Mr. Chuck Rifici of Cannabis Wheaton reports
CANNABIS WHEATON ANNOUNCES INTERNATIONAL SUPPLY AGREEMENT WITH APHRIA
Cannabis Wheaton Income Corp. has entered into a binding interim supply agreement, pursuant to which Wheaton will purchase cannabis, including dried flower and cannabis oil for distribution to federally legal international jurisdictions from Aphria Inc.
Under the terms of the agreement, Aphria will supply Navisent Inc., a subsidiary of Wheaton formed for the purposes of establishing international distribution channels, with up to 60,000 kilograms of cannabis products between now and Feb. 1, 2022. Securing the supply of cannabis products under the agreement allows Wheaton to accelerate the execution of its international distribution strategy 12 to 18 months ahead of schedule and establish a strong presence in various federally legal international jurisdictions that are experiencing strong demand for medicinal cannabis products. The agreement is to be superseded by a definitive agreement to be entered into by Wheaton and Aphria imminently.
Hugo Alves, president of Wheaton Income, stated: "As we've demonstrated through our previously announced distribution partnerships, we are focused on building strategic distribution channels for Wheaton's own cannabis products and those of our streaming partners. As our distribution platform starts to take shape domestically we have been actively exploring high-margin international channels in emerging federally legal jurisdictions. We are thrilled to be partnering with an industry leader such as Aphria as we begin to execute our international strategy. This supply arrangement enables us to deploy product into international jurisdictions that are of interest to us and gain brand presence and market share in those markets on an accelerated timeline. With over 800 million people residing throughout legalized cannabis jurisdictions globally and an addressable global medical market size expected to exceed $30-billion by 2021, this agreement with Aphria allows us to meaningfully participate in international supply opportunities 12 to 18 months ahead of schedule as we continue to develop our own domestic production platform. We view this as an accretive arrangement for both Wheaton and Aphria and look forward to working with Vic and his team."
About Wheaton Income
Wheaton Income is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Its mandate is to facilitate growth for its partners by providing them with financial support and sharing Wheaton's collective industry experience. Its 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.
About Aphria Inc.
Aphria, one of Canada's lowest-cost producers, produces, supplies and sells medical cannabis. Located in Leamington, Ont., the greenhouse capital of Canada, Aphria is truly powered by sunlight, allowing for the most natural growing conditions available. Aphria is committed to providing pharma-grade medical cannabis, superior patient care while balancing patient economics and returns to shareholders.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.