Serious Question - US Trader - (not me, a friend) deposited 15k into forex.com MT4 account 18 mos ago now has $3MM (I've been with him the whole way, it is 100% real) and they will only let him withdrawal initial 15k - is this true and why would this be the case. Thank you.
I'm doing a tribute to the 24 days of Christmas by going over the financial statements of 24 companies that are considered downrange, speculative, and just plain high risk. The legal cannabis industry already has a ton of risk in it - but this stuff - is only for thrill seekers. All opinions are my own, and certainly not a recommendation for or against any of them, or to buy or sell. I've limited myself to 45mins to each, and kept to most recent financial statements and MD&A's. You'll likely know more about the company than me if you're following them. This is only my reactions with a brief commentary about what I see in their latest financial statements. I haven't been consistent in following them all over the past year: some I have, others not. Ah, it's that time of the year again. The smell of chestnuts roasting....the sights of snack tables filled with shortbread & egg nog....of lights and decorations and presents....and that time when the elves revisit the route on their 2017 Dive Bar Pub Crawl. Some of the share prices have been up and down faster than a toddler's mood. Let's take a look, and see who has been 'naughty' or 'nice'. MPX - MPX Bioceutical Price then: $0.40 - Price Now: $0.87 Recently, I toured their Nevada facility, and wrote their financials up here, and you can find the grow op writeup here. Gonna cheat a little this year, and refer to that. KALY - Kalytera Therapeutics, Inc. Price then: $0.29 - Price Now: $0.065
That very expensive Talent Bio pickup wasn't so expensive after all. Bottom fell out of a contingency payment, expected liability turned into income. Presto!
Note 5. Reads like the script from a Mexican soap opera.
If you decide to read Note 5, have a box of tissues, a spreadsheet, a bottle of rum, and a bowl of popcorn handy. You might have need of all four during it. Or maybe just the rum alone.
That $12MM write-down of expected contingent liabilities in Talent landed them $0.01/share in diluted EPS.
Woooo! They're profitable!!!!..???....
First time I've ever seen income derived from G&A.
A true Dive Bar HOF nominee: the 'secured debenture' remains. Note 7.
Best reading yet: Beetlebung Pharma Ltd. (no, I didn't make that up). Find out all about the brand spanking new contingent liabilities in Note 9.
Ugh. Just ugh. As I said last year, pharma is outside of my wheelhouse, as does financials related to them. Anyhow, I still think the financials suck. GLH - Golden Leaf Holdings Price then: $0.28 - Price Now: $0.13
Woot! Announced a merger with Terra Tech! Great fit! Complimentary businesses!
Fast forward 5 weeks, 'merger' off. A one line press release that says nothing else.
My new favorite: 'Unsecured Convertible Subordinated Debenture Units'. They raised $8MM with them.
Which, happened to be closing 2 weeks after the merger announcement.
That retinal burn I got last year was prevented. I invested in a pair of auto-darkening welding glasses. Smart call if you're thinking of reading any of these financials.
Some of these notes shine brighter than a 50 amp arc weld.
Break even business on sales/cogs. Guess that's a positive. They were negative a year ago. At this rate, by 2026, they might have a positive gross margin.
$220k in intangible customer relationships appeared, then disappeared during the period. Yet total customer relationships remain unchanged at $1.512MM. Nyuk-nyuk.
Spoke too soon: the welding glasses reaction time wasn't quick enough to dim the intensity of Note 17. All I can see is spots right now.
Man, life's too short for this shit.
While searching for a reason for the merger cancellation, I came across a Terra Tech comedy sketch. Sadly, there is not even a mention of the merger 'oopsy' on their website. Seriously, if space becomes available in the Crawl, Terra Tech is first in line. As for GLH....well....caveat your fucking emptor. Eye bleach is/was too gentle a term for this outfit's fins. THC Biomed Price then: $0.80 - Price Now: $0.32
G&A and SBC far in the lead of reported operations.
$8MM write-up of warrant liability. Note 10. Yeep.
Of the $1.3MM they paid for the shipper, 1.1MM of it allocated to patents and trademarks.
Lord God above, protect us. Note 10 here could be a contender with some notes in GLH for retinal burn.
Good itemization of G&A. Hey, gotta say something nice. It's xmas after all.
Ok, gonna take that back. Note 15 detail 3 pages (3!) of related party transactions. I've never seen any company in my life require that much.
