Thanks mate, gave him a call and had a chat. I'm not really sold...

Thanks mate, gave him a call and had a chat. I'm not really sold on the answers from him alone - while I get there was never going to be anything they could say to me that wasn't already released to market, he was basically reading off of a placard/email in response. As I said in a previous post, I've emailed the company twice and received no response - so I basically asked him what I was asking via email: In the March quarterly we said we had enough capital for 3 quarters, and in prior announcements it was already stated that Capital Raising wasn't going to be a consideration. Further, the $4M debt facility was stated as being in place for "scale up" of business, so essentially that should be covered off on as well. Therefore, I'd like to ask for further clarity on what THC meant when it said the placement/SPP is being "used primarily for working capital purposes" as it doesn't seem that we needed it to get by.

He basically semi-sighed and then said this is what the company has given him to say, and quickly rattled off a number of things:
They're increasing production at the Southport facility
Canndeo is scaling up
There are international markets that are ready to be taken advantage of
Telehealth had a 30% increase in referrals/interest (whatever it was that was announced)
Referred me to the Canada announcement today and said this is a great result for during COVID sales, and that cannabis seedlings are being grown to also be sold by the Canadian business as an additional source of revenue in the future.
They're preparing for the change in legislation next year surrounding CBD
Increasing purchase of product/plant
Finalising import authorities; and
Preparing for first exports to Europe and Canada at the end of the year.

My apologies, I couldn't type as fast as he could speak so my notes are cut - probably missed one or two lesser value adds there. Anyway, he seemed hurried and didn't sound like he had anything further to add beyond what he'd read out to me so we left it there.

While the above sounds great, it still doesn't really answer my question. If the Canadian business is going so well, it shouldn't need significant capital injection to boost operations. The general running costs should have already been in consideration with regard to international markets, licenses, and exports. Southport has been so long in the making you'd think this would also be built into their expected outgoings. And the debt facility was specifically for scaling up of operations.

I'm not going anywhere, I'm still remaining invested in THC, but I won't be participating in this SPP (not that they didn't get the funds they needed from instos anyway). But my confidence in management's promises of delivery is damaged as there just doesn't seem to be any purpose to this dilution. This could've been done later in the year at a higher SP. A lot of the above was meant to be part of all the company transforming actions that were set to occur at the beginning of 2020, while COVID has played some part, we're still not where we should be. I know that I'll be putting a decline on a lot of the voting resolutions as a message to management.