Ann: Quarterly Report and Appendix 4C, page-13

I don't think the report is worded well or very clear on this stuff, so I don't think it's unreasonable to interpret it that way. But I have no reason to believe that the fundamentals of the business just suddenly collapsed and no one wants their hemp products. They're still executing the story just fine, I think it's just bad timing, they decided to change things up right at the end of the quarter, so the benefits will happen the following quarter. If they only reported annually we probably would have never noticed this blip. But I guess we'll see. It's not a bad time to take some profits if you're a bit spooked.

As for EOF, I wouldn't say $9.3m vs $8m receipts is "well above". Their cash burn is much lower, but that's because they're spending far less on marketing and capital expenditures. EXL seem to be far more ambitious, going for market share, and I think that's the right strategy. EOF is priced at the same premium, but without the same growth prospects, so it may take a lot longer to grow into that premium.