SMITHS FALLS, ON, Sept. 04, 2015 /CNW/ - Tweed Marijuana Inc., ("Tweed" or the "Company") (TSXV: TWD) is pleased to announce that it has entered into an agreement to acquire MedCannAccess ("MCA") by way of amalgamation in an all-equity transaction that aims to bring the Company's customer experience to new levels.
Through the integration of MCA, Tweed and its subsidiaries will be able to offer in-person client services through MCA's existing network of community engagement centres in the key market of Ontario, making Tweed the first Licensed Producer in Canada to offer in-person services in the medical marijuana industry.
"Tweed has always placed a heavy emphasis on customer service. Until today that meant people could call us and talk to a Customer Care associate or find us on social media to learn more about our products and services," said Bruce Linton, Chairman and CEO of the Company. "Now they can walk into a physical location and get that same level of service, face to face."
Existing MCA centres in Guelph, Etobicoke, and Hamilton will offer unmatched support to local physicians and the broader healthcare community, while providing patients with consultation and registration services at absolutely no cost.
"The MCA team is comprised of individuals who have been integrated into their local cannabis and medical communities for years," said MCA's VP of Business Development, Rade Kovacevic. "Working with Tweed, we can enhance support for our patients locally and engage at the community level like never before."
Through the acquisition of MCA, Tweed will also acquire a 33% stake in CannScience Innovations Inc. ("CannScience"), a drug development company based out of the MaRS Centre in Toronto working collaboratively with the University Health Network. CannScience conducts in-depth extracts research, with the ultimate goal of delivering standardized metered dosing in a range of alternate delivery methods, a priority for the Company as the emerging cannabis extract market evolves. CannScience's lead product in development incorporates the Generex Biotechnology Corporation proprietary RapidMist™ drug delivery technology, which is specially engineered to propel metered doses into the buccal cavity where the active pharmaceutical ingredient is absorbed, providing patients with a safe, simple, and easy way to achieve rapid on-set with no deposit in the lungs.
Finally, the acquisition will see Tweed obtain a library of fully phenotyped, award-winning, proprietary genetics produced by Humber Valley Seeds. These unique genetics will provide Tweed with a more diverse product offering and open up new opportunities for breeding and product development.
Terms of the all equity deal to acquire MCA include: $1,500,000 in Tweed shares issued immediately upon closing of the transaction and $4,240,000 in Tweed shares contingent upon meeting certain milestones including expansion of in-person client services milestones, key personnel deliverables, CannScience meeting certain research-related milestones, and achieving international expansion objectives.
With an ever-increasing platform for delivering a variety of product lines across a number of growing platforms, Tweed is well positioned to service the needs of patients across Canada. The addition of MCA to the Tweed team will further enhance the Company's accessibility to patients and doctors, while its equity stake in its new partner CannScience will differentiate the company as the cannabis oil market develops.
Here's to Better Future Growth.
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, Tweed Farms, and Bedrocan Canada the Company operates three state-of-the-art production facilities in Ontario and distributes marijuana across the country to Canadian patients managing a host of medical conditions, as regulated by the Marihuana for Medical Purposes Regulations (Canada).
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.
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.
MedCannAccess was established to assist patients in accessing medical cannabis products in a supportive, community-based environment. The MCA production team is world renowned for its cannabis breeding capabilities, while its established network of community engagement centres provide personalized support throughout the entire medical marijuana application process and thereafter. The MCA team has over 50 years of combined experience helping patients navigate the process to access cannabis for medical purposes and have been industry leaders, co-founding both the Canadian Association of Medical Cannabis Dispensaries and the Canadian Medical Cannabis Industry Association.
CannScience is an R&D biopharmaceutical company established to conduct research and development of therapeutic products based on the extracts from medical cannabis. CannScience is developing proprietary technologies and owns know-how related to the chemistry and pharmacology of medicinal cannabis. CannScience is working on integrating various medical devices and drug delivery technologies for the delivery of medications for various patient populations.
CannScience is headed by Har Grover, a well-known life sciences entrepreneur who has worked with several of Canada's leading life sciences companies. CannScience is currently executing research in novel extracts and drug delivery formulations in collaboration with the laboratory of Dr. Lakshmi P. Kotra who is the Director at the Center for Molecular Design and Preformulation, Scientist at University Health Network, and Associate Professor of Medicinal Chemistry at the University of Toronto.
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 Company or any of its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, statements about the proposed acquisition of MCA by the Company, including the expected timetable for completing the transaction, the receipt of shareholder and regulatory approvals, benefits and synergies of the transaction, future opportunities for the combined company and products and any other statements regarding Tweed's and MCA's future expectations, beliefs, goals or prospects are or involve forward-looking information.
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 the Company or any of its subsidiaries. Additional factors are noted in the Company`s Annual Information Form dated as of July 20, 2015 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.
SOURCE Tweed Marijuana Inc.
For further information: Jordan Sinclair, Communications Manager, Tweed Marijuana Inc., [email protected], 613-706-2185 ex 309; www.tweed.com