SMITHS FALLS, ON, July 8, 2015 /CNW/ - Tweed Marijuana Inc. ("TMI" or "the Company"), parent company of Tweed Inc. ("Tweed") and Tweed Farms Inc. ("Tweed Farms") is pleased to announce that pursuant to notification received today from Health Canada, licensed producers such as Tweed and Tweed Farms will be eligible to produce and sell cannabis oils pending the necessary inspections and approvals from Health Canada.
Until today the Marihuana for Medical Purposes Regulations (MMPR) only allowed for the sale of dried cannabis flower. With the addition of cannabis oils to the regulatory framework, Tweed will be able to significantly increase its product offering to provide a more diverse variety for practitioners and patients.
"This is a natural sign of progression in the industry and a big step forward for patients seeking access to a variety of diverse products," said Mark Zekulin, President of Tweed. "Tweed has the largest growing facilities in the country, and is ready to move expeditiously to offer its customers a diverse line of oil extracts."
Tweed's existing facilities are capable of housing new extraction infrastructure, and Tweed had already applied for a Section 56 exemption under the Controlled Drugs and Substances Act to conduct research on extractions. As such, upgrades are well underway to ensure availability once the necessary approvals are finalized.
"We've led the industry with availability and selection of dried products and will continue to do so with cannabis oils," Zekulin said. "We're pleased that Licensed Producers have been trusted by Health Canada to complete the extraction process. This is an important milestone for customer access."
Demonstrating Tweed's focus on product variety and reliability, today Tweed is launching:
- Two new $12 dollar strains, which according to Master Grower Ryan Douglas are the best products the Company has released to date;
- Collection packs of our most versatile strains;
- Loose Leaf product lines at a value-added $5 price point; and
- Our new Flagship Strain Guarantee, ensuring the availability of our core strains in the store.
Tweed's pending acquisition of Bedrocan Canada will only further enhance the Company's ability to meet customer needs with the industry's leading product variety and quality.
Here's to Future Growth.
About Tweed Marijuana
Tweed Marijuana is Canada's first publicly traded medical marijuana company and the first geographically diversified producer with dual licenses under the Marihuana for Medical Purposes Regulations.
Through its wholly owned subsidiaries, Tweed and Tweed Farms, the Company operates two state-of-the-art production facilities in Ontario and distributes marijuana across the country to Canadian patients managing a host of medical conditions.
The Company is dedicated to educating healthcare practitioners, providing consistent access to high quality medication, and furthering the public's understanding of how marijuana is used for medical purposes.
Notice regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Tweed Marijuana Inc. or Tweed Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include: (A) predictions of future demand; (B) plans to increase capital expenditure and construction related expenses; (C) anticipated production yields; (D) completion of construction and availability of new production rooms; and (E) forecasted available product selection. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability to obtain any necessary financing; the economy generally; the yield from Tweed's marijuana growing operations; consumer interest in products; competition; regulation and anticipated and unanticipated costs and delays. Although Tweed Marijuana Inc. has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect Tweed Marijuana Inc. or Tweed Inc. Additional factors are noted under "Part IV - Description of Risk Factors Associated with the Acquisition" in the Filing Statement of Tweed Marijuana Inc. dated as of June 30, 2014 and available at www.SEDAR.com. The forward-looking statements included in this news release are made as of the date of this news release and Tweed Marijuana Inc. does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Tweed Marijuana Inc.
For further information: Jordan Sinclair, Communications Manager, Jordan@tweed.com, 613-706-2185 ex 309