100% correct. MMJ mentions this in their presentation that Phyto isn't included in the valuation. Phytotech with all the patents, research and intellectual property could be worth a lot in its own right given time. They could find a break-through that everyone will be scrambling for if it improves bio-availability of the MC drugs etc.
Ann: MMJ Core Cannabis Brands to List on TSX-V via RTO-MMJ.AX, page-60
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