RE:New Financials and the BOD tries to Put in A Floor Didn't like most of what I saw but I wasn't expecting to. And nothing really shocking. It was as expected. This should shut up the pumpers for while. All their predictions of profit, money made, items in inventory even actual usable grow space all way below what they were beaking off about.
Some points of interest stolen word for word from the filings
"The License permits the cultivation of cannabis in approximately 11,000 square feet of the Facility, and permits the
processing of cannabis in approximately 4,000 square feet of the Facility. The Company is currently cultivating
cannabis in 9,500 square feet and regularly uses the processing area when required. "
Please take time to process how much ... how little space this is. This is the cutest little grow space ever lol.
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The Company has retained Matheson Constructors Limited to continue the expansion of the Facility, however, as a result of the termination of the Auxly Agreement, the phase of the expansion of the Facility to create an approximately 30,000 square foot self-contained cultivation facility, including Good Manufacturing Practices processing spaces, is not expected to be completed until the end of the first quarter of 2020. "
Don't get me wrong, they are being realistic and they gave a date for once. BUT lets be honest, that's another 6 months away for just a tiny increase in space. Would have been nice if the sq footage was triple that.
"To date, the Company has not commenced commercial sales under the License and has not generated any revenue from the sale of cannabis products. The Company is canvassing, and as indicated below with respect to the agreement with Canntab and World Class has entered into, potential opportunities with respect to the commercial sale of its products. "
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To the pumpers, stop posting fake math. Just stop. It's pathetic. I won't say names but you know who you guys are. You look stupid. Your fake numbers of potential growth and sales are so far out its a joke.
"The Company currently does not derive revenues from sale of cannabis products. The only revenue it generates is from subleasing an unused portion of its Cobourg facility to unrelated third parties. "
There only current income in this statement was rent. And someone left because rent dropped.
I'm not saying the stock is dead but it isn't good. It has potential with Cannara as their best hope right now for income. Everything else including our own sales of our own products isn't good.