OTTAWA, April 10, 2014 /CNW/ - Tweed Marijuana Inc.
(TSXV: TWD) ("Tweed Marijuana") is providing this update in
response to inquiries about the fact that a quote for its common
shares is shown on the OTC Markets page in the United
States. As of April 7,
2014, the OTC Markets web site showed a quote for Tweed
Marijuana, indicating that it is a "Grey Market" security, which
the site describes as a security that is not currently traded on
the OTCQX, OTCQB or OTC Pink marketplaces.
Based on the feedback received by the Company, it appears that
the quotation on the OTC Markets page is causing confusion among
investors and so Tweed Marijuana wishes to clarify that it has not
taken any steps to have its shares listed on any exchange,
quotation system or marketplace other than the TSX Venture Exchange
and does not currently have any plans to do so. Tweed
Marijuana's shares are not registered under applicable federal or
state securities laws in the United
States and, as such, may not be offered, sold, pledged or
otherwise transferred in the United
States except in transactions that do not require
registration under any applicable federal or state securities
laws. Investors are cautioned against relying on any
information about Tweed Marijuana that is not provided by the
Company in its public disclosure documentation available at
www.SEDAR.com.
Tweed Marijuana is further providing an update with respect to a
shipment of medical marihuana plants that its wholly owned
subsidiary Tweed Inc. ("Tweed") had sought to acquire from certain
growers licensed under the Marihuana Medical Access
Regulations (MMAR), which has been held by the RCMP while it
reviewed details of the shipment. No amount has been paid by
Tweed for the medical marijuana in
question and, in accordance with the terms of the contracts between
Tweed and the vendors, no payment
will occur. Tweed will not be
proceeding with the planned transfer of material.
Tweed does not anticipate
making any further such acquisitions from growers licensed under
the MMAR because the regulatory deadline for such transfers was
April 1, 2014. Despite the unique
challenges encountered with respect to the transfer referenced
above, Tweed's acquisition program
was highly successful in that the Company will now be able to offer
an additional 60 strains of medical grade marijuana to its
customers with a wide range of THC and CBD levels.
Tweed wishes to confirm to its
customers that every product sold by Tweed spends its entire life cycle – from seed
or clone to sale – in Tweed's
Smiths Falls facility and is grown
in accordance with the strict requirements in place under the
Marihuana for Medical Purposes Regulations. It is
Tweed's policy to advise customers
if ever that is not the case for any product it makes
available.
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.
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.