M4DM4X wrote:
You KNOW who they should hire, you mention it in your final paragraph - Someone from big pharma, they’ll have the contacts, experience, and get the deals they need.
Out of curiosity, how many of you defending the Blissco deal actually work in finance or accounting at the managerial level?
Blissco, no matter what mental gymnastics you do, was an extremely bad purchase at this point in time, and make no mistake, this purchase cost Fowler et al. absolutely nothing. Shareholders (like yourself) paid for it through dilution.
MD posted this link as if it was proof that this was a good purchase:
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aBLIS-2778725&symbol=BLIS®ion=C
$742K Sales, $41K Gross profit, pretty pathetic. $1.266M in operating, which generate a loss of $1.245M.
They paid $48M for a couple of used oil presses worth a few hundred thousand (when new), and building with a $1.5M mortgage on it - Blissco’s grow room offers zero value, as does their management (see above numbers if you're unsure why), and they have zero intellectual property or brand name to speak of.
Fire could have bought a building outright, staffed it, and bought all the equipment they needed for about $4M, then used their already existing license to sponsor that facility with HC in order to speed up their licensing process.
And also, to answer MD’s question: Oil isn't worthless BUT oil extraction companies ARE right now, because literally anyone can buy the equipment if they want to process oils in-house, or they can just outsource (to NEPT for example) until the demand for oil products justifies the purchase of equipment/facility. Look in the MJ sector today, every single properly run Co. did exactly one of the above 2 option because they’re being run by adults who care about the shareholder and NOT their personal ego or image.
So why did FIRE choose this amateur move? Either they’re really, really clueless about operations at this level, or someone got a fat brown envelope at the shareholder’s (YOUR) expense.
Any way you look at it, FIRE’s management is complete trash and needs to be taken out.
Southybird wrote: Who should they hire to take over 'AI' Peter Aceto? Things are looking great for TRST with him at the helm right?
At this stage in the business buildout if you actually analyze their trajectory with extract legislation on the horizon in Canada this is exactly the right time to acquire BLIS. With KKE oils starting to hit the provincial shelves at 75 dollars a bottle and more premium priced strains like Jack Haier hitting the provincial shelves in August- I don't see any justifications in your post that there is an immediate need for management changes. This company is coming to scale in a fiscally responsible way while building out complementary pieces like Cambium, Supreme Heights, MALTA to focus on the Europeon Med market that BLIS already has a deal with.
You mention Current management is inexperienced, but they seem to be executing based on the last two financial reports surely they would have also been responsible for brand deals with PAX/ KKE which are both premium priced high demand products that will yield stronger financials. The board has brought in outside CFO and other outside expertise from leading industries in operations/supply chain, packaging etc..
Share Price is disappointing and maybe there is a case down the road to revisit some of your comments in regards to outside leadership, a deal with big pharma makes the most sense to me at some point, no point in wasting cash at this stage.
GLTA