01:06:23 EDT Mon 16 Sep 2019
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Shell Summary
Symbol C : *MKTSHEL
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Shell Summary for Sept. 10, 2019

2019-09-10 20:53 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 1.15 points to close at 582.56 Tuesday. Father-and-son Lal and Vincent Narang's first capital pool shell, Green Rise Capital Corp. (GRCC: halted), has submitted a filing statement for its qualifying transaction and expects to close the QT this month. For its QT, the shell is acquiring Bull Market Farms Inc., a tomato-farming company in Ontario. Bull Market has said nothing about cultivating cannabis, which is probably what most investors would think of these days upon hearing about a farming deal. In any case, the shell, which has 11,388,690 shares issued, will issue 30 million shares to its target's shareholders.

Bull Market owns an 81-acre property in Kingsville, Ont. (This town is right next to Leamington, where Aphria Inc. (APHA: $9.13) operates a marijuana greenhouse.) Besides generating revenue from selling tomatoes, Bull Market leases 15 acres of greenhouse space to another produce company. This one tenant is responsible for 100 per cent of Bull Market's revenue, because it is buying all of Bull Market's tomatoes. The tenant has also agreed to buy all of Bull Market's potential future crops: peppers, strawberries and cucumbers. Bull Market and Green Rise Capital do not identify the tenant, but we know that it is Mastronardi Produce Ltd., also called Sunset Produce. This is a fourth-generation farming operation, owned by the Mastronardi family. It grows and sells tomatoes, peppers, cucumbers, eggplants and berries.

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