TORONTO, Sept. 30, 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, announced today its financial results for the three months ended June 30, 2020.
WeedMD reported net revenue of $5.9 million for the second quarter of 2020 driven by direct-to-consumer sales in the medical market and provincial retail channels. The Company also strengthened its liquidity subsequent to quarter end by closing on a $30 million credit facility with strategic investor LiUNA Pension Fund of Eastern and Central Canada (“LPF”).
“During the second quarter, we advanced our integration with Starseed to drive direct-to-consumer revenue and made significant operational progress in ramping up production. Our unique medical service platform and growing brand recognition for our Color Cannabis adult-use products contributed to our revenue for the quarter,” said Angelo Tsebelis, CEO of WeedMD. “We also entered into multiple new strategic partnerships and new consumer categories during the quarter, with expanded products manufactured from our own input biomass at our extraction hub. Complementing this, we anticipate an impressive harvest from our outdoor platform this fall. In recent weeks, we have seen an increase in customer activity and sales as consumers continue to adjust to COVID-19. The continued support and $30 million in non-dilutive financing we received from our partner and strategic investor LPF will provide us with increased liquidity to support our future sales growth.”
Summary of Results
|For the Quarter-Ended||June 30, 2020||June 30, 2019|
|Gross (loss) profit before changes in fair value||(898||)||3,663|
|Gross margin % before changes in fair value||(15||%)||46||%|
|Income (loss) and comprehensive (loss)||(8,895||)||12,625|
|Adjusted EBITDA* (loss)||(4,951||)||(729||)|
|As at||June 30, 2020||Dec. 31, 2019|
|Cash and cash equivalents||5,667||8,184|
*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.
Key Financial Highlights
- For the three and six months ended June 30, 2020, WeedMD recorded net sales of $5.9 million and $18.0 million, respectively, compared to $8.0 million and $11.3 million for the same periods ended June 30, 2019. Revenue decrease year-over-year for the quarter was mainly attributable to an increased focus on higher margin direct-to-consumer revenue versus wholesale. Direct-to-consumer revenue increased to $2.4 million in the 2020 second quarter as compared to $0.327 million for the same period the year prior. The six-month revenue increase in 2020 year-over-year was mainly attributable to the full period contribution of results from the acquisition of Starseed in December 2019, growth in adult-use market, and a significant sale of dried cannabis to a licence holder during the beginning of 2020.
- Gross loss before changes in fair value was $0.9 million for the second quarter of 2020, mainly attributable to the lower amounts recognized from unrealized gains on changes in fair value of biological assets, and an accounting write-off in inventory of approximately $1.3 million.
- Cultivation cost was $0.55 per gram for the quarter, compared to $0.96 in Q2, 2019.
- The Company sold 976,860 grams of dried cannabis at a weighted average selling price, net of excise taxes, of $4.96 per gram during the second quarter of 2020 as compared to 1,978,628 grams sold during the second quarter of 2019 at a weighted average selling price, net of excise taxes, of $3.76 per gram during the same period the year prior. The increase in weighted average selling price, net of excise taxes, was due to due to a high proportion of direct-to-consumer sales in the quarter compared to same period in the previous year.
- Adjusted EBITDA* loss totalled $5.0 million for the three-month period ended June 30, 2020 compared to an Adjusted EBITDA loss of $0.7 million for the same period in 2019, primarily as a result of an inventory write-off of approximately $1.3 million, substantial expenses incurred related to increased production, selling and general and administrative expenses, prior to optimization initiatives underway in the second half of 2020. The Company continues to realize additional synergies for greater cost efficiencies. As a result, selling, general and administrative expense decreased by 26% or $1.7 million in Q2 2020 compared to Q1, 2020.
