Ann: Oral Devices and Cannabinoid Sales Update, page-33

Anyone who’s followed IHL for a few years could see the writing on the wall for the devices business, COVID simply accelerated the decision. I spoke to my broker today and he said there was zero cost associated with either the push towards China manufacturing or shuttering this part of the business.

Oils sales appears to be ramping up nicely. If quarterly revenue is increasing significantly without the contribution of the devices business then it should be a great year for penetration into that market and international wholesale supply will increase margins. I think we have an excellent opportunity to be the biggest player in the Australian CBD space.

It makes sense to initiate all these changes now and transition to a Pharmaceutical GICS code. Believe it or not this is important, particularly as the IP develops and potentially attracts interest and capital from other parties who are interested in commercializing a drug in a billion dollar sector, not mouth guards.

Only weeks until stage 1 ARDS results and the OSA and TBI trials to follow. Exciting times for those who are shareholders.