Good News...Last Quarter Under BruceWhile I was a big fan of Bruce and he made me very rich, he was not the CEO to take this company to the next global expansion and revenue level. Bruce was a big spender, grower of facilities and loved to buy companies (really overpaid for Hiku) . His expenditures were out of control and not focused on revenue growth.
For revenue to come $20 million under the street's forecast and lower than last quarter, is simply unacceptable. I believe the next CEO will be cost conscious and revenue driven (the anti-Bruce). The Board, controlled by CB, will ensure that the next CEO is very focused on getting expenses under control (stock options/salaries/benefits/facility expansions etc.) and ensuring company turns its focus to revenue generation. They already have a new CFO in Mike Lee from CB so the trend to profitability has started.
As I've posted, Q2 numbers should be very good, well over $100 million in revenue. The have $93 million in finished goods which is product ready to go out the door. They would have increased their medical clients substantially thanks to CannTrust which have higher margins and their costs would have started to be under control.
GLTA