Soap Box, page-6

Thanks for putting this post together wasko! I've been doing my due diligence on the company over the past couple days and a number of your posts have been very helpful in getting my head around the business as well as potential upside. Couple questions regarding your post:

- Are you able to point me in the direction of where you discovered that the new outdoor fields to the west are yet to be used and hence didn't contribute to the FY23 crop? I know that the fencing construction commenced in August 2022 along with the 6 new PCEs, but that construction was delayed due to the floods in November 22. I didn't come across this info in any of the announcements so just wondering if I missed it or whether Nan has either confirmed this through email or in a presentation such as at the Peak Asset Management conference (I haven't been able to find the video).

- Can you confirm where you found the approximate $200k build cost per PCE?

- Where did you get the P/E market average of 15 from?

On a seperate note:

- are there any particular cannabis ETFs that you follow (or anyone else reading this post) to determine market sentiment or ways that you're aware of to track the price of dried cannabis flowers, much like you could for any commodity?

- Do you know of any asx listed dried flower peers that I could compare ECS to? I've briefly looked at CAN who currently have a higher targeted capacity but have a large amount of debt and a much higher OPEX to ECS despite having similar revenues the past few quarters. Seems like they are a few years off being cashflow positive and their EV is much higher than ECS which bodes well for the potential upside in ECS, although it appears they are further along in the IP journey.

Anyway, I'm still very much an amateur investor so any assistance is greatly appreciated but not expected

Thanks for your time and I hope this finds you well