Is Capital Mining’s pot punt going up in smoke?
Health & Biotech
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Unlikely cannabis wannabe Capital Mining says the continued suspension of its shares is putting its proposed marijuana business at risk.
Capital (ASX:CMY) is almost — but not quite — threatening legal action.
The company went into a trading halt on August 10 and was suspended from trading on August 14, after the ASX asked for more information about its new company, Capital Cannabis (CCL).
Capital Mining, which flirted with becoming a cannabis purveyor in 2015, relaunched its attempt to blow open the doors of the medical marijuana industry this year.
But the ASX is scrutinising the most recent announcement.
“The ongoing delay has now placed a key component of the submission, i.e., a proposed cannabis investment at risk,” Capital reported in a statement.
“Finally, Capital is currently assessing its options in respect of the submission and has sought legal advice and will update its shareholders as soon as possible in respect of proposed CCL submission.”
Capital hopes the cannabis announcement will be made on or before September 4.