$5.5MM in loss carry forwards a positive. If they ever make money that is. Which, at a negative margin and a $12MM loss this year.....
Through disclosure, we know that they pay $25 an hour, a $500 xmas bonus, and 250,000 stock options. Which is pretty good. Qualification is that you have to be a close family member of the CEO, and buy $1,400 in product. Well, there's many different fish in the sea. But I do suspect that this isn't a fish, it's just a sea slug. EAT (Nutritional High) Price then: $0.22 - Price Now: $0.18
40% of all assets intangibles/goodwill. Just like an old favorite xmas song we all know the words to.
S/E deficit doubled, now up to $20MM
Gross margin positive. Well then, that is a positive.
Note 23. Holy Hannah. These guys show THC how it's really done in related party transactions. $5MM of the $10MM in total op expenses for the year to related parties. THC? Pffft. Amateurs.
52 pages of statements. Totally fucking merciless. Sociopathic in fact.
I'd need a hyper-cluster of blade servers to calculate the optionality in Note 21 alone. My apologies, I don't have one. Maybe the elves will find one second hand.
Seriously, the complexity of these statements rivals CGC.
Ok. They have stuff littered everywhere, and it doesn't look like any of it is worth anything. Oh, wait, that's what I said last year. Realistically, to get a good handle on this thing, one would need an Act of God. I waited for a little while, but it didn't happen. On to..... RVV - Revive Therapeutics Price then: $0.30 - Price Now: $0.09
Share Capital: deficit of $10MM.
Office expenses: a lean mean $19k. Whoppingly eclipsed by $24k in research costs.
$150k in salaries.
Thankfully, this thing is only 15 pages long. Given it looks like a one person shop operating out of a phone booth, probably also explains it.
Heavy in options, some design around clinical trials. Nothing much else stands out. Again, pharma and value hunting in research ain't something I know much about. The entire assumption in here is that they'll actually put out someday, or get taken out by a larger fish (hopefully for more than the $10MM they've dumped into it). Anyone investing in stuff this downrange, better have your scope sighted in. Or perhaps you know that the FDA's granting of orphan drug status for CBD in the prevention of ischemia and reperfusion injury resulting from solid organ transplantation is just the shot in the arm this company needed. If you do, please keep it to yourself.
I'm doing a tribute to the 24 days of Christmas by going over the financial statements of 24 companies that are considered downrange, speculative, and just plain high risk. The legal cannabis industry already has a ton of risk in it - but this stuff - is only for thrill seekers. All opinions are my own, and certainly not a recommendation for or against any of them, or to buy or sell. I've limited myself to 45mins to each, and kept to most recent financial statements You'll likely know more about the company than me if you're following them. This is only my reactions with a brief commentary about what I see in their financial statements. I haven't been consistent in following them all over the past year: some I have, others not. The second one of this year.....is here CMM - Canabo Medical Inc. Scratched! Guess there’s another slot open for a Dive in this year’s Crawl! I did take a run at Aleafia’s financials a few weeks ago though. Their ‘merger’ with Emblem hadn’t yet been announced. Alefia ‘Just Said No’ to cultivation by the looks of it. Best choice for them, at least on the face of it. ISOL - Isodiol International Price Then: $11.50 Price Now: $1.71
Has taken cash and turned it into receivables, inventory, prepaids, and fixed assets. Looking good here.
Except for the $110MM added in goodwill/intangibles. Entrance fee to explore the world of LATAM and vape pens I suppose.
Significant inventory build. 50% margin YTD.
That 50% margin - of $9MM YTD, is supporting $21MM of operating expenses over same period.
Wages and salaries have exploded. As has SBC (which has eclipsed it no less for last period).
As has advertising and promotions. Doesn’t bode well for margin maintenance
Professional fees same. ‘Detonated’ applies as an appropriate adjective as well.
Intangibles/goodwill now 76% of all assets. Up 10%. Less than the rest of G&A is a good thing?
Per Note 19, of the $143MM in these as Canadian assets, they have $0 in revenue attached.
US/UK - far better. Provided that goodwill can be leveraged somewhere…..
Kure Corp eye watering in cost. Hella price to pay for a vape manufacturer. $36MM cash too. Sellers weren’t taking (rolling) paper.
Share price blast radius is notable.
