WeedMD To Absorb Excise Tax and Offer Free Shipping for Medical Cannabis Patients
GlobeNewswireSeptember 26, 2018, 7:35 AM EDT
TORONTO, Sept. 26, 2018 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to provide an update on its medical cannabis program and its dedication and responsibility to putting patients first.
Patients First Approach
Given the recent government announcements to impose an excise tax of $1 per gram (or 10% of the sale price) on cannabis (the “Excise Tax”), WeedMD is pleased to announce it will further support its medical-use customers by continuing to offer competitive pricing on its premium, medical-grade cannabis and that it will absorb the increased cost as a result of the Excise Tax. Scheduled to come into effect on October 17, 2018, the Excise Tax is applicable for both the recreational and the medical market on all cannabis products containing THC.
Additionally, effective immediately, the Company will be offering free standard shipping on all medical cannabis orders with no minimums and no restrictions. WeedMD also remains committed to its compassionate pricing program which supports patients that require financial assistance.
“Despite the fact that almost all prescription drugs are tax free in Canada, medical cannabis patients are being forced to pay the Excise Tax on their medicine. WeedMD is proud to demonstrate support for our patients by implementing these cost-relief initiatives and putting our patients first,” said Keith Merker, CEO of WeedMD. “The reality is that many patients do not have the cost of their medicine covered by insurance and often struggle to afford their prescriptions. Adding an additional tax could put their treatment further out of reach.”
WeedMD also urges all cannabis patients, industry advocates, and fellow Canadians to express their support for the removal of the Excise Tax on medical cannabis by signing Petition E-1528 (the “Petition”). Signatures for the Petition close October 17, 2018, the day the Excise Tax and adult-use legalization are scheduled to come into effect.
For more information, access WeedMD’s investor presentation here and recently updated corporate video here.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis and cannabis oil under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The greenhouse currently has 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet online by year-end 2018. WeedMD has a multi-channeled distribution strategy that includes supply agreements with Shoppers Drug Mart and provincial distribution agencies, as well as through strategic relationships across the seniors' market in Canada.
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