Morgans Podcast - Distribution channels in US and UK for Mute & Turbine, page-8

malmanu,

In order to get to the 7 cent valuation the below sales revenues numbers were stated.

Note that the first 4 variables below are not Morgan numbers and my estimates only and are used for the purpose of showing what numbers could be assumed to reach the sales figures.

	Column 1	Column 2	Column 3	Column 4	Column 5
0		FY17	FY18	FY19	FY20

	Column 1	Column 2	Column 3	Column 4	Column 5
0	Wholesale Price (estimate)	$10	$10	$10	$10
1	Units/Store (estimate)	24	24	24	24
2	Stock turnover (every X months) (estimate)	2	2	2	2
3	Stores (estimate)	3,900	7,000	8,900	10,800
4	Annual Revenue (Morgans)	$5.6m	$10m	$12.8m	$15.5m

Given they have 2,500 stores (and aim to reach 15,000 stores, groceries and pharmacies, as quickly as possible) hence the stores numbers above are absolutely achievable IMO.

Number of pharmacy stores alone in USA = 67,000
https://en.wikipedia.org/wiki/Pharmacies_in_the_United_States

Remember the 2,500 stores they currently have globally only includes about 1000 US stores. Walgreens in the US have about 10,000 alone (which RNO are currently in ~900 at the moment).

These numbers also doesn't include Amazon and online stores which obviously adds to volume of sales as you point out malmanu but remember it's not the only driver of sales.