SMITHS FALLS, ON, Jan. 5, 2015 /CNW/ - Tweed Marijuana Inc. ("Tweed" or "the Company") is pleased to announce that its wholly owned subsidiary Tweed Farms Inc. ("Tweed Farms") has obtained a license renewal for the cultivation of medical marijuana at its facility in Niagara-on-the-Lake, Ontario.
The license is valid through December 31st, 2015 and will allow the Company to cultivate up to 11,500 cannabis plants at its greenhouse facility. Currently, plants grown in the natural environment of the Niagara sun, are then transferred to the Tweed Inc. Smiths Falls state-of-the-art facility where they are harvested, manicured, cured and tested before final sale to customers. Tweed Farms plans to establish capacity to harvest and store dried product on site in 2015.
"The extension is timely, coming only weeks after we released our first greenhouse grown product to customers," said Bruce Linton, Chairman and Co-founder of Tweed. "We have already learned so much from the initial grow cycle at Tweed Farms and applied that knowledge to our second growing cycle that's growing now. We will continue to refine the model of greenhouse and indoor growth to ensure an optimal model of low cost, high yield, and top quality production."
The closing weeks of 2014 saw additional milestones for Tweed. The Tweed Inc. online shop has an industry-leading nine strains available for sale to customers, the waiting list for registration has been eliminated to ensure timely access to medicine, and even with the shortened month, due to the holiday season, Tweed's December revenue exceeded the $316,117 of revenue reported in the last quarter. With nine flowering rooms in operation and a further three awaiting Health Canada inspection, continuous harvesting and product release have now been achieved, supporting streamlined operations and customer supply.
From Customer Care Team to Growers, to Medical Outreach Team to Trimmers, the team at Tweed wishes to thank its customers, investors and stakeholders for all of their support in 2014. We look forward to growing together in 2015.
Here's to Future Growth.
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This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Tweed Marijuana Inc. or Tweed Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include: (A) predictions of future demand; (B) plans to increase capital expenditure and construction related expenses; (C) anticipated production yields; (D) completion of construction and availability of new production rooms; and (E) forecasted available product selection. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability to obtain any necessary financing; the economy generally; the yield from Tweed's marijuana growing operations; consumer interest in products; competition; regulation and anticipated and unanticipated costs and delays. Although Tweed Marijuana Inc. has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect Tweed Marijuana Inc. or Tweed Inc. Additional factors are noted under "Part IV - Description of Risk Factors Associated with the Acquisition" in the Filing Statement of Tweed Marijuana Inc. dated as of June 30, 2014 and available at www.SEDAR.com. The forward-looking statements included in this news release are made as of the date of this news release and Tweed Marijuana Inc. does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
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