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by Stockwatch Business Reporter
The TSX Venture Exchange declined 5.25 points to 558.17 Wednesday. Douglas Porter's shell, North Sur Resources Inc. (NST), plans to acquire "the intellectual property and know-how" of a coupon-based reverse automated teller machine (ATM) -- more than an idea but less than a fully operating machine -- used for cash, debit and credit card transactions. These ATMs, when built, will offer "secure auditable cash payment systems to the legal cannabis industry." The shell has not yet identified the know-how seller of this intellectual property.
North Sur plans to roll back 1:6, leaving it with 3,358,333 postconsolidated shares (including shares from a small pending financing), and then issue 24,283,330 postconsolidated North Sur shares to the unnamed seller for the assets. In certain U.S. states, namely Colorado and Washington, the sale of marijuana is legal, but many financial institutions refuse to serve any marijuana businesses, pointing to a federal law that classifies the drug as an illegal substance. As a result, many of the dispensaries are cash-only operations, which means there are unnecessary added risks to the business owners such as inventory management, potential robbery and employee theft. North Sur offers little information about this acquisition, although it notes that closing this deal is contingent on the shell completing a $5-million private placement.
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Mining guys going into the weed business is like mining guys going into the dotcom world back in '99-2001. it was a disaster for investors.