SMITHS FALLS, ON, Nov. 19, 2014 /CNW/ - Tweed Marijuana Inc.
("Tweed" or "the Company") is pleased to announce that its wholly
owned subsidiary Tweed Inc. has successfully renewed its license to
cultivate and sell marijuana under the Marihuana for Medical
Purposes Regulations (MMPR).
"This is an important next step for our company as we grow into
a mature, stable leader in the sector," said Chairman and
Co-founder Bruce Linton. "We are
proud to tell our customers, our investors and our employees that
Tweed and Tweed Farms have met and will continue to meet the
rigorous standards in place to ensure they provide only the highest
quality medicine possible."
The renewed license allows Tweed to produce up to 3,500 kg of
marijuana over the next year, reflecting Tweed's present built-out
production capacity. "We have invested in building out
production capacity and have more construction to complete in the
near term. What Tweed has set out to create speaks to the demand we
anticipate in the market both at home and abroad. This renewal will
allow us to continue a steady scale up, leveraging and expanding
our state-of-the-art facility in Smiths
Falls."
While Tweed continues to build further growing rooms in
Smiths Falls, Tweed Farms, one of
the largest marijuana greenhouses in the world, has been approved
to begin another growing cycle this December in a footprint
representing approximately 10% of the entire facility. The
first crop from the Niagara-on-the-Lake facility will be available
for sale through Tweed this December.
Tweed is the third company to announce its license renewal under
the MMPR, following the Peace Naturals Project, and Mettrum, which
recently announced a license renewal for 650 kg of annual
production.
Notice regarding Forward Looking Statements
This news release contains forward-looking statements including
statements about Tweed's future operations, growth, position within
its sector and its ability to continue meeting the requirements of
applicable regulations. Such statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results to be materially different from those expressed or implied
above. Such forward-looking statements are based on a number of
assumptions which may prove to be incorrect, including: the ability
to obtain necessary financing; the economy generally; the yield
from Tweed's marijuana growing operations; consumer interest in
products; competition; regulation and unanticipated costs and
delays. Although Tweed has attempted to identify important factors
that could cause actual results to differ materially from those
described above, there may be other factors that cause results not
to be as anticipated. Readers should not place undue reliance
on forward-looking statements. Tweed's public disclosure documents
available at www.SEDAR.com contain detailed discussion of the
risk factors associated with its business. The
forward-looking statements included in this news release are made
as of the date of this news release and Tweed does not undertake an
obligation to update such forward-looking statements unless
required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Tweed Marijuana Inc.