Cannabis Wheaton Income Corp. (TSXV: CBW), a Canada marijuana streaming company, has a founder of Canopy Growth Corp (TSX: WEED) as its CEO
Financial Post | May 8, 2017: The former chief executive of Canada’s largest marijuana company has launched the first Canada marijuana streaming company to provide financing to entrepreneurs looking to get into Canada’s burgeoning legal marijuana market.
Cannabis Wheaton Income Corp. (TSXV: CBW) is headed by Chuck Rifici, the founding CEO of Tweed Marijuana Inc., what is now Canopy Growth Corp (TSX: WEED).
[Editor’s Note: Chuck Rifici is currently CEO of Nesta Holding Co., a private equity firm focused on building partnerships and brand within the cannabis space and Chairman of National Access Cannabis, a clinic chain helping patients access the Canadian federal medical cannabis program.
Cannabis Wheaton calls itself the first cannabis streaming company in the world. Its streams will include production from across Canada coming from its partners comprised of licensed producers of cannabis (LP) and late-stage LP applicants. Its mandate is to facilitate real growth for its streaming partners by providing financial support and sharing its collective industry experience with its streaming partners. Collectively, its streaming agreements include existing built capacity and to be constructed capacity of approximately 1,300,000 square feet of cannabis cultivation and production space net to Cannabis Wheaton by 2019.
“We will invest in and support a wide range of cannabis cultivation companies — each with a different vision, voice and brand identity, but all sharing the common goal of creating and delivering top quality products through industry leading best practices. Cannabis Wheaton was formed to enable its partners to achieve that goal and to create the evolution of the traditional licensed producer – LP 2.0,” Mr. Rifici stated.]
The firm has already invested in 14 companies in six provinces, including some of Canada’s existing 40 licensed producers as well as new applicants. Two of those agreements are public — with Harvest One Cannabis Inc. (TSXV: HVST) and Beleave Inc., which have applied for licences from Health Canada.
It offers financing and guidance to companies in exchange for an equity stake and a portion of the product at a fixed price. Streaming agreements are popular among financing junior miners who struggle with similar financing challenges.
Read more at business.financialpost.com
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