Breaking News: Cannabis Wheaton Announces Strategic Alliance With Large Convenience Store Group
Cannabis Wheaton Earnings Corp. (OTC: KWFLF) (TSX-V: CBW) is delighted to announce that it has actually gotten in a special strategic alliance with the corporate owner of a nationwide chain of corner store (the “Corner Store Group“) to develop and implement marijuana distribution and retail sale chances at all Convenience Store Group locations (collectively, the “Responsible Retailing Program“).
The Convenience Shop Group currently owns and runs over 350 benefit stores and convenience kiosks throughout Canada in high-traffic areas such as transit stations and commercial office buildings. Cannabis Wheaton thinks that this circulation alliance is the very first of its kind in Canada and permits the parties to collaborate and partner on marijuana distribution and retail sale opportunities consisting of the active expedition of sophisticated age verification innovations to guarantee the responsible retailing of cannabis at Corner store Group areas, if permitted by law (each, a “CS Location“).
The strategic alliance offers the Business the special right for 10 years to: (i) deal with the Convenience Shop Group to establish and execute any physical or online circulation or sale of any type of marijuana, cannabis-infused or cannabis-derived products (collectively, “Cannabis Products“) at any CS Places; (ii) supply, or schedule the supply of, all Cannabis Products to CS Locations for the distribution and/or sale of Marijuana Products, topic to appropriate laws; (iii) develop customer education finest practices and guidelines in the selling of Cannabis Products at CS Locations; and (iv) manage the display screen and/or marketing of Marijuana Products at CS Locations. All profits created by the sale of Marijuana Products at CS Locations will undergo a profit-sharing arrangement to be negotiated by the parties on a jurisdiction by jurisdiction basis if/when such circulation is lawfully permitted in such jurisdiction. In consideration for such exclusivity, Cannabis Wheaton will release the Convenience Shop Group warrants to buy approximately 1,000,000 common shares of the Company at an exercise cost of $1.00 per common share for a period of 5 years.Hugo Alves,
President of Marijuana Wheaton commented, “This alliance is interesting for us and we eagerly anticipate dealing with a terrific group of professionals who have a long history of dealing with controlled items such as tobacco and alcohol and have developed exceptional age verification treatments to ensure that such products are just offered to eligible buyers. As evidenced by a recent study, corner store surpass the LCBO and The Beer Store when it comes to effectively executing age verification treatments for age-restricted items. In order to reinforce these already outstanding procedures we mean to check out extra age confirmation technologies that can be executed at eligible corner store places to ensure that the retail sale of marijuana is handled in a responsible style and in full compliance with regulative requirements. We see this as an opportunity to work with among the biggest and most trusted distribution platforms in the nation which supplies trusted product access to remote places throughout Canada.”
Chuck Rifici, Chairman and CEO of Cannabis Wheaton, specified, “We continue moving to our goal of making sure that Cannabis Wheaton and its streaming partners have opportunities to take part in a wide array of distribution and retail channels and we see this alliance as an action in the right instructions. Convenience shops are a cornerstone in Canada and have large experience dealing with governmental firms, controlled products and consumers. With over 27,000 areas in Canada, corner store provide un-paralleled access for consumers and are well geared up to deal with age-restricted items, a category which leisure cannabis will fall squarely into. We are delighted to include another strategic partner to our platform and interact to create sophisticated age confirmation technologies and explore circulation and retail chances for our streaming partners as we continue to grow through variety.”
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