“Our increased six-month revenue reflects the benefits of the Starseed combination and rapid growth in the adult-use market, despite the second quarter headwinds of COVID-19. Gross Margins were down mainly as a result of an inventory-related impairment charge and ramping up of operations during the period,” said Lincoln Greenidge, CFO of WeedMD. “Towards quarter end, we noticed increased customer activity as markets started to reopen in Canada. The $30 million credit facility entered into with the LiUNA Pension Fund will provide us increased financial flexibility and working capital as we expand our distribution channels and brand awareness, which should drive revenue growth and move us further on the path to profitability. At the same time, we remain committed to improving operating efficiencies, which will position us to continue delivering improved margins as we meet consumer demand for Cannabis 2.0 products.”
Corporate Highlights During & Subsequent to Second Quarter Ended June 30, 2020
Adult-Use Product Launches, Expanded Portfolio and Cannabis 2.0
New Color Cannabis Strain & Products: WeedMD announced the launch of Black Sugar Rose, a new Indica-dominant hybrid which is a cross of Critical Mass and Black Domina strains. Having successfully grown the renowned cultivar over two test cycles with favoured results, Black Sugar Rose joins our line-up and will be available to consumers in the fall of 2020. Color Cannabis Vapes. The Company also announced that the Color product line now includes 510 thread vape products, giving consumers another way to consume its Ghost Train Haze and proprietary Pedro’s Sweet Sativa strains – preserving their terpene-rich flavours and cannabinoid profiles with availability commencing in the fall of 2020. Color Cannabis Pre-Rolls. In response to consumer feedback, WeedMD introduced strain-specific pre-roll products available as two-packs of 0.35g pre-rolls. The size and unit count reflects consumer preference for single-session pre-rolls. These brand-trial inspired pre-rolls are made with finely milled Ghost Train Haze and Pedro’s Sweet Sativa whole flower. The Color Cannabis pre-roll products will be available via provincial distributors and retail outlets starting in October 2020.
Nitrogen-Flushed Flower Pouches. With certain Canadian consumers expressing dissatisfaction with product bag appeal and packaging waste, WeedMD recently announced its Color Cannabis whole flower products are transitioning to nitrogen-flushed pouch packaging. Nitrogen reduces the degrading effects of the oxidation process – the primary factor in cannabis dryness. This will help preserve the aromatic terpenes and maintain the integrity of freshly packaged flower products. Additionally, the transition from plastic jars and cartons will reduce the total weight of packaging waste by over 80%. These newly-packaged Color Cannabis flower products are expected to be available starting in late October 2020.
Medical Product Launches & Expanded Patient Services
WeedMD and Starseed Launch Combined Medical Marketplace: The Company announced it has merged its online medical product marketplaces under one platform and expanded its product offerings. The simplified Starseed Medicinal Inc. sales platform provides the Company’s patients with full access to WeedMD-produced dried flower, oil concentrates, softgel capsules and Aurum vape products and services such as same-day delivery.
Strain-Specific Medicinal Vaporizer (Vapes): In June 2020, WeedMD completed the launch of its innovative line of strain-specific medicinal vapes. The ‘Aurum’ vapes are available to Starseed patients across Canada as part of the Company’s expanding medical cannabis product portfolio. The Aurum vapes are produced and formulated in-house at WeedMD’s extraction hub with premium cannabis extracts derived from biomass cultivated from the Company’s indoor and outdoor harvests. The new product line was launched with the Company’s highly-regarded Ghost Train Haze strain, to be followed by other strains and formulations. As of September 2020, all WeedMD patients have access to vapes.
Commences ‘PatientDirect’ Same-Day Delivery Service: In June 2020, WeedMD launched its same-day medical cannabis home delivery service. The pilot project called ‘PatientDirect’ services local patients in the greater Toronto-area, with order fulfillment from the Company’s Bowmanville, Ontario distribution centre located just outside Toronto. PatientDirect is intended to ease potential third-party postal and delivery service disruptions resulting from current business conditions. The service is being offered to new and existing Starseed Medicinal patients and is now expanding to WeedMD patients.
