Company exits Bowmanville facility in 2021 as it implements strategic initiatives and centralizes all cultivation, production and distribution at its London-Area flagship facilities
TORONTO, Jan. 07, 2021 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally licensed producer and distributor of medical-grade cannabis, announced today it has reallocated all medical packaging, labelling and distribution activities from its Bowmanville, Ontario site to its Aylmer, Ontario facility which also houses the Company’s extraction hub. These strategic steps are part of WeedMD’s ongoing plan to maximize the utilization of its facilities, improve operational efficiencies and further align its cost structure while focusing on growth, following the successful integration of WeedMD and Starseed Holdings Inc. (“Starseed”).
These structural changes, completed in January 2021, now centralize production activities at WeedMD’s flagship London-area sites, which also includes the Company’s cultivation centre of excellence in Strathroy, Ontario. With the exiting of its Bowmanville facility, which served as WeedMD’s medical distribution hub, the Company has offered relocation and severance packages, where applicable, to about 20 employees.
“Following an internal assessment of our entire organization, we took the decisive action to close our Bowmanville operations in order to optimize our production, reduce costs and accelerate our profitability goals,” said George Scorsis, Executive Chairman and Interim CEO, WeedMD. “We are now centralizing and fully utilizing our cannabis production sites and our talent to their fullest potential. While our Aylmer site will focus on product distribution, processing and extraction activities; our Strathroy facility will continue to be the centre of excellence for quality cultivation, biomass production and dried flower processing. For 2021, we are establishing enterprise-wide targets as part of our focus on maximizing margins and increasing revenues. We thank all our dedicated employees for their commitment to their craft as we continue to produce and supply cannabis Canada with our premier Color, Saturday and Starseed Medicinal products.”
WeedMD confirms that all Starseed Medicinal patient orders began shipping from the Company’s Aylmer facility, commencing January 4th, 2021. Visit Starseed here for more information about our medical product offerings.
Access WeedMD’s 2021 Shareholder Newsletter here. Information about upcoming corporate events can be found here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, ON as well as a fully-licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. With the addition of Starseed, a medical-centric operator, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well, as six provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.
Follow WeedMD, Color Cannabis, Saturday Cannabis & Starseed:
LinkedIn: https://ca.linkedin.com/company/weedmd
Twitter: https://twitter.com/WeedMD
Instagram: https://www.instagram.com/weedmd/
Instagram: https://www.instagram.com/callitcolor/
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Instagram: https://www.instagram.com/starseedca/
For further information, please contact:
For Investor Enquiries:
Valter Pinto
Managing Director
KCSA Strategic Communications
1-212-896-1254
[email protected]
For Media Enquiries:
Marianella delaBarrera
VP, Communications & Corporate Affairs
416-897-6644
[email protected]
