SMITHS FALLS, ON, Feb. 18, 2015 /CNW/ - Tweed Marijuana Inc.
("Tweed Marijuana" or "the Company") parent company of licensed
medical marijuana producers Tweed Inc. (Tweed) and Tweed Farms Inc.
(Tweed Farms) is pleased to announce fourth quarter (Q4) revenue
figures for the 3-month period ended December 31st, 2014 and provide
operational updates. Q4 revenue was $641,309, led by $357,142 in the month of December. There were
87,138 grams sold during the quarter, giving a gross margin in Q4
of 36.0% up from 23.6% in the previous quarter.
The processing area at Tweed continues to manage an increasing
volume of orders, which as of February
17th totaled just over 75,000 grams sold and
shipped, calendar year-to-date. Weekday orders have been shipped
within one day of ordering over 90% of the time in 2015, and a
recently completed processing area will allow Tweed to maintain
this service standard as the business expands its customer
base.
In order to service new clients and support Tweed's continued
growth, the Company has completed the build out of three additional
growing rooms and an in-house laboratory within the 168,000 sq. ft.
licensed facility operated by Tweed at 1 Hershey Drive in
Smiths Falls, Ontario.
The in-house laboratory, when approved, will allow for a more
cost-effective testing process, while also giving Tweed the tools
to analyze plants during every stage of the production process and
optimize the reliability and quality of its final product.
With between nine and eleven strains continuously available,
average order size and average price per gram have increased during
December 2014 and year-to-date in
2015. Production and inventory levels from the indoor and
greenhouse facilities harvested in late 2014 have been supported by
three harvests to date in 2015 with ongoing harvests scheduled for
both facilities.
"We invested in a large growing platform early so we could
remove any customer onboarding roadblocks," said Bruce Linton, Chairman and CEO of Tweed. "This
investment began to yield significant inventory in November,
clients in December, and sustained growth to date. The volume of
supply this market needs requires scale. Tweed has been an early
leader in almost all respects in this sector, and I fully intend to
continue this trend as we approach 3,000 patients."
Tweed Farms, the Company's second licensed subsidiary is in the
midst of broad scale infrastructure enhancements. The entire Tweed
Farms greenhouse, located in Niagara-on-the-Lake, Ontario is being
transformed to meet the detailed specifications of the Marihuana
for Medical Purposes Regulations. All told, the greenhouse will
house approximately 340,000 sq. ft. of low-cost production space.
Plans to add a large-scale processing facility in 2015 are already
underway.
The Board of Directors is pleased to announce that Bruce Linton has accepted the role of Chief
Executive Officer of the Company. The Company is executing a plan
that reflects Bruce's vision and has benefited in the last several
months from his leadership during this crucial phase.
Tweed Marijuana will release detailed Q4 and FY 2014 results for
the three and twelve-month periods ended December 31th, 2014
on Thursday, February 26th, 2015. Bruce Linton, CEO and Co-Founder and Don
Gibbs, CFO will host a conference call to discuss the
specifics.
Time and Date: 8:30 a.m. EST, Thursday, February 26th, 2015
Toll-Free Dial-In Number: (844) 835-6557
Participant International Dial-In Number: (224) 633-1282
Conference ID: 89058763
Here's to Future Growth.
About Tweed Marijuana
Tweed Marijuana is Canada's
first publicly traded medical marijuana company and the first
geographically diversified producer with dual licenses under the
Marihuana for Medical Purposes Regulations.
Through its wholly owned subsidiaries, Tweed and Tweed Farms,
the Company operates two state-of-the-art production facilities in
Ontario and distributes marijuana
across the country to Canadian patients managing a host of medical
conditions.
The Company is dedicated to educating healthcare practitioners,
providing consistent access to high quality medication, and
furthering the public's understanding of how marijuana is used for
medical purposes.
Notice regarding Forward Looking Statements
This news release contains forward-looking statements.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects" or "does not
expect", "is expected", "estimates", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Tweed Marijuana
Inc. or Tweed Inc. to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Examples of such statements include:
(A) predictions of future demand; (B) plans to increase capital
expenditure and construction related expenses; (C) anticipated
production yields; (D) completion of construction and availability
of new production rooms; and (E) forecasted available product
selection. Actual results and developments are likely to differ,
and may differ materially, from those expressed or implied by the
forward-looking statements contained in this news release. Such
forward-looking statements are based on a number of assumptions
which may prove to be incorrect, including, but not limited to: the
ability to obtain any necessary financing; the economy generally;
the yield from Tweed's marijuana growing operations; consumer
interest in products; competition; regulation and anticipated and
unanticipated costs and delays. Although Tweed Marijuana Inc. has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. Readers should not place undue reliance on
forward-looking statements. The factors identified above are not
intended to represent a complete list of the factors that could
affect Tweed Marijuana Inc. or Tweed Inc. Additional factors are
noted under "Part IV - Description of Risk Factors Associated with
the Acquisition" in the Filing Statement of Tweed Marijuana Inc.
dated as of June 30, 2014 and available
at www.SEDAR.com. The forward-looking statements
included in this news release are made as of the date of this news
release and Tweed Marijuana Inc. does not undertake an obligation
to publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise unless required by
applicable securities legislation.
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.