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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index lost 19.54 to 259.13, while the CSE Composite Index lost 27.31 to 935.90. South of the border, Indus Holdings Inc. (INDS) added 33 cents to $2.24 on 1.11 million shares, after hyping an acquisition that will apparently "create a leading producer of California cannabis." It has agreed to acquire Lowell Herb Co. for $39-million (U.S.) (payable with $4.1-million (U.S.) cash and 22.6 million shares). Indus will also change its name to Lowell Farms Inc. and start trading under the ticker LOWL.
The announcement had no shortage of hype. Indus's chairman, George Allen, was feeling particularly poetic as he proclaimed that Lowell "empowers a movement, welcomes the curious and greets the reacquainted, all with a grace and elegance that other brands can only aspire to." Hard numbers, however, were scarce. Indus did not discuss Lowell's cultivation capacity, distribution network, market share or other useful details.
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