Exclusive Licensing Agreement with Mary’s Medicinals
Premium Line of Self-care Products: WeedMD entered into an exclusive licensing, manufacturing and distribution agreement with premium, U.S.-based cannabis wellness house, MM Technology Holdings, LLC, owner of Mary’s Brands, and the acclaimed product line, Mary’s Medicinals (“Mary’s Brands” or “Mary’s”). As Mary’s sole Canadian partner, WeedMD will manufacture a suite of Mary’s Medicinals’ award-winning products in-house with its own input biomass at its state-of-the-art extraction hub later this year. The Company will also market, sell and distribute Mary’s branded products across Canada’s provincial adult-use and direct-to-consumer medical channels as it looks to expand new cannabis offerings to address an underserved market segment. Widely recognized for its innovative portfolio of delivery methods, Mary’s suite of branded cannabis products includes transdermal gels and patches and topicals. The agreement expands WeedMD’s line of Cannabis 2.0 products for exclusive distribution to consumers across all Canadian markets.
Commercial Arrangement with Leading Retailer Fire & Flower
Producing CBD Cannabis Products: In August 2020, WeedMD entered into a commercial arrangement with leading Canadian retailer, Fire & Flower Inc. (“Fire & Flower”). Under the partnership, WeedMD will manufacture, package and ship the retailer’s Revity CBD™ product line, now available at Fire & Flower stores in the province of Saskatchewan. Products manufactured through this partnership are produced at WeedMD’s state-of-the-art extraction hub, utilizing the Company’s own input biomass.
Licensing, Cultivation and Operations
Strathroy Facility Secures Expanded Health Canada Sales Licence: The Company secured an amendment to its Strathroy facility sales licence from Health Canada in September 2020, authorizing the sale and distribution of all cannabis products from the site. This gives way for the production, packaging, sale and distribution of new cannabis products from our Strathroy facility such as extracts, topicals and edibles to retail and medical markets.
Second Year Outdoor Harvest Expected to Commence in Early October
Outdoor Cultivation: Following WeedMD’s entry into its second year of outdoor cannabis cultivation with the planting of 16,000 clones across seven core cultivars on its 27-acre field, the Company is pleased with its progress and the harvest is anticipated to commence in early October 2020. This second harvest is expected to support extraction operations with terpene-rich and high-cannabinoid, low-cost cannabis biomass, as well as provide attractive input material for certain flower formats and products.
Partners with CannTx Life Sciences
Enhances Genetics Bank of New Cultivars and Preserves Elite Proprietary Cannabis Strains: In July 2020, WeedMD partnered with Guelph-based CannTx Life Sciences Inc. to add new cultivars to its genetics bank and expand the lifecycle of the Company’s prized cannabis cultivars using cutting-edge tissue culture techniques via Steadystem Solutions. Tissue culture is an innovative and widely-recognized practice in agriculture used for preserving plant integrity, crop health and genetic accuracy. Under the Steadystem program, nodal segment cultures are collected from WeedMD’s mother plants and regenerated using an in-vitro platform to re-produce historical cannabinoid and terpene profiles.
$30 Million Credit Facility with LiUNA Pension Fund: Subsequent to quarter-end, in September 2020 WeedMD entered into a credit facility (the “LiUNA Credit Facility”) with the LiUNA Pension Fund of Central and Eastern Canada (“LPF”). The $30 million LiUNA Credit Facility, maturing in June 2022, provides the Company with financial flexibility to drive commercial initiatives during its next stage of growth. Additional details about the LiUNA Credit Facility can be found in the Company’s documents which are available under its profile on SEDAR at www.sedar.com.
Senior Secured Credit Facility: In June 2020, WeedMD amended certain terms of its senior secured credit facility entered into on March 29, 2019 (the “Senior Credit Facility”) (the “Credit Agreement Amendment). Under the terms of the Credit Agreement Amendment, the Company secured a deferral of certain financial covenants by 12 months to June 30, 2021 and quarterly principal repayments are rescheduled to commence at the end of 2020. Additionally, the Company agreed to a 50 basis point increase in the applicable interest rate margin on the Senior Credit Facility.
In July 2020, the shareholders elected Bruce Croxon to the Company’s board of directors at the annual general and special meeting of shareholders (“AGM”) held virtually in Toronto, Ontario. Mr. Croxon, a prominent Canadian entrepreneur and venture capitalist and co-founder of Lavalife, brings his deep expertise as an investor and advisor in growth stage companies to WeedMD.
