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Shell Summary for May 22, 2019

2019-05-22 20:28 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed down 1.85 points to 610.56 Wednesday. Vincent Gasparro and Michael Galego's third capital pool shell, Apolo III Acquisition Corp. (AIII: halted), plans to acquire Latitude Global Cannabis Inc. for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with 4.3 million shares issued, then issue 74 million shares to its target's shareholders. In connection with Latitude's going public, it aims to raise $10-million at 50 cents. It will use the proceeds to finance its marijuana business plans in Lesotho, Colombia and Slovenia.

Latitude was formed in August, 2018, in Vancouver. It has since acquired interests in two unnamed marijuana companies: a 90-per-cent interest in a licensed grower in Lesotho and a 100-per-cent interest in an aspiring producer in Colombia. Latitude is working on its third acquisition, that of a 100-per-cent interest in Farmakem Ltd., a licensed medical marijuana producer in Slovenia. Farmakem also distributes CBD (cannabidiol) products to other European countries. We should find out whether Farmakem and the unnamed Lesotho grower are profitable when Apolo III submits its QT filing statement.

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