RE:RE:To all my long friendsBlizzy420 wrote:
Always nice to hear from you SoCal. I can also confirm much of what you have said..... All of $proutly's commerical launches are dependent on securing the sales license from Health Canada. They are utilizing the THR facility in Scarborough for product formulation instead of growing weed and we are stuck in a holding pattern. With SoCal hearing directly from Dr. Sen and myself speaking directly with Paul Marcelino, I can see that we are getting a consistent message from the management group.
My story - The biggest warning I received (and ignored) was that the cannabis space is regulated and the regulators have all of the control (power). While I ignored that advice at the time, it has become obvious that it is true! The Health Canada team is holding a lot of companies hostage right now, not just $proutly. As we come up on the 1 year anniversary of edibles rules being established we must remember the industry is in its infancy and the upside is still intact. I know all the longs will continue to hold at this price, but I added 50,000 more for a mere $1800. Am I a glutton for punishment or a sucker for potential?
I do not believe you are a sucker or glutinous for punishment. Rather, I sense you are making a calculated investment against all odds. Big odds, could lead to massive losses or even more massive payouts. Penny stocks in a nut shell!
Just to add and ensure some clarification... Scarborough facility was never meant to be licenced and is merely a facility for creating the reagents necessary for the APP.
There is zero cannabis entering/exiting the facility. Therefore no licence required. THR is the licenced facility for sales of plants and seeds which also includes a licence to produce but not sell Infuz20/Oil(Ingredients).
The licence amendment THR was/is waiting for is the edibles licence to sell. A packaging and edibles licence is still required by the contracted packager.
That is why Sen amended the “business strategy” of leveraging licenced edible LP/Co, side stepping HC and potentially selling THR if required without hindering a go to market plan. Sell reagents and let them complete the APP.
No solo drinks for $PR without edibles and packaging licence but, they can play a crucial role in the development of products for companies that were lucky to receive and hold an edibles licence such as Canopy. Or, a co like Pepsi, which could afford to purchase pretty much any struggling licenced packaging/edible co anytime to jump into the game.
With that strategy, $PR is no longer at the direct mercy off HC and may open some options. What we are really at the mercy of, is striking a deal with anyone in or interested in the edibles game.
We should have signed something by now. But, we haven’t. So, as longs, we are forced to continue to wait and perhaps top up/average down if your calculations are palatable and stomach ulcers manageable. Perhaps IB will drag our sinking ship to shore with deals on which to leverage and supply $PR with some much needed success.