WeedMD Appoints Veteran Finance Executive to its Board of Directors

WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) is a federally-licensed producer and distributor of medical-grade cannabis. The company announces the appointment of veteran finance executive Lu Cacioppo, FCPA, CA, to its Board of Directors and chair of WeedMD’s Audit Committee.

WeedMD Inc. is the publicly-traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., federally-licensed producers of cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, Ontario as well as a fully-licensed 26,000 sq. ft. Aylmer, Ontario processing facility, specializing in cannabis extraction. With the addition of Starseed, a medical-centric operator based in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with other employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart as well as seven provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.

Lu joins the Board as an independent director and is a nominee of 2437653 Ontario Inc. (the “LiUNA Pension Fund of Central and Eastern Canada”) pursuant to the Nomination Rights and Voting Agreement dated December 20, 2019.

“WeedMD is steadily executing its business plan with a focused approach and we are thrilled to welcome Lu as an independent director and chair of our Audit Committee,” said George Scorsis, Executive Chairman of WeedMD. “Lu is a highly-regarded business and community leader that brings more than 30 years of valuable experience and insight in finance, capital markets, and corporate governance. As a former Deloitte partner, Lu’s solid industry reputation and sharp business acumen comes at a timely juncture as we accelerate our profitability goals and ready the company for long-term growth.”

“As a long-time observer of the cannabis industry, I’ve admired companies that can operate with a disciplined, customer-centric approach while balancing growth with fiscal rigor,” said Mr. Cacioppo. “WeedMD has all the necessary fundamentals in place to accelerate revenue growth and move towards profitability. I’m thrilled to be joining the board and to contributing to the Company’s success as we look to continue building long-term shareholder value.”

Currently the vice chair and managing partner at private equity firm Beringer Capital, Lu advises and provides value-added solutions to companies around the world in various industries including technology, media, real estate, automotive and professional services. Prior to joining Beringer Capital, Lu served as the leader of the Deloitte Private practice in the Ontario region and the managing partner of its small and medium-sized enterprises (SME) program. In this role, he led a national team that specialized in delivering audit and assurance, tax, consulting and risk, and financial advisory services to private companies. Lu has a distinguished FCPA (Fellow of the Chartered Professionals Accountants) designation which is awarded to CPAs that are outstanding leaders in both business and community. Among his many community involvements: St. Joseph’s Health System Board, Dr. Bob Kemp Hospice, the Canadian Accredited Independent Schools and the Sons of Italy Charitable Foundation.