14:15:54 EDT Thu 22 Oct 2020
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Shell Summary for Sept. 11, 2020

2020-09-11 18:32 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 8.68 points to 733.37 Friday, ending the week up a fraction. Geoff Balderson's eighth capital pool shell, Spectre Capital Corp. (SOO: halted), plans to acquire an Oregon hemp grower, Hemptown Organics Corp., for the shell's qualifying transaction. The terms are not yet available, but the shell will roll back 1 for 2.5, leaving it with 2,864,000 shares issued.

Hemptown sells hemp flower. It also manufactures and sells cannabinoid products such as tinctures, cream, salves, capsules and gum. We should find out whether the company is profitable when the shell submits a QT filing statement. In the meantime, the shell has agreed to lend $200,000 to Hemptown as a secured bridge loan.

The chief executive officer of Hemptown is Eric Gripentrog. He lives in Southern California. Previously, he spent 25 years at the Kellogg Company (K: $65.44 (U.S.)), first as a sales rep, then as a managing director and eventually as the vice-president of operations. He joined Hemptown earlier this year. Hemptown was founded in 2016 by Rod Wolterman and Michael Townsend. Mr. Wolterman lives in Oregon. Mr. Townsend lives in Vancouver and is the managing partner of Altus Capital Partners Inc., a venture capital firm.

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