Craft cannabis brand house Pasha Brands Ltd. took a nosedive on its first day of trading Monday, ending the session at $0.77 per share, down from a high of $1.05.
The company, which was put together by AbCann (Vivo) and Doja (Hiku) financier Patrick Brauckmann, began trading on the Canadian Securities Exchange following the reverse takeover of a shell called Broome Capital Inc.
Pasha owns a late-stage LP (licensed producer) applicant, formerly called Royal Green Acres Management Ltd., in Nanaimo B.C., along with an intellectual property portfolio acquired from B.C.’s illicit market. That IP includes the brands Beard Brothers, Theraveda, Aurion Industries, Grizzlers and Baked Edibles. In April, the company signed a letter of intent to acquire the LP Medcann Health Products Ltd. in Chemainus, on Vancouver Island.
The company's business model, through subsidiary B.C. Craft Supply, revolves around sourcing cannabis from B.C. micro cultivators, processing and packaging the product in its Vancouver Island facilities, and selling it under the grey market brand names it owns. According to Mr. Brauckmann, the company has signed agreements with several dozen micro-cultivators.
Alongside Mr. Brauckmann, the board includes several cannabis industry staples, including Auxly Group’s Hugo Alves, Rosy Mondin of Quadron Cannatech and Scott Walters of Supreme.
Mr. Brauckmann is CEO while Theo van der Linde, a junior mining financier, is CFO. Eugene Beukman, another junior mining financier prominent in the cannabis space, is listed as the company’s contact for its SEDAR filings.
Mark Rendell