IMO... CLI (knowingly and by design) had a fundamental change to...

IMO... CLI (knowingly and by design) had a fundamental change to the nature and/or scale of their business activities when they chose to run a hemp farm. And, IMO, they intentionally misled shareholders and the regulatory authorities by making out it was part of the R&D of their ag technology service offering because they knew the listing rules would otherwise prevent such a change in business, and that their ag-tech offering was value-less.
The fact that the foray into hemp farming failed miserably, and with such a material impact to the value of the company, indicates (IMO) that it was never an R&D activity as made out, and was in fact a significant change to the nature or scale of their business activity.
My understanding is that such a change should have required shareholder approval according to the ASX listing rules:
https://www.asx.com.au/documents/rules/gn12_changes_to_activities.pdf
As far as I know, no such shareholder approval was ever sought or granted.
Shareholders should be outraged and do whatever you can to hold those responsible accountable. IMO.

Mick - do I have enough "IMO"'s in there to cover myself?

IMO!