WeedMD Enters into Binding Term Sheet for $30 Million Credit Facility with LiUNA Pension Fund and Changes Filing Date of Second Quarter 2020 Financials to September 30, 2020

• Non-dilutive financing to fund continued growth including accelerating sales of Color Cannabis adult-use products and Starseed’s unique medical service offerings to payor groups and patients
  
• Company financials will now be filed on September 30, 2020 with management-hosted earnings call on October 1, 2020 at 10 a.m. EST
  

TORONTO, Sept. 23, 2020 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of cannabis, is pleased to announce that it has entered into a binding term sheet for a credit facility (“Credit Facility”) with an affiliate of the LiUNA Pension Fund of Central and Eastern Canada (“LPF”). The $30 million Credit Facility, maturing in August 2022, will be used for general working capital purposes, capital expenditures and general corporate requirements, and will provide the Company with significant financial capacity to drive commercial initiatives during its next stage of growth. The Credit Facility is expected to close and fund before the end of the current fiscal quarter which ends September 30, 2020.

“Over the past few months, we have successfully streamlined our operations, enhanced our cultivation platform with production upgrades, executed our product strategy and expanded our distribution networks – all with the ongoing support from our partner and strategic investor LiUNA Pension Fund,” said Angelo Tsebelis, CEO of WeedMD. “This $30 million of non-dilutive financing will enhance our liquidity position and provide additional working capital at this inflection point to drive our adult-use brands, add distribution points and expand our sales and marketing team. This proposed investment by our cornerstone shareholder reiterates their support of our strategic plan and provides significant growth capital to execute on key commercial initiatives to drive sales and generate sustainable profitability.”

“As we progress into the next stage of growth, WeedMD is implementing consumer-centric decisions by diversifying our product pipeline with new offerings that we believe will have exceptional consumer appeal in both retail and direct-to-consumer markets," said Stephen Ng, Chief Commercial Officer of WeedMD. "We are also investing in the expansion of a commercial team that will broaden distribution, enhance the customer experience, and work to increase sales on a national level. We look forward to executing on our plan with this financing and delivering value to all of our stakeholders.”