RE:RE:writing on the wallsYou are completely ignoring the elephant in the room - Greenspace's debt burden!
With deferred consideration included - $8m of which is payable next month - they have over $20m in debt and growing. Any buyer takes that debt on. Why would you do that in a business that cotinues to haemorrhage cash? The answer is only if there is an opportunity to quickly grow the brands, but the big ones are now looking close to maturity in the Canadian market.
Last quarter net sales were $11.3m. That gives an annual run rate of $45m.
They are desperate with little negotiating power and time running out, so a sale price in the 0.5x-0.75x net sales range is realistic. i.e. $22.5m - $34m. Take off $20m of debt and that leaves $2.5m - $14m for equity holders: $0.03 - $0.175 per share.
If they don't sell something quick, the debt holders take over and it could go to zero.
Given that risk to the downside, I would steer clear. Anyone buying this thinking that they are going to get $0.35 per share is living in a fantasy land.