Cannabis Wheaton Income (TSXV:CBW) announced an expansion into the Uruguayan market by entering into a binding interim agreement with Inverell S.A. to purchase 80 percent of their issued and outstanding common shares on a fully diluted basis.
As quoted in the press release:
Inverell is a federally licensed “Cannabis Operator” based in Montevideo, Uruguay and was founded by Dr. Raúl Urbina. Dr. Urbina completed his post-graduate studies in Molecular Biology at Princeton University and Agronics at the University of Almeria in Spain and possesses broad experience managing high-tech agricultural projects with a strong innovation component. His experience also includes founding Stevia One where under his leadership as Chief Executive Officer, the company became the lowest cost producer of Stevia in the world, expanded its field under production up to 1000 hectares in 5 years and achieved the highest purity with the highest yields in the market. Pursuant to the Agreement, Dr. Urbina will remain as CEO of Inverell and leader of the Innovation Department of the Company.
Inverell’s “Cannabis Operator” license (the “License”) allows it to cultivate and harvest its proprietary hemp strain (RU) which contains approximately 0.5% THC and up to 8% CBD. Inverell also possesses a prime genetic bank and three additional hemp strains with variations of higher CBD and lower THC concentrations. Inverell currently has 16 hectares (approximately 1.72 million square feet) planted which is estimated to be harvested in April 2018. Inverell has another 574 hectares available for cultivation for a total of 600 hectares (approximately 60 million square feet).