SMITHS FALLS, ON, Aug. 20, 2015 /CNW/ - Tweed Marijuana Inc. ("TMI" or "the Company") (TSXV: TWD) is pleased to announce that its wholly owned subsidiary, Tweed Inc. (Tweed) has received authorization from Health Canada to begin the production of cannabis extracts in the Company's state-of-the-art facility in Smiths Falls, Ontario.
Tweed will use preeminent pharmaceutical grade extraction methods to produce purified cannabis derivatives.
"Our customers have come to expect the best from Tweed's product lines", said Bruce Linton, the Company's Chairman and CEO. "The major advantage that comes with commercial scale is that you can provide products to customers that they couldn't make themselves at home, offering a higher level of quality and purity."
Seven new precision climate-controlled drying rooms, a dedicated trimming room, extraction room and processing room were also all approved for use by Health Canada. Enhanced infrastructure will allow the company to continue providing access to premium, dried cannabis while simultaneously scaling for diversified derivative production.
TMI's pending Bedrocan Canada Corp. acquisition and facility enhancements at Tweed Farms will provide the basis for accelerated extract production. The introduction of cannabis derivatives into the Canadian market will require large-scale production in order to satisfy the immediate and growing demand for non-smoked forms of cannabinoids. With the largest growing platform in the industry and proven extraction technology, Tweed is uniquely positioned to capture and retain market share with high quality products and consistent availability.
Another round of facility enhancements demonstrates the continued evolution of the Company to coincide with an evolving regulatory framework. Regulating these new delivery formats will ensure patients receive the quality of products they require and reinforces Canada's position as a global leader in medical cannabis regulation.
These developments highlight the breadth of holdings, diversification, and product offerings of Tweed Marijuana Inc. To better reflect our expanding capabilities, the Board of Directors has unanimously proposed that the company be renamed as Canopy Growth Corporation, to be voted on at the company's upcoming Annual General Meeting.
We are also pleased to announce that Dr. Steven Small is joining the organization as the most recent addition to the Company's Board of Directors. He is currently the Executive Chairman of DealNet Capital Corporation (TSX-V). In April 2015, Dr. Small retired from his position as a Co-Founder, Executive Vice-Chairman and seed capital investor of Element Financial Corporation (TSX), a top 100 TSX corporation. He was a Co-Founder, seed capital investor, Director and committee member of Newcourt Credit Group (TSX and NYSE). Dr. Small is currently a Founder, Director and committee member of INFOR Acquisition Corp. (TSX).
Tweed Marijuana Inc. will be releasing its quarterly results for the period ended June 30 on August 31st. Details for the analyst call will follow.
Here's to Future Growth.
About Tweed Marijuana
Tweed Marijuana Inc. 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 Inc. and Tweed Farms Inc., Tweed Marijuana Inc. 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.
Tweed 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: Laura Brisson, Communications Coordinator, [email protected], 613-706-2185 x301