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Shell Summary for July 3, 2019

2019-07-03 21:17 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained a fraction to close at 586.16 Wednesday. Moe Dilon's capital pool shell, Wangton Capital Corp. (WT: halted), has arranged a Swiss cannabidiol (CBD) deal for its qualifying transaction. The shell plans to acquire six Swiss start-ups from Bargella Invest AG, a holding company in Basel. The acquisition terms are not yet available. To raise money for its acquisition targets, Wangton Capital plans to sell a $3-million (U.S.) private placement. Financing terms are not yet available.

Cannabidiol or CBD is one of the compounds found in the cannabis plant. It is said to be helpful in treating pain and anxiety. In Switzerland, hemp (which is a non-psychoactive type of the cannabis plant) is legal. Meanwhile, marijuana (which is a psychoactive type) is illegal for recreational purposes. In 2013, possession and consumption of small amounts of recreational marijuana were decriminalized. Marijuana may legally be consumed for medical purposes, but government approval is required for both the product and the consumer. So far, only one medical marijuana product is government approved: the Sativex oral spray. Recently, the Swiss government began looking into easing its medical marijuana laws and legalizing recreational marijuana. In February, 2019, it announced a plan to allow 5,000 Swiss adults to smoke marijuana recreationally as part of a pilot study. The government estimates that 200,000 locals use recreational marijuana, despite its illegal status.

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