Pubdate: Thu, 04 Sep 2014
Source: Ottawa Sun (CN ON)
Copyright: 2014 Canoe Limited Partnership
Contact: http://www.ottawasun.com/letter-to-editor
Website: http://www.ottawasun.com/
Details: http://www.mapinc.org/media/329
Author: Jean-Francois Cloutier
Page: 11

TOP GRIT GOT RICH OFF POT

MONTREAL - Liberal Party of Canada CFO Chuck Rifici has become a 
multimillionaire in just a few months thanks to his stock-traded 
medical marijuana company, QMI Agency has learned.

Documents show Rifici's initial investment in Tweed Marijuana Inc. 
has so far sprouted into an $18-million bumper crop.

Rifici co-founded Tweed and served as its CEO until he resigned on 
Aug. 27. He remains on the company's board.

According to financial statements, Rifici's fortune exploded after 
Tweed's initial public offering in April 2014, when it became one of 
the first to sell legal marijuana under a new Health Canada licensing system.

Rifici obtained some of his shares directly and other shares were 
purchased at 89 cents each. Tweed shares are now worth $2.36 and the 
company's value is $ 95 million, according to Bloomberg. This sets 
the value of Rifici's shares at $ 21 million.

Tweed's net worth has fluctuated between $20 million and $100 million 
since the IPO. With Rifici owning a 22.1% stake in the company, his 
shares were worth between $4.4 million and $22.1 million, according 
to financial documents.

Rifici, a Franco-Ontarian, is a staunch supporter of Justin Trudeau, 
who has advocated that marijuana be legalized.

"I like his ideas, I'm not hiding that," Rifici told QMI earlier this 
summer at Tweed's factory in Smiths Falls, Ont.

Health Canada says the number of Canadians using medicinal marijuana 
is expected to rise tenfold over the next decade, to 450,000 people. 
The market could be worth $1.3 billion by 2024, the department says.

"We'll have to meet this demand," said Rifici.

His is one of just 13 companies with licences to legally sell pot.

Tweed grows its pot in the town's old Hershey chocolate factory. A 
police station is right across the street.

Although the marijuana is officially used for therapeutic purposes, 
marketing is very prominent in Tweed's sales pitch.

The Tweed logo is front and centre on the company's website, which 
also features branded pot products with names such as Weaver, Bogart 
and High Lands.

In an Aug. 27 news release announcing his resignation as Tweed's CEO, 
Rifici said he was stepping down "to help the company recruit a CEO 
with the skills and experience to take Tweed to the next level of 
expected high-volume and rapid growth in this aggressive market segment."

Rifici and the Liberal Party were not available for comment as of press time.
- ---
MAP posted-by: Jay Bergstrom