Lucky, well put! A coherent argument with facts to attempt to...

Lucky, well put! A coherent argument with facts to attempt to support the notion that MMJ has value greater than $5M (my conservative base case assumption). As I mentioned it is entirely possible a separate clinical trial could be launched, but none have been launched to date and there's a reason - they are expensive and there is a lot of competition, so to speak. Look at GW Pharmaceuticals, with >300 R&D employees and burning >$100M in cash a year to try and progress very similar drug formulations and delivery technologies. I just think it is a very hard square to chase unless you are very well-resourced and advancing quickly towards a Phase II by now (which Phytotech is, but only on Satipharm's GelPell product).

Also, don't get me wrong, I think the HVST assets (UG and Satipharm) are meaningfully undervalued by the Canadian market - at todays close share price of $1.00 that's an enterprise value of only ~$90MM (on an EV/Production capacity basis, it trades at a 50% discount to peers, and on an EV/EBITDA basis, a 40% discount - depending on your financial model assumptions of course). I fully expect: 1) UG's receipt of their license to sell, 2) progress on the expansion projects in Duncan (which I've been to), 3) the launch of GelPell capsule marketing and promotion program in Europe (and to a lesser extent Australia), and 4) the successful funding of the proposed streaming deals to expedite ancillary cultivation facilities in Canada, to all be near term catalysts for the overall entity. I'd just rather pay ~$90MM for UG+Satipharm than pay the implied ~$180MM for UG+Satipharm+Phytotech via buying MMJ shares.