Shell Summary for April 23, 2018

by Stockwatch Business Reporter

The TSX Venture Exchange slipped 7.55 points to 797.41. Praveen Varshney's AAJ Capital 1 Corp. (AAJ) has an update on its qualifying transaction. The company's QT target, PharmaCielo Ltd., has arranged to sell $60-million worth of subscription receipts at $3.35. It will use the money to become a Colombian marijuana producer. PharmaCielo has obtained two of its three required licences: manufacturing and cultivation. It awaits its exportation licence. Meanwhile, the company planted its first crop at the end of December. It expects to harvest its first marijuana in June. It will then need to process the marijuana into cannabis-oil extract. Under Colombian law, marijuana growers are licensed only to produce extracts, tinctures and topicals. The government does not believe that medicine can be delivered by burning, so marijuana for smoking is not permitted.

PharmaCielo has 1.3 million square feet of open-air greenhouses. It has reserved one greenhouse for the Cooperativa Caucannabis, a group of 63 local and indigenous farmers that have applied for their licences. PharmaCielo plans to provide strategic advice, and in exchange the Cooperativa will sell its marijuana under PharmaCielo's brand. Last week, the company arranged to buy Ubiquo Telemedicina, a government-run platform that helps connect doctors and patients with medicine. PharmaCielo plans to pay $1.5-million in cash and shares.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS