Mr. Chuck Rifici reports
CANNABIS WHEATON INCOME CORP. ANNOUNCES CLOSING OF DEFINITIVE AGREEMENT WITH STREAMING PARTNER FV PHARMA INC.
Cannabis Wheaton Income Corp. has entered into a binding definitive agreement with its streaming partner FV Pharma Inc. to develop all aspects of FV's cannabis cultivation facility in mutually agreed staged phases, with the potential to build out the largest indoor cannabis cultivation facility in the world.
The FV Pharma state-of-the-art facility, hosts an existing 620,000 square feet of building space and is famously known as the former KRAFT food manufacturing facility. The facility is ideally situated only one hour east of Toronto in Cobourg, Ont., off of the 401 highway and has access by car or rail to Ottawa and Montreal.
Pursuant to the agreement, the company will receive a 49.9-per-cent stream of all cannabis produced at the facility, under partnership with Cannabis Wheaton, in perpetuity. The company estimates that the Cannabis Wheaton allocation will result in approximately 200 million grams of cannabis for the company's benefit per year upon completion of all phases of the facility development.
In exchange for the Cannabis Wheaton allocation, using its unique expertise and experience, the company's management team will assist FV Pharma with all aspects of the design, development, financing, build-out and operations of the facility as well as the marketing, branding and distribution of all cannabis and cannabis-derived products generated by the facility.
In addition, the company will also participate in the governance of FV Pharma by having one company nominee appointed to the board of directors of FV Pharma.
Chuck Rifici, chairman and chief executive officer of Cannabis Wheaton, commented: "As a cornerstone asset in the Cannabis Wheaton portfolio, we are excited to start this journey with the FV Pharma team to build out a truly world-class facility. As I previously mentioned, this project is special to us as it will not only create additional and much needed supply for the medical and recreational Canadian cannabis markets, but also has the potential to create hundreds of jobs for the city of Cobourg."
Thomas Fairfull, president and CEO of FV Pharma, said: "We couldn't have asked for a better joint venture partner for the development of our world-class facility and the execution of our business plan that we expect will create hundreds of quality skilled jobs for the city of Cobourg. We are excited at the opportunity to build and operate something special with Cannabis Wheaton and to set the gold standard for cannabis cultivation and for cannabis-derived consumer products."
About Cannabis Wheaton Income Corp.
Cannabis Wheaton is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. The company's mandate is to facilitate growth for its partners by providing them with financial support and sharing its collective industry experience. The company's partners all have different visions, voices and brand values, and all share a common goal -- to build a world-class industry based on ethics, diversity, quality and innovation.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.