Cannabis Wheaton Announces Joint Venture for New Greenhouse Development

Cannabis Wheaton Income (TSXV:CBW) announced a joint venture with Peter Quiring, a greenhouse builder, an operator to develop, construct and operate a greenhouse facility for cannabis cultivation in Ontario.

As quoted in the press release:

As the founder and owner of 4 vertically-integrated companies, all of which have greatly influenced the North American greenhouse ecosystem, Peter has over 25 years of experience designing, fabricating, building and operating greenhouses across North America. He has developed over 2,000 acres of greenhouses and currently owns and operates 175 acres of computer-controlled, state-of-the-art greenhouses with over 600 employees in Southern Ontario. Operating one of the largest bell pepper and tomato greenhouses in North America, he is currently growing over 15 million kilograms of peppers and 25 million kilograms of tomatoes each year that are shipped across Canada and the United States. In addition, his fabrication company South Essex Fabricating constructed the Double Diamond Farms facility which is currently being converted for cannabis cultivation.

Pursuant to the Transaction, GreenhouseCo initially plans to develop 1.4 million square feet of greenhouse (“Phase I”) on 102 acres of fully owned land located in Leamington, Ontario (the “Facility”). 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.

Click here to read the full press release.

Source: globenewswire.com