Elevated Income by 461% Yr-Over-Yr Previous to Opening of Canada’s Grownup-Use Market
Skilled Management Workforce in Place to Navigate Speedy Enlargement Part and Accretive Enterprise Improvement Initiatives
Secured Gross sales Licence for State-of-the-Artwork Hybrid Greenhouse in Strathroy, Ontario, with Absolutely-Funded Path to 500,000 Sq. Ft of Excessive-High quality, Value-Efficient Hashish Cultivation
Toronto, Canada, November 29, 2018 – WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade hashish, is happy to report its monetary outcomes for the three and 9 months ended September 30, 2018.
For the quarter ending September 30, 2018, the Firm studies revenues of $2.zero million, representing a year-over-year improve of 461%. Revenues of $5.2 million within the first 9 months of fiscal 2018 represents a 784% improve in comparison with the identical interval in the course of the 2017 fiscal yr.
“The third quarter was another strong growth period for WeedMD. We increased revenues by more than 450% compared to the prior year and rapidly ramped up production capacity at our state-of-the-art hybrid greenhouse. Through strategic additions to our highly experienced management team, we strengthened our production, sales, marketing, and business development capabilities,” stated Nichola Thompson, Interim CFO of WeedMD. “Our fully-funded path to more than 500,000 square feet of high-quality, cost-effective cultivation footprint provides us with significant advantages to capitalize on a tight cannabis supply market at the onset of the Canadian adult-use market.”
“We are exploring opportunities to expand internationally, including having recently supplied our industry-leading cannabis genetics to Israel’s Pharmocann and Australia’s Medifarm,” stated Keith Merker, CEO of WeedMD. “As the cannabis industry evolves into increasingly differentiated, high-margin product offerings across the medical and adult-use segments, WeedMD has positioned itself to take full advantage of market opportunities in Canada and internationally.”
*Adjusted Working Loss just isn’t a acknowledged measurement underneath IFRS and this knowledge is probably not corresponding to knowledge introduced by different corporations. Administration believes Adjusted Working Loss to be an necessary measure of the Firm’s day-to-day operations, by excluding non-cash good points and losses and/or non-recurring gadgets.
Company Highlights Throughout and Subsequent to the Quarter ended September 30, 2018
- Accomplished First Shipments of Grownup-Use Hashish to Provinces: Efficiently servicing provide agreements with the Ontario Hashish Retail Company (“OCRC”) – working because the Ontario Hashish Retailer (“OCS”), Alberta Gaming, Liquor & Hashish Fee (“AGLC”), British Columbia Liquor Distribution Department (“BDLDB”), and Nova Scotia Liquor Company (“NSLC”), the Firm delivered its first shipments of WeedMD-branded hashish, in entirety and on time for the launch of Canada’s adult-use market which commenced October 17, 2018.
- First Harvest Accomplished and Gross sales Licence Obtained for Giant Scale State-of-the-Artwork Greenhouse: Accomplished the primary harvest from the Strathroy facility in September 2018, turning spectacular yields from a mixed 70,000 sq. ft of present manufacturing capability. As well as, WeedMD secured a licence from Well being Canada to promote hashish cultivated at its greenhouse facility. The gross sales licence permits the Firm to move hashish from the Strathroy greenhouse to its close by indoor facility in Aylmer, for packaging and distribution for WeedMD’s medical and adult-use clients.
- Exported Hashish Genetics Internationally: Launched the gross sales and exports of genetics by finishing first shipments to Medifarm, a privately-held Queensland-based licensed producer, distinguished in Australia for being the primary licensed medical hashish producer to be approved for therapeutic use. WeedMD additionally accomplished the cargo of its hashish genetics to Israel’s Pharmocann, a privately-held pharma-agricultural medical hashish producer working underneath the authorization of Israel’s Ministry of Well being.
- Secured DTC Eligibility and Graduated to OTCQX® Greatest Market: Secured Depository Belief Firm (“DTC”) eligibility and commenced buying and selling on the OTCQX® Greatest Market beneath the ticker image “WDDMF,” offering extra visibility to US shareholders and larger liquidity.
- Partnered with Main Quebec Product Formulation Lab: Signed a pivotal settlement with Montreal-based Sensible Medicines GMP Inc. (“Smart Medicines”), a modern research-driven group that creates, develops and launches prescription drugs, pure well being merchandise and cosmetics led by Dr. Domenico Fuoco.
- Introduced Multi-Yr Retail Gross sales Distribution Settlement: Entered right into a retail gross sales distribution settlement with Lifford Hashish Options (“Lifford”), led by long-time hashish advocate, influencer and media character Lisa Campbell, to symbolize WeedMD’s premium hashish manufacturers and merchandise for the adult-use market in British Columbia and Alberta.
- Constructing the Group & Board: WeedMD additionally made the next appointments and hires:
- Nichola Thomspon, Interim CFO. Nichola Thompson was appointed as Interim CFO. Nichola has greater than 15 years in senior finance roles; beforehand held administration positions at Discovery Air, Deloitte & Touche, and Siemens, Nichola obtained her Chartered Skilled Accountant & Chartered Accountant designations in 2007.
- Domenico Fuoco, Chief Innovation Officer. Previous to becoming a member of WeedMD, Domenico was President of Sensible Medicines. He has almost 20 years of analytical chemistry expertise and is widely known within the R&D well being sciences group.
