A newsletter is not going to change the fact that these guys are just glorified nut processors!
In both the US and Australia they do not grow the hemp, they buy off growers and process the hemp seeds into oil & seeds/flour. Their key US supply contract expires next month - that is a serious risk and the reason for the recent Kersey Ag JV. Should the contract not renew then delivering the same spec for their oil product(s) will be a challenge.
That is not to say processing is a bad business, particularly if you own a strong brand, but what do you pay for it? Not $150m for ~$2m-$3m EBITDA!
Ann: Quarterly Report and Appendix 4C, page-73
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