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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index rose 5.96 points to 207.31 Tuesday. The Canadian Securities Exchange Composite Index dropped 0.23 point to 416.09. WeedMD Inc. (WMD) gained a cent to 77 cents on 899,800 shares after Keith Merker "elected to step down" as chief executive officer. Unlike other departing CEOs, Mr. Merker is also vacating a seat on the board that he held. To replace him, WeedMD has appointed Angelo Tsebelis, as CEO. Mr. Tsebelis has been the president of Starseed Medicinal Inc. since 2017, which WeedMD acquired in an all-share deal valued at $78-million on Nov. 29.
As it happens, on Nov. 29 WeedMD also released its third quarter results. WeedMD's stock dropped 24 cents to 93 cents on that day, likely more of a response to the company's results (more on this later) than the Starseed acquisition. The Starseed acquisition bolstered WeedMD's balance sheet, as one of Starseed's main investors, the Labourers' Pension Fund of Central and Eastern Canada (LPF), vowed to make a $25-million investment in WeedMD. That investment was approved today by WeedMD shareholders.
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