What a disappointment...I have lost so much faith I have been holding since before IPO, at one point holding 2.2M shares. Glad I did some profit taking when I did because frankly it seems that everything the company stood for and believed in has changed.
The initial pitch was:
- 1.3B shares will have us breaking volume records (why need this to get noticed, why would we ever reverse split)
- CSE is the best place to list (Not TSX, not TSX-V)
- we've got no debt
- Auxly pays for everything and don't worry about the 50% of weed we have to give up, they are paying to build everything and we don't know how to build out this large of a facility anyways
- Sales license is imminent, I remember hearing about this back in July 2018
- We are Pharma, we need Therapix
- We're going to be one of the top 5 largest LPs
Reality:
- 1.3B shares broke records, got hype but futile in the end, now Nasdaq is main priority and Reverse Split is very likely (I understand this will only happen with large investor) but there's a reason why Anthony could only find one example of when this worked in Canada, it will not work out for us I'm sure of it especially given our track record for success
- Auxly did fail us but can't help but wonder how FSD didn't light a fire under their asses way before it came to this
- Now even if they get a large investor to put in $200-300M, the issue still remains that these guys don't know how to build out a large facility, they've said this so many times
- once again no CEO, no leadership. Was never a fan of Rupert Haynes and felt him not being in Canada was a major issue but once again we're heading back to the drawing board
- 220,000 sq feet will not be ready for a long time now. It was already looking like end of 2nd quarter, who knows if it will even be ready in 2019. Auxly says they only put in $7.5M of the $55M, that'll tell you a lot about how far out they were. I've seen the recent pictures and was a lot of happy then when I did the site tour but you have to believe everything will stall for several months while they figure out whose going to complete the build
- Failed 2nd crop
- Failed Therapix deal
- All these LOI and agreements which may or may not realize any shareholder value
- Sale license won't come for another month or so. They haven't even had the pre-sales inspection (even though I was told by Investor Relations this happened at the end of August 2018). Other recent LP's had to wait about a month after their pre-sales inspection.
- We once were in top 10 now barely in top 15
This thing is going back down to .17, the price before the big run up in August.