In Canada, Cannabis Wheaton Income Corp. has agreed to invest $30 million in ABcann Global Corporation to fund the construction of 50,000 square feet of cultivation space at ABcann’s proposed cannabis cultivation facility to be located in Napanee, Ontario. In return, Cannabis Wheaton will receive 50 percent of future ABcann wholesale or retail sales with respect to cannabis produced in the Expansion Production Area.
Chuck Rifici, Cannabis Wheaton’s Chairman and CEO said, “This now adds a sixth license to the Cannabis Wheaton portfolio, and our first publicly traded producer with a sales license. This partnership will bring to ABcann the support and funds necessary to break ground on the Kimmett site. Once construction is complete, the additional cultivation space will provide Cannabis Wheaton with an estimated 8,000,000 grams of cannabis per year.”
This expansion will be in addition to ABcann’s current 100,000 square foot facility that is commencing construction imminently.