This has been a disaster Poor management, poor decisions. This is what happens when you purchase a bloated company basically in breach of debt and insolvent. Didn't they do any DD on their decision on purchasing Zena? I can't wrap my head around that at all...
On a side note, if you're open to other cheap market cap cannabis stocks with higher risk, I have my eyes on $AGRA Ventures; they have a bad rep from a previous CEO burning cash but they're cleaning up the ship (suing him & brought in a CEO who's the former Chief Strategic Officer for High Tide). He's only been at Agra for 2 months but he's been transparent so far and even bought some shares.
Agra holds several million $$'s in assets including millions of Organigram shares. Currently have 2,200,000 SF of grow space in BC with 130,000 SF in use. Once their sales & export license is acquired in Europe this will open the doors for them a lot imo.
Their subsidiary Farmako is a top 10 medical cannabis distrubtior in Germany, and the country just annouced they're going to roll out the rec market which could perhaps be the breakthrough Agra needs. Farmako has existing connections to thousands of pharmacies who will also be selling direct to rec consumers.
It's important to note Agra has been issuing shares for debt repayments but they also have millions of OGI shares they can sell off worst case that will keep the lights on for foreseeable future. So it isn't too concerning to me right now as they did a recent rollback and appear to have 88M outstanding shares which isn't bloated by any means.
IMO..for all their assets and Germany connection their mcap should be valued higher, I suspect more eyes will come here as the weed sector looks to be gaining some momenum and people look for those microcap lotto tickets with a glimpse of hope.
I know this is a big gamble. But I'm gambling on the sector rebounding and for Nick to help steer this ship around and there is a bit to look forward to for that upward momentum...
With 200kg of high-THC & high terpene Mimosa cannabis currently being sold wholesale, and 1,500 new plants entering into the production cycle every 2 weeks...this company does have the ambition and ability to increase cashflow. Bring on the wholesale agreements and European traction, I'll be loading up at these prices til then.
~ Godspeed