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Shell Summary for April 8, 2020

2020-04-08 20:36 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 6.34 points to close at 408.89 Wednesday. Dean Parmar's first capital pool shell, Canna 8 Investment Trust (RCR: halted), has dropped its qualifying transaction, which was the acquisition of an entity called RealCanna Investment Trust. According to the shell, its letter of intent with RealCanna has expired, and that is why the deal is off. Of course, letters of intent can easily be extended, so the real reason for the QT cancellation remains unknown. The downturn of the cannabis industry, COVID-19 concerns and an inability to raise money are among the likely culprits.

RealCanna is an aspiring real estate investment trust. It intends to focus on cannabis-related properties, such as farms and processing facilities. When the shell first announced this QT plan in August, RealCanna was working on its first acquisition, that of a cannabis cultivation property in Calgary. (The shell did not specify whether it was a farm or an indoor cultivation facility.) Closing this property acquisition was a condition for closing the QT. As well, before the QT could close, RealCanna had to raise between $10-million and $15-million at 25 cents. There had been no word on the progress of either the property acquisition or the financing.

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