The difference between the two companies is staggering.
I watched BOT, AGH and IHL in 2019 and chose IHL at 2c for various reasons.
As you say, Director Skin in the Game, Progress and genuine tenacity in communication and walking the walk is miles apart between the two.
Joel Latham is a seriously good CEO, and does exactly what he says. Both with timely pivots and business development that match what he says when contacting him, and with his wallet. Dr Sud I have not had the pleasure of speaking with but his wallet does the talking. The entire BOD are Top 20 holders and have put out their wallets for more shares, and take very small salaries.
BOT at least has going for it the FDA pathways, which make it the only non-IHL ASX cannabinoid stock to have any validity. The rest are utter rubbish and lifestyle companies with zero chance of their drugs making it anywhere.
I view BOT as a lifestyle company with the potential for a drug to make it to market, but its not sexy. It doesnt target unmet needs with no existing pharmacotherapy like IHL, it has no "moonshoot" potential. And IHL so far has no in-human clinical results, yet boasts the valuation it does.
This is in my view, partially due to the nature of the company and the psychology surrounding it.
What is very interesting is seeing Euroz Hartleys cover BOT lately, and some would know that it was a Hartleys Broker that first supported IHL in 2019 and bought a large chunk of the register for their clients and backed the team and the story. I wonder if the same man is backing BOT in this case. I'm not sure, maybe I should ask him. But I actually don't think so, it is likely a different team.
Nonetheless, I find it rather humorous that two years ago BOT was the shining star of this sector on the ASX and IHL was the smallest by valuation company in the space, selling mouthguards and just making the pivot. Everyone took the **** out of IHL and BOT was considered the most "derisked and legitimate" in the space. Oh how the tables have turned. And many many bags later.
Good luck to holders, I will probably never buy BOT but will always be intrigued to see how the story pans out in the coming years.
To see if it is possible, kind of like IBX for a lifestyle company with a genuine chance of product making it to market to return value to shareholders.
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