Mr. Chuck Rifici reports
CANNABIS WHEATON INCOME CORP. ANNOUNCES EXCLUSIVE DATA LICENSING AGREEMENT WITH PROMINENT CANNABIS TESTING, ANALYSIS AND RATING COMPANY
Cannabis Wheaton Income Corp. (doing business as Wheaton Income) has entered into an exclusive data licensing agreement with a prominent Canadian cannabis testing, analysis and rating company.
Pursuant to the agreement, the licensor will grant the company an exclusive licence to all current and future proprietary cannabis testing, review and ranking data for a term of two years. The licensor has tested, reviewed and ranked over 2,000 Canadian cannabis samples to date, including some of the most popular strains sold by licensed producers under the ACMPR (Access to Cannabis for Medical Purposes Regulations), with the objective of analyzing the cannabinoid content, terpene profile and aesthetic characteristics of such samples and ranking over 6,000 cannabis strain samples over the next two years. The data will consist of various objective data points, including strain information, cannabinoid content (THC, CBD, CBG, CBN and CBG), terpene content, as well as any additional data derived from associated laboratory tests such as microbial, chemical and pesticide content.
The data will provide the company with valuable insights from cannabis obtained by authorized patients across Canada. Using the licensor's proprietary algorithms, the resulting data offer sophisticated analysis into the quality, stability and value of various cannabis strains, lots and batches. The company believes that the data are an important source of information and will provide the company and its various partners and distribution channels with the necessary methodology to rank and rate cannabis available for purchase across Canada at any given time. This will give the company the ability to provide purchasers with an objective basis upon which to compare and price available product supply and make purchasing decisions on an informed basis.
Under the terms of the agreement, the licensor will receive an upfront licensing fee of $341,250 payable in common shares of the company at a deemed price of 95 cents per common share as well as up to 200,000 warrants to purchase common shares upon the achievement of certain milestones, which will have an exercise price equal to the greater of: (i) the closing market price on the day of issuance plus 10 per cent; and (ii) $1. The issuance of the common shares and the warrants remains subject to approval by the TSX Venture Exchange.
Chuck Rifici, chairman and chief executive officer of Wheaton Income, stated, "We are excited to have access to proprietary data that will afford Cannabis Wheaton the ability to develop broad market intelligence and provide its platform partners with a unique tool to make better cultivation, sales and purchasing decisions."
Cannabis Wheaton Income Corp.
Wheaton Income 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 the company's partners by providing them with financial support and sharing the company's 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.
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