Ann: CEO Comment and Corporate Overview, page-60

This is a company which I dropped some time ago, but I've been following its progress with a view to re-entry. It looks like I might have left it a bit late to get back on board, unless there is significant further growth realistically expected in the SP, and I'm trying to assess what their future might hold.

I notice that quite a few posters compare IHL with BOT (one of the MC companies which I think has become quite expensive for a company with no revenue), but BOT's clinical trials are long term internationally recognised in-depth 3 phase trials with large numbers of patients, carried out in conjunction with leading international dermatologists into specific widespread medical conditions; so I don't think they can fairly be compared with IHL's relatively minor proposed trials, which appear to be just Phase 1 short term trials. Also, BOT have exclusive rights to the Permetrex delivery system, which gives rapid and much more effective API penetration of the skin.

Something which I'm not clear on is the apparent assumption that Cannvalate will sell IHL products, as I thought that Cannvalate's clinics just assess patients and then refer them to other doctors to prescribe for and manage the patients. I believe that at least one of the MC companies in which I have an interest sells some product on the basis of prescriptions influenced in this way by Cannvalate.

The main concern that I have is that it appears that IHL do not hold any Federal ODC licences, and that they only have a Victorian Government Health Department licence to sell and supply. We're all very aware of the painfully long time which it is taking to grant the various ODC licences which cannabis companies require, and it looks like IHL only applied quite recently for their ODC licences, so I'm wondering what they plan to do in the meantime. If any posters have some information on this, I would appreciate it if they could share that info.

Thanks,
Mike