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
the results of its annual general and special meeting of
shareholders (the “AGM”) held on June 30, 2021. The shareholders
overwhelmingly approved all motions including allowing for a
corporate rebrand that will transition WeedMD Inc. into Entourage
Health Corp. (“Entourage Health”) over the next few months.
The Company expects to provide additional
information in respect of the proposed corporate rebrand and the
commencement of trading of the Company’s common shares on the TSX
Venture Exchange under the name Entourage Health Corp. over the
coming days.
“This is truly an exciting and transformative
time for our Company. WeedMD’s values and principles will always be
at the heart of who we are - advocates for our patients, consumers,
shareholders and communities upholding a standard that delivers on
quality, sustainability and experience – now rooted in Entourage
Health Corp.,” said George Scorsis, Interim CEO and Executive
Chair. “Entourage Health represents WeedMD’s evolution - from its
inception in 2013 as one of the first licensed producers, to its
launch of award-winning brands, followed by the merger with
Starseed Medicinal and pending addition of craft cultivator CannTX
– we are a group of professionals who always put the consumer and
patient first. We are now looking to develop and expand into new
markets and our cannabis experts that make up Entourage Health will
expedite and bolster our growth for years to come. I thank our
employees, partners and most importantly our shareholders for their
unwavering trust and commitment to our success.”
While WeedMD now transitions into doing business
as Entourage Health Corp., its Health Canada licence will continue
under its wholly owned subsidiary WeedMD RX Inc.
Approved Motions
All other Company matters put forward at the AGM
were approved by the shareholders, including the re-election to the
Company’s board directors of Jason Alexander, Lu Cacioppo, Bruce
Croxon, G. Edmund King, Gail Paech, and George Scorsis. The
directors will hold office until successors are duly elected or
appointed.
Additionally, in accordance with the rules and
policies of the TSX Venture Exchange, the Company’s shareholders
re-approved WeedMD’s Omnibus Incentive Plan. The Company’s
shareholders also re-appointed RSM Canada LLP, as WeedMD’s auditor
to hold office until the next annual meeting of shareholders or
until its successor is duly appointed.
Management Cease Trade Order
Lifted
WeedMD also announced an update to its
previously announced Management Cease Trade Order of April 21, 2021
(the "MCTO"). On May 31, 2021, the Company filed and posted its
annual audited financial statements, annual management's discussion
and analysis and related CEO and CFO certifications for the year
ended December 31, 2020 to SEDAR. WeedMD also confirms that on June
29, 2021, it filed and posted its first quarter 2021 interim
financial statements, management's discussion and analysis and
related CEO and CFO certifications for the three-months ended March
31, 2021 to SEDAR. As a result of the filings, the Ontario
Securities Commission lifted the MCTO effective at the close of
business on Friday, July 2, 2021.
All AGM-related documents and financial filings
can be found on the Company’s profile on SEDAR at
www.sedar.com.
Updated investor presentation and corporate deck
can be found here. Access WeedMD’s 2021 Shareholder Newsletter here
and information about upcoming corporate events here.
About WeedMD Inc.
WeedMD Inc. is the publicly traded parent
company of WeedMD RX Inc., a licence holder 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 Medicinal, 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 eight provincial
distribution agencies where adult-use brands Color Cannabis and
Saturday are sold. WeedMD is also the exclusive Canadian producer
and distributor of award-winning U.S.-based wellness brand Mary’s
Medicinals sold in both medical and adult-use channels.
Follow WeedMD and its brands 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
Pinto or Scott EcksteinKCSA 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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/91147eb9-5e95-478d-9059-74777bbac9c2
WeedMD (TSXV:WMD)
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