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by Mike Caswell
The U.S. Securities and Exchange Commission has halted Instadose Pharma Corp., a Canadian-linked OTC Markets listing that claims to be an international cannabis distributor. The SEC says that there are questions about the accuracy of the company's disclosure, particularly in light of significant increases in its share price and volume. The SEC has deemed a suspension to be necessary for the protection of investors.
The halt is contained in an order that the SEC issued on Wednesday, Nov. 24. As with all SEC halt orders, the regulator has provided few particulars. A glance at Instadose's chart, however, provides a large clue. The stock closed at $47.25 on Nov. 5, 2021, up from the $3.50 it was at six weeks earlier. (All figures are in U.S. dollars.)
The activity gave the company a market capitalization of $3.5-billion (based on the number of shares it reported to have issued on Oct. 13, 2021), putting its value in the same neighbourhood as established cannabis giants like Tilray Inc. and Canopy Growth Corp. Unlike those companies, Instadose's financial picture is a relatively bleak one. The company's most recent balance sheet, dated Aug. 31, 2021, showed no assets at all and $113,233 in liabilities. Those financial statements also included the "going concern" warning, a disclaimer advising shareholders that the company's future prospects are contingent on its ability to raise money.
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more smoke inhalation, a regular pot smoker in usa drove thru an xmas parade, and tilray and canopy dont have bleak financials? from the billions of square feet touted by both, which would grow more pot then ever consumed apparently, have quadrillions been made annually?