Ann: Quarterly Update & Appendix 4C, page-49

Just like other stocks, EXL was PUMPED like crazy to over $5 before the spectacular crash at such speed. They burned so much money that they raised from a placement around $3.90 from memory. It was madness at the height of cannabis fever. Even if the Democrats in the US are in favour of cannabis, it will take a long time. Elixinol has only enough cash to burn for 2-3 quarters so it will need to raise cash soon (not leaving it until the floodwater getting to their feet). Europe is always going to be more progressive to the cannabis trade. And if Elixinol cannot win Europe it does not have much hope in the US. What made me feel suspicious is when I searched the online catalogue of Boots Ireland, I could find a ton of CBD oil products from God-know-who brands on offer yet Elixinol was no where to be found. I asked the CEO in the conference about not finding Elixinol products on offer at Boots and the other Pharma in the UK. The CEO confirmed that there was no reason why they should not offer Elixinol products online so that would be something these companies might do later.

What I take out of this is that Elixinol is well behind other companies even in Europe. The announcement and agreements were probably mainly on paper and the real sales will be slow. They showed some photos of products on the shelves though. That is probably only at some stores in main capital cities. The other competing products are on sales well ahead of Elixinol products.

This rally of EXl share price might reach 100% from the bottom. We might see 28c soon. I love it. I am selling slowly now to lock it in and if it it gets to 150% from the bottom of 14c, it's even better. At some point it will turn around and drop by a huge chunk. It will be volatile and that's a trading window risk takers will love. I plan to make the most out of this before EXL share price will settle into a long period of tight range like the last 3 months.