Well then. International operations do attract cost (their G&A is bracing), as does business dev. Especially in Brazil. When a company with a net book value of $2.7MM costs $36MM (takes me back to Canopy buying 2 money losing greenhouses with a net book value of $6MM for $86MM at the time). ISOL’s still shopping too. Round Mountain looks like ISOL tossed them a life preserver. One will have to trust mgmt as to quality/fit of underlying assets. I didn’t detail, it’s only a half million, they bought it for what looks like working capital, I assume it saved them from insolvency. A pretty sweeping and broad horizon is presented by these statements - in a company looking internationally. They’ve got a clean professional presence (I’ve seen them at pretty much every trade show I’ve attended), yet, $12MM in op costs per quarter based on $8MM in sales for same….sheesh. Margin relatively static as well. That needs to improve, and sales need to triple+ to support ops. They lost $6MM per quarter this year, sales modestly up Q over Q. IMH - Invictus MD Price Then: $1.40 Price Now: $0.81
Salaries at $2.5MM, professional fees $1.5MM. To the latter, these have been abating as companies get up and planing. Not here.
Op expenses high, $13MM this quarter. Ouch.
Margin seems erratic. Might be operational stabilization, might be a very dark cloud.
Note 15 explains where their cash came from, along with a 40% increase in shares o/s
Warrant strike prices are all over the map. Relatively modest in options. Despite $2.5MM in SBC this quarter, don’t look like it’s going to be as high for awhile. I’d need more time to confirm that.
Related party transactions…sigh. Compelling business reasons are great. Anything less....more than simply poor optics. Can’t tell either way, in any of these without going deep. Note 16.
Getting a rock star as a front end ain’t cheap. Added $7MM in goodwill, from an $11MM spend. Remainder was expensed in sales and marketing. Well then. Note 10.
Note 11 - ran out of time.
Few things here. While I don’t get the warm and fuzzies from this (what the elves are taking these days apparently does give you that & they swear by it), it looks better than it did last year. I have concerns over sales, margins, and the assets in subs. Wrote one off this year. Only 9 months to find out it’s a mutt? Honestly, this company requires far (far) more time to get a handle on. Will do on website. Needs a full once over to be fair. MDM - Marapharm Ventures (now: LIHT CANNABIS) Price Then: $0.92 Price Now: $0.17
50% of assets goodwill. Full Spectrum indeed. Better be some good gear.
70MM warrants o/s
Shares were issued for 2018 include (clears throat): cash; assets; services; debt; warrant execution; stock options; bond bonus; RSU’s; and even some for the treasury. Whew! Note 14
The 10MM warrants issued at $0.20 look like playing catchup. Share price dump has been….unhelpful in that regard.
Revenues anemic, laying missionary on 30% margins. Blech.
Wrote a gain on a ‘bargain purchase price’ regarding Full Spectrum. Sheesh. After booking the rest as goodwill?
Would show heavy losses if it wasn’t for that $7MM up write.
Good disclosure on commitments (Note 16). And in segmented reporting (Note 17).
Note 21 (subsequent events) is busy. Operationalizing the US.
Sigh. Another that needs more time. Where is Quadron when you need them? Nothing stand out - at least in terms of company differentiation or size. Boring. And leveraged. The Full Spectrum thingy hits their financials like landing an 8 ft fish in a 7 ft boat. I’d need to deconstruct that ‘asset’ to get any strong utility out of this. I’d really want to have a handle on it - and management - if I was to go anywhere near this outfit. Doesn’t look unfairly priced. Unless you ask the people who placed at $0.865, $0.70, and $0.50 during the year. Ugliest thing I see is them issuing shares for $0.38 and $0.04 to retire debts, when the share price was $0.80 and $0.40 respectively. If I was one of those in the private placements, I’d be coming out of my shoes on that (Note 14). Even if it was only $40k. Speaks to quiet desperation at one point. Whether there’s a viable business in here….tune in next time for another episode of ‘Dive Bar Pub Crawl’. As I see it….this would take far too much time for the level of interest I have in it. Unless Full Spectrum is a home run….. ATT - Abattis Biocuetical Corp. Price Then: $0.48 Price Now: $0.08 Man, what a difference a year makes. I’ve largely avoided looking over last years’ Crawl as reference, except to skim for major points. This one remains clear in my memory…it looked like a complete mutt then. Only thing they looked good at was producing press releases. They’re still kicking, as is the rate of news releases/month. They have begun paying a formal IR front end, so maybe this will slow down. Or perhaps speed up. Can’t tell. Ah well, latest fins I can find are somewhat old (Sept release. Amended too :( ). New ones should be due pretty quick.
