Cannabis Wheaton Income Corp. (TSX VENTURE:CBW) (“Cannabis Wheaton”, “CW”, or the “Company“) is pleased to announce that CW’s partner Sundial Growers Inc. (“Sundial“), has been granted a cultivation license for its facility located near Airdrie, Alberta (the “Airdrie Facility“) under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR“).
Sundial becomes CW’s seventh licensed producer partner – and uniquely one of only three licenses now granted in the Province of Alberta, broadening CW’s geographical scope and diversity of licenses into a third province.
Chuck Rifici said, “We want to congratulate Sundial on this major milestone and achievement! Sundial has a team of great professionals who are forward-thinking in their approach to the cannabis industry and we believe they will be a very strong partner for us. The award of yet another license to a CW partner is a reinforcement of the strength and scope of our initial vetting process and we anticipate that our stable of licensed producer streaming partners will continue to increase as we execute on business strategy.”
DEAL TERMS WITH SUNDIAL
CW’s interim streaming agreement with Sundial contemplates an aggregate contribution by CW to Sundial of up to $29,000,000 (the “Sundial Contribution“) to fund the construction of Sundial’s facility to be located in Olds, Alberta (the “Olds Facility“). The ACMPR application for the Olds Facility is currently in the “Detailed Review” stage of the licensing process and remains subject to review by Health Canada.
Sundial’s receipt of a cultivation license for its Airdrie Facility satisfies a condition precedent in the interim streaming agreement with CW. After the completion of CW’s most recent brokered private placement, as further described in CW’s press release dated June 6, 2017, Sundial is now free to deliver its construction budget and timeline to CW for the development of Olds Facility. The Sundial Contribution shall then be made in accordance with a funding schedule set in the accepted construction budget and timeline.
ON BEHALF OF THE BOARD
Chuck Rifici, Chairman & CEO
About Cannabis Wheaton Income Corp. (TSX VENTURE:CBW)
Backed by a team of industry experts, Cannabis Wheaton is the first cannabis streaming company in the world. Our streams will include production from across Canada coming from our partners comprised of licensed producers of cannabis (LP) and LP applicants. Cannabis Wheaton’s mandate is to facilitate real growth for our streaming partners by providing them with financial support and sharing our collective industry experience.
For more information about Cannabis Wheaton and our management team, please visit: http://www.cannabiswheaton.com, or follow us on Twitter @CannabisWheaton. Call: 1-604 687 7130 Email: Mario@skanderbegcapital.com http://www.skanderbegcapital.com.
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: the ability to generate revenue through the streaming agreements, the ability to consummate transactions which are currently in discussions, requirements to obtain additional financing, timeliness of government approvals for granting of permits and licences, including licences to cultivate cannabis, completion of the facilities, where applicable, actual operating performance of the facilities, regulatory or political change, competition and other risks affecting the Company in particular and the medical cannabis industry generally. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Cannabis Wheaton