VANCOUVER, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- Cannabis Wheaton Income Corp. (TSX.V:CBW) ("Cannabis Wheaton" or the "Company") is pleased to provide the following development update on the joint venture with FV Pharma Inc. (“FV Pharma” or “FV”). The FV Pharma facility (the “Facility”) is located in Cobourg, Ontario and hosts an existing 620,000 square feet of building space, a portion of which is currently licensed for cultivation pursuant to the Access to Cannabis for Medical Purposes Regulations.
Pursuant to the Company’s agreement with FV Pharma, in exchange for access to the Cannabis Wheaton platform which includes ongoing financial, design and operational support and expertise, Cannabis Wheaton will receive a 49.9% stream of all cannabis (or cannabis-derived products including any immature cannabis plants and any cannabis trim) produced at the Facility, under partnership with Cannabis Wheaton, in perpetuity.
The Company is pleased to announce that is has chosen Cornerstone Builders Ltd. (“Cornerstone”) as the design builder for the FV Pharma Facility. A specialist in commercial and industrial foodservice design—build projects, Cornerstone has decades of experience managing complex engineering and buildouts across North America. Notable large-scale design-build projects include the Sysco distribution warehouse in Woodstock and multiple buildouts for Home Hardware across Canada.
The Company expects to commence construction on the initial 200,000 square feet of cultivation and ancillary space within the next 30 days. The Company anticipates that the 200,000 square feet will be ready for segmented review by Health Canada by the end of December 2018. As a result, pending regulatory approval, the Company expects to plant the first harvest of the new segment by the end of January 2019.
The Company would also like to highlight the support received and active involvement of the local municipality of Cobourg, Ontario as the Facility nears the beginning of construction.
Chuck Rifici, Chairman and Chief Executive Officer of Cannabis Wheaton commented, “The FV Pharma facility remains one of the most unique and important assets in the Cannabis Wheaton portfolio and we are very pleased with the progress the project has made over the previous few months. With the addition of Cornerstone as our design and building partner, and the ongoing support of the Town of Cobourg, we remain convinced that the FV Pharma facility will be a truly differentiated indoor growing facility.”
Thomas Fairfull, President and CEO of FV Pharma commented, “We are delighted with the progress of the facility, not to mention the fact that it remains on schedule and on budget. This goes to highlight the strength and value of the partnership with Cannabis Wheaton, in addition to their ability to execute within the parameters of the original agreement and timeframe. We look forward to working with them as this project moves into the advanced stages of construction and ultimately into the production of cannabis.”
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
Stay Connected:
Follow up on Twitter @WheatonIncome.
Media Enquiries (only):
For media enquiries or to set up an interview please contact:
Sarah Bain, VP External Affairs
Email: sarah@wheatonincome.com
Phone: 613.230.5869
About FV Pharma.
FV Pharma’s management mission is to make the former Kraft plant in Cobourg, Ontario the largest hydroponic cannabis indoor facility in the world. FV Pharma intends to target all aspects of the cannabis industry including cultivation, processing, manufacturing, R&D, concentrates, beverages and edibles when and only when it is legal to do so. The facility is only a one hour drive east of Toronto on the 401 highway. FV Pharma has an ACMPR License from Health Canada. FV Pharma is currently a private company.
Stay Connected:
For further information about FV Pharma Inc. and our management team, please visit: http://www.fvpharma.com or contact Thomas Fairfull ((905) 686-7079 or thomas@fvpharma.com).
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: expectations of future growing capacity at the Facility and the projected costs associated with each expansion phase of the Facility; the completion of the planned build-out and expansion phases; the funding requirements for each expansion phase; the projected revenue achievable by the Facility; and the proposed licensing of the Facility and the expected timing to obtain all necessary licenses required for the proposed operation of the Facility. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company or the Facility to be materially different from those expressed or implied by such information and statements.
A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information in this release including, but not limited to, whether: sufficient funding can be obtained to complete each phased expansion of the Facility in the manner proposed or at all; the Company and FV Pharma can satisfy the conditions associated with the Facility’s cultivation license; a sales authorization can be obtained for the license and the related timing considerations; the Company and FV Pharma can obtain all necessary governmental and regulatory permits and approvals for the Facility, including in relation to the construction of each proposed expansion phase, and whether such permits and approvals can be obtained in a timely manner; FV Pharma complies with its obligations under the Agreement; the Facility can be operated as intended; current and future management will abide by the investment objectives and investment strategies of the Company; the Company will supplement its board of directors and management, or otherwise engage consultants and advisors, having knowledge of the industries in which the Company invests; streaming partners will be able to generate cash flow; general economic, financial market, regulatory and political conditions in which the Company operates will remain the same; the Company will be able to compete in the industry; the Company will be able to manage anticipated and unanticipated costs; the Company will be able to enter into additional streaming agreements; the Company will be able to maintain internal controls over financial reporting and disclosure, controls and procedures; streaming partners will be able to meet the requirements necessary to obtain and / or maintain their status as licensed entities; and streaming partners will be able to successfully complete initial construction and / or expansion construction of their respective facilities pursuant to the terms and conditions of their respective streaming agreements. Additional risk factors are disclosed in the revised annual information form of the Company for the financial year ended December 31, 2016 dated May 23, 2017.
New factors emerge from time to time, and it is not possible for management to predict all of those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information in this release is based on information currently available and what management believes are reasonable assumptions. Forward-looking information speaks only to such assumptions as of the date of this release. In addition, this release may contain forward-looking information attributed to third party industry sources, the accuracy of which has not been verified by the Company. The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. Readers should not place undue reliance on forward-looking information contained in this release.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
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.