WeedMD Inc. (TSXV:WMD.VN) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company), a federally-licensed producer and distributor of medical cannabis, is pleased to announce the appointment of Michael Pesner, CPA, CA, as an independent director to WeedMD’s board of directors and Chair of its Audit Committee.
Mr. Pesner is the President of Hermitage Canada Finance Inc., specializing in financial and capital markets advisory services since 2002. He previously held roles as a Senior Partner at KPMG Financial Advisory Group in Montreal from 1989-2002, and prior to, held a number of senior management roles at KPMG’s predecessor firms including divisional Chairman and executive partner. Mr. Pesner is a Chartered Professional Accountant (CPA and CA) and brings a wealth of previous board experience, including, but not limited to, KPMG, SAQ (Societe des alcools du Quebec), Richmont Mines, Well.ca and DavidsTea. Current board memberships include the Montreal Regional Board of the Quebec Solidarity Fund and Le Chateau, amongst others.
“Michael is a well-respected corporate advisor and board director to a wide range of industries ranging from life sciences to technology to retail. With more than 40 years of experience in corporate finance, accounting, audit, and strategic planning, he brings tremendous value to our board as we position the company for significant growth through the remainder of 2018 and beyond,” said Michael Kraft, Chairman of WeedMD. “We are thrilled to welcome Michael to our board and look forward to working closely with him and benefiting from his expertise and relationships in his home province of Quebec.”
“As someone who has gained industry experience participating in the growth and development of businesses at different stages, I’m looking forward to bringing my insights to WeedMD’s management team and board. This is an exciting time for WeedMD as the company is growing at an accelerated rate and delivering on its milestones,” said Michael Pesner.
The Company also announces that Mr. Bruce Dawson-Scully is stepping down from the Board of Directors. WeedMD’s board, management team and employees would like to thank Mr. Dawson-Scully for all his time, efforts and commitment. Michael Kraft added: “It has been a pleasure working with Bruce over the past four years as we built WeedMD to the stage it is at today with strong fundamentals and positioned for future growth and success.”
For more information, access our investor presentation here and corporate video here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis and cannabis oil under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The Greenhouse currently has 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet online by year-end 2018. WeedMD has a multi-channeled distribution strategy that includes supply agreements with Shoppers Drug Mart and provincial distribution agencies, as well as through strategic relationships across the seniors’ market in Canada.
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For further information, please contact:
Keith Merker, Chief Executive Officer
Tel: 519-765-2440 Ext. 222
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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; 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 Annual Information Form dated December 13, 2017 (the “AIF”) and other disclosure documents of WeedMD filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the AIF and other disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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