Ann: Investor Presentation, page-39

I tend to agree with you there Wasko.
I also have big doubts as to whether these end-to end operations can hold onto their vertical integration model - and the multiplied profits that are supposed to flow from that.
It all depends on their clinics keeping a near-monopoly on easy access for patients - and i personally believe that is very shaky.

Everybody wants a GP - and why wouldn't they? And, there is a generational change already underway in that profession - albeit in quite early days, but more GPs are prescribing every day. Big clinics still hold the cards for now, but that will start to erode pretty soon. (imo)
- then these companies will have to compete in the free market, instead of being able to hold their clients to expensive restricted services and products as they can at the moment.

Personally i think they are in for a big shock - Australians don't like getting a raw deal on their pot.
Just my reading, and i may well be wrong.
Anyway... i'm digging my wombat hole right here, even deeper today. I reckon i know a safe stash spot when i see one.