After completing a new $115 million financing round, Cannabis Wheaton Income Corp. (Cannabis Wheaton Stock Quote, Chart, News: TSXV:CBW) is now sitting on a huge pile of cash, says analyst Greg McLeish of Mackie Research, who on Tuesday maintained his \u201cBuy\u201d recommendation and price target of $3.00. May was a busy month for Cannabis Wheaton, which closed on the acquisition of late-stage \u201cLicensed Dealer\u201d Dosecann Inc., announced an exclusive license for Denver-based Dixie Brands\u2019 product branding and IP in Canada and closed on a $115 bought deal led by BMO Markets. The financing, to be used for capital expenditures and capacity expansion, brings the company\u2019s pro-forma cash position up to $315 million, according to McLeish, who says that CBW is well-positioned for growth in both the medical and recreational cannabis markets. \u201cCBW\u2019s model allows it to access cannabis production from growing collection of diverse partners, enhancing its position to participate in anticipated provincial distribution channels,\u201d says McLeish in an update to clients. \u201cThrough existing agreements, the company has locked up more than 100,000 kilograms of funded production, positioning it as one of the leading suppliers for both medical and recreational cannabis.\u201d McLeish also notes that on June 1, the government of Saskatchewan announced the operators of the province\u2019s 51 cannabis retail store permits, choosing CBW\u2019s Kolab Project Inc. to operate a retail location in Lloydminster. The analyst\u2019s updated forecast has CBW producing a $22.0 million EBITDA loss on revenue of $7.3 million in 2018 and EBITDA of $35.2 million on a topline of $165.3 million in 2019. McLeish\u2019s $3.00 target is arrived at by applying a 12x EV\/EBITDA multiple to his 2020 estimate and applying a 15 per cent discount rate. The target represents a projected return of 132.6 per cent at the time of publication.