No one can go against EXL atm, but what @Bilson simply stated...

No one can go against EXL atm, but what @Bilson simply stated was the EXL aren't making profit, so to complete their build out of a manufacturing facility & farms for cannabis they'll need cash & a decent amount to cover construction costs.

The $37M they made last year as you say, is however eaten away by expenses, so not like it's just sitting in an account ready to be spent on facilities.

I'd think they just build out with debt facility rather than dilution with the income they receive as it'll have tax benefits.
Then again at nearly $4 won't be much dilution anyway to raise another $40. Just IMO.

Though something to be said for regular communication & well stated information to SH's.
Although most happy with the hemp business as it's up & running successfully as AC8, CAN & THC in the longer process game of cannabis, longer drawn out process & SH's less patient cos of this. Double that with the SP suffering, so a well worded ann doesn't quite hit the spot anymore.