TORONTO, Aug. 11, 2020 (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 entered into a commercial arrangement with leading Canadian retailer, Fire & Flower Inc. (“Fire & Flower”) (TSX: FAF) (OTCQX: FFLWF). WeedMD will manufacture, package and ship the retailer’s Revity CBD™ product line, expected to be available at Fire & Flower stores in the province of Saskatchewan as of August 14, 2020. Products manufactured through this partnership will be produced at WeedMD’s state-of-the-art extraction hub CX Industries, utilizing the Company’s own input biomass.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d30ebabc-40bd-4c3d-a66a-c55b50dac934
“We’re proud to be selected by Fire & Flower as the producer of its Revity CBD product line. As our first Canadian commercial extraction arrangement, we are looking forward to working with this award-winning retail-leader as it looks to expand into new product formats and strategic markets,” said Angelo Tsebelis, CEO of WeedMD. “With our CX extraction business focused on developing high-grade concentrates from trichome-rich biomass, we anticipate a fruitful and long-term relationship with Fire & Flower.”
“Based upon key consumer insights from our Hifyre digital retail and analytics platform, Fire & Flower is pleased to launch a wellness-focused brand in the underserved market of regulated CBD products,” shared Trevor Fencott, CEO of Fire & Flower. “WeedMD has an excellent reputation of producing quality products and a track record of innovation in response to consumer preferences in the market. Revity CBD will launch in Saskatchewan and eventually nation-wide as Fire & Flower looks to expand the offerings of this consumer brand as international markets emerge.”
CX Industries specializes in extraction, tolling, licensing and innovative third-party product formulations from the Company’s fully-licensed Aylmer, Ontario facility. It will be the extractor, packager and distributor of Fire & Flower-branded cannabis oil products in Canada commencing with CBD oils and expanding accordingly to other product formats.
About Fire & Flower
Fire & Flower is a leading purpose-built, independent adult-use cannabis retailer poised to capture significant Canadian market share. The Company guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre™ digital platform and Spark Perks™ program connect cannabis consumers with the latest cannabis products and deliver cutting edge insights into evolving consumer behaviours. The Company’s leadership team combines extensive experience in the cannabis industry with strong capabilities in retail operations. Fire & Flower Holdings Corp. owns all of the issued and outstanding shares in Fire & Flower Inc., a licensed cannabis retailer that owns cannabis retail store licences in the provinces of Alberta, Saskatchewan, Manitoba and Ontario and the Yukon territory. Through its strategic investment with Alimentation Couche-Tard Inc., the Company has set its sights on the global expansion as new cannabis markets emerge. More information on Fire & Flower can be found at www.fireandflower.com.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., federally-licensed producers of 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, Ontario as well as CX Industries Inc., a wholly-owned subsidiary which specializes in cannabis extraction from the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario processing facility. With the addition of Starseed, a medical-centric operator based in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other 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 six provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.
Follow WeedMD, Color Cannabis & Starseed:
For further information, please contact:
For Investor Enquiries:
KCSA Strategic Communications
For Media Enquiries:
VP, Communications & Corporate Affairs
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.
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