COVID-19 Operational Update
In response to the COVID-19 global pandemic, WeedMD established a number of safety protocols and risk mitigation strategies to ensure the health and safety of its employees and communities. The Company has taken actions to minimize the potential impact of COVID-19, including postponement of discretionary capital expenditures, reduction of general and administrative expenses, staff reductions, and enhanced process optimization to increase efficiencies and reduce costs.
The Company’s businesses have been designated essential services in all the markets in which they operate. Throughout this time, WeedMD has continued to conduct its operations to the fullest extent possible, while continuing to take actions to protect the health and safety of its employees, suppliers and customers.
In the first quarter of 2020, the pandemic did not have a material impact on the Company’s operations. During the second quarter of 2020, the Company experienced a decline in sales relative to the first quarter of 2020 which, in part, can likely be attributed to the economic uncertainty caused by the COVID-19 pandemic. This also factored into a slight reduction in production output and decrease in foot traffic at provincial retailers which ultimately stalled the Company’s sales and marketing initiatives during the period.
Subsequent to quarter-end, the Company has seen increasing customer activity and sales in the majority of its markets, reflecting the reopening of the Canadian economy and gradually decreasing impact of COVID-19, as people have adapted to this new environment. These positive trends have persisted and continue to improve.
Conference Call Information:
WeedMD will host a conference call with Angelo Tsebelis, CEO and Lincoln Greenidge, CFO on October 1st, 2020. Management will be available for questions following opening remarks.
Conference Call Details:
|Date:||Thursday, October 1st, 2020|
|Time:||10 a.m. Eastern Time|
|Dial-in Number:||Canada/USA: 1-800-319-4610. International Toll: 1-604-638-5340
Participants, please dial in and ask to join the WeedMD call.
|Replay Dial-in||Canada/USA: 1-800-319-6413. International Toll: 1-604-638-9010
Replay Access Code: 5146
Available after 12:00 p.m. Eastern Time, until November 1st, 2020
The Company’s financial statements and related management’s discussion and analysis for the period 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., 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 a fully-licensed 26,000 sq. ft. Aylmer, Ontario processing facility, specializing in cannabis extraction. 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
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
Sixth Wave Continues Phase 2 Rapid COVID Test Development and Receives Funding from Nova Scotia COVID-19 Response Council
Halifax, Nova Scotia–(Newsfile Corp. – October 27, 2020) – Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: ATURF) (FSE: AHUH) (“Sixth Wave”, “SIXW” or the “Company”) is pleased to announce that it has received a $250,000 contribution from the Nova Scotia COVID-19 Response Council (“NSCRC”) for the development of its proposed AMIPs™ technology for the rapid detection of viruses such as SARS-CoV-2 (“SARS-CoV-2” or the “Virus“). AMIPs™ is based on Sixth Wave’s patented and patent-pending molecularly imprinted polymer systems.
Under the terms of the Agreement, dated October 22, 2020, Sixth Wave will continue to develop an Accelerated Molecularly Imprinted Polymer (the “AMIPs™“) specifically for the purpose of quickly and selectively binding to the Virus. The proposed technology also contemplates the rapid delivery of a visual and/or electronic response upon the detection and verification of the Virus. The Company’s intention is to incorporate the AMIPs™ technology into a several rapid-detection products, including rapid virus test kits, SmartMask™, as well as air and water monitoring systems. The ability to have the AMIPs™ detection and reporting directly integrated into devices such as Personal Protective Equipment (PPE’s) will seamlessly provide the detection and the ability to automatically disseminate results for use in outbreak tracking and contact tracing (as may be implemented by appropriate Government agencies). The development of the air monitoring technology is the subject of the Company’s previously approved and announced (June 15, 2020) collaboration with York University and Centre Technologique des Residus Industriels which has received support from the Natural Sciences and Engineering Research Council of Canada (“NSERC”).
