General discussion, page-15

BOT has larger cash position atm but also far larger expenses. BOT was trading at basically cash backing after they got nuked from the failed AD trial so if you were to believe that they would have a successful trial soon then those odds for risk/reward are great.

I think especially in this climate, maybe many are waiting for IHL to actually come out with a trial success in order for it to be recognized by the market. We have no history of clinical trials to date unlike BOT who had seen a successful Phase 1 Acne and Superbug Killer Trials, seems a derisking is necessary for some punters to jump in.

As for the oils sales and patient numbers, I still think that hasn't been properly factored into the SP.

There are literally other ASX MM stocks with less patients, growth rate and unit sales than us, who are trading at around 20-30M MC or so with even worse balance sheets. IHL was trading at 10-20M MC as just a dental company before their foray into Medicinal Marijuana.
In that regard, I still see IHL as a 50-60M MC stock before any trial results or further growth in oils sales and growth.

Add OSA + TBI successful trials to the IP Portfolio of IHL, and IMO I'd be automatically thinking 200M MC+ if not for the climate of the market atm.