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Aldershot drops exploration business to focus on marijuana

Aldershot Resources Ltd. is shifting business with plans to drop mineral exploration in favor of marijuana sales in Canada.

In a June 12 release, Aldershot said it planned to reorganize management and its board of directors with veterans from Alberta's liquor sector and focus on marijuana distribution in western Canada. It also said it plans to raise up to C$25 million in a financing, and the business changes would take effect once the private placement closes, which Aldershot expects June 28.

Aldershot joins other junior explorers that have jumped ship for the pot business as Canada moves toward legalizing marijuana. Recently, Canada's Senate voted in favor of legislation that would give marijuana consumption, sales and growth the green light, a policy that Prime Minister Justin Trudeau's government is pursuing.

The junior explorer has rights to a handful of mineral exploration properties in Canada, Australia and the U.S., including the Gowganda gold project in the Abitibi greenstone belt in Ontario.