Identifying possible stockmarket concerns, page-16

If TFS is finding it harder and harder to get suitable new land with adequate water rights, it will be even harder for any possible competitor to set up new forests. Water rights is the big issue around the world, and most governments ensure that essential food producers have the first priority. With increasing land and water scarcity, TFS's effective monopoly on sustainable sandalwood oil is even more likely to extend beyond the 15 years it takes to grow these trees. TFS has the great advantage of being able to recycle its existing land and water rights into new plantings after each harvesting, reducing the future need to find more land and water. What a strong competitive position it is in.