WeedMD also provided a corporate update which included its company-wide response to the COVID-19 pandemic, confirming that through a combination of initiatives, the Company will be better positioned to mitigate the potential downside related to the worldwide pandemic. These initiatives will include the immediate reduction of executive and director compensation as well as the streamlined operations plan which already factors in 12% of its staff recently placed on temporary leave.
“We are working through unprecedented times and while our cultivation platform and production is fully ramped up, in an effort to maintain prudent business practices during this uncertain period, we recently made the difficult decision to temporarily reduce our workforce,” said Angelo Tsebelis, CEO of WeedMD. “In addition to the post-merger integration initiatives already underway, we have further refined our operations in the areas of oil extraction and production, and streamlined our client services activities. We also repositioned our sales channels – with medical and adult-use markets outpacing sales in the bulk wholesale market. Our efforts have resulted in consistent sales growth and normalized margins that align with our strategy and we look forward to sharing more in May.”
On December 20, 2019, WeedMD completed the acquisition of Starseed Holdings Inc. (“Starseed”), a medically-focused, federally-licensed cannabis company, combining WeedMD’s industry leading cultivation, processing and development with a vast direct-to-consumer medical sales channel. The merger benefits will be better reflected in the Company’s first quarter 2020 financials.
The health and safety of WeedMD’s employees, patients and customers continues to be its top priority. In accordance with the guidance of Health Canada and all public health agencies, commencing on March 10, 2020, management proactively implemented COVID-19 safety measures. A practice that is ongoing and includes the following health and safety measures taken:
For more information on the proactive measures taken, visit: WeedMD COVID-19 Safety Measures.
Read the official press release at weedmd.comBack to News