WeedMD Inc. (TSX-Venture:WMD) was in the news Tuesday, as the Toronto-based producer and distributor of medical-grade cannabis signed a pivotal agreement with Montreal-based Smart Medicines GMP Inc., and appointed the latter’s founder and president, Dr. Domenico Fuoco, to the position of Chief Innovation Officer of WeedMD.
“Smart Medicines,” Tuesday’s press release declared, “is a leading-edge, research-driven organization that creates, develops and launches pharmaceuticals, natural health products and cosmetics.”
WeedMD CEO Keith Merker said,“Partnering with a team that understands product development - from ideation to formulation, will provide WeedMD with a significant advantage as we plan for long-term success.”
Merker further tipped his cap to Smart Medicines, saying “Their vision is impressive, and together we’ve laid out an ambitious plan to extend into consumer markets such as health and wellness, cosmetics and nutraceuticals.”
WeedMD was caught, however, in the downdraft of a generally negative day, its shares tumbling 15 cents, or 9.9%, to $1.36.
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