RGT (ASX) Ann: Trading Halt

Originally posted by Reillyblue ↑

Hey Tuts,

In response to your post.
The only updates I have found referred to a research license that MXC has submitted with RMIT. That will lead to research on Melanoma and hopefully products from there.
"In September 2017, MXC submitted its first application to Australia’s Office of Drug Control (ODC) for its medicinal cannabis research cultivation licence for its collaborative research initiative with RMIT University. In recent months, RMIT and MXC have been actively working with the ODC to progress its licence application through the approval process. The Company and RMIT hope an Australian research cultivation licence will be granted in due course, and are actively engaging with the federal licensing body on any further requirements and next steps. "
They have been a bit ambiguous with their wording. In January 2017 update they mention that they "have commenced the application process in Q4 2016." That is not saying they have submitted an application. I think this has been a problem with their early communication. You can read a few things into that. With hindsight it is pretty clear that they didn't submit and had a fair bit of work to do in order to meet criteria. Part of that was partnering with RMIT.
So we know that they have submitted an application for a cannabis research and cultivation license and this focus will be on melanoma treatment with RMIT. It has been with ODC for 10 months.
From an article published by * today and about QBL they state "
Queensland Bauxite’s potential acquisition of MedCan comes with a medical cannabis growing licence, granted in November.
Mr Feldman believes they will have a permit — the document that allows companies to start growing medical cannabis — and be growing plants by the end of the year.
The Office of Drug Control’s turnaround time for cultivation licence applications is about 12 months — only five have been granted since November. As of last week 18 had been issued."
While that is not the same type of license it does give an indication of timelines. I had followed some other companies timelines and they were between 7-12 months for other licenses.
It is important to note that while we don't have any applications for the other Australian Licenses, MXC have been quite clever in navigating this. They have now all necessary licenses to grow in Europe and as such can import into Australia through their partnership with HL Pharma. They have necessary licenses but my understanding is they need to get specific permits for each item imported i.e. cannepil.
In terms of updating shareholders if you go back and read the updates they have been very transparent. I think your criticism is valid in the sense that they may have allowed shareholders imagination to run a bit. By that I mean "have commenced application process" on first read is they have submitted. When in actual fact it was probably more of mxc getting clarification of the process they needed to go through. Certainly could have done with a clarifying statement along the lines "we have yet to submit formal documentation."
In terms of twitter, it is actually at the bottom of most of their documents that they put out. However the one I follow is Roby Zomer's. That is the one that you get the most response from. I'd also add, I was not a twitter user at all until very recently. I have holdings in a company AGY whose management use it frequently, not to release any price sensitive information, but to communicate with share holders. I got on to find out information directly from them and I find it extremely useful research tool. I would say to comments like the one from pnh "that there is no value in tweets,"; you are literally putting your head in the sand. If we are researching companies then I will use any means to find out information to better inform my decision. There are 330 million twitter users and when the 2016 presidential election was on Twitter was the number one source for news. So not engaging in twitter makes as much sense as using a newspaper to get stock prices.
Hope that helps.

Expand

Many thanks @Reillynlue. Much appreciated. i may be wrong re date of application. i however saw this article which dates nack to April 2016.

https://www.google.com.au/amp/s/www...ense-to-grow-cannabis-in-australia-2016-4/amp

In any case it would be good if we got an update to see if MXC has received any feedback from the authorities as it has been a while anyway.

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Many thanks @Reillynlue. Much appreciated. i may be wrong re...

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