TORONTO, May 8, 2017 /CNW/ - Chuck Rifici, through his private equity firm Nesta Holding Co. Ltd., is teaming up with industry heavyweights to introduce the world's first cannabis streaming company, Cannabis Wheaton Income Corp. (Cannabis Wheaton or the Company). The Company has entered into agreements with 14 streaming partners in 6 provinces across Canada.
Under the terms of the streaming agreements, Cannabis Wheaton (TSX: CBW) will provide financing and expert consultation to its streaming partners in exchange for minority equity interests in each streaming partner and an allocation of the streaming partner's cannabis production yield at an agreed upon price. Cannabis Wheaton's streaming partners consist of licensed producers of cannabis (pursuant to the Access to Cannabis for Medical Purposes Regulations (or its predecessor)) (LPs) and late-stage LP applicants.
Along with Rifici, the Company's management team includes: Chief Financial Officer and Chief Operating Officer, Jeff Tung, Chief Creative Officer Ian Rapsey and Chief Infrastructure Officer Brad McNamee.
The management team will also be served by an Advisory Board, including two of the top legal advisors in the Canadian cannabis industry, Hugo Alves and Mike Lickver of Bennett Jones LLP, one of Canada's top cannabis security advisors, David Hyde of David Hyde & Associates, one of Canada's top technology venture capitalists Karamdeep Nijjar, partner at iNovia Capital (among Canada's most prescient early-stage venture capital firms), Josh Kappel, partner at Vicente Sederberg LLC, one of the leading cannabis legal advisors in the U.S., and Rick Dykstra current President of the Progressive Conservative Party of Ontario.
With diverse, specialized expertise in every vital aspect of the industry — from construction and cultivation to navigating the regulatory landscape — the Cannabis Wheaton management team targets and critically evaluates streaming partners with high-growth potential, and provides partners with the expert support to succeed in the dynamic cannabis industry.
"We're proud to partner and support a wide range of cannabis cultivation companies each of which have distinct visions, voices and brand values. However, we all share a common goal: to create a world class industry based on ethics, diversity, quality and innovation."
- Ian Rapsey, Cannabis Wheaton Chief Creative Officer
"As a unique platform, Cannabis Wheaton offers a distinctive value proposition as it provides license and product diversification that is further de-risked by the caliber of industry experts behind the company."
- Chuck Rifici, Cannabis Wheaton Chairman and Chief Executive Officer
About Cannabis Wheaton Income Corp. (TSX: CBW)
Backed by a team of industry experts, Cannabis Wheaton is the first cannabis streaming company in the world. Our streams will include production from across Canada coming from our partners comprised of licensed producers of cannabis (LP) and late-stage LP applicants. Cannabis Wheaton's mandate is to facilitate real growth for our streaming partners by providing them with financial support and sharing our collective industry experience.
For more information about Cannabis Wheaton and our management team, please visit www.cannabiswheaton.com, or follow us on Twitter @CannabisWheaton.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: the ability to generate revenue through the streaming agreements, requirements to obtain additional financing, timeliness of government approvals for granting of permits and licences, including licences to cultivate cannabis, completion of the facilities, where applicable, actual operating performance of the facilities, regulatory or political change, competition and other risks affecting the Company in particular and the cannabis industry generally. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Cannabis Wheaton Income Corp.
For further information: Natali Tofiloski, M: (416) 655-1070, E: firstname.lastname@example.org