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by Stockwatch Business Reporter
The TSX Venture Exchange rallied 26.42 points to 829.65 Tuesday. Paul Haber's third capital pool shell, Black Birch Capital Acquisition III Corp. (BBC: halted), plans to launch a marijuana holding company called GreenTec Holdings Ltd. for the shell's qualifying transaction. The shell will roll back 1 for 12, leaving it with 1,180,894 shares issued, then issue 76,792,473 shares to its target's shareholders.
GreenTec is building a marijuana production facility in Kelowna with a capacity of 10,000 kilograms a year. Last year, the company raised $4.67-million by selling units at 20 cents. Then last month, it raised $11.53-million by selling units at 60 cents. As well as working on its own production facility in Kelowna, GreenTec also holds interests in other soon-to-be marijuana producers elsewhere. Last week, it acquired GrenEx Pharms Inc., a recently licensed marijuana grower in Edmonton. GrenEx Pharms is a licensed grower but not yet a licensed seller of marijuana. GreenTec Holdings paid $6-million cash and issued more than 16.76 million shares (representing 21.83 per cent of GreenTec Holdings) to the owners of GrenEx Pharms. Once GrenEx Pharms receives its sales licence, GreenTec Holdings will pay another $1.5-million cash to its now-former owners.
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