Wheaton Income has entered into a joint venture with Peter Quiring, via a newly formed subsidiary (GreenhouseCo), to develop, construct and operate a state-of-the-art purpose-built greenhouse for cannabis cultivation in Leamington, Ontario with Mr. Quiring acting as Chief Executive Officer of GreenhouseCo.
GreenhouseCo initially plans to develop 1.4 million square feet of greenhouse on 102 acres of fully owned land located in Leamington, Ontario. The facility will be constructed by South Essex Fabricating and will be built on a fully serviced site with access to approximately 27 megawatts of electricity. The facility will be purpose-built with state-of-the-art automation and operate under a 100% closed-loop water recycling system.
The company estimates that the Phase I build-out will result in approximately 120,000,000 grams of cannabis per annum and believes there is further potential to increase the facility’s output with additional technological improvements that will be adapted from Mr. Quiring’s existing greenhouses. GreenhouseCo also has the ability for additional expansion up to a total of 2.8 million square feet of greenhouse cultivation. The company will assist GreenhouseCo in obtaining its ACMPR license for the cultivation and sale of cannabis through its Wheaton Licensing Program by providing GreenhouseCo with all of the resources and expertise necessary to achieve the License.
Mr. Quiring and the company have also agreed to jointly pursue international cannabis-related greenhouse cultivation opportunities for joint development and opportunities to license GreenhouseCo’s intellectual property relating to facility design and operation know-how.
Hugo Alves, President and Director of Cannabis Wheaton, stated “This is a huge milestone for the Cannabis Wheaton story and we couldn’t be happier to pursue this venture by partnering with Peter. In getting to know Peter during this transaction it has become clear that he possesses exceptional greenhouse and operational knowledge and his track-record as one of North America’s most accomplished greenhouse builders and operators speaks for itself. We believe that our leading cannabis industry expertise and platform combined with Peter’s proven capabilities will be a recipe for success. This joint venture is another example of the quality of partners and breadth of production diversification that Cannabis Wheaton is building out for its upstream production platform. This is an exciting project both in terms of its scale and technological sophistication and we are honoured to be partnering with the best in the business to ensure that this facility becomes one of the largest and best run greenhouse cultivation facilities in the country.”
Peter Quiring, Founder and President of NatureFresh and South Essex commented, “Over the past 25 years I have had the pleasure of building four integrated companies, including NatureFresh Farms, and South Essex Fabricating. These four companies have been founded on driving innovation and utilizing new technology, but I have learned that empowering people and building strong relationships is the most valuable part of being a leader. Today, I am pleased to announce my new exciting joint venture with Cannabis Wheaton and have full confidence in the management and teams that we have built together within my existing companies. I know that these teams will continue to perform beyond my expectations and serve our community and customers with the same exceptional quality. I look forward to bringing my experience and values to this new partnership with Chuck, Hugo and their team at Cannabis Wheaton.”
The transaction remains subject to certain conditions precedent including receipt of applicable regulatory approvals and the execution of a definitive agreement which the parties expect to occur within 60 days.
For more information:
Wheaton Income
777 Richmond St. W. #002
Toronto, ON M6J 0C2
T: 647 812 0121
F: 613 291 0120
info@wheatonincome.com
wheatonincome.com
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