|By PR Newswire||
|April 3, 2014 05:16 PM EDT||
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.
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.
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