The CFO of Liberal Party of Canada, Chuck Rifici has become a multi millionaire in only a few months, all because of his stock-traded company of medical marijuana. Documents show initial investment of Rifici in Tweed Marijuana Inc. has so far sprouted into $18 million bumper crop.
Rifici has co-founded Tweed and also served as its CEO until he resigned on 27th August. He remains on the board of company. According to the financial statements, Rifici’s luck exploded after initial public offering of Tweed in April 2014, and it became one of the first companies for selling legal marijuana under the new Health Canada licensing system.
Rifici got some of his shares directly, whereas other shares were purchased at 89cents each. According to Bloomberg, the Tweed shares worth $ 2.36 now and the company’s value is $95 million. This sets the Rifici’s share value at $21 million.
The net worth of Tweed has fluctuated between $ 20 million and $ 100 million since the Initial Public Offering. According to the financial documents, with Rifici owning a stake of 22.1 percent in the company, his shares were valued between $ 4.4 million and $ 22.1 million.
Rifici, is a Franco-Ontarian and also a staunch supporter of Justin Trudeau, who has advocated marijuana legalization. Earlier this summer, Rifici told to QMI at the factory of Tweed in Smith Falls that he like Justin ideas.
The Health Canada says that the number of Canadians who uses medicinal marijuana is expected to increase tenfold over the upcoming years, to 450,000 people. The department also says that market can be worth $ 1.3 billion by 2024. Rifici said that he will have to meet this demand.
Rifici’s company is one of the 13 companies with licenses to legally sell medical marijuana. Tweed grows its marijuana in the old Hershey chocolate factory of town. A police station is right across the street. Though the pot is used for therapeutic purposes officially; promotion is very prominent in the sales pitch of Tweed. The Tweed logo is in centre and front on the company’s website that also features branded medical marijuana products