SMITHS FALLS, ON, Nov. 19, 2014 /CNW/ - Tweed Marijuana Inc. ("Tweed" or "the Company") is pleased to announce that its wholly owned subsidiary Tweed Inc. has successfully renewed its license to cultivate and sell marijuana under the Marihuana for Medical Purposes Regulations (MMPR).
"This is an important next step for our company as we grow into a mature, stable leader in the sector," said Chairman and Co-founder Bruce Linton. "We are proud to tell our customers, our investors and our employees that Tweed and Tweed Farms have met and will continue to meet the rigorous standards in place to ensure they provide only the highest quality medicine possible."
The renewed license allows Tweed to produce up to 3,500 kg of marijuana over the next year, reflecting Tweed's present built-out production capacity. "We have invested in building out production capacity and have more construction to complete in the near term. What Tweed has set out to create speaks to the demand we anticipate in the market both at home and abroad. This renewal will allow us to continue a steady scale up, leveraging and expanding our state-of-the-art facility in Smiths Falls."
While Tweed continues to build further growing rooms in Smiths Falls, Tweed Farms, one of the largest marijuana greenhouses in the world, has been approved to begin another growing cycle this December in a footprint representing approximately 10% of the entire facility. The first crop from the Niagara-on-the-Lake facility will be available for sale through Tweed this December.
Tweed is the third company to announce its license renewal under the MMPR, following the Peace Naturals Project, and Mettrum, which recently announced a license renewal for 650 kg of annual production.
Notice regarding Forward Looking Statements
This news release contains forward-looking statements including statements about Tweed's future operations, growth, position within its sector and its ability to continue meeting the requirements of applicable regulations. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied above. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including: the ability to obtain necessary financing; the economy generally; the yield from Tweed's marijuana growing operations; consumer interest in products; competition; regulation and unanticipated costs and delays. Although Tweed has attempted to identify important factors that could cause actual results to differ materially from those described above, there may be other factors that cause results not to be as anticipated. Readers should not place undue reliance on forward-looking statements. Tweed's public disclosure documents available at www.SEDAR.com contain detailed discussion of the risk factors associated with its business. The forward-looking statements included in this news release are made as of the date of this news release and Tweed does not undertake an obligation to update such forward-looking statements unless required by applicable law.
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, Media Relations Manager, [email protected], 613-706-2185 ex 309