When I first started following this company at 1.8c I didn't see...

When I first started following this company at 1.8c I didn't see value. I worked out the value of the company from the perspective of a competitive producer and factored in their contracts, management and ability to raise money amongst other strengths a listed company would have.
What they had at the time was a rented field in Slovenia, a licence to grow industrial hemp, and they had purchased extraction equipment which wasn't that expensive.
The reason they were worth more was that they claimed to have an exclusive strain of hemp/marijuana that although not protected had the highest CBD levels in the world for a legally strain - less than .2% THC. They may have this strain but without protection and the apparent application to grow it, it seemed less valuable to me.

Now what the company has is:
Miniscule sales figures.
The exclusive strain.
Extraction equipment - less than $100k (I think)
PANAX
Epilepsy trials
A soon to be completed cleanroom.
Management


What they don't have is:
A Slovene licence to grow MM
A licence to extract resin/oil.
An Australian licence for MM
(To me these are the absolute most important things and the only reason the company should be worth more than a few million)

Could someone please please please explain to me why this company can justify a mkt cap of $80 million?

I'm asking because I've been wrong about this as a stock and would like to understand.
I honestly believe this stock will crash and burn if they don't get a licence, but a) they could get a licence and the company may be a success, or b) the price stays up for as long as the 'possibility' of getting a licence exists.

When you look at the history of international pot stocks. A lot of them boomed then crashed.
I didn't think Australia would follow the same patterns.
I don't know if MGC will either.

In hindsight I regret not buying in but I don't regret the research I put in to come up with the decision not to buy.