The cannabis sector is hot, and it's beginning to be hard to ignore. LiveReel Media Corporation (OTC:LVRLF) announced today that the company's senior management has been focusing on evaluating investment opportunities within the cannabis sector.
As a Canadian-domiciled company and a reporting issuer in the Province of Ontario, LiveReel management has decided it to be in the best interest of its shareholders to pursue and evaluate investment opportunities in the processing and production verticals of the cannabis sector. LiveReel is a well-suited investment vehicle to bridge the gap between under-capitalized U.S.-based marijuana companies and Canada's strong appetite for further investment in the sector.
In addition to announcing a dive into the marijuana industry, LiveReel announced the appointment of Thomas Turner as Interim Chief Executive Officer, replacing Graham Simmonds, effective September 22, 2017. Simmonds will continue to serve as a director of LiveReel.
Tasked with the primary responsibility of advancing LiveReel's initiative into the processing and production verticals of the cannabis sector, Turner is well suited having spent the last four years evaluating investment opportunities in the sector throughout both Canada and the United States.
Turner will seek to differentiate LiveReel from other issuers listed in Canada by employing a multi-jurisdictional strategy to acquire and consolidate a number of medicinal and recreational processing licenses under one umbrella vehicle. LiveReel intends on utilizing such multi-jurisdictional platform to invest heavily in the value-added production of finished goods.
Furthermore, the company is also working to obtain a Canadian listing given the fact that it is currently a reporting issuer in the Province of Ontario. In doing so, the company is also currently evaluating its U.S. foreign listing. While a Canadian listing is important for companies trying to attract capital in Canada, having a U.S. foreign listing on the OTC markets is also important to allow investor access from the United States and beyond.
Coming from the hedge fund world, Turner has over 15 years of experience in the capital markets focused on both debt and equity securities in the technology, media, telecommunications and consumer industries. Since founding Southshore Capital Partners, LP in 2009, Turner has guided the growth of Southshore's fundamentally-driven long/short global equity hedge fund as General Partner. Prior to Southshore, Turner held positions at hedge funds and private equity funds with Tala Investments, Trafelet Delta Funds and ABS Capital Partners, where he specialized in technology, media and telecom investments.