Hey Hope, Whilst I haven’t been posting these daily NTA updates,...

Hey Hope,

Whilst I haven’t been posting these daily NTA updates, I’m still holding strong and definitely believe, like most others, MMJ is still undervalued.

Whilst it’s not undervalued like it was ~2-3 months ago (when NTA was in the 40c range and SP was around low 20c) we’ve still got some way to go. From my last look pre-tax NTA was mid-high 30’s and post-tax around mid 30’s.

The discount has been coming down as MMJ’s investments in Canada have come down slightly(reducing NTA), yet MMJ’s share price has stayed steady/increased slightly after the announcement of the capital management initiatives.

I want to also chime in on COD’s post made earlier. I completely agree with the sentiment - what a great play by MMJ having bought Medipharm pre-IPO and winding down their position during all-time highs. Now, it was only a few months ago where Medipharm was at euphoric highs, and posters on this forum were having a go at Jim for selling down MMJ’s ‘best performing asset’. With hindsight this was a great move it was to sell LABS slowly and not just speculatively hold (given the subsequent SP movement in LABS afterward).

MMJ’s approach to portfolio management is active, and they must continue to lock in profits in line with their investment approach or they risk exposing themselves and investors to undue levels of speculation and/or miss out on other lucrative plays when they present themselves.

A few of my unstructured thoughts. Will continue to hold MMJ for the foreseeable future.

Cheers,

CappMan