Sales in first quarter of this year: $237.00. Yep, that’s dollars.
Expenses: $6.9MM same quarter. $3.3MM in consulting fees alone.
Note 13 details the consulting fees. The note is also titled ‘Related Party Transactions’.
Share float increased from 159MM to 406MM YoY. There are no words for this.
Net loss for year end, $24MM on $5,900 in sales. There are fewer than no words for this. Like, an empty set of words.
Well, at least there’s $1.3MM in PP&E. Woot!
And….$51MM in intangibles.
And….$10MM in blockchain, via investment in some sort of clearinghouse to provide liquidity for the crypto-tokens they’ve invented (some sort of Active Health/CanNUMUS spit swap).
* “Token burning will also act as a low‐friction method of returning value to token holders”.* Well, there you go. You can rich, and be frictionless whilst doing so (Note 7).
Gonna stop there. I’ve got a stitch in my side, and a headache. If I ever get my hands on the mug who suggested this one….the elves heads are collectively a ‘bag of cats’, and the little buggers staged a walkout. They’re outside singing Woody Guthrie songs and burning pallets. This totally sucks. As does Abattis’ financials. They offer low friction on tokens perhaps, but any cash put toward this thing will probably have the friction of a canvas bag re-entering the atmosphere. Poof. My personal choice for ‘Dive Bar of the Year’. Curiously, it’s not an easy title to take. IN - Inmed Pharmacuetical Price Then: $1.47 Price Now: $0.37
Plenty of cash. Not much change in assets, or anything else for that matter over the year.
Expenses flat, R&D up, as is SBC. Nothing earth-shaking
Easy to look at from B/S - Income Statement perspective. Loving pharma co’s in this regard.
Active in placements. Steady amount of funds coming in, even if down-raising. Shows interest.
50MM in options and warrants o/s. Share price trajectory has taken a lot of them out of play for the moment.
R&D expenses mainly salaries, nominal amount to patents. In pharma, investors need to have a handle on viability of the research, quality of the management, etc. doing these is kinda fun as the financials are a dream compared to… oh….an ‘Abattis’ let’s say.
TGIF - Friday Night Inc. Price Then: $1.20 Price Now: $0.37 I looked at these guys as recently as July. I also met up with them at MJBizCon in Vegas. I asked for a look at their facility….they never did get back to me. I won a laptop bag and some nice swag at the booth on a business card ‘draw’, it didn’t help getting a tour tho. I really wanted to see it…the financials got me curious in last year’s Crawl, and I strongly get the sense I’m missing something of note in them. Seems an incomplete story tbh. Maybe just some mild indigestion. And….for a region notorious for $70 eights in top shelf, I was also curious why they were recording sub $5 revenue on grams. Got the annuals now….
$6MM in gross margin, $11MM in expenses. Ramping.
Forex and translation (assuming Fx) $1.1MM. A correction, or, an acquisition conversion to native currency.
Modest forecast for sales price per gram ($4.16). I really want to know why their sales price sucks this hard. Outside of scope for the Crawl (time, and, I need an answer from the company. Guys?)
Good disclosure largely, Notes 8, 7, and 11
Writing up forex accretion on goodwill, ptooey.
Still 22MM of in-the-money warrants and options. ~=$4MM live.
Marginal adjustments to cap structure through secured lending. Marginal though.
Related party transactions relatively good compared to peerset.
More good disclosure in segmentation (Note 19).
There’s a reason price softening is lower in this one compared to others - at least they are in production & they have a product suite (at least in their booth at MJBizCon). No retail frontage (?) would explain the shitty sales price. I have somewhat of a soft spot for Canadian business, and I’d hope that relatively early movers would be seeing this start to ramp. As my trip to the US revealed - the US is a hyper-competitive compartmentalized environment. I do believe vertical integration is requisite for a company with this breadth and spend. Gonna sit in on the next call on these guys, and try and get a (the) story. Looks like false starts in build out, and challenges ramping. Sales are growing. They don’t look to be peddling a ’take me out’ story or stance…but….I have blind spots on this one. Because of Abattis, the elves are now wearing balaclavas and carrying home-made gas masks. Told me they are going for a stroll. I gave the RCMP a heads up. Gotta keep up good community relations and all.