- Josephine DesLauriers, Senior Vice President, Individuals. Josephine has been on the forefront of constructing the WeedMD group, increasing the worker base fourfold since January 2018. She has over 15 years of expertise in quite a lot of HR-related features and is widely known within the health-care sector for her work in seniors care and housing.
- Brett Moon, Senior Vice President, Gross sales & Advertising. Previous to becoming a member of WeedMD, Brett served as a Vice President at Mosiac, Canada’s largest gross sales and advertising company. At Mosaic, he led quite a lot of sizeable accounts referring to beer, spirits and hashish in Canada. Brett brings over a decade of expertise in managed substances and controlled industries.
- Dan Healey, Vice President, Operations. With over 30 years of expertise in quite a lot of operations and high quality roles, Dan beforehand held administration positions at Parmalat Canada, Nestle and Maricann Group. He’s an engineering know-how graduate who brings business insights and professional information in creating, implementing and attaining manufacturing excellence in productiveness and high quality.
- Robert Gora, Vice President, Affected person & Shopper Expertise, Medical. Previous to becoming a member of WeedMD, Robert held quite a few roles together with gross sales, medical schooling, advertising and enterprise improvement within the pharmaceutical business. With over 16 years of expertise, he was most just lately the Basic Supervisor of Medical at MedReleaf.
- Marianella delaBarrera, Vice President, Communications & Company Affairs. With over 10 years of expertise in creating and main worldwide communications methods for Bombardier Aerospace, Marianella is a educated journalist, veteran spokesperson and senior strategist that has labored on quite a few high-profile product launches and worldwide affairs.
- Michael Pesner, CPA, CA, Unbiased Director. Appointed to WeedMD’s Board of Administrators and Chair of the Firm’s Audit Committee. Michael is the President of Hermitage Canada Finance Inc., specializing in monetary advisory providers and beforehand was a Senior Associate at KPMG for 26 years. Moreover, he’s a member of a number of private and non-private firm boards.
The Firm’s monetary statements and associated administration’s dialogue and evaluation for the interval can be found underneath the Firm’s profile on SEDAR at www.sedar.com. All quantities are expressed in Canadian dollars and are in accordance with Worldwide Financial Reporting Requirements until in any other case famous.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded mum or dad firm of WeedMD Rx Inc., a federally-licensed producer and distributor of hashish and hashish oil for each the medical and adult-use markets underneath the Hashish Act. The Firm operates two amenities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility situated in Strathroy, Ontario. The Greenhouse presently has 44,000 sq. ft of licensed area in manufacturing and is predicted to have a complete footprint of greater than 500,000 sq. ft on-line by year-end 2018. WeedMD has a multi-channeled distribution technique that features provide agreements with Buyers Drug Mart and provincial distribution businesses, in addition to by means of strategic relationships throughout the seniors’ market in Canada.
Comply with WeedMD On:
For additional info, please contact:
Keith Merker, Chief Government Officer
Tel: 519-765-2440 Ext. 222
E-mail: [email protected]
To study extra, go to us at www.weedmd.com
For Media Enquiries:
VP, Communications & Company Affairs
E mail: [email protected]
Cautionary Assertion on Ahead-Wanting Info
This press launch incorporates “forward-looking information” inside the which means of relevant Canadian securities laws that are based mostly upon WeedMD’s present inner expectations, estimates, projections, assumptions and beliefs and views of future occasions. Ahead-looking info could be recognized by means of forward-looking terminology similar to “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and different comparable phrases, together with adverse and grammatical variations thereof, or statements that sure occasions or circumstances “may”, “would” or “will” occur, or by discussions of technique.
The forward-looking info on this information launch is predicated upon the expectations, estimates, projections, assumptions and views of future occasions which administration believes to be affordable within the circumstances. Ahead-looking info consists of estimates, plans, expectations, opinions, forecasts, projections, targets, steerage or different statements that aren’t statements of reality. Ahead-looking info on this information launch embrace, however aren’t restricted to, statements with respect to inner expectations, expectations with respect to precise manufacturing volumes, expectations for future rising capability and the completion of any capital undertaking or expansions. Ahead-looking info essentially contain recognized and unknown dangers, together with, with out limitation, dangers related to common financial circumstances; opposed business occasions; lack of markets; future legislative and regulatory developments; incapability to entry adequate capital from inner and exterior sources, and/or incapability to entry enough capital on beneficial phrases; the hashish business in Canada usually; the power of WeedMD to implement its enterprise methods; competitors; crop failure; and different dangers.
Any forward-looking info speaks solely as of the date on which it’s made, and, besides as required by regulation, WeedMD doesn’t undertake any obligation to replace or revise any forward-looking info, whether or not because of new info, future occasions or in any other case. New elements emerge sometimes, and it isn’t potential for WeedMD to foretell all such elements. When contemplating this forward-looking info, readers ought to have in mind the danger elements and different cautionary statements in WeedMD’s Annual Info Type dated December 13, 2017 (the “AIF”) and different disclosure paperwork of WeedMD filed with the relevant Canadian securities regulatory authorities on SEDAR at www.sedar.com. The danger elements and different elements famous within the AIF and different disclosure paperwork might trigger precise occasions or outcomes to vary materially from these described in any forward-looking info.
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
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