Two Rivers Water and Farming Co. (fka TURV)

[tigerpac]

I got a different feeling from the 10-K.

The irrigated farm business did pretty well for 60 years before the company purchased it. Then they promptly record three consecutive annual operating losses. Was bad new management the cause? Their PR's over the years always indicated everything was going well, so I am very surprised about the losses.

Also the Suncanna disaster was partially their fault as the terms of the lease arrangements really sucked.

Those terms seem to be the same for the current leases with McKowen's group. Essentially six months free rent before revenues start accruing.

I'm also trying to decipher all the splits of revenue and profits between Two Rivers, Growco, and the various subsidiaries and partner shares.

The water assets seem to be the new flavor of the month even though they talked about it for years and never really did anything about it.

I was initially excited to find a company that could be a landlord to the MJ business. But they went through the same execution pains that everyone in the business seemed to have.

Maybe things will get better. They really only have until the end of 2017 to get things right or they lose their credibility .