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Shell Summary for June 4, 2019

2019-06-04 21:08 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange rose 6.28 points to 601.00 Tuesday. Ted Geier's first capital pool shell, Trusted Brand 2016 Inc. (HAH: suspended), plans to acquire Theracann International Benchmark Corp. for the shell's qualifying transaction. The shell will roll back 1 for 18.75, leaving it with 211,354 shares issued, then issue two million shares to its target's shareholders.

Theracann offers marijuana enterprise software such as cultivation management software. In the company's 244-word blurb about itself and its products, it throws in some trendy tech terms such as "artificial intelligence" and "big data," as well as the now-unfashionable "blockchain." Nowhere in the blurb does it mention its history as a marijuana consulting firm. Two years ago, that was what it was, not a tech firm. Among its consulting clients was MYM Nutraceuticals Inc. (MYM: $0.36).

Its consultancy phase probably brings back a few unpleasant memories. In January, 2017, Theracann was hired for consulting services by Raymond Lai's Maple Leaf Green World Inc. (MGW: $0.13). Four months later, Maple Leaf rather unceremoniously replaced Theracann with another consulting firm, and then the following month, Maple Leaf accused Theracann of "billing irregularities and overbilling." Maple Leaf vowed to seek legal remedies. For its part, Theracann accused Maple Leaf of breach of contract and failure to act in good faith. In January, 2018, both companies announced that they had settled all litigation; settlement terms were not disclosed.

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