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Shell Summary for July 26, 2019

2019-07-26 20:39 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.16 points to 592.89 Friday, ending the week up 0.93 point. Gerald Goldberg's first capital pool shell, Leo Acquisitions Corp. (LEQ: suspended), plans to acquire CBx Brands Inc. for the shell's qualifying transaction. This is another CBD (cannabidiol) deal. The acquisition terms are not yet available. Before the QT can close, the target must raise $1-million, but it has yet to set the financing terms.

CBx Brands is a Toronto company that develops CBD products. According to its website, its products include 43 kinds of vape liquids, two kinds of tinctures, two kinds of capsules and three kinds of lotions. The company recently signed a deal to have some of its products manufactured and sold by a Scottish vape retailer, CCHG Ltd., doing business as VPZ. This retailer has 125 stores in the United Kingdom. It plans to expand its operations to other European countries, specifically hoping to open 300 stores over the next 18 months. As for CBx Brands, it aims to begin offering its products in the United States in the first quarter of 2020. It does not appear to have begun selling any of its products anywhere yet.

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