Ann: IHL-675A in vivo results for COPD and asthma, page-27

There hasn't been options exercised since the 1.7 million odd since the 28th January. Since then its traded circa 36.5 million shares.

That is not what's holding it back, the IHLOB's were all predominantly exercised in the month of September and went from the 5's to 19.5 in the week of the 11th December, some 6 weeks later. This is because a big chunk of them were exercised by a number of the major shareholders and a big chunk of the 8 cent options from what I've been told are held by the same people.

The market is being driven by Technical Analysis and momentum more than ever at the moment. IHL tried to break 10 on multiple occasions and every time couldn't do it but the day it finally did it didn't trade at 10, it traded at 10.5 and higher and in fact the stock never traded at 10 cents again. This to me feels like a very similar set up, there's been two attempts at 20 so far with a top of 19.5 being the week of Dec 8th and the other being a top of 19 last Friday. IMO once this breaks I think it will move to the mid 20's very quickly.

The company continues to deliver good news and is the clear leader on ASX in the development of cannabinoid related IP - not to mention it is the only ASX listed company to be in the psychedelics space which IMO is the next frontier and I believe has been given very little value by the market in IHL to date.

Today's takeover by Jazz Pharmaceuticals of GW Pharma is the first time that Big Pharma has acquired a Cannabis biotech and in my opinion a landmark transaction in the validation of cannabinoid medicine. One product, epidiolex basically made GW which today was acquired for US$7.2 billion. With three cannabinoid programs in play in massive unmet markets and the only psychedelics program on ASX I for one like where we sit and this is the opportunity to accumulate I believe before 20 is inevitably breached.

GLTA

Ted.