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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 1.66 points to 623.27 Friday, ending the week up 7.34 points.
David Sidoo's NEX shell, Seaway Energy Services Inc. (SEW: halted), plans to acquire Sweet Earth Holdings Corp., an Oregon hemp producer. The shell will roll back 1 for 2.5, leaving it with 11,137,033 shares issued, then issue 56,510,736 shares to its target's shareholders.
Sweet Earth has 30,000 square feet of greenhouse space and 22 acres of outdoor growing space in Oregon. It sells the following hemp products: capsules, tinctures, lotions, tea and a Chilean berry antioxidant drink. The company plans to add products and expand its operations into California, but raising money will no doubt be a priority. It has $2.1-million (U.S.) in the bank and does not say whether it is profitable.
On closing of this deal, the resulting issuer will have five directors: Travis Luther, Farinaz Wadia, Leon Ho, Chris Cooper and Peter Espig. Mr. Luther, a marijuana grower, will be the chief executive officer. Ms. Wadia is his wife. They own a company in Oregon called Forcefield, which designs, builds, and supplies equipment and materials for greenhouses (such as plastic covering, doors, lights and fans).
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