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Sunday, June 13, 2021

Are Investors Overlooking Cannabis Wheaton Income Corp (OTCMKTS:CBWTF)?

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As we watch the biggest and baddest chess pieces on the Canadian cannabis playing board all vie for dominance in a game that is somewhat oddly being played almost as if those involved believe it to be a winner-take-all affair, the opportunity for investors may lie in a different game: that of identifying the most promising second-tier plays with the potential to eventually move into the top-tier. As we see it, Cannabis Wheaton Income Corp (OTCMKTS:CBWTF) might be a candidate for such a move, given the company’s recent commitment to tangible expansion.

As a case in point, the company just provided a construction development update on the joint venture with FV Pharma Inc, a wholly-owned subsidiary of FSD Pharma Inc. (CSE:HUGE) at the former Kraft food-production facility located in Cobourg, Ontario. According to the release out this week, “The Facility hosts an initial 620,000 square feet of building space, a portion of which is currently licensed for cultivation pursuant to the Access to Cannabis for Medical Purposes Regulations, and can support additional expansion capacity of approximately 3,800,000 square feet on the existing property, pending completion of all phases of the project.”

Cannabis Wheaton Income Corp (OTCMKTS:CBWTF) trumpets itself as an investment company that seeks to provide investor returns through streams and capital appreciation in the Canadian cannabis industry.

The company operates as a cannabis streaming company. It provides funding for cannabis facility expansions, operations, and initial construction in exchange for minority equity interests and a portion of the cultivation production.

The company was formerly known as Knightswood Financial Corp. and changed its name to Cannabis Wheaton Income Corp. in May 2017. Cannabis Wheaton Income Corp. was incorporated in 1987 and is based in Vancouver, Canada.

According to company materials, “Wheaton Income is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.”

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Shares of the stock have been in consolidation mode for the past 6 months in a corrective wave that has tested and held key support in the $0.80/share area – which last functioned as a key breakout point that sprung the stock over 150% in a matter of weeks to close out last year. In addition, the name has registered increased average transaction volume recently, with the past month seeing 19% beyond what we have been seeing over the larger time frame.

Chuck Rifici, Chairman and Chief Executive Officer of Auxly commented, “As Canada moves towards legalization of adult-use cannabis and meaningfully expands its medical cannabis program, Auxly remains committed to cultivating quality cannabis flower at a meaningful scale. Cultivating cannabis requires a significant amount of energy in order to ensure proper growing conditions and this is one of the main contributors to overall operations costs. The technological advancements to be implemented at the facility provide us with flexibility in terms of securing a stable supply of energy while maintaining competitive operating costs relative to the rest of the industry.”

At this time, carrying a capital value in the market of $476.9M, CBWTF has a significant war chest ($160M) of cash on the books, which stands against about $3.1M in total current liabilities. The company has pulled in about $1.6M in trailing twelve-month revs, with all of that coming in the past two quarters on significant sequential quarterly top-line growth. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $CBWTF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $CBWTF, either long or short, and we have not been compensated for this article.

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