In regards to their prescribers, they do not make any money from...

In regards to their prescribers, they do not make any money from them. They earn revenue from pharmacies ordering stock via their wholesale arm. They do not charge prescribers any fees to use their platform. Again the idea is to push volume through the warehouse.

As a result, even though prescribers may use their software to generate prescriptions, pharmacies can actually order the stock from an alternative supplier if its cheaper or more convenient. Many larger customers are doing so, hence why I believe they do not have a moat.

It would be like saying Sigma has a moat - they clearly do not as their gross profit margins are under 8% from memory and customer churn is relatively high amongst the 4 main pharmacy wholesalers. Pharmacies generally want the best deals as the service and product offering of most wholesalers if fairly similar or the same.

The cannabis wholesalers could eventually become like that if competition continues to put pressure on the unusually high gross profit margins (30%+) they currently enjoy. I would not be surprised to see margins in the 20% range within 12 months as companies continue to compete for market share in this very attractive industry.

12 months ago, I would say Canview had a moat as there was no competition in the market to put this to the test. It is a different dynamic now but I still think there could be some value at these levels as the market as a whole is still growing strongly.

My bigger concern would be DoD if it is loss making for an extended period. I don't think the doctors on that platform would necessarily want to be pushing VIT's products and would want to see that business unit making a profit on its own two feet.