Thanks, Chris, for that detailed reply. If you look at the reposted Part 2 post. The answer is there. The ASX gave CGB formal approval to relist contingent on all conditions being met and all waivers being approved for relisting on but not before 25 Jan 2019. No mention of added Directors in there.
"Are you suggesting that CGB merely jumped on a hype bandwagon, thus it is not their fault none of their claimed deals or projects have developed into a viable business?"Not at all, Chris. The company had already started before the main hype started, I believe.
CGB was still responsible for seeing through any deal to completion. Those deals failed to materialise. So...they must take responsibility for the failure of these deals to materialise, but I mentioned that external factors also affected operations, which affected the whole industry. I told them that they needed to be tougher with operations and management and also find better ways to inform shareholders for transparency.
"Do you honestly believe they have managed these challenges well?"No!
"Did the BOD investigate alternative methods of sale, such as Ubereats and Doordash?" They dont sell prepared meals. They were also focused mainly on wholesale distribution with a few specialty stores and an online shop for Retail, as I am aware. I disapproved of the wholesale distribution as being their main model and also informed them that they would fail if they didn't have a good Retail model in place. We have seen the result.
"Please give examples of challenges that CGB faced and what they attempted in order to overcome them."It's in all of their announcements and the post I recently placed here where Andrew Kavasiles discussed the challenges faced by the industry over the past 4 years in the interview with Sydney Criminal lawyers.
"They do not grow medical marijuana in Australia, so the pressures of oversupply in Canada would not affect them. Nor would any Australian regulations. Plenty of other companies are rapidly expanding their greenhouses to grow and meet market demand."True, CGB contracted or entered into agreements with partners for Med. cannabis products and farmers to grow hemp seed for them, with Andrew Kavasikles as the Technical Director, at the time. But with past droughts, COVID etc., many struggled and failed to deliver, and there is already a saturation and oversupply building here in Australia. Look at Medifarm(Tikkun) in QLD opened by Greg Hunt in 2019 with the govt spruiking it as a state-of-the-art facility and as an example of a good business. It closed.
https://hemptoday.net/creditors-to-meet-next-week-over-fate-of-troubled-australian-company/Australian legislation definitely affected CGB's business model. Just ask Andrew Kavasilas. Even with the blocking of John Easterling's formulations from coming into the country.
"Many of them may require a further injection of capital, Which CGB has already had multiple times. However, many of them are actually progressing with sales of their products, and are consequently a much more attractive "gamble" for investors."CGB has requested far less from shareholders than some of the other guys. Look at my chart @
$17,770,000. EXL: $142,477,000 / CAN: $141,477,000 / EOF: $51,316,000 / AC8: $57,869,000 / MXC: $66,797,000 / AGH: $72,380,000 / BOT: $77, 831,000 / MDC: $61,205,000 / ZLD: $28,561,000 / LGP: $39,145,000 / BOD: $34,375,000 Gosh....
"many of them are actually progressing with sales of their products..." What is Fusspot and Grassroots? I know you analyse things well but, Chris, come on! CGB, from my understanding, with 21 Qtrs of funding, now has to prove to its shareholders that it can increase sales of its new products on the market with Grassroots and Fusspot and its remaining brand, Vitahemp.
I guess time will tell.
