The Cronos Australia prospectus lists an "asset-light" business as being the strength of this organisation. In reality, there is no business here - it is a farce. They plan to import Mile High Labs (generic CBD oil) and sell it to Australian patients under the Special Access Scheme.
REALITY CHECK
CAU have never brought a single cannabis product in to Australia CAU have never made single dollar (Pre-revenue company) CAU have a cultivation and manufacturing license for a now defunct facility in Daylesford which they are not intending on using CAU have no credible cannabis-industry executives CAU have zero patents lodged with IP-Australia CAU have zero land ownership, zero facilities and zero assets (this is not asset-light but asset-deplete)
It is a farce and an abomination that this company raised $20M and a post-money val of $64M
This will undoubtedly deflate to an EV of $0 so a market cap of $20M which is the amount of cash they raised from gullible, (un)sophisticated investors.
CAU is not only late to the party, they have attended the wrong party.....
CAU Price at posting:
36.0¢ Sentiment: None Disclosure: Held
