The extraction machine is mentioned on page 7 and page 9 of the...

The extraction machine is mentioned on page 7 and page 9 of the Pitt Street report as being redirected to Murray Meds.

There are some curious estimates in the forecast financials on page 29 of the Pitt Street report, looking only at '2022e':

• $6.2m revenue, revenue growth 400% - the estimate is conflicting with the notes to the financial statements in the company's annual report which states that no contingent liability was recorded for Performance Rights B (revenue > $2.5m in financial year within 3 years of listing) as management consider achieving the milestone possible but not probable.

• $0.3m capital expenditure - spending predicted to almost cease in contrast to previous period spending and management's cropping expansion plans for VIC and TAS.

• $0.2m depreciation and amortisation - seems rather low when ~$3.4m spent last year on PPE and amortisation on intangibles was $90k (refer to notes 13 and 14 of annual). A thought that comes to my mind is that a significant proportion of those assets are not expected to be ready for use in FY22??

What is the general consensus on the independence of these paid research reports?

I felt the dark shadow of conflict encroaching just typing that sentence.