OTTAWA, April 3, 2014 /CNW/ - Tweed Marijuana Inc.
("Tweed Marijuana") (TSXV: LWI.H) announced today that its
wholly-owned subsidiary Tweed Inc. ("Tweed") has completed
an acquisition of medical marihuana seeds and plants from certain
growers licensed under the Marihuana Medical Access
Regulations (MMAR) in advance of the April 1, 2014 deadline for transfers to
occur. The Marihuana for Medical Purposes Regulations
(MMPR) allowed for the transfer of seeds and plants from growers
licensed under the MMAR up until the end of March 2014 with authorization from Health Canada.
With the requisite Health Canada authorizations, Tweed has
completed transactions with a number of growers licensed under the
MMAR whereby it has acquired over 60 new strains of medical
marihuana so that patients who choose to obtain medical marihuana
from Tweed can benefit from a wide variety of choices. With the
addition of the newly acquired strains, Tweed will have over 80
strains it can offer patients.
One shipment of material which was intended to be acquired from
licensed growers under the MMAR is being held by the RCMP while it
confirms the details of the shipment. In an effort to be
transparent, the RCMP was informed in contemplation of
shipping the material and was invited to examine the
material. No remuneration has been exchanged at this point
and no payment will be made until the shipment arrives and is
properly processed at the Tweed facility and tested by an
independent laboratory. The contracts with the
vendors relating to this shipment provide that if the
transfer is disallowed by Health Canada or otherwise prohibited by
law, the contract is void.
In addition to providing Tweed customers with additional
variety, these purchases were undertaken to assist Tweed in
ensuring that it had sufficient future inventory to meet demand,
which is already showing signs of exceeding short-term production
capacity. In the medium-term, Tweed believes that with those
acquisitions which were completed and an acceleration of its own
in-house growing capabilities, it will have sufficient supply
available to meet expected demand.
Tweed welcomes the opportunity to introduce the newly acquired
strains as quickly as possible in the coming months.
About Tweed Marijuana Inc.
Tweed Marijuana is a TSX Venture Exchange listed company.
Its wholly owned subsidiary, Tweed, is a licensed producer of
medical marijuana in Canada. The principal activities of
Tweed are the production and sale of marijuana out of its facility
in Smiths Falls, Ontario as
regulated by the Marihuana for Medical Purposes
Regulations.
Forward-Looking Information
This press release contains forward-looking information based on
current expectations. Statements about the expected demand
for product and Tweed's ability to meet that demand are all
forward-looking information. These statements should not be
read as guarantees of future performance or results. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from those implied by such statements.
Many factors impact demand positively or negatively and, as with
any agricultural product, Tweed's production is dependent on a
number of factors, many of which are outside of Tweed's
control. Tweed assumes no responsibility to update or
revise forward-looking information to reflect new events or
circumstances unless required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Tweed Marijuana Inc.