WeedMD Secures $30M in Funding; Executive Chairman George Scorsis Looks Ahead to 2021
Summary
The company recently entered into a binding term sheet for a credit facility with an affiliate of the LiUNA Pension Fund of Central and Eastern Canada in the amount of $30M. The $30M will also provide WeedMD with significant financial capacity to drive commercial initiatives in the future to continue to build a prominent platform in Canada and globally. The financing will specifically help to accelerate sales of Color Cannabis adult-use products and expand Starseed’s unique medical service offerings to payor groups and patients,” Scorsis notes. The $30M, according to CEO of WeedMD, Angelo Tsebelis, will enable the company to drive its adult-use brands, add distribution points and expand its sales and marketing team. “Since the beginning of the year, we’ve made great strides in accelerating our product innovation, further enhancing the market appeal of our Color and Saturday Cannabis brands, as well as expanding distribution to a discerning national consumer base that is ever evolving,” commented Stephen Ng, Chief Commercial Officer of WeedMD.