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.