Worse than I thoughtA deeper dive into the numbers is scary.
This should have been our strongest quarter of the year (based on previous seasonality). Instead, we dropped hard in the dispensaries. This means we're losing market share in our biggest stores that should be bringing in more money. It also assumes NO growth in Palm Springs and Portland.
I would really like more transparency for each location's revenues, but I doubt that is forthcoming.
Taxes owed is also terrifying. No wonder they needed to get a private placement at such a low valuation. They deperately needed cash. We had plenty, but tied up too much in the damned cultivation facility. Just stupid. Now, we barely have enough to eek through Q4. So much for having cash on hand to pounce on attractive retail opportunities.
By the way, seasonally, Q4 goes way down in dispensary sales. Get ready for UGLY numbers in the New Year.
Management needs to get out and start giving some updates. I can easily see a bigger fish come in and buy us out for peanuts.
Happy I didn't investy too deeply in this one. Risk-reward was attractive, but things are certainly turning.