VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Cannabis Wheaton Income Corp. (TSX-V:CBW) ("Cannabis Wheaton" or the "Company") is pleased to announce that it has entered into a definitive agreement whereby the Company has provided Sundial Growers Inc. ("Sundial"), an Alberta-based Licensed Producer, with $7,000,000 in non-dilutive debt financing by way of an instrument evidencing a debt obligation repayable by either the payment of a buy back amount or the delivery of cannabis product (the "Note"). The proceeds of the Note will be used by Sundial to add to its current funding for the construction of a new 545,000 square foot state of the art cultivation facility to be located in the Town of Olds, Alberta.
Under the terms of the Note, the Company advanced $7,000,000 to Sundial for a period of 6 months (the "Maturity Date"). Sundial will repay the Note either by a cash payment, through the delivery of an agreed upon volume of dried cannabis produced by Sundial ("Grams") or through a combination of cash and Grams. If the Note is not repaid in full on or prior to the Maturity Date, Sundial will have the option to extend the Maturity Date by a further six months upon paying the Company a penalty amount.
Hugo Alves, President of Cannabis Wheaton, stated "We are excited to participate with Ted and the whole Sundial team through this debt financing. We look forward to working with Sundial as they continue to execute on their go-to market strategy and expand their cultivation footprint across the province and the country."
ON BEHALF OF THE BOARD
"Chuck Rifici" Chairman & CEO
About Cannabis Wheaton (TSX-V:CBW)
Cannabis Wheaton is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our 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.
Investor Relations:
For more information about investing in Cannabis Wheaton, please visit: http://www.wheatonincome.com
or contact our Investor Relations Team:
Email: IR@wheatonincome.com
Phone: 800.980.1314
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Media Enquiries (only):
For media enquiries or to set up an interview please contact:
Sarah Bain, VP External Affairs
Email: sarah@cannabiswheaton.com
Phone: 613.230.5869
Notice Regarding Forward Looking Statements:
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 Note being paid back in full or at all, the ability to enforce against the Note in the event of default, the Company’s ability to generate revenue through the streaming agreements, requirements to obtain additional financing, timeliness of government approvals for granting of permits and licenses, including licenses to cultivate and sell 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 not under any 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.