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by Stockwatch Business Reporter
The TSX Venture Exchange lost 4.22 points to 703.03 Thursday. Two shell graduates began trading today. First, Patrick McCutcheon's cannabis oil extractor, Medipharm Labs Corp. (LABS), reached an intraday high of $3.55 before closing at $2.29 on 6.07 million shares. Second, Menashe Kestenbaum's video-gaming website operator, Enthusiast Gaming Holdings Inc. (EGLX), traded up to $1.57 before closing at $1.07 on 1.04 million shares.
Mr. McCutcheon's Medipharm holds a licence for extracting cannabis oil but not for growing cannabis. It is still awaiting its cannabis oil sales licence, which it expects to receive this fall. Medipharm's extraction facility is in Barrie, Ont. Once it receives its sales licence, it will open four retail stores in Manitoba. It also plans to expand its oil extraction operations into Australia. In June, Medipharm sold a $22.3-million private placement at 85 cents to 205 investors.
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