George Scorsis and newly appointed CFO Beth Carreon. Management will be available for questions following opening remarks. Conference Call Details: Date:Monday, May 31st, 2021Time:10 a.m. Eastern TimeDial-in Number:Canada/USA: 1-800-319-4610. International Toll: 1-604-638-5340Participants, please dial in and ask to join the WeedMD callReplay Dial-in:Canada/USA: 1-800-319-6413. International Toll: 1-604-638-9010Replay Access Code: 6629Available after 12:00 p.m. Eastern Time, until June 30, 2021 Updated investor presentation and corporate deck can be found here. Access WeedMD’s 2021 Shareholder Newsletter here and information about upcoming corporate events here. 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 and its brands on LinkedIn Twitter: WeedMD, Color Cannabis, Saturday Cannabis & Starseed Instagram: WeedMD, Color Cannabis, Saturday 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 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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