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There is a relatively new player in the Canadian cannabis industry that just might be the smartest way to take advantage of the green rush. Ladies and gentlemen, say hello to Cannabis Wheaton Income Corp. (NASDAQOTH: CBWTF).
Introducing the world's first publicly traded royalty marijuana stock
If Cannabis Wheaton Income has a somewhat familiar ring, it's because the company was named and modeled after precious-metal streaming company Wheaton Precious Metals (NYSE: WPM), which is headquartered in Canada.
The idea behind a cannabis streaming company is simple and genius. Pot-based companies looking to expand their growing capacity or some other aspect of their operations, but without the adequate financing to do so, approach Cannabis Wheaton Income for that capital. In exchange for funding, Cannabis Wheaton Income receives a royalty percentage of that business. Just like Wheaton Precious Metals with its silver- and gold-streaming deals, there are no recurring costs and no daily maintenance expenditures to worry about as a streaming company. It's merely about making deals and reaping high-margin returns by selling what you receive from the stream at current market prices.
According to the company, it has an internal rate of return of more than 60% on its deals. It's able to achieve that through an estimated cost of goods sold per gram of $2.50 Canadian, or about $2.01 in U.S. dollars. Comparatively, the average selling price per gram of cannabis in Canada is CA$7.75 Canadian ($6.22). That works out to an EBITDA (earnings before interest, taxes, depreciation, and amortization) per gram sold of CA$5.25 ($4.21 U.S.).
Another major advantage of the streaming model is that it allows for both industry-based and geographic diversity. The company currently has 15 streaming partners and anticipates receiving about 230,000 kilograms of annual dried cannabis production as a result. That's more than any of the rapidly expanding Canadian marijuana stocks that are expected to dominate the industry. Plus, with multiple provinces represented in its streaming portfolio, it's able to minimize licensing and production-delay risks.
In an industry mired by question marks, Cannabis Wheaton Income might just be the smartest buy.
Furthermore, the royalty model allows Cannabis Wheaton Income to act as a diversified investment, without the added fees associated with an exchange-traded fund or mutual fund. The company's production stake in 15 other marijuana businesses provides geographic and production diversity for shareholders and ensures that no single licensee in its portfolio could jeopardize its business model.
Cannabis Wheaton anticipates that it'll be receiving about 230,000 kilograms of dried cannabis for sale as of 2019. That would place the company among the top three sellers of dried cannabis and easily make it a force to be reckoned with. Though its expenses are up at the moment as it scrambles to forge licensing deals, its long-term future looks promising.