I simply just cannot get my head around the 407K lbs biomass @ 2% CBD odd. This means, IMO, that at least that or more must have been left in the paddock. Even the CBD %ages are unbelievable. I had suspected that there was some crop wastage but never the lot!
IMO, CLi would have been given CBD %ages at the end of Sept with the THC compliance %ages and if there was something awry then, it should have been reported
The feeble excuse of the frost damage to both poundage & CBD is still not credable, IMO, and perhaps the Board & Management may have also to
answer to ASIC. The ASX /ASIC should also inquire about Ms Silver's sell down of shares too, IMO.
The big qustion is when did the Board & Management know about the crop being half of what was forecast in poundage & 20% of what it should have been in CBD%age?
If this was managed by a "grunt" farmer, then there might be an excuse of ignorance. Instead it has cost us a fortune employing a hemp sepecialist & expert agronomists, paying a premium for seedlings & seeds that wer supposed to yield high poundage & CBD as well as a CEO who ought to have had a risk management strategy in place. Instead of the DL contract being risk minimisation strategy, it may very well be adding to our risk later, IMO.
The reason that I have waited to post is because I went back and re-read all co announcements since last January. Reports up to the 31st October
indicated that everything was going well and that the DL contract was activatedl; otherwise there would have been an ann because that is market sensitive, IMO.We know now that this was not so.
If CLI were buying in CBD to meet the DL contract, then the market should have been notified immediately, IMO. There is obviously been a default in contract now which may leave CLI on the hook if DL cant find alternative supply at a comparable price. At present, however, that does not seem to be an issue.
IMO, I stand to loose a lot more than the average poster here and , again, I simply can't believe what has happened. I spoke to a person over a week ago and I was advised to read the co anns and disregard social media noise. How wrong was that!
All IMO only and investors should always consult a licensed financial advisor before making any investment decision.
PS: The company's credability is now zero , IMO, and it will have to address that first of all which may mean changing more than the Co Secretary.
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