APHA's goose might be cooked Anyone thinking this is FUD should read the report. One thing that is immediately provable is that Andy DeFrancesco founded all three Latin American Acquisition targets and then changed the names before they were acquired. They were not buying best of Breed, they were founding companies and then Aquiring them using Apria stock
Our first major indication that something is amiss came through the following revelation: Canadian corporate records show that the entities acquired in the LatAm deal were all previously named after DeFrancesco’s personal private equity firm, the Delavaco Group:
JamaicaMarigold Acquisition - Delavaco Caribbean Ventures (Links go to BC records Office Cert)
ColombiaMMJ Colombia Partners - Delavaco Colombia Partners
ArgentinaMMJ International Investments- Delavaco MMJ International
To summarize what may have been happening:
- DeFrancesco puts Aphria together. He finances it, Many execs including CFO work for his equity firm.
- He founds several shell companies in Latin America
- Aphria buys the shells in all stock deals at hundreds of millions of valuation
- He sells the stock on the open market, which explains where all the selling pressure came from that kept the prices so low compared to other weedstocks.