VANCOUVER, British Columbia, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Cannabis Wheaton Income Corp. (d/b/a Wheaton Income) (TSX-V:CBW) (“Wheaton Income” or “Wheaton” or the “Company”) is pleased to announce that it has entered into a binding interim supply agreement (the “Agreement”), pursuant to which Wheaton will purchase cannabis, including dried flower and cannabis oil (collectively, the “Cannabis Products”) for distribution to federally legal international jurisdictions from Aphria Inc. (TSX:APH) (USOTCQB:APHQF) (“Aphria”).
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 February 1, 2022. Securing the supply of Cannabis Products under the Agreement allows Wheaton to accelerate the execution of its international distribution strategy 12-18 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 The Agreement is to be superseded by a definitive agreement (the “Definitive Agreement”) to be entered into by Wheaton and Aphria imminently.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.”
ON BEHALF OF THE BOARD
"Chuck Rifici" Chairman & CEO
About Wheaton Income. (TSX-V:CBW)
Wheaton Income 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.
For more information about investing in Cannabis Wheaton, please visit: http://www.wheatonincome.com or contact our investor relations team at: 800.980.1314 or IR@wheatonincome.com. Follow up on Twitter @WheatonIncome.
Sarah Bain, VP External Affairs
About Aphria Inc. (TSX:APH)
Aphria Inc., one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. Located in Leamington, Ontario, 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.
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 consummate transactions which are currently in discussions, the ability to enter into the Definitive Agreement as proposed, regulatory or political changes, in Canada and abroad, requirements to obtain additional financing, timeliness of government approvals for granting of permits and licences, including licences to cultivate and sell cannabis, completion of the facilities, where applicable, actual operating performance of the facilities, consumer demand, 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.