CX Industries (WeedMD) Signs Exclusive Agreement with Ignite International to Supply Premium Cannabis and CBD Products
Ignite-branded offerings to be produced and distributed by CX Industries and WeedMD for purchase in Canadian retail markets
Toronto, Canada, July 24, 2019 – WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, its wholly-owned subsidiary CX Industries (“CX Industries” or “CX”) and Ignite International Brands, Ltd. (CSE:BILZ) (“Ignite”) are pleased to announce they have entered into an exclusive licensing agreement for an initial term of two years with an option for a third year.
Widely recognized for its engaging marketing content, the Ignite brand is established internationally and recognized for its premium suite of cannabis and CBD products. The initial product launch will include a variety of THC and CBD products for the Canadian market.
“We truly believe quality flower is at the heart of every Ignite product we market. It’s at the core of everything we make and represents an unwavering dedication to deliver premium cannabis and CBD products worldwide and now especially here in Canada,” said Jim McCormick, President of Ignite. “Ignite represents cannabis and CBD at its finest and CX Industries and WeedMD are the perfect Canadian partners who share the same drive for quality.”
“We welcome the Ignite family to our portfolio of branded products and the ever-expanding reach of our suite of premium cannabis offerings. Canadians are anticipating the arrival of vape and concentrate categories as another segment where quality-produced cannabis will be the driving factor for consumers,” said Keith Merker, CEO of WeedMD. “With CX Industries focused on high-grade concentrates, and WeedMD cultivating mass amounts of trichome-rich outdoor cannabis, we are establishing a full-service business-to-business offering and creating partnerships that will shape the extracts market both on price and quality.”
CX, which specializes in extraction, tolling, licensing and innovative third-party product formulations from WeedMD’s fully-licensed Aylmer, Ontario facility, will be the extractor, packager and distributor of Ignite-branded vape products and cartridges in Canada. CX Industries is expected to have the capacity to process over 200,000 kilograms of biomass in 2020 and expects to begin processing roughly 20,000 kilograms of biomass delivered from WeedMD’s first harvest in Q4 2019. Read the CX launch press release here.
About Ignite International Brands, Ltd.
Ignite is a CSE-listed vertically-integrated company operating in the cannabis industry. Ignite intends to expand its business, which currently includes branding, marketing, licensing, sales and distribution, across additional legal jurisdictions in the United States and into international jurisdictions, across multiple product applications. Ignite intends to effect this expansion through brand leverage, product development, targeted marketing and strategic supply chain partnerships in each of the target jurisdictions. As CEO and Chairman, Dan Bilzerian takes an active role and is deeply involved in the development of global strategic initiatives intended to establish Ignite as a global brand leader in the cannabis and CBD space.
For more information, access Ignite’s investor presentation website here.
About CX Industries Inc.
CX Industries is a wholly-owned subsidiary of WeedMD Inc. CX operates out of the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which 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 produce more than 200,000 kgs of biomass annually.
For more information, access CX Industries’ website here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis products for both the medical and adult-use markets. The Company owns and operates two facilities: a 158-acre state-of-the-art greenhouse and outdoor facility located in Strathroy, Ontario and a 26,000 sq. ft. extraction and processing facility in Aylmer, Ontario operating as CX Industries. The Company currently has 136,000 square feet of licensed indoor and greenhouse production space and is expected to have a total footprint of more than 550,000 square feet of indoor and greenhouse production online in 2019. Additionally, 27 acres or 1,176,000 sq. ft. of outdoor cultivation is licensed and fully operational with first harvest expected in October 2019. 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.
Published at Wed, 24 Jul 2019 17:12:24 +0000