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by Stockwatch Business Reporter

The TSX Venture Exchange closed up a fraction to 595.51 Friday, ending the week down 6.26 points. Praveen Varshney's capital pool shell, AAJ Capital 1 Corp., has closed a Colombian medical marijuana deal for its qualifying transaction. The resulting issuer, Pharmacielo Ltd. (PCLO: $5.85), began trading today. It reached an intraday high of $6.40 before closing at $5.85 on 1.53 million shares.

Marijuana is legal in Colombia, but only for scientific research or medical purposes, and not in the form that one can roll into a joint and smoke. Pharmacielo and other companies with the appropriate licences may manufacture and supply only marijuana derivatives such as oil extracts, creams and inhalers.

Pharmacielo owns marijuana greenhouses covering 12 hectares on a 27-hectare property in Rionegro, Antioquia, Colombia. It began growing marijuana in December, 2017, but it does not yet sell anything, because it is still building its oil extraction and processing facility. It expects to complete construction in the second quarter and then begin sales in the third quarter. Pharmacielo is also working on a deal with a potential distributor in Italy for its marijuana oil extracts.

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