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Pistol Bay Mining aims to diversify into cannabis industry

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Pistol Bay Mining aims to diversify into cannabis industry

Pistol Bay Mining Inc. entered into an exclusivity agreement with a private company to negotiate the potential acquisition of rights to market three "nutraceutical" products including a cannabinoid herbal blend.

The company said Sept. 5 that the potential deal is in line with its plans to diversify outside of the mining sector in a bid to enhance shareholders' value. It went on to clarify Sept. 6 that if it does enter an agreement with the private company, it would likely be classified as a change of business under TSX Venture Exchange policy.

The private company's main product is a combination of 10 botanical elements targeting improved health, and started selling commercially in 1991, while recent trials incorporated cannabinoids and formed the basis of two more products which remain subject to further development and trials.

In November 2017, Pistol Bay was in discussions to create a subsidiary focused on blockchain applications for mining and resource company management. At the time, it said it remained committed to exploration at its Confederation Lake zinc project in Ontario and was not pursuing a change of business.