CX Industries is the wholly-owned subsidiary of WeedMD that specializes in extraction, toll processing, and third-party product formulation.
TORONTO, Nov. 26, 2019 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to announce the appointment of Tricia Symmes as General Manager of CX Industries Inc. (“CX Industries” or “CX”).
CX Industries is the wholly-owned subsidiary of WeedMD that specializes in extraction, toll processing, and third-party product formulation and operates out of the Company’s fully-licensed extraction hub in Aylmer, Ontario. In this newly-created role, Tricia will lead CX Industries’ commercial operations and the development of new business channels and product development for both the adult-use and medical markets.
CX Industries will leverage her extensive knowledge and experience in bringing over 20 pharmaceutical products to market, including developing medical cannabis formulations as it looks to introduce high-margin products of new cannabis classes.
Also joining the CX team is industry specialist Logan Marynissen, as Director of Extraction. Logan will optimize WeedMD’s extraction operations and provide technical oversight for the production of new cannabis products. Tricia and Logan will drive CX Industries to commercial scale and lead product innovation with low-cost cannabis readily available from WeedMD’s outdoor and greenhouse-crafted cannabis.
“As we strengthen our verticals, build new cannabis product lines and continue scaling for growth, we are positioning WeedMD for long-term success and CX will be a critical component as we execute our new cannabis products strategy,” said Keith Merker, CEO of WeedMD. “We welcome Tricia and Logan, both seasoned leaders from Canada’s pharmaceutical and extraction industries who bring considerable bench-strength and experience to our team. With Tricia’s commercial acumen, deep understanding of P&L structures and medical cannabis oversight, and Logan’s rich experience in varied extraction methodologies, they are perfectly suited to lead CX.”
CX Industries’ Vitalis Q-90 supercritical CO2 extractor recently entered commercial operations. With its focus on end-product manufacturing and white-labeling, CX expects to produce the highest margin cannabis products for increased profitability. A significant portion of WeedMD’s low-cost greenhouse and outdoor biomass is slated for CX Industries.
Its throughput capacity of 26,000 kgs will double to over 50,000 kgs per year when a second extractor becomes operative by end of 2019. At peak production in 2020 with four machines in operation, CX will have the capacity to extract and process 200,000 kgs of biomass annually. More about CX launch here.
“This is a pivotal time to be joining CX Industries as we leverage WeedMD’s robust and disruptive cultivation platform to develop industry-leading, margin-rich cannabis products. Everything from concentrates to sprays to topicals,“ said Tricia Symmes, General Manager of CX Industries. “The industry is rife with opportunity as consumers look for alternate ways to incorporate cannabis into their routines and borrowing from Pharma and CPG will ensure we remain best-in-class.”
Additionally, CX Industries and WeedMD will list a range of cannabis extract products across its medical and non-medical markets in Q1 2020. The Company also expects to launch new brands to complement its current portfolio and introduce products of new cannabis classes in the new year.
About CX Industries’ hires:
Tricia Symmes, General Manager, CX Industries: Most recently the Chief Operating Officer of Acerus Pharmaceuticals, Tricia has deep knowledge in commercial and business development as well as regulatory, governance and compliance requirements. She previously held positions of increasing responsibility including General Manager at Alcon Canada and Vice President of Sales and Marketing with Novartis Pharmaceuticals. Tricia holds an MBA from Charles Strut University, an Honors Bachelor in Kinesiology from Western University and a post-graduate certificate in Human Resources Management from Humber College.
Logan Marynissen, Director of Extraction, CX Industries: Logan spent the last four years overseeing Canopy Growth’s extraction operations in Smith Falls, Ontario. He will be instrumental as WeedMD scales its CX operations. He brings experience and deep knowledge in plant extraction methodologies such as: distillation, crystallization, decarboxylation, terpene separation, winterization and supercritical extraction. Logan holds an Honors BSc. Degree in Biological & Pharmaceutical Chemistry from Guelph University.Access WeedMD’s investor presentation here and 2019 corporate video highlights here.
About CX Industries Inc.
CX Industries is a wholly-owned subsidiary of WeedMD Inc. and operates out of its fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility and specializes in cannabis extraction and processing. The facility is located on four acres of expandable property owned by WeedMD. At peak production in 2020, CX is expected to extract and process more than 200,000 kgs of biomass annually.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer of cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, Ontario. WeedMD also operates CX Industries Inc., a wholly-owned subsidiary of WeedMD Inc. CX Industries operates out of the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. WeedMD has a multi-channeled distribution strategy that includes selling directly to medical patients, strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where WeedMD’s adult-use brand Color Cannabis is sold.
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This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon WeedMD’s current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will” happen, or by discussions of strategy.The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information in this news release include, but are not limited to, statements with respect to internal expectations, expectations with respect to actual production volumes, expectations for future growing capacity and the completion of any capital project or expansions. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of WeedMD to implement its business strategies; competition; crop failure; and other risks.Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, WeedMD does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for WeedMD to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in WeedMD’s Annual Information Form dated June 21, 2019 (the “AIF”) and other disclosure documents of WeedMD filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the AIF and other disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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