I finally sold off after holding since the days of $3+ per share, and now on a 70-80% loses. Gave up my last hope on this company after so many false promises that were given to all shareholders. This cap raise is nothing short of a joke. should have sold it when they purchased the Mildura site after spending $10m on Tullamarine site. I am not discrediting the potential of medical marijuana, and i believe in it, just not this hopeless company.
1) Cashburn rate is $1.3 per month, and they only have enough cash for no more than a month.Where on earth they spent on the money they raised in the past few years?
2) Their revenue is only $1.8m, and they expect it to be around $15-20m in the next FY. A 700% increased in revenue. Does it make sense to anyone ?
3) Peter mentioned in the 10 minutes video that the completion will require around $150m ,and the expenses to date is around $50m ($70m remaining). Where on earth they spent on the money they raised in the past few years?Knowing that this company current cash balance is around $1.6m, after the cap raise (IF ANYONE EVEN BUYS), they would only have $22m in cash. We will still need a lot of dilution in the future to bridge the gaps. And lets not joke ourselves that they will achieve the 700% growth in revenue.
https://www.canngrouplimited.com/videos4) Anyone realised that they rarely or never ever mentioned about the value of the contract they signed everytime they sign some agreement and released the news to the market.
Form an ex shareholder.
(20min delay)