RE:Production license
It is no surprise that most shareholders, including myself, are frustrated and dissappointed by the inaction and inefficiency of management. Particularly, if you speak with Raymond about failure to meet timelines or shareholder support, it just becomes a blame game and fingerpointing, rather than a meaningful discussion of corrective actions. Now that legalizatiion day has come and gone, it surely indentifies the glaring incompetancy of a failure to execute as we're not talking about a short timeframe in leading to Oct 17. They had ample time to be operational by this significant date but construction delays, and debacles with consulting companies that were supposed to expedite this whole process along only to sap their limited resources.
Remember that the share price highs from early this year was not a result of anything that management successfully accomplished, but rather it was the simple matter of the "tide raising all boats" phenomena of the cannabis sector. While the industry saw a widespread correction soon after and then a rally back up, the lack of initiative and the blowing of multiple deadlines seriously hurt the company's credibility among investors which resulted in a plummeting share price and treading water at where it is now. My belief is, the market has discounted MGW because of the delays and doubt of ever receiving their license. They need to pull out the stops and make things happen, now (not 3,6, or 12 months later!)
The discrepancy of Telkwa's completion and licensing and ambiguity is no surprise in dealing with them. I would be shocked if they were done by the end of Oct, as that is less than a couple of weeks away. If all goes well, they will have access to their loan by Nov 9, so unless they have bridge financing, Oct doesn't seem plausible. The CBC interview of the VP was confusing and unclear as he said they would not have any genetic material to grow until mid-Nov or next year, then at the end of the conversation saying the facility wouldn't be completed until Dec. I'd say the Dec assertion is likely but again with this company, you never know.
Now with all said, I am still invested in the company for several reasons. The industry is new and a long way from maturing. Along with industry news and successes, and political and legislative acceptance in the US of MJ, MGW's hand is well positioned and could ride the tide again with timely news releases. California and Nevada project commencement and a Canadian license to cultivate and sell could factor in to be adriving force for share price support.
Do I view MGW as a major player in the cannabis industry? Absolutely not. Simply because management has proven time and time again they lack the discipline and ability to want to succeed in building this business. Unless they have some new leadership and a team that has some accountability and drive, I suspect they will continue to dissapoint us. That is not to say they will not have successes along the way. I know it's not sound investment practice, but the saying that even the sun shines on a dog's a$$ sometimes, just may apply in this case. Do your own DD, and GLTA.