Ann: Zelira Full Year Results, page-8

Hi ArielStarr,

The whole industry is very fluid at the moment, IMO. I believe that in Australia, we are really only at the halfway point in a development cycle if we use the pharmaceutical industry cycle of 10 years as a guideline.

The one stock that is doing ok has over 10 years of International experience at the moment, and big US dollars behind it, and, tbh, the market is still trying to determine if it is a real winner. It could be, but I am still wary of the high costs and how much they have to spend to get their profits.

The Australian industry, IMO, is still saturated, and they still have to try and work out how to get all the players together at the same table. We need more empirical data to prove efficacy, and we need more consistency in the quality of flower, oils, tinctures etc, but most of all we need a strong regulatory foundation from govt. to ensure that the $1+BL already invested wasn't a waste of time.

Now, time will sort out the main players, and we will still see many more go to the wall, unfortunately, and IMHO. This is a long-term investment project. We are at Yr 5, coming out of 80 years of prohibition. I am watching rather than recommending any of them.

That is a frank assessment.