WeedMD Inc. (
TSX-V:WMD)
(
OTCQX:WDDMF) (
FSE:4WE)
(“
WeedMD” or the “
Company”), a
federally licensed producer and distributor of medical-grade
cannabis confirmed today that further to its news release dated
April 21, 2021, the Company's principal regulator, the Ontario
Securities Commission (the "
OSC") granted a
management cease trade order (the "
MCTO") on May
3, 2021, under National Policy 12-203 - Management Cease Trade
Orders ("
NP 12-203"). Pursuant to the MCTO, the
Company’s officers and directors, as well as former CFO, Lincoln
Greenidge, may not trade in securities of the Company until such
time as the Company files its annual audited financial statements,
annual management's discussion and analysis and related
certifications for the year ended December 31, 2020 (collectively,
the "
Required Documents"), and the Executive
Director of the OSC revokes the MCTO. The MCTO does not affect the
ability of other shareholders to trade their securities.
As previously announced, the delay in the
completion of the Required Documents is primarily due to certain
personnel changes in the Company’s finance department, including
the resignation of the Company’s former Chief Financial Officer,
Lincoln Greenidge, tendered on April 13, 2021 and subsequent
departure on April 30, 2021. The Company’s newly appointed CFO,
Beth Carreon is now in full control and maintains complete
oversight of the finance department. She is working with WeedMD’s
appointed auditors to complete the filings of the Required
Documents as soon as possible. This delay prevented the Company’s
officers and directors from preparing WeedMD’s regulatory filings
in a timely manner.
The Company's Board of Directors and management
confirm that they are working expeditiously to file the Required
Documents and expect to do so on or about May 28, 2021.
Bi-Weekly Status Report
The Company confirms that since the date of its
submission for the MCTO on April 16, 2021 (the "MCTO
Notice"): (i) there has been no material change to the
information set out in the MCTO Notice 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.
Until the Required Documents have been filed,
the Company intends to continue to satisfy the provisions of the
alternative information guidelines specified in NP 12-203 by
issuing bi-weekly default status reports in the form of further
press releases for so long as the Company remains in default of the
financial statement filing requirement. In the event that the
Company does not file the Required Documents in a timely manner,
the Canadian Securities Regulatory Authorities may impose an issuer
cease trade order on the outstanding securities of the Company.
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 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.
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 (TSXV:WMD)
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