WeedMD Inc. , a federally-licensed producer and distributor of medical cannabis, announces that it has agreed with Hiku Brands Company Ltd. to terminate the previously announced Arrangement Agreement, dated April 19, 2018. In connection with the termination of the Arrangement Agreement, the Company has received a $10 million termination fee. WeedMD is also pleased to announce that it has appointed Keith Merker, currently Chief Financial Officer, to the position of Chief Executive Officer, effective immediately.
“Over the past year, WeedMD has executed on our growth strategy and we continue moving forward with our strategic plan,” said Keith Merker, Chief Executive Officer of WeedMD. “In the past quarter, we’ve built out our management team, licensed and commissioned our state-of-the-art greenhouse expansion, signed a supply agreement with Shoppers Drug Mart and secured a supply agreement with the Alberta Gaming, Liquor and Cannabis Commission. With an additional $10 million in non-dilutive capital and over $50 million in cash, all of our commitments are fully funded and we’re in a solid position financially and operationally to continue executing and delivering on all of our goals and objectives.”
With the appointment of Keith Merker as CEO of the Company, former CEO Bruce Dawson-Scully will take on an advisory role to ensure an orderly transition. WeedMD and its Board of Directors wishes to thank Bruce for his visionary insights into the seniors’ care market and his stalwart dedication to launching WeedMD from a private, early-stage Health Canada applicant to a public company with two operational facilities and an industry-leading medical platform.
The Company is also pleased to announce that Nichola Thompson will take on the role of interim CFO. Nichola currently serves as WeedMD’s Director of Finance and has previously held management positions in finance with Discovery Air, Deloitte & Touche and Siemens.
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Additional management appointments will be announced in the coming weeks.
Date: July 16, 2018
Source: Globenewswire