Ann: Becoming a substantial holder, page-6

Hi kvsae

Hard to predict what the share price will do short term, despite the 3 deals I mentioned due to come online in the 2nd half, the market will rerate us at some point prior to the completion of the projects. Trying to pick that point is the hard bit. If you leave buying too late, doubt you'll miss the boat, however you will pay more especially because it's an illiquid stock. Having said that, all 3 projects are just stage one, Gibio is looking at 10 facilities in 5 years, I think Freshero will do even more & who knows how big their MJ cultivation facility will grow to. My point being, even if you waited till all 3 projects are online & pay a premium - there is still a lot of further expansion to occur over the next several years.

I don't think we'll be in the doldrums during the 1st calendar half, many announcements will come out as the projects advance. At some point the market will realise these projects are going to be a reality and rush to get onboard. 

Announcements I'd expect to see over the coming months include (no specific order):

Freshero - completes testing

                 - signs binding contract with us & supermarket chain

                 - orders 1st hundred machines

                 - commits to 800 machine build out (800 pure guess)

Gibio - formalise agreement with us, + our investment in them

           - more details about their supermarket deal

           - complete facility design & start build out.

Gibio + freshero order machines, fertigation for their build outs

   (will need plenty of lead time due to size or orders)

Miracle Valley complete order

Frozen Penguin + others place orders

Supra - license transfer

              Lease new premise + associated buildout

              Grant of cultivation license

              Offtake agreement

Other deals - who knows what else they've lined up, 3 big deals in 2018, hard to believe there'd be zero in 2019.