Ann: March 2023 Quarterly Activities and Cashflow Reports, page-10

https://www.merchantfunds.com.au/wp-content/uploads/2023/05/MOF-Newsletter-Apr-2023-1.pdf

On a recent trip to Germany for our medical cannabis transaction (HAPA) – from an outsider’s perspective the cities of Germany are alive and well with huge amounts of construction projects underway specifically in Berlin and Munich where we visited. European travel is back open and the planes I flew on were all relatively full and mostly on time, so it seems the travel issues we have seen over the last couple of years look to have abated somewhat. More about HAPA in the next newsletter once the pre-IPO round is completed.