Yes, it even looks good, if you assume some CRs to come to finance the expansion. According to the presentation of April 27th (slide 17) there will be 2.5 m USD for Colorado stage 2 to be financed by equity. Plus another 37 m USD for Georgia Stage 1 to be financed by Equity/Debt/Govt. Incentives.
Let's assume a total of 2.5+37m/3 ~= 15 m USD by Equity. At a current share price of 27c and a FX rate of about 0.74 that's a dilution of just another 75m shares (which is close to nothing compared to the 1108m shares we already have).
But there are a lot of other risks, of course: margin sustainable? technical risks? delays? cost over budget? competition? etc., etc. Drawbacks will come almost for sure.
EdenCrete Valuation, page-4
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