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Shell Summary for Feb. 24, 2020

2020-02-24 20:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 14.92 points to 567.75 Monday. Negar Adam's capital pool shell, Jinhua Capital Corp. (JHC: halted), plans to acquire Santa Marta Life Sciences Corp. for the shell's qualifying transaction. The shell will roll back 1 for 5, leaving it with 853,333 shares issued, then issue 61,368,074 shares to its target's shareholders.

Santa Marta was founded in September, 2018, in British Columbia. It aims to grow marijuana and hemp in Colombia. It has so far built a 10,000-square-foot greenhouse on a 34.5-hectare agricultural property there. It has also built a laboratory nearby. It plans to soon build a 7,000-square-foot cannabis extraction, processing and manufacturing facility, which it estimates will cost between $1.2-million and $1.5-million. Santa Marta intends to manufacture oils and isolates, including both THC (tetrahydrocannabinol) and CBD (cannabidiol) oils, as well as CBD isolates (which come in powder form).

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