GREY:ISOLF - Post by User
Comment by
MarketShark2on Dec 22, 2018 2:35pm
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Post# 29150596
RE:Aphria aquires abandoned Jamaican building for C$145M
RE:Aphria aquires abandoned Jamaican building for C$145MYikes! Sounds alot like ISOL lol minus the moldy weed.
TheAphtermath wrote: Aphria’s recent C$280m Latin American acquisitions raise major red flags. Our extensive on-the-ground research shows that the transactions appear to be largely worthless.
Example: The official registered office of Aphria’s C$145m Jamaican acquisition is an abandoned building that was sold off by the bank earlier this year.
Example: Aphria’s C$50m Argentine acquisition publicly boasted sales of US$11m in 2017. A worker at the company, however, affirmed that 2017 revenue was only US$430k.
Documents show that Aphria insiders were likely undisclosed beneficiaries of the deals. We estimate Aphria has diverted upwards of C$700m via such transactions, or ~50% of Aphria’s total net assets.
Aphria consistently generates negative cash, and its cannabis seems to be of low quality. Interviews with sources describe facilities infested with bugs, stricken with mold, and having failed audit inspections.