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WeedMD Reports Second Quarter 2020 Financial Results and Closes $30 Million Credit Facility with LiUNA Pension Fund

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

TORONTO, Sept. 30, 2020 (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 its financial results for the three months ended June 30, 2020.
WeedMD reported net revenue of $5.9 million for the second quarter of 2020 driven by direct-to-consumer sales in the medical market and provincial retail channels. The Company also strengthened its liquidity subsequent to quarter end by closing on a $30 million credit facility with strategic investor LiUNA Pension Fund of Eastern and Central Canada (“LPF”).“During the second quarter, we advanced our integration with Starseed to drive direct-to-consumer revenue and made significant operational progress in ramping up production. Our unique medical service platform and growing brand recognition for our Color Cannabis adult-use products contributed to our revenue for the quarter,” said Angelo Tsebelis, CEO of WeedMD. “We also entered into multiple new strategic partnerships and new consumer categories during the quarter, with expanded products manufactured from our own input biomass at our extraction hub. Complementing this, we anticipate an impressive harvest from our outdoor platform this fall. In recent weeks, we have seen an increase in customer activity and sales as consumers continue to adjust to COVID-19. The continued support and $30 million in non-dilutive financing we received from our partner and strategic investor LPF will provide us with increased liquidity to support our future sales growth.”Summary of Results

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