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CEO Chuck Rifici said in a statement that the business itself has been making positive strides since the private placement was announced and that the deal’s termination was not related to any due diligence findings or lack of investor interest.

He said the timing of the termination was disappointing but that the company has received an “enthusiastic response” from other firms looking to act as new agents in the private placement.

“We are acting swiftly to finalize an agreement with a new broad syndicate of agents to facilitate an expeditious closing of the proposed private placement,” he said.

The company also denies that it had been contacted by law enforcement or any regulatory agencies regarding the financing arrangement and “any allegations to the contrary being published online are entirely without merit.” The company issued a similar statement May 31.

Still, questions remain about what will happen to its investments in some 15 marijuana companies.

Shares of some of those companies, including ABcann Global Corp. and Beleave Inc. were down about five per cent Monday morning.

Cannabis Wheaton estimates its total share of production capacity on its partners’ sites to be around 1.3 million square feet by the time all are built at the end of 2019, assuming all applicants are approved.

It is backed by heavyweights from across the political spectrum, part of a wave of politicians jumping into the potentially lucrative new industry.

CEO Chuck Rifici is a former chief financial officer for the Liberal Party and co-founder of Tweed Inc.( now Canopy Growth Corp.),while former Conservative Member of Parliament Rick Dykstra and current party president in Ontario is a strategic adviser to the company.

sfreeman@postmedia.com