This Project represents the first outside funding in the development of the Company’s proposed AMIPs™ virus detection technology, and expands the SIXW footprint in Nova Scotia. As previously announced (May 15, 2020), SIXW has already engaged Neocon International Inc., a premier manufacturing company in Dartmouth to commercialize the SmartMask™ product. Moreover, SIXW has executed a Memorandum of Understanding with Dalhousie University to explore near term opportunities to establishing a research and development presence in the Province.
“Our sincere appreciation to the Province of Nova Scotia for its participation in this project,” said Dr. Jon Gluckman, CEO of Sixth Wave. “Sixth Wave has a substantial history of delivering similarly complex MIP based solutions within limited timelines, as evidenced by our explosives detection wipes and bacterial pathogen diagnostic tools. We welcome this opportunity to once again prove the utility of molecular imprinting as a detection and diagnostic tool, especially in circumstances of such importance to public health and security.”
“MIP technology is well documented in the scientific literature as being a comparatively fast and reliable diagnostic tool,” said Garrett Kraft Ph.D., head of the Sixth Wave project. “MIP-based analytical technologies are also known for their flexibility, durability and accuracy. Polymer substrates demonstrate resilience under adverse conditions, and do not require climate-controlled storage as many antibody based tests do. They can therefore be readily applied to a host of materials, fabrics and other test media. These attributes along with low cost and production scalability have the potential to set AMIPs™ apart from traditional PCR and immunoassay tests.”
The company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 coronavirus) at this time. AMIPs tests produced for personal use or point of care use will be subject to regulatory approval.
The Project has a number of objectives, culminating in the development of a Molecularly Imprinted Polymer (“MIP“) formulation with measurable binding of inactivated SARS-CoV-2 in a buffer solution with limits of detection less than 15,000 virus particles / mL (comparable to several other commercially available diagnostic technologies) and a basic colorimetric response using protein labeling chemistry. Clinically relevant viral loads have been determined to be approximately 15,000 virus particles / mL. Although a MIP for the detection of SARS-CoV-2 has not previously been developed, other virus imprinted polymers have demonstrated detection limits as low as 105 virus particles / mL.
Overall, the Company’s objectives for the COVID-selective AMIPs™ include:
- Flexibility – The ability to analyze a significant variety of field samples such as specimens garnered from bodily fluids, breath, air, waste streams, and contact surfaces;
- Speed – The ability to detect and to communicate an electronic or visual signal almost immediately upon positive diagnosis;
- Ease Of Use – The ability to integrate with a variety of devices not requiring specialized training, and
- Low Cost – enabling widespread and frequent testing that will allow for safe return to daily activities and outbreak management.
The Company’s COVID-19 Project represents the first step in the development of a flexible platform which can be adapted to detect virtually any virus. For more information on the proposed AMIPs™ technology and associated fundamental and device-related patent applications, see: www.amips.com.The overall budget for this Project totals $770,000, of which $250,000 will be funded through the contribution by the NSCRC.
The Company’s molecularly imprinted polymer technology is also being commercialized in the mining and cannabis sectors.
About Sixth Wave
Sixth Wave is a nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs). The Company is in the process of commercial roll out of its Affinity™ cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry. The Company is in the development stages of a rapid diagnostic test for viruses under the Accelerated MIPs (AMIPS™) label.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection and separation of viruses, biogenic amines and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This press release includes certain statements that may be deemed “forward-looking statements” including statements regarding the planned use of proceeds and performance of the AMIPs™ technologies. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the AMIPs™ technology are subject the risk that the AMIPs™ technology may not prove to be successful in detecting virus targets effectively or at all, uncertainty of medical product development, uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for medical applications and the need for additional capital to carry out product development activities. The value of any products ultimately developed could be negatively impacted if the patent is not granted. The Company has not yet completed development of a prototype for the product that is subject of its patent application and has not yet applied for regulatory approval for the use of this product from any regulatory agency.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66918
Curtis Mathes to Present a Live Webinar for Cannabis Science & Technology
The Curtis Mathes Corporation (OTC: TLED) will be presenting a live webinar on November 3rd in collaboration with the peer-reviewed technical journal, Cannabis Science & Technology. The presentation, entitled “Environmental and Genetic Factors that affect the quality of Cannabis and Hemp”, will be delivered by Dr. Zacariah Hildenbrand along with a live Q&A session.
