ALL IMO
"I had looked into a fair few cannabis ETFs but yeah all seem to be overseas. Pretty much all of them have trended down since a big peak in early 2021."
Most speculative markets peaked early 2021 and have dropped. Take a look at the biotech space.
"Both CAN and LGP seem to be further in the IP journey (to my untrained eye) and use indoor growing facilities which is a point of difference."
Indoor growing facilities sure is a point of difference.
It appears the cost of those sophisticated indoor facilities is the reason CAN and LGP have so much debt.
ECS's poly tunnels are far more economic.
ECS can continue to expand organically
i.e. no more cap raises and they have a choice of extending the debt, which they recently did.
The ECS business case works and there is enough cash flow now to support the modest debt facility of $2m.
It is yet to be seen how much of the debt facility ECS will use.
It makes me wonder who put the business case together for CAN and why the NAB believed it.
GLTAH
