THC don't have enough cash to maintain operations for another quarter past this one.
If you look at the last quarterly cash flow statement on 30/10 they had 4.028m cash left, and forecast to have outflows of 2.319m for the quarter we're in. This means they won't have enough cash to make it a couple months into 2020 without an injection of capital.
With the 55m options about to expire out of the money they won't be exercised like the company was relying on. Good for existing shareholders with there being less dilution, but it also inevitably means a capital raise.
Based on the cash they currently have and their burn rate, they will likely need to do a raise in Jan or Feb next year, possibly even sooner depending on how SP behaves. No company waits until their cash balance is 0 or nearing 0 before raising more funds.
This would also explain the recent mass sell-off, as there wasn't any price sensitive news to warrant the drop.
The last capital raise in May this year was the SPP at 15% discount being $0.50 raising just under $3m. How much would THC have to discount now in order to raise necessary funds?
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