I don't think it's converted options being sold because a) if...

I don't think it's converted options being sold because a) if they were held by directors they would have to be announced and b) the offers have remained around 1.2m on any given day (most of them way above the action) while the bids have fallen back from around 800k-1m+ to 400-600k.

Buyers have stopped lining up, probably because they've got theirs, and any selling above $1.70 has scared people into selling. Bear in mind that a lot of MM investors love the fundamentals and the potential but don't really understand the anticipated timelines to generating income, nor what a $400m+ MC company normally looks like (ie you'd expect a bit on income for that kind of valuation). I think 90c to a dollar might come back, particularly as that was resistance before Hunt announced export licences. If AC8 had product to export, that might have stuck but we'll be importing from Canopy for a while before that happens (which, mind you, is back near its all time high).

Not willing to make a recommendation. I'm happy to hold because I'm above my buy in price but don't know the extent to which people are about to sh1t themselves anymore..