The main reason being, IMO, is because of the high number of MXC...

The main reason being, IMO, is because of the high number of MXC shares on issue = approx. 1.1 billion. I wouldn't say it's undervalued if you look at the Market Cap = $51 m approx., and that is without revenue. If you compare the market caps of some other Pot Stocks with that of MGC, you will see it is actually in the ball park...

MXC = $51 m (approx. 1100 m shares issued)
AC8 = $74 m (approx. 124 m shares issued)
ZLD = $38 m (approx. 422 m shares issued)
CAN = $79 m (approx. 66 m shares issued)
CPH = $33 m (approx. 65 m shares issued)
THC = $13 m (approx. 42 m shares issued)

CAN & AC8 have trended higher in recent days/weeks as I believe the market is pricing in higher expectations based on recent positive news for those companies. If you look at their Market Caps just 1 week ago, you would see approximate Market Cap figures for AC8 = $56 m and CAN = $57 m.

I would also question the quality of management at this stage...