RE:RE:Hey Muttley! True that the top line may not grow over 10 mill in Q4. However the organic growth is going to add to ebitda regardless. This additional product can be used for internal supply of C21 retail operations which will improve margins and cash flow and/or be sold externally to drive the top line.
Phase 1 of the organic growth won't be fully in the results until 2022 but it will have a positive impact on the Q4 numbers. Just a matter of how much.
Also don't forget about the lighting retrofit of the existing grow capacity. This will add 20% to the yields in the original grow rooms over time in 2022.
As for valuation, I see a price around 1.30 to 1.50 as fair based on current M&A multiples being paid. This is without a lift from SAFE or MORE.