“We are thrilled to share this educational webcast with our audience as well as the knowledge and thought-leadership from one of our esteemed editorial advisory board members, Dr. Zacariah Hildenbrand,” said Meg L’Heureux, Editor-in-Chief of Cannabis Science & Technology.
“It is always a tremendous honor to disseminate new information regarding the interplay between plants and the environment,” remarked Zacariah Hildenbrand, Curtis Mathes Director and Chief Scientific Officer, “This webinar hosted by Cannabis Science & Technology is an excellent opportunity for us to discuss our latest lighting technologies and ongoing research efforts.”
“Science and research are entrenched in our DNA at Curtis Mathes,” said Robert Manes, President & COO of Curtis Mathes, “Webinars like this allow us to connect with potential collaborators while educating prospective clients on the science of horticultural lighting.”
Christina Lake Cannabis Appoints Ryan Smith as Chief Financial Officer
VANCOUVER, British Columbia, Oct. 27, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) is pleased to announce the appointment of Ryan Smith as Chief Financial Officer (“CFO”) of the Company. As Controller, Mr. Smith has been responsible for managing the financial actions of the Company. In his previous endeavours, Mr. Smith acquired a track record of providing corporate value through a combination of strategic sales-driven activities and cost-saving measures.
Mr. Smith is a finance professional with a diversified portfolio spanning multiple industries. He previously held senior positions with one of the largest credit unions in Canada, most recently managing a commercial portfolio in excess of $250 million. He gained experience in the telecommunications sector through senior financial roles with Axia NetMedia Corporation – the Calgary-based operator of Alberta’s SuperNet that was subsequently acquired by Bell – and KMM, a U.S.-based national provider of integrated logistics and network services for AT&T, Verizon and Ericsson. At both organizations, Mr. Smith played a key role in strategic investment initiatives and supported accounting functions. A former NCAA athlete, Mr. Smith holds a Bachelor of Business Administration with a concentration in finance, with the highest distinction, from Keiser University in Florida.
“I feel fortunate to be part of one of the fastest-growing licensed cannabis producers in the country. When considering its extraction capabilities in conjunction with its production model, CLC is well positioned to abundantly provide the market with low-cost, high-quality cannabis flower, oil and hemp-based derivatives on a global scale. The opportunity to position ourselves in the domestic and international markets is very timely and particularly inspiring,” stated Mr. Smith.
Joel Dumaresq, CEO and Director of Christina Lake Cannabis, commented, “As Christina Lake completes its inaugural harvest season and accelerates into the next phase of growth, we are particularly fortunate to have a technically skilled and analytical CFO, with a high degree of operational competency, such as Ryan Smith, on our team.”
With the appointment of Ryan Smith as the Company’s Chief Financial Officer, Joel Dumaresq has transitioned from the interim position he assumed to focus solely on his current role of Chief Executive Officer.
About Christina Lake Cannabis Corp.
Christina Lake Cannabis Corp. is a licensed producer of cannabis under the Cannabis Act. It has secured a standard cultivation licence and corresponding processing/sales amendment from Health Canada (March 2020 and August 2020, respectively) as well as a research and development licence (early 2020). CLC’s facility consists of a 32 acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. CLC cultivates cannabis using strains specifically developed for outdoor cultivation and in its inaugural harvest year produced 32,500 kg (71,650 lb) from its existing facility before developing an adjacent 99 acre expansion property, which will bring its annual cultivation footprint to over 4.35 million square feet or over 88,000 kg (194,007 lb) of low-cost, high-quality, sun-grown cannabis.
On behalf of Christina Lake Cannabis Corp.:
Joel Dumaresq, CEO and Director
For more information about CLC, please visit: www.christinalakecannabis.com
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements.” The use of any of the words “anticipate,” “continue,” “estimate,” “expect,” “may,” “will,” “would,” “project,” “should,” “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
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