RE:Purchase order they made to themselves?!
This is not direct JV in a sense because a separate legal entity was created. Think of it as an independently run company that AGRA just happens to have 50% ownership. The PO has to be done for transparency, if not for any other reason. My company bought a company in the US and let it run independently for a few years just like before, until integrated. Even so, the management decided it's better to separate the two as US and CA entities. So whenever they need units to sell over on the US side, they need to submit a PO to us because we manufacture everything here. We use POs extensively between departments and then also for certain departments, even within.
If you really wanted, check out City of Edmonton and Epcor. City of Edmonton owns 100% of Epcor but lets it run entirely on its own as private company. They do business with each other just like two businesses with no ties to each other. Contracts, sales, etc., were all done publicly and independently.
This PO may not be that important on the surface in term of investments, since everyone knows just like all the other LOI and non-binding contracts, they need the licenses to begin legal production and then sales. But it gets everything rolling and starts planning when make it official and could greatly benefits all involved. Every party involved gotta act.
As for trying to put a value on this PO right now, not a wise move. Gotta run it like a real business. If I'm running this JV entity, as a starter, test the market first. You don't make a splash right away. This PO should do what? Tell me to get sufficient personnel needed. Devise a plan to market the products prior to having them on the shelves, through social media, posters at the stores, and have employees survey the customers. Get a feel for things. Once have the first few products in hand, put in the ones with most populace around, that would garner most interest. Have a 'specialist' at each of those locations and do some promo and demonstration. All those types of things.
You think people rolling eyes because the SP doesn't go anywhere, but I look at the whole sector and think differently. Why not when it has the MC close to some of those already licensed and already bringing in revenues for at least a year. I'll take that as a positive.