RE:People tried to warn you Many people like myself invested in Biome Grow due to its focus on the Atlantic Provinces, their great sales record and growth, especially for its popular Highland Grow brand, and diversified but now specialized portfolio.
Here is an e-mail I sent to Biome Grow addressing concerns about their stock performance and sudden website shutdown:
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Good day, this is xxxxxxxx, Biome Grow shareholder,
On March 9, 2020, Biome Grow released its Corporate Update with deep cuts and closures, notably the Red Sands, Weed VR, CBD Acres, St. FX University Partnership, Highland Grow expansion plans, Back Home, and Great Lakes Cannabis, which was unexpected as the company was doing well with increases in sales.
In addition, Biome Grow shut down its website unexpectedly with the message saying “Under Construction”, which was unexpected.
As a result of these abrupt major cuts along with a website shutdown, resulting in Biome Grow’s share prices now reaching a dismal record low of a mere 2.5 cents a share, investors like me are concerned that your company’s financial position is weak and worried that Biome is tethering on a brink of bankruptcy.
I’m also concerned that focusing on one or two brands like Highland Grow is not a good strategy and might hurt the company in the long term.
Therefore, what are Biome Grow doing to ensure investors that your company will be strong in the long term, ensure the website is operational as opposed to “Under Construction” during bad circumstances, and stick to its commitments to Back Home brand with the Newfoundland and Labrador Government?
I hope that in the future, when Biome Grow is experiencing difficulty, investors like myself are better communicated instead of keeping us in the dark.
Source: Mugglehead “Biome Grow tumbles after announcing major cutbacks” - https://mugglehead.com/biome-grow-tumbles-after-announcing-major-cutbacks/
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Here is a response that I got back from Biome Grow's "Investor Relations"
Good Evening xxxxx,
Thank you for your email. The website is experiencing an untimely technical glitch tied to regular maintenance, which we are actively working to resolve.
As you can appreciate, the market conditions have changed materially over the last year, and conditions continue to be dynamic and challenging. Despite these factors, the Company is taking measured and prudent steps to assess the evolving landscape and make the best informed decision it can given the situation.
To that end, the Company is taking every effort to look after all stakeholder interests, including without limitation, our employees, creditors, and shareholders and we will communicate any and all material information as it becomes available. Thank you.
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So much for website maintenance and glitch when Biome Grow's stock has now lost 99% of its peak value, and a sudden shutdown after the announcement.