My take is that the share-price smashing has to be seen in...

My take is that the share-price smashing has to be seen in context with the 'sector' to which BOT is seen to belong: a 'pot' stock. The sector has been sold, they've all been going down - see exemplary headline :
https://www.fool.com/investing/2018/12/05/these-17-pot-stocks-were-throttled-in-november.aspx
The minimum that can be said from a 'contextual' perspective is that the market reminds 'us' why 'we' are here: there are BIG opportunities for those having some discipline to do their own research and can keep the course - and perhaps accumulate - when others sell in fear. The market goes down, the market goes up....I bought some more this morning @7.3c. It goes down in the 6sc next week? I 'll buy some more then. But that just me sticking to my strategy.
None of my posts are 'advice' and none of them should be taken as such under any circumstances.
I'm not planning to sell to other 'punters', I see a scenario similar to your 3d hypothesis where one day the BOT' shares in my portfolio will disappear, replaced with the corresponding amount of cash.