Ann: Q&A on the merger of QBL MCL and Medcan, page-31

I get the idea of your post but that is simply not true.

Your % equity was dilluted, that is true. However, note that QBL (at consolidated level) also acquired the assets or net assets of MCL including ODC licence and DA approved facility. Assuming that the transaction was carried at arms-length exchange, the dilution in your % equity should have a corresponding increase in the net assets of the company you are invested. To illustrate

Prior to acquisition original shareholders have 100% share to QBL net assets
Post acquisition - original shareholders of QBL have 57% share to QBL + MCL's net assets

Of course one can argue that net assets of MCL is overvalued compared to the fair value of QBL's shares given up, but the opposite could be true as well.