Starseed and WeedMD become preferred medical cannabis suppliers to over 51,000 myHSA clients across Canada
TORONTO, Feb. 10, 2020 (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 that its subsidiary Starseed Medicinal Inc. (“Starseed”) is now the preferred supplier of medical cannabis to over 51,000 eligible myHSA participants across Canada. Selling its platform through a network of over 2,600 advisors, working with over 8,500 employers, myHSA is widely recognized for its unique digital wellness and reimbursement platform that provides a flexible, interactive benefits menu.
“More companies are recognizing that wellness programs are an effective way to engage employees in healthier living and we’re pleased to partner with innovative benefits provider myHSA as it looks to expand access to quality cannabis products to its 51,000 members,” said Angelo Tsebelis, CEO of WeedMD. “With the onset of flexible digital solutions, myHSA’s eligible participants get direct access to our patient portals and full-service medical cannabis program as well as easy digital access to claim reimbursement and adjudication.”
“At myHSA, we strongly believe that employees need to be in control of their wellness journey and with the advent of alternative therapies, we wanted to partner with a trusted source of medical cannabis products to ensure our participants have access to top quality products from Starseed and WeedMD,” said Tim Kane, CEO of myHSA. “We’ve created a platform that empowers participants to choose how they would like to spend their wellness dollars as a way to motivate and inspire a more holistic approach to benefits coverage.”
Launched in 2013, myHSA has grown and is the main spending account provider to over 51,000 employees across Canada. The myHSA system is a software that is used by advisors to implement different forms of health spending accounts, insurance products, and other unique employee benefits. More about myHSA here.
Access WeedMD’s investor presentation here.
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., from the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. With the recent acquisition of Starseed Medicinal Inc., a medical-centric licensed holder with operations in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where its adult-use brands Color Cannabis and Saturday are sold.
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Forward Looking Information
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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