I'm doing a tribute to the 24 days of Christmas by going over the financial statements of 24 companies that are considered downrange, speculative, and just plain high risk. Our first six stops is fondly captured here. All opinions are my own, and certainly not a recommendation for or against any of them, or to buy or sell. Many are companies I've never looked at before. In some cases, I'd never even heard of them. I limited myself to 45mins to each, and kept mainly to most recent financial statements and MD&A's. You'll likely know more about the company than me if you're following them. This is only my reactions with a brief commentary about what I saw in the financial statements. LDS - Lifestyle Delivery Systems
Capital structure tastes like a 4 week old egg left on a counter. Not dissimilar within this peer set.
No fx hedging. Given forex losses equalled their gross margin…..well…..seriously. Think about that.
Good: Has revenue. Bad: Needs alot more revenue.
Relatively large spend on R&D
Cash flows to exec high relative to earnings
Capital cost is relative to peers. Still means expensive, but this seems around what it is at this stage of legal cannabis.
Curious that they front loaded share price volatility in option valuation. Haven’t seen that before. Good disclosure overall. I don’t like the sliding scale at all, but it’s not material
8.3MM long dated options - large potential trip wire in mid 2019. Most cash that can be has been wrung out
Warrants are a different story. 2018 is a big hill.
Thing feels a like an ATM for management to me. RTI - Radient Technologies
Cash poor, was able to get out of hock by paying in shares.
Issued more shares through November - crazy cheap to buyer. Large discount.
Warrants issued and outstanding very large.
Same with stock options
If their sales don’t take off soon, I put these guys at extreme risk.
They need 10x the revenue they have per month, like, next week.
More financing possible I guess. The market is paying $1.30 higher than what they’re selling shares for tho. Blech.
Of all I’ve looked at, I think this business model could work if they can wait until it actually generates revenue. Top heavy balance sheet needs concrete supports quick. TNY - Tinley Beverage Company
Why in the fuck is none of these outfits able to hedge forex exposure? Not one.
Same hideously expensive capital structure as others (note 8 & 9). Apr2018 important milestone.
Still intending and still developing. Still.
At least they had the cash to open a savings account
Note 10 - complicated. Really complicated.
Thank god, one of the shorter financials.
All sparkles and rainbows and hope. The only question is if there will be anyone who wants to buy what they make. Feedstock not well defined. Scalability a real concern. Suspect they’ll need a shit ton of money if they actually try to. Feels like campers. IMH - Invictus EDIT - Dec21 1100hrs Elves pulled a boner, covered wrong financial statements. Will be corrected after they come to later today. Replaced for now by...... iAn - Ianthus Capital Holdings
Structured financiers and bankers trying to make money off of cannabis.
Lots of contingencies nested in assets, from operations to regulatory. Risk hard to pin down and multi-faceted.
These guy’s hands haven’t touched dirt in their lives.
Cash burn is high, there are some assets being loaded, but strikes me as somewhat schizophrenic, seems constrained by what’s for sale rather than creating them.
Good disclosure on capital and optionality exposure. Not terribly impressed since that’s what these guys do for a living anyway
Related party transactions abound.
Despite decent reporting (a merciful 28 pages), it explains absolutely nothing to a business person. There’s a financial analyst out there somewhere that is drooling with their structuring.
I’d remind that analyst they’ve lost $7MM this year with another quarter to go.
Most complex financials of all so far that say the least.
A business built on excel spreadsheets by bankers for bankers. So many contingencies to revenue combined with jurisdictional uncertainty, this is simply a hedge fund. Short and mid-term operational exposure is extreme. CHV - Canada House Wellness Group Inc
Balance sheet is printed on rice paper, you can see through it if you hold it up to the light
Expenses are a cluster-fuck
I am getting a callous from reading auditor notes that include: “material uncertainties cast significant doubt about their ability to continue”. Many of these companies have it on page 1.
None of these outfits should need 30 pages of financial statements. This one has 45.
Clean disclosure on forex risk. Wish others did it. CHV does it, but on an amount that probably matches their spend on postage stamps for a decade. Immaterial.
Real problems in AP & AR. Heading for a wall.
Capital structure…..sigh. Not atypical, but this company is a great example of how capital costs impair a business. A case study for business students. Notes 2, 14, 15, and 16 should be required reading in business school.
