Tweed Marijuana Inc. provides clarification regarding exchange listing and update on proposed acquisition of plants
OTTAWA, April 10, 2014 /CNW/ - Tweed Marijuana Inc. (TSXV: TWD) ("Tweed Marijuana") is providing this update in response to inquiries about the fact that a quote for its common shares is shown on the OTC Markets page in the United States. As of April 7, 2014, the OTC Markets web site showed a quote for Tweed Marijuana, indicating that it is a "Grey Market" security, which the site describes as a security that is not currently traded on the OTCQX, OTCQB or OTC Pink marketplaces.
Based on the feedback received by the Company, it appears that the quotation on the OTC Markets page is causing confusion among investors and so Tweed Marijuana wishes to clarify that it has not taken any steps to have its shares listed on any exchange, quotation system or marketplace other than the TSX Venture Exchange and does not currently have any plans to do so. Tweed Marijuana's shares are not registered under applicable federal or state securities laws in the United States and, as such, may not be offered, sold, pledged or otherwise transferred in the United States except in transactions that do not require registration under any applicable federal or state securities laws. Investors are cautioned against relying on any information about Tweed Marijuana that is not provided by the Company in its public disclosure documentation available at www.SEDAR.com.
Tweed Marijuana is further providing an update with respect to a shipment of medical marihuana plants that its wholly owned subsidiary Tweed Inc. ("Tweed") had sought to acquire from certain growers licensed under the Marihuana Medical Access Regulations (MMAR), which has been held by the RCMP while it reviewed details of the shipment. No amount has been paid by Tweed for the medical marijuana in question and, in accordance with the terms of the contracts between Tweed and the vendors, no payment will occur. Tweed will not be proceeding with the planned transfer of material.
Tweed does not anticipate making any further such acquisitions from growers licensed under the MMAR because the regulatory deadline for such transfers was April 1, 2014. Despite the unique challenges encountered with respect to the transfer referenced above, Tweed's acquisition program was highly successful in that the Company will now be able to offer an additional 60 strains of medical grade marijuana to its customers with a wide range of THC and CBD levels.
Tweed wishes to confirm to its customers that every product sold by Tweed spends its entire life cycle – from seed or clone to sale – in Tweed's Smiths Falls facility and is grown in accordance with the strict requirements in place under the Marihuana for Medical Purposes Regulations. It is Tweed's policy to advise customers if ever that is not the case for any product it makes available.
About Tweed Marijuana Inc.
Tweed Marijuana is a TSX Venture Exchange listed company. Its wholly owned subsidiary, Tweed, is a licensed producer of medical marijuana in Canada. The principal activities of Tweed are the production and sale of marijuana out of its facility in Smiths Falls, Ontario as regulated by the Marihuana for Medical Purposes Regulations.
Neither 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.
SOURCE Tweed Marijuana Inc.For further information: Bruce Linton, Chairman, Tweed Marijuana Inc., 855-55-TWEED