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Shell Summary for April 2, 2019

2019-04-02 21:11 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost a fraction to close at 625.70 Tuesday. Toby Pierce's fourth capital pool shell, Foreshore Exploration Partners Corp., delisted from the TSX-V at the close of markets today. The shell is working on a deal that indirectly involves U.S. marijuana operations, and so it will soon be moving its listing to the Canadian Securities Exchange, where U.S. marijuana involvements are welcome and quickly helping build the new stock exchange. Foreshore Exploration is acquiring Posabit Inc., a point-of-sale payment processing firm in Seattle that focuses on marijuana dispensaries. Foreshore, which has 3.25 million shares issued, will issue 72,711,300 shares to Posabit's shareholders.

Posabit sells its point-of-sale system to cash-only businesses, such as food trucks and festival booth operators. Its primary customers are marijuana dispensaries. Its goal is to solve the problem in which U.S. consumers are unable to use their debit or credit cards to buy marijuana, because marijuana remains illegal under U.S. federal law. Posabit's point-of-sale system enables consumers to use their debit or credit cards to buy cryptocurrencies (specifically bitcoins or litecoins) and then use those cryptocurrencies to buy marijuana. It is unclear how many consumers and dispensaries find this process simpler or cheaper than just using cash, the usual answer to such matters.

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