Although their small percentage holdings are not classed as...

Although their small percentage holdings are not classed as significant I think you need to add John Ryan, the Furnish family and all US employees who are already recipients of company share incentives.
I would also be very surprised if there are not a significant number of other US based investors who are currently locked in until the escrow release.

John Ryan has been with Ecofibre since 2015 and given that Ecofibre did a number of calls for investment prior to being listed on the ASX, you must consider the likely possibility that Mr Ryan advised/sought out others in his US network to invest and if so, some of them may well be chomping at the bit prior to the escrow release to see it listed on the NASDAQ in a form that live trades can be done.

To add some weight to my theory a call for investment in 2017 prioritized current shareholders, then potential strategic investor(s) from the United States and last in the pecking order Australian based potential investors.