In connection with the termination of the arrangement agreement, the company has received a $10-million termination fee.
WeedMD also announced that it has appointed Keith Merker, currently chief financial officer, to the position of chief executive officer, effective immediately.
READ: WeedMD makes major stride with strategy with Alberta Gaming, Liquor & Cannabis Commission deal
"Over the past year, WeedMD has executed on our growth strategy and we continue moving forward with our strategic plan," said chief executive officer, Keith Merker.
"In the past quarter, we've built out our management team, licensed and commissioned our state-of-the-art greenhouse expansion (link), signed a supply agreement with Shoppers Drug Mart and secured a supply agreement with the Alberta Gaming, Liquor and Cannabis Commission. With an additional $10 million in non-dilutive capital and over $50 million in cash, all of our commitments are fully funded and we're in a solid position financially and operationally to continue executing and delivering on all of our goals and objectives."
With the appointment of Keith Merker as chief executive officer, former CEO Bruce Dawson-Scully will take on an advisory role to ensure an orderly transition, the firm said.
The company also announced that Nichola Thompson will take on the role of interim chief financial officer. Thompson currently serves as WeedMD's Director of Finance and has previously held management positions in finance with Discovery Air, Deloitte & Touche and Siemens.
The company said additional management appointments will be announced in the coming weeks.