CFN Media Group (“CFN Media”), the leading agency and digital media network dedicated to legal cannabis, today announced publication of an article and exclusive CEO video interview discussing how Cannabis Wheaton Income Corp. (TSX VENTURE: CBW) is transforming the cannabis industry’s investment model and changing the way companies work together.
Cannabis Wheaton is the first cannabis streaming company that aims to stream production from partner licensed producers and applicants. The company’s goal is to facilitate real growth for its streaming partners by providing them with financial support and collective industry experience, while providing its own shareholders with diversified exposure to the burgeoning cannabis industry — a win-win-win for all parties involved.
CFN Media interviewed Cannabis Wheaton CEO Chuck Rifici to discuss the company’s latest progress and where it’s headed moving forward.
Beleave Secures a License
Cannabis Wheaton made significant progress earlier this month after Beleave Inc. was granted a cultivation license under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The cultivator will become the company’s fifth licensed producer partner following the deal and represents a key milestone in its corporate development. With its first facility done, the likelihood of future site approvals is significantly higher.
Under its deal with Beleave, Cannabis Wheaton will work cooperatively to identify an appropriate second site to be acquired and developed by a newly formed special purpose subsidiary of Beleave. The new site is expected to be located in Ontario and will be designed to accommodate an estimated 200,000 square feet of cultivation space. The company will provide much of the funding in return for an equity stake and 50% of the proceeds of retail sales.
Landmark Deal with ABcann
Cannabis Wheaton recently announced a binding interim agreement with ABcann Global Corp. to fund the construction of an additional 50,000 square foot cultivation space at the company’s proposed Kimmett facility in Napanee, Ontario.
Under the terms of the agreement, the company agreed to invest $30 million in ABcann at C$2.25 per share and subsequently provide all necessary funding to complete the construction of the cultivation facility. The company will receive 50% of the proceeds of future wholesale or retail sales from the CBW-funded facility, which could amount to upwards of 8,000,000 grams net to CBW per year. The company also benefits from any potential upside from ABcann’s stock given its equity investment.
The ABcann deal represents the sixth license in the company’s growing portfolio — more than any other LP — and its first deal with a publicly-traded licensed producer holding a sales license. While the agreement remains subject to certain conditions, ABcann’s significant experience in the industry helps ensure that the deal will succeed. The cultivator is widely recognized for their proprietary cultivation methods that produce high quality cannabis with leading yields.
Building a World-Class Team
Cannabis Wheaton already has a stellar management team that’s led by CEO Chuck Rifici, who was a co-founder of Canopy Growth Corp. — a multi-billion dollar cannabis ‘unicorn’. The team is comprised of industry first-movers, visionaries, and thought leaders with an unparalleled depth of knowledge across retail, branding, finance, and technology. These skillsets have proven invaluable as it casts a wide net across the emerging market.
Recently, the company appointed Kevin Furet as Chief Cultivation and Genetics Officer to comply with certain pre-existing contractual obligations. Until last month, Mr. Furet served as the Master Grower for Canopy Growth Corp. and brings more than 17 years of production techniques, plant breeding, and strain development experience to his new role. He will be working with the company’s partners to optimize yields and quality over time.
Please follow the link to see the interview and read the full article: http://www.cannabisfn.com/cfn-media-takes-inside-look-cannabis-wheaton-ceo-chuck-rifici/
About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
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