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Shell Summary for April 17, 2019

2019-04-17 21:10 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up a fraction to 610.05 Wednesday. Gregory Smith's first capital pool shell, Canadabis Capital Inc. (CANB: halted), has submitted a filing statement for its qualifying transaction, which is the acquisition of 1926360 Alberta Ltd. This target, which is doing business as Stigma Pharmaceuticals, is an aspiring marijuana producer in Red Deer. The shell, which has 8.5 million shares issued, will issue 96,336,286 shares to Stigma's shareholders. Stigma's explanation, or excuse, for its strange name is that it dreams of "changing the stigma behind cannabis."

In Red Deer, Stigma owns a 66,000-square-foot building, of which one-third is now ready for cultivation operations. Stigma received its cultivation and processing licence just last month. It does not yet have a sales licence. It plans to prepare the remaining two-thirds of its facility for cultivation and processing operations. Since last year, the company has raised $4.31-million at prices ranging from 2.5 cents to 50 cents. (It raised $204,000 at five cents and then later split its shares 2 for 1, hence the 2.5-cent shares.)

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