Wow just so brutal, its amazing how we were saying, literal years ago at this point, that CAN had NO way of paying the interest on the debt let alone the debt , yet the bank lent to CAN, with no way of getting their money back. Like usual, all the management that made the worst decisions have all left, pockets full, shareholders left with nothing . Not long until company is in administration. Its basically legal theft, how they spent over $220 million in the last 4 years and be on the verge of bankruptcy is puzzling, Im betting a lot of 'contractors' were friends of management easy transfer of cash out of the company. They spent over $220 million, not producing as much cannabis as ECS, nowhere near cashflow positive, what do they have to show for it?! A glorified warehouse. An investigative journalist would have a field day with CAN.
Then here we are ECS with financials that are miles better than CAN by any metric, and apparently we cant get more than $2 mill, prob has a lot to do with NAB likely taking a $65 million hit with CAN, as they are unlikely to get much back from firesale of their facility.
ECS Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
