WeedMD Inc. (TSX-V:WMD) (OTCQX: WDDMF) (4WE. F), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to confirm that a special meeting (“Meeting”) of shareholders (the “Shareholders”) of WeedMD will take place as scheduled on February, 4, 2020 at 10:00 a.m. (EST) at Fogler, Rubinoff LLP, located at TD Centre North Tower, Suite 3000, 77 King Street West, Toronto, Ontario.
The Meeting is being held in connection with the private placement of subscription receipts (the “Subscription Receipts”) with the LiUNA Pension Fund of Central and Eastern Canada (“LPF”) for gross proceeds of $25 million, which was completed as part of WeedMD’s acquisition of Starseed Holdings Inc. (“Starseed”). Upon WeedMD receiving the requisite shareholder approvals at the Meeting, the Subscription Receipts will automatically convert into WeedMD common shares. Further details about the financing are contained in the Meeting information circular (the “Circular”) which is available for download on WeedMD’s SEDAR profile here.
Shareholders as of the record date of December 30, 2019 will have the right to vote by proxy or in person at the Meeting. All Shareholder votes are important and each is encouraged to take the time to read the Circular and vote prior to the voting deadline of January 31, at 10:00 a.m. (EST).
In connection with the closing of the Starseed acquisition, WeedMD will be issuing 538,756 common shares to Stoic Advisory Inc. as consideration for financial advisory services provided to WeedMD. In addition, upon completion of the $25 million equity investment, an additional 153,637 common shares will be issued to Stoic.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer of 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, Ontario. WeedMD also operates CX Industries Inc., a wholly-owned subsidiary of WeedMD Inc., from the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. With the recent acquisition of Starseed Medicinal Inc., a medical-centric licensed holder with operations in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where its adult-use brands Color Cannabis and Saturday are sold.