WEEDMD TO TRADE ON THE TSX VENTURE EXCHANGE
WeedMD Inc. (WMD.V) will begin trading on the TSX Venture Exchange under the symbol WMD when the market opens today.
"Listing on the TSX Venture Exchange represents another important milestone for WeedMD and our corporate growth plan, providing liquidity for our existing shareholders, providing access to a budding investor base that is interested in the cannabis sector and positioning WeedMD to raise capital to fund future growth opportunities," said Bruce Dawson-Scully, chief executive officer of WeedMD.
WeedMD is a licensed producer of medical cannabis under the ACMPR (access to cannabis for medical purposes regulations) and plans to be Canada's first producer focused on the long-term and retirement sector by leveraging the company's deep industry relationships and expertise. Management believes senior patients represent a significantly higher value market segment than typical ACMPR patients. This is due in large part to consistent treatment schedules and the cost-effective nature of patient acquisition and servicing associated with long-term care facilities.
"Based on our decades of experience in senior care, WeedMD management's goal is to provide safe and effective alternatives to symptom management for seniors," said Mr. Dawson-Scully.
WeedMD operates in a fully retrofitted 26,000-square-foot indoor facility in Aylmer, Ont., on four acres of land and has an option to acquire four acres of neighbouring land, which combined could support the construction of more than 220,000 square feet of new production space. With $6-million in working capital and building permits approved, WeedMD is strategically positioned to deliver on its next phase of growth.
In addition to listing on the TSX Venture Exchange, WeedMD is executing on several value-generating licensing and business milestones in the near future, including:
- Sales licence -- WeedMD has completed the review and inspection process with Health Canada and is currently awaiting results that, if approved, would allow it to sell dried flower product to patients. The company expects to receive its sales licence in the second quarter of 2017.
- Commercial extraction laboratory -- WeedMD will commence building out a commercial extraction laboratory and expects construction to be completed in the second quarter of 2017.
- Extracts production licence -- WeedMD will apply for an amendment to its ACMPR licence to allow the company to begin medical cannabis oil production upon the successful completion and buildout of its extracts lab. Assuming buildout of the lab in Q2 2017, WeedMD expects to receive an amendment allowing for extract production in the summer of 2017.
- Expansion plan -- With building permits approved and in place, WeedMD's next phase of growth is to expand from 26,000 square feet to over 220,000 square feet. The company has an additional 100 acres of nearby land for potential future expansion, and is actively looking at alternatives to accelerate go-to-market as Canada's recreational market is expected to launch on or before July 1, 2018.
"I would like to thank our management and the entire WeedMD team for their tremendous commitment and efforts over the past years. We're very excited to introduce WeedMD to the public markets and to expand our shareholder base, especially now ahead of a number of exciting milestones and catalysts that will advance the growth of our company as we execute on our corporate strategy," said chairman Michael Kraft.
In connection with the company's qualifying transaction (as defined by the policies of the TSX Venture Exchange), the company issued 116,667 shares to Eight Capital as consideration for its sponsorship report prepared with respect to the transaction.