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Shell Summary for July 17, 2014

2014-07-17 20:45 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 3.52 points to 1,005.76 Thursday. Alan Rootenberg's first capital pool shell, Searchtech Ventures Inc. (MJN), listed on the TSX-V yesterday. The shell plans to acquire Hortican Inc., doing business as PharmaCan Capital, as its qualifying transaction.

The shell will roll back its shares 1:7 and then issue 43,273,228 postconsolidated shares to PharmaCan shareholders, after which the shell will change its name to PharmaCan Capital Corp. The target is one of the better-known investment companies that is focusing specifically on the medical marijuana sector. It is already a shareholder of two licensed medical marijuana producers, the Peace Naturals Project Inc. and Whistler Medical Marijuana Corp.

PharmaCan, formed in September, 2012, made its first investment in Peace Naturals in March, 2013, and by October of that year Peace Naturals became the first company to receive a licence to produce medical marijuana from Health Canada. The company houses a grow-op in Clearview, Ont. PharmaCan does not say how much money it invested in Peace Naturals but those details will arrive in a filing statement that Searchtech must complete before it can close the QT. After Peace Naturals, in December, PharmaCan invested in Whistler Medical, which in March, 2014, received its production licence from Health Canada.

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