Emails to Company Going Forward, page-21

Hi All,

I think it is unfair to make those assumptions about Brett. I don't believe there was anything sinister about his move from MXC just that he'd been there a long time and the schedule of late night board calls, travel etc became wearing which is totally understandable given I have been doing the same thing with HAPA Pharm over the last 7 years - its honestly exhausting.

The sector has been absolutely terrible for a long time and no one person is responsible for this but the industry as a whole - there was too much hype and this stemmed from the US firstly. Look at Canopy and the deal they did with Constellation Brands - $5B US in at a $25B US market cap - they are down in the last 4 years about 97% so even the most educated, largest companies with all the manpower in the sector, got it wrong. The survivors though will prosper and my thoughts are this sector is a tightly coiled spring ready to go on the first sniff of good news and this good news will come again from the US with the relaxing of the Federal Laws and associated Tax status of MC companies.

Regards,
Andrew.