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Hmm- This from New Cannabis Ventures:
Friends,
While mainstream companies are in the thick of "earnings season" for Q1, the cannabis industry just wrapped up the end of Q4 reporting, or at least it was supposed to have done so. April 30th marked the filing deadline for companies listed in Canada to submit financials, and many companies did so at the last minute or even a bit late, and several still haven't filed despite four months having passed since year-end. One would think that's enough time, but, due to the reliance upon a single auditor by most U.S. cannabis companies listed on the CSE that apparently overextended itself, some operators were not able to provide audited statements by the deadline.
Because of federal illegality, most audit firms won't touch U.S. cannabis operators. The only major auditor in Canada that will provide the service to the many publicly-traded companies is MNP, though they are not the only service provider. We aren't sure exactly what happened, but the jump in new public issues late in 2018 along with the many complexities of reverse-merger accounting and fair value adjustment of biological assets appears to have left the firm unable to complete all of the audits it promised based on many conversations we had this week. Several companies that met the deadline did so just barely, and, quite frankly, this industry moves so fast that looking at December financials in late April is not that helpful.
The month of May will see a flood of quarterly filings for the quarter than ended in March, with the deadline in mid-May for U.S. listed companies and May 30th for those listed in Canada. Fortunately, as these aren't audited, the last-minute or late filing challenges of this past week won't be repeated. Looking ahead, though, the trend towards U.S. companies going public via the CSE may be impacted by this critical bottleneck. Unless MNP is able to devote more resources to the sector or other auditors are willing to do the work along with them, companies looking to go public may have to deal with this issue. For investors, these delays appears to have impacted some of the stock prices during the week. Analysts should perhaps consider that an overworked auditor may possibly miss something in the rushed process.
Hopefully the challenges the accounting firms faced for 2018 audits will lead to improved processes for next-year. One benefit to the SAFE Banking Act would be to make it easier for firms to provide audits to the American operators. If the audit bottleneck persists, many companies pursuing the public option may need to reconsider.
FDA meeting at end of month could have huge impact on testing demand. CBD/Hemp is not required to be tested - yet.
https://www.federalregister.gov/documents/2019/04/03/2019-06436/scientific-data-and-information-about-products-containing-cannabis-or-cannabis-derived-compounds
All is definitely quiet here. I'm surprised investors haven't discovered yet that testing is REQUIRED, and no other company can do this work. I'm curious what the upcoming FDA meeting will reveal. . .
Nice. Aurora bought a Canadian lab for $115 million a few months back. It's a good benchmark for EVIO's share of Keystone - will be worth $50 million soon.
I did well with them, accumulated at around 0.50-$1 in 2017 and got out when it popped up to around $5 last year. Thought the valuation got ridiculous.
Buy high, sell low is a great strategy. I did that a few times back when I was getting started in this game (I think we all did). It's almost a right of passage.
Great to hear news about Keystone Labs in Canada - Www.keystonelabs.ca
EVIO owns half of it - they serve all Canada. Looking over the list of licensed labs in Canada, many are universities. This is untapped
Thank you. Glad someone was listening ~
Danielson said same thing in his first post last May. Look at 5-year chart. Looks like he bought at around $1.50. Then hundreds of complaints, all the way down. Not a single post about another company.
Potential buyers, like me, read these posts, see nothing but complaints from a single investor who made a mistake, and move on to the next one. It’s no wonder the stock doesn’t get traction!
EVIO needs BUYERS to increase volume and RAISE capital. They need $$ to hire CFO, $$ to get a better auditor, $$ to build new labs, $$ to get attorney to defend EVIO when an employee screws up, $$ for IR. $$ to list in Canada. $$ to do R&D. Any ONE of these things will boost SP and we will ALL be back in the $
If people on this board want to see the sp go up, EMAIL complaints to the Company. PRAISE the company in public. If you’re not encouraging others to buy the stock then you may as well sell, short, or shut up.
EVIO has potential to be one of the great canna companies. That’s why I’m an INVESTOR:
$DIGP has one lab in Nevada - similar market cap
$CANL has ZERO operations - similar marketcap,
Aurora bought Anandia Labs for $115 million for similar IP that evio could build if they invest in R&D
I told danielson when we were at 0.70 to sell and buy KO instead when they talked about looking at CBD drinks. That could still happen.
So Danielson. Its time to stop. Sell. Diversify. Go to another board. I WANT your cheapies and I want you to stop dragging everyone down who comes here to learn about the company.
LONG @ 0.60. Appx 1% of my portfolio in EVIO and 2% in MJ. Been investing (not trading) 35 years.
Good luck to all!!
EVIO has a technology license agreement with Phytatech. That means license fees. Colorado doesn’t allow public company ownership yet- but bill is on table to change that.
https://phytatech.com/BLOG/phytatech-is-now-part-of-evio-labs/
https://www.denverpost.com/2019/03/04/colorado-marijuana-publicly-traded-companies-bill/
CBD will be much bigger than THC. Oregon now requires all hemp cbd products produced and sold in state go through testing.
https://www.rollingstone.com/culture/culture-news/new-study-cbd-market-22-billion-2022-722852/
Source?
Lori named “100 Most Important Women in Weed”
https://www.greenmarketreport.com/100-most-important-women-in-weed-2019/
Thanks for pointing me to this board Gangsta. Long $EVIO. Had a beautiful week -
Well NNW permanently lost EVIO’s business, and possibly many other companies.
Looks like NNW went dark from posting to these boards for months, then they started pushing these public collections campaigns against a couple of companies. Seems NNW is the one in financial trouble, and they hired the wrong guy to collect. The damage done to their reputation far outstrips the possibility of collecting a few grand through public shaming.
Oops never mind, just saw the sticky post. Will go there first for the rundown - glta
New here. Anyone care to share a quick rundown (and spare me the research time).
most recent rev’s?, and what are the real prospects for California expansion? Are they licensed in other states? Do they have sufficient cash to work the plan?
I’m bullish on the US market for next 2-3 years. (I missed the boat in Canada, I didn’t believe it would run like it did).
I don’t think Nevada alone will be a great market in long term. But multi state players with good brand awareness, good price, and Canadian cross listing is a good sign.
news series with EVIO in Miami market:
https://www.nbcmiami.com/investigations/Pet-Owners-Turn-to-CBD-to-Treat-Animals-505475071.html
probably had a lot to do with the bump
~Sticky Leksi~
Did you get out broth?
I added a cbd play after seeing that nbc article. Still holding evio and digp. I think US legalization will be here before we blink, so thinking about the companies that will
sweep up. I might even hold my nose and add Altria to portfolio.
even Altria will need an independent cannabis lab.
Hahahaha!
Speaking of walls