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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 5.59 points to 833.67 Friday, ending the week up 4.77 points. Chuck Rifici's first capital pool shell, the halted Buzz Capital Inc. (BUZ), plans to acquire a Jamaican marijuana producer called Kaya Inc. for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with 4.1 million shares issued, then issue 32.1 million shares to its target's shareholders.
Kaya opened the first legal medical marijuana dispensary in Jamaica six days ago. (On the same premises as the dispensary, Kaya also runs a cafe and a spa.) Recreational marijuana is illegal in Jamaica. In 2015, however, cultivation and possession of small amounts of it were decriminalized, so Jamaicans may grow up to five plants and possess up to two ounces of dried bud. As well, Rastafarians are allowed to use however much marijuana is required for "religious purposes." As for tourists, if they have a prescription for medical marijuana, then they may apply for permits to buy and possess up to two ounces of dried bud.
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