From Yahoo finance discussionsLatest quarterly financials of (post-merger) Tilray show some 70 million distribution revenue in Germany, ie. some 280 million annually. Assume Agra via Farmako achieves half of that (140 million - difficult to guestimate), and assume P/S multiple for such low margin business is 0.7 (probably prudent assumption, since we are in pharma in a wider since). That alone would account for 100 million market cap (plus the higher margin, lower volume test kit business).
Where to get the cannabis to wholesale from? Maybe from Macedonia, per the June SH Letter. What does it take to buy EU accepted medical cannabis from a third party? Cash.
Now, think about share buybacks again.