I’m going to stop, because there’s many more to go, and there’s not much more to see here in terms of doing a high level look. This has been my favorite to do so far, because their disclosure is so good. I really like the idea of a focused, vertically integrated company too, but this company is a train wreck on paper. Whether this one can survive for another year…. EDIT UPDATE! Day after I posted this, CHV announced a $7MM convertible raise, spending 25% of it on paying debt and accounts payable. Expensive, and suggests ops aren't paying the bills. Not atypical in growth phases. Exceptionally good disclosure though. Of note, 60% of the stock is owned by only 2 investors and insiders. LIB - Liberty Leaf Holdings
One saves money on accounting costs if you don’t have any revenue to record and report.
If you need to call IR, the same guy is also the CEO and corporate secretary. Saves file size in your contacts list. Feels like a squatteopportunist though, not ops/business guy. Modest salary. Might be built as a pure flip.
Built in a $250k cash (not stock) payout for himself when he walks out the door.
Burnt $70k on a US folly for supply.
Note 12 on capital structure - similar rabbit warren to these others.
Accelerated capital structure - unlike long dates, balance sheet funding is largely compressed into 2018. This means they’d better get a licence, they’d better have production/inventory ready to go, and begin operating fast, channel ready.
Given they look only like a desk and a computer atm, significant operational risk over next 9 months.
Doesn’t look bad on paper. I’d gauge the risk on whether or not production can come in on time, what the facility actually looks like, and if they can get product sold mucho pronto. CEO has no history of anything connected to cannabis, only equity structures. Despite financial ‘health’, high risk Dive Bar goodness. Speculative is an understatement for this one. If IR can specifically address those three top things accurately, it offers focused regional cannabis exposure. Problem with that is the supply bubble potential in BC though. If they were in Manitoba….
I'm doing a tribute to the 24 days of Christmas by going over the financial statements of 24 companies that are considered downrange, speculative, and just plain high risk. Our first six stops is fondly captured here, the second one is here, and the third set is here. All opinions are my own, and certainly not a recommendation for or against any of them, or to buy or sell. Many are companies I've never looked at before. In some cases, I'd never even heard of them. I limited myself to 45mins to each, and kept mainly to most recent financial statements and MD&A's. You'll likely know more about the company than me if you're following them. This is only my reactions with a brief commentary about what I saw in the financial statements. IN - Inmed Pharmacuetical
Another pharma. Specifically leaves THC out of their scope
Relatively clean capital structure
Heavy IR expense, likely web development, brand build, props. Should look really good for that cash, shouldn’t be recurring
Lots of cheap optionality forward, matches dev cycle timeline.
Very specific applications, only two they’ve got on - a rare skin disease and glaucoma. - The former is probably chasing a high return, latter is the big one. Pain mgmt next, years away.
Exec pay heavy, seems typical.
Will need another raise in about 9 mos given cash burn. 28MM in stack, but few likely available to wring cash out of.
Spending consistent QoQ
Boring. Financials look relatively clean. Risk centres on whether their potential treatment for glaucoma is better than existing therapies. If you know any specializing clinical ophthalmologists, I’d ask them. Rare disease drugs usually are chasing high cost drugs paid for by public systems. Again, pharma isn’t my wheelhouse. But I have a high investor interest in the end use THC and CBD. Because I’m a commodity guy, that’s why. TGIF - Friday Night Inc.
Tried to start as booze outfit, looks like it flopped. Maybe just a buy in by someone, or they’re absorbing the losses from it slowly
Note 1 in financials sums up exposure to nation level risk. Earnings aren’t in Canada
32MM of cheap (cheap) warrants out there. Somebody hit a payday.
5 year $0.16 call options. Big payday as well.
The two previous items helps to describe the typical shitty capital structure of the sector. Positive is that these guys have earnings to help support.
Been building out for awhile, shows sophistication.
Not sure what $650k in ‘power equipment’ exactly is
Looks like they convert to CAD at the cash register level, no fx exposures. Nice change of pace from everyone else.
Blech to branding. If it was a car, it’d have flames painted on the sides and a naked chick shaped air freshener. Hard to pin the back story, there is one. Earnings are there, assets getting picked up, including land for expansion or grow. Diversifying a little, doesn’t look like they’re focusing on much but core business. Business risk is in competitive environment in Nevada and customer retention important - might be a gazillion of them there soon. I ran out of time trying to get my head around their story, store location(s) should reveal target market. Relatively straightforward financials, revenues will need to increase to support market cap and internal hurdle rate. Potential to move up a weight class with solid growth in earnings. ICC International Cannabis Corp
Restated financials for first 6 mos of 2017 - ugh. Not surprisingly.
Companies in Columbia, British Virgin Islands, sales to Mexico yada yada.
Unwinding multi-national’s financials sucks in mature industries, let alone those in expansion mode.
2 dozen Sedar filings past 45 days, multiple topics/filings. They’re going to need more server memory at Sedar
Capital structure typical, less busy than others in terms of # of transactions
Licensing costs will hit margins
Has land and buildings in/near production. More than a section of land (1 mile2 ) outdoor for hemp alone.
Bought $3MM greenhouse for cannabis.
Financial statements that report on operations in multiple jurisdictions are complex relative to a single one. ICC have assets, permits, but few sales to report. Logistics and movement of psychoactive substances across borders is not simple either. If one is looking to invest in something like this, best to have a really good handle on where the outfit is at, and how well it can execute. Way beyond the purposes of this crawl. All I can say has been said. MGW - Maple Leaf Green World
No license yet
No hedging of forex, what is up with this sector? $400k dumped, likely on unhedged capital commitments. Would’ve cost a few grand to have taken that out.
Does have cash. They’ve promised a 30,000 sq/ft up and running by Dec31st. Build appears to have been slow.
Expansion plans into BC and Nevada, early stages. JV in California. Ambitious.
Not alot of optionality in capital structure, but long dated. Same expensive stuff, lots less of it. Will likely be alot more of it soon given their ambition.
Cheap in operating so far, modest, looks focused on build out.
A civilized 14 pages.
Looks head down, ass up (that means working hard)
No downstream branding or licensing yet. A pure grower at this point, feels like it’ll stay that way.
Current cash won’t support all the hopes and dreams, will need alot more. Needs to monetize any production asap. Fair amount of shares out there. Will probably be back to markets/private placement shortly. Threat is that it’s late to the party. If they’re real and execute with precision, could be really something. That’s a definite positive. Too many in this space step over dollars to pick up nickels, this one looks austerely managed. Needs license pronto. VGW - Valens GroWorks
Pretty typical for the space and where they are at
Dedicated off take of product through Canopy
Pretty expensive mgmt at this stage relative to others
Not a ton of optionality in capital structure as of Aug. Starting to increase by transactions since.
Pricy lease, looks like they’re going to own the building or are upgrading. Not very large at 625kg/year. 38k sq/ft claimed expansion potential.
Extraction focused, has a lab as subsidiary
Couple of promises of expansion about Nanaimo & Columbia
Some sort of Arizona tie in, doesn’t look like anything other than a hobby
No update to corporate presence beyond initial roadshow and top heavy for size, at least in intro.
Pretty ‘family’ in nature through related payments and all. Looks fallow at the moment awaiting license upgrades. Not a very professional feel, looks splatter gun. Also looks to be getting there, but can't get a feel about ops. Still raising money. Potential, but could be hamstrung by lack of capacity. Throughput revenue on extraction would be sexy, but unknowns abound about capacity and planned operating end state. TRTC - TerraTech Corporation
Looks like peer of TGIF
No CDN financials, US:OTC market
Elves balked, started talking about resistance and power to the people.
If you heard about it here first, you are in the same sleigh as me.
Execution looks good in-stores. I know nothing else. Consider this one like a Christmas gift you have to assemble. That’s it. The elves are gassed again, and are looking for the rum I hid after their last fiasco. I'm thinking about giving it back to them, they've been filling shot glasses with the liquids left in the drink mats on the bar. I am grateful to have gotten this last one out of them. I attached several that were left out and reasons below - just to ensure you get all the Dive Bar goodies that are in the finger bowl. There isn’t much salt left on the peanuts though, the elves had licked it off before putting them back. Merry Christmas from us here. We might post a naughty and nice list out of the 24 looked at if the elves are willing.
GBLX - pharma-ish sorta-like. Infomercial feel. I have no clue about company.
DVA/LXX - primarily delivery technology
DOJA - too much change going on in current business combination for a quick look
CRZ - all over the map in geography and revenue stream exposure. Ultimately peripheral to value chain.
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