Well I don't know if it's a moment of boredom, or just an inate curiousity I have, or possibly an odd combination of both tonight.  But I actually took some time to look further into Wheaton.

1) There appears to be a pattern of misleading that I find really disturbing.  First, it was the claim to be the first streaming company.   Even though completely false, I could pass this off and as either annoying, or cute, or both.

2) But then I read this statement on their website.  Under Chuck Rifici's bio it says 

"Chuck is a true pioneer of the North American cannabis industry having co-founded Canopy Growth Corporation (formerly Tweed Marijuana Inc.) and building it into 500,000 square feet of thriving cannabis grow capacity as its CEO."

WTF??!  I'm sorry Chuck.  You were let go when??  To claim that you were the CEO who built Canopy into 500,000 sq feet of thriving is nothing but misleading.

3) So lets dig a little deeper.  I was under the impression that Chuck had brought all these sign-ons in and that they somehow saw the vision of his way. Well, if you actually go into Sedar (now we're talking boring), you'll find a Material Change Report dated April 27th, 2017 which states the following:

"On April 26, 2017 the Company entered into an agreement with PanCann Streaming Corp. (“PanCann”), a private Ontario company, to acquire the rights to all of PanCann’s interests in thirteen executed streaming agreements and assume the rights to several agreements in the final stages of negotiation (each a “Streaming Agreement”) between PanCann and various companies that are either “Licensed Producers” pursuant to the Access to Cannabis for Medical Purposes Regulations or have applied to become Licensed Producers (each a “Streaming Partner”), for a total consideration of $1,000,000."

Again, WTF?!! I don't know who PanCann is, but it looks like Wheaton did nothing more than buy their way in to PanCann's stable, all worth a measy million bucks.  Sound cheap...or is it.

If you look at most of the agreements, the majority are extremely small producers. In fact 10 of 14 licencees are at 15,000 kg production or smaller, ranging all the way down to the smallest at 1,980kg.  If you average these 10 out, you get an average of close to 81,000 kg in total, or an average size of 8,100kg, which is alarmingly small.

But wait, it's worse.  You can't even just look at these small numbers. You have to look at the percentage ownership that Wheaton gets.  Again, 10 of the 14 are only in the range of  approx 15% to 18% ownership by Wheaton . So you not only have very small capacity, but you also have a very small percentage of that small capacity.  Not good imho.

So maybe a million bucks for all of them is...fair?  Or is it even too much. Because next you need to look at what stage they're at. 5 of them are pre-affirmation. Another 4 have an affirmation letter (i.e., still nothing close to building or growing) . Hmmmm, that million buck spend is a little tenuous.

 Ok, well lets look at the BIGGEST thing they've got, which is called Green Relief.  They've got a sales license (ok, good), and are projecting 115,500kg (according to Rifici).  Hmmm, ok, let's look at the facilty. They're only growing via hydroponics in a facility that is only 30,000 sq ft??  Not very big at all.  But wait, Wheaton has claim to only 24.45% of this. So effectively Wheaton's BIGGEST prize is a whopping 7,500 sq ft of grow space?? And this is their BIGGEST???

Excuse me if I'm feeling more than just a little underwhelmed.  But just for fun, let's go to the other end of the scale. Wheaton has Cantx Life Sciences all locked up with a TOTAL projected grow of a whopping 1,980 kg. But wait, Wheaton only has claim to 16% of this, or a stunning 316.8 kg?? 

Ok, I could go on an on and on here.  But I think you get my point. To me this appears like smoke and mirrors, mixed in with some blatently false claims.  Imho, there is NO way that any future Lp's would ever sign on with them, when Canopy can truly provide end to end support with real world experience via world class leaders already in the field (who haven't been fired or let go).

So if I were Chuck Rifici what would I do?  Look Chuck, kudos to you for trying to re-tool here and get something started. But at the end of the day, small percentages of small operations will forever remain small-time.  I don't know who PanCann is, or how they got these 14 together. Maybe it's just you by another name. Or perhaps these were mostly too small to be on Canopy's radar of what they were looking for in a grower in the first place  I don't know.  But I strongly suspect it was all done without these small outfits knowing that Canopy could be an option.   

But with Canopy now fully in the game, and the overwhelming dominant force, I see extremely limited upside for further growth here for Wheaton, and that's a problem. Perhaps the pre-affirmations etc could get approved and be worth something at some point. If I were Chuck I would repackage and sell them while they still have some cachet as potential lp's somewhere in the multi year future. And if not, ok. Like I said Chuck: A small percentage of very small operations is... small.  Enjoy.

I appreciate that that is not a very nice answer for Wheaton. But business is business, and that glaring fact is that you're now trying to go head to head with a company (WEED) that already crushes the competion on every level.  I just don't see the win in doing that, and maybe Chuck, you know that too.  I don't know, but the emotional selling the other day and "good ridance" twitter posting is sure laden with renewed bitterness, perhaps the realization that ultimately here, you've been stymied again, this time by Canopy Rivers.

I'll finish here with this.  Sincerely, best to you Chuck, and I do honestly mean that.  I'm pretty convinced that Wheaton is not going to be viable the way you may have initially hoped for, but best to you all the same.