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Shell Summary for Sept. 28, 2018

2018-09-28 20:36 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange rallied 10.73 points to 709.15 Friday, but it ended the month down 15.56 points. Chuck Rifici's first capital pool shell, Buzz Capital Inc. (BUZ: halted), has dropped its qualifying transaction with Kaya Inc., a Jamaican marijuana producer. In the shell's own words, the cancellation came "as a result of Kaya informing the corporation that it does not intend to complete the transaction." Whether Kaya will go public in Canada by other means is unknown.

Buzz Capital listed in August, 2017, with a $420,000 initial public offering at 10 cents. Its founder, Mr. Rifici, 43, is a chartered accountant who volunteered as the treasurer of the Liberal Party of Canada from 2011 to 2016. During that period, he also co-founded Tweed Marijuana Inc., which peaked at $5.10 in 2014 and is now a part of Bruce Linton's Canopy Growth Corp. (WEED: $62.75). Since May, 2017, Mr. Rifici has been the chairman and chief executive officer of a marijuana investment firm, Auxly Cannabis Group Inc. (XLY: $1.15). Moving in the opposite direction from many other marijuana stocks, Auxly has declined to $1.15 today from $2.97 since the beginning of the year.

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