Aphria – Structure & Current State – 04/18

I’ve never run Aphria through the ‘ol mollytime Number Crunching Machine© . The benefit of havingu/GoBlueCdn on speed dial - he’s been on their ops for awhile. Our sub has a lot of followers of these guys: likely attracted by low cost, EBITDA positive sales, and dreams of international expansion - under a balance sheet that isn’t loading G&A like a starving man at an all you can eat buffet - is a bit of a rarity in the industry. Yet still….. a gap to profitability exists. Let’s take a run through the financials, and see if there is anything lurking under Vic’s capital…

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Canntrust – Structure and Current State – 03/18

Doing a run through of a company's financials for the first time can be like being on a first date. You don't really get to know them until you go out a few more times together.This is the third set of financials I've done for TRST, and they not only get 'easier' as one goes <snicker>, but this one is refreshing inasmuch as they're actually reporting income. Also, I'm spending more time on this one, I largely skimmed the last 2.It was curious to see an NR on the results, but without the financials posted in Sedar simultaneously. Looks like a day or two…

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Namaste – Structure & Current State – 03/18

Back in the good ‘ol days of December, the elves did some legwork for me on Namaste. Given that their AGM is today, I thought it timely to have another gander at what I saw then as a drop shipping headshop, and take a more in-depth look at the financials. This outfit is pretty indicative of the valuations that the cannabis space offers. A $400MM market cap on a company that has booked $16MM of losses on some $22MM of sales over the past 2 years. Say that out loud slowly. N has referred to losses over the past three Q’s as being driven…

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CanniMed – Structure & Current State – 03/18

I saw the financials roll out for these guys, and thought I'd do a last run over them. Hopefully it'll give the interested reader some sort of baseline before consolidation.extremely slow build of production. Given forecasts and plans of other outfits, these guys look like they're walking backwards up a steep slope into a raging snowstorm with swim fins high heels on. My take on this is that this is a function of being:a) Measured and deliberateb) This is indicative of a real-life production ramp. By extension, other companies would see a similarly slow accretion in expansion despite forecasts and hype.c) They're stapling their…

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Aurora Cannabis – Structure & Current State – 02/18

To say approaching ACB’s capital structure and liabilities is ‘challenging’…..is understatement. I’ll try and approach this as linear as I can. Note 5 The gain on derivatives in note 5a & 5b can essentially be boiled down to last fall’s run on share prices. The complexity of atomizing line items is extreme, and I’ll leave it at that1. Note 11 provides details of the CanvasRx acquisition, and subsequent 2017 payments to them for performance milestones hit. ACB has issued some 8MM shares at a WAP of $2.25 over the course of 2017, and $3.4MM in cash. The purchase price of CanvasRx is presented as…

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