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Shell Summary for Oct. 30, 2019

2019-10-30 21:09 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed unchanged at 538.25 Wednesday. Marc Sontrop's third capital pool shell, Aim3 Ventures Inc. (AIMC: halted), has provided updates on its qualifying transaction with Southern Sun Pharma Inc., an African cannabis company. Since January, 2019, when the shell first announced this QT plan, Aim3 and Southern Sun have not yet released the full terms of their deal. What they have disclosed so far is that the shell will roll back 1 for 9.3971, which will leave it with 1,133,328 shares issued.

In May, Southern Sun sold a $6.35-million private placement at $1.50. Shortly afterward, specifically on May 23, the South African government temporarily legalized the sale of CBD (cannabidiol) products that contain a maximum dose of 20 milligrams of CBD per day. It is unclear whether consumers follow the recommended maximum daily dose that is stated on the products' labels. In any case, the legalization is only a sort of trial for 12 months, while the government figures out a longer-term legal framework for the cannabis industry. So far, companies are allowed to sell only the above-mentioned sort of CBD products (which are non-psychoactive). Some companies are hoping, however, that they will soon be allowed to sell also medical marijuana products (which are psychoactive). An Israeli event organizer called CannaTech, which has hosted corporate cannabis conferences in Israel, Switzerland, Panama, Australia and Hong Kong, will host one of those conferences in South Africa next month. The main sponsor of the event is Southern Sun.

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