TORONTO, July 20, 2020 /CNW/ – Cannabis Growth Opportunity Corporation (“CGOC“, or the “Company“) (CSE: CGOC), a cannabis focused investment corporation with both public and private cannabis holdings, announced today that the Company has completed a new investment in Osoyoos Cannabis Inc. (“Osoyoos“).
On July 20, 2020 and pursuant to a non-brokered private placement offering (the “Offering“), the Company invested a total of $425,000 and purchased 8,500,000 units (the “Units“) of Osoyoos, at a price of $0.05 per Unit. Each Unit consists of one common share of Osoyoos and one-half of one common share purchase warrant of Osoyoos (the “Warrants“). Each full Warrant entitles the Company to acquire one additional common share of Osoyoos for a period of twenty-four months from the date of issuance at a price of $0.15 per share. Furthermore, Osoyoos will have the right to accelerate the expiration date of the Warrants to be thirty days following written notice to the Company, if during the term of the Warrants, Osoyoos’ common shares close at or above $0.20 per share on each trading day for a period of ten consecutive trading days on the Canadian Securities Exchange.
Early Warning Disclosure Pursuant to National Instrument 62-103
Prior to the Offering, the Company held 2,500,000 common shares of Osoyoos and warrants exercisable for the purchase of 750,000 common shares of Osoyoos. As of the date hereof, after giving effect to the Offering, the Company beneficially owns or controls 11,000,000 common shares of Osoyoos and warrants exercisable for the purchase of 5,000,000 common shares of Osoyoos (collectively, the “Osoyoos Warrants“), representing approximately 13.30% of the issued and outstanding common shares of Osoyoos on a non-diluted basis and approximately 18.25% of the issued and outstanding common shares of Osoyoos on a partially diluted basis, assuming the exercise of all of the Osoyoos Warrants.
The common shares of Osoyoos and the Osoyoos Warrants were acquired for investment purposes. While the Company currently has no plans or intentions with respect to its securities of Osoyoos, the Company may from time to time acquire additional securities of Osoyoos, may sell all or a portion of its securities of Osoyoos or may continue to hold the common shares of Osoyoos, the Osoyoos Warrants or other securities of Osoyoos, depending on market conditions, the Company’s view of Osoyoos’ prospects, other investment opportunities and other factors considered relevant to the Company.
A copy of the early warning report to be filed by the Company will be available under Osoyoos’ issuer profile on SEDAR at www.sedar.com or by contacting Sean Conacher, CEO at 416.912.2932. The Company’s head office is located at 240 Richmond Street West, Suite 4164, Toronto, Ontario, M5V 1V6.
About Osoyoos
Osoyoos Cannabis Inc. has a joint-venture agreement with a private, vertically-integrated licensed producer under the Cannabis Act (Canada) to offer contract tolling extraction services to third-party businesses. Additionally, Osoyoos recently acquired 1196691 B.C. Ltd. d/b/a “PCAI Pharma” and its wholly-owned subsidiary AI Pharmaceuticals Jamaica Limited, a private corporation incorporated and operating under the laws of Jamaica. The business of AI Pharma involves science, research, treatment, data mining and artificial intelligence, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi and other psychedelic formulations and their related medicinal global intellectual property protection.
About CGOC
CGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC’s main objective is to provide shareholders long-term total return through its actively managed portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products or services related to the cannabis industry.
Forward-looking Statements
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the Company’s business plan and matters relating thereto, and risks associated with the Company’s investments and financial objectives, as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company’s public filings on SEDAR. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
SOURCE Cannabis Growth Opportunity Corporation
For further information: please contact Cannabis Growth Opportunity Corporation: Sean Conacher, CEO; Website – www.cgocorp.com, Tel: (647) 660-0566; Investor Relations – Email: [email protected]
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
