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Buccaneer Gold terminates cannabis takeover to continue in mining

Buccaneer Gold Corp. plans to carry on with its business as a mining company after terminating a January deal with an unnamed company in the U.S. cannabis market that would have seen it valued at C$1.5 million.

The company said March 11 that the termination was mutual and that it will go ahead with its application to list on the Canadian Securities Exchange, after delisting from the TSX Venture Exchange, which does not allow cannabis companies.

Buccaneer Gold noted it has no immediate plans to enter the cannabis industry in the U.S. or elsewhere. It plans to raise funding for an exploration program at its Massey silica project near Sudbury, Ontario and is considering acquiring an interest in a second mining asset in Canada.