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Cannabis Summary for Dec. 19, 2019

2019-12-19 21:26 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 0.92 point to 360.65 Thursday. Beleave Inc. (BE) remained unchanged at two cents on 3.58 million shares after announcing that Jeannette VanderMarel resigned from her position as chief executive officer. Kevin Keagan has been appointed as CEO in her place. He was appointed as chief communications officer of Beleave in October, 2018, and served as interim chief financial officer from January, 2019, until today's appointment.

Ms. VanderMarel had just been appointed as CEO of Beleave on Oct. 28, when the company was trading at three cents. It was clear at the time that she was taking on a significant challenge. At the end of Q2, Beleave had negative working capital of $7.4-million. That is a particularly troubling position for a company with a market cap of just $14.8-million (at the time of Ms. VanderMarel's appointment).

Beleave signed a letter of intent in August to negotiate a deal in good faith to sell its London, Ont., cultivation facility for $7-million. Under the terms of the LOI, Beleave would then lease back half of the facility and continue to use it to grow marijuana. That deal appears to have fallen through, as the company said today in a vague update that it had "received tremendous interest" in the facility since earlier this year and it would provide additional updates once an agreement is finalized. The company also agreed to sell its dispensary in Saskatchewan for $2-million in August; that deal has not yet closed either.

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