Ann: Quarterly Report and Appendix 4C, page-105

Well, you tell me how much EXL will have to expend in Australia to achieve their goals. They have set out what those goals are, so just extrapolate them to the same companies in Canada and the USA and then look at the financial reports of those companies. Simple eh.

Australia is a very high cost environment... correct that - extremely high cost, one of the 5 costliest in the world at the last survey, with almost no government (legislative) support.

In fact, Elixinol was imported into Australia in the first half of 2017, then the government tightened the rules and they had to abandon importing here. They even had to abandon importing none THC products, which made Australia look like the most backward country in the world with regard to health science in this area.

So not only is there no government support, it actually went the other way, the regulation against them was ACTUALLY TIGHTENED. Surely you know this. How could you invest without knowing this? That kind of ignorance would be absurd.

I've invested in Canadian hemp and cannabis for 3 years, companies like TGOD, Aurora, Organigram... and countless others who have each invested well over $100 million dollars to get to a stage that Elixinol are intimating at. And if you haven't done that North American and German research, then at least just look at how much has been raised by ASX listed medical cannabis stocks who have yet to make a cent, or even grow the stuff, or build a lab - Yes, they are well in the tens of millions.

Instead of questioning me, who is trying to help you, just go and read all their financial reports, if you are not to lazy to do so.

If you have any experience, you will have gone through all these companies financial reports. I am assuming here that you can read a company financial report from different companies over many years and make the comparisons.

I should be questioning you for naivety. Are you investing on hope, or do you know the actual figures? After spending 3 years and hundreds (if not thousands) of hours on analysis, I'm telling you what they are (for nothing).

What I say here is true. If you don't want to believe it, then more fool you.

I can also tell you that the Elixinol board and founders are not stupid, and they will wake up to these facts eventually, and hopefully for every shareholder, it will be sooner rather than later.

Gw