Happy or not Happy ??, page-49

Hi Bas,

With regard to start-ups, I would certainly put AC8 and CAN in that category, and for me they'll remain there until they start distributing and selling product, and earning revenue. BDA have manufacturing and distribution networks in place, so they are progressing beyond the start-up phase.

With regard to Page 35 (and the rest!), we can see now why the announcement took so long to be finalised. I have never come across such a complex ann, much of which I would equate to over-the-top stating-the-obvious warnings on some products, but the ASX and the QBL lawyers have gone to considerable lengths to cover most possible eventualities. The statement regarding a potential requirement for a further suspension is certainly puzzling, and something which I have never previously encountered.

As for the CR at 8 cents, I wouldn't want to be the underwriter. I think they'll end up with a rather large parcel of unsold shares, unless something dramatic happens in the meantime.

For me personally, it's no big deal. When I saw the Buy/Sell figures yesterday, I put in a Sell order, and the small parcel which I've retained to maintain an interest is almost keeping its nose above water (with a little inhalation of liquid occasionally).

I was hoping for a clear-cut spin-off of MCL with an in-specie distribution to QBL holders, and I was also hoping for a much simpler path forward for MCL with as little as possible share dilution.

Nevertheless, when you look at all the irons which QBL has in so many fires (or should I use that overworked expression "All the boxes which it has ticked"?), it's hard to argue with the fact that QBL/MCL appears to be well advanced on any other ASX-listed cannabis/hemp company. They certainly have more of the essentials covered than any other company (a seed bank, cultivation farms, processing facilities, marketing, distribution, highly experienced personnel with real know-how, and probably the requisite licences).

Although we don't have any up-to-date revenue figures, I suspect that QBL is earning considerably more than any of the other Oz cannabis companies, and by the end of C2018 I'm expecting that they'll be way ahead of the competition in cultivation, processing, production and earnings. And maybe getting on with importing and distribution of imported product.

Unless the dreaded Gremlin strikes in the meantime!

Cheers,
Mike