SMITHS FALLS, ON, Feb. 20, 2015 /CNW/ - Tweed Marijuana Inc. ("Tweed" or "the Company") is pleased to announce that the installation of a state-of-the-art aeroponic system developed by Texas-based Indoor Harvest Corp. (Indoor Harvest) has commenced at 1 Hershey Drive in Smiths Falls, Ontario. The system is the basis of a Cannabis Production Pilot Agreement between the two companies.
Cannabis-specific modifications will be implemented, tested and recorded. The companies will jointly own any resulting intellectual property, with Tweed obtaining exclusive licensing rights within Canada and all jurisdictions excluding the United States.
"The Tweed R&D team reviewed a number of potential aeroponic partners from around the globe and chose Indoor Harvest for their high pressure, large-scale aeroponic specialization and their leading edge involvement in this emerging sector," said Bruce Linton, CEO and Co-founder of Tweed. "Pushing boundaries is a part of Tweed's culture so the fit is ideal."
"We are extremely happy to be working with one of the largest medical cannabis producers in Canada," said Chad Sykes, CEO and founder of Indoor Harvest. "I feel Tweed has created a recognizable brand and we hope to establish a successful long-term partnership. The regulatory regime in Canada is much different and more reliable than in the States, conducting development in Canada makes the most sense and we are looking forward to designing a platform that will increase yields and lower production costs."
Aeroponics and vertical farming are currently gaining worldwide recognition, particularly through projects such as MIT City Farm, and this pilot will be the first of its kind for commercial production of cannabis. The method has commercial potential because it is an efficient, sustainable way to produce agricultural products. To learn more about aeroponics and this exciting project, you can follow our three-part Tweed Vault series at the www.tweed.com.
Here's to Future Growth.
Notice regarding Forward Looking Statements
This news release contains forward-looking statements including statements about Tweed's future operations. 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.
Image with caption: "The exposed root system of an aeroponically grown plant (CNW Group/Tweed Marijuana Inc.)". Image available at: http://photos.newswire.ca/images/download/20150220_C7782_PHOTO_EN_12388.jpg
For further information: Jordan Sinclair, Media Relations Manager, [email protected], 855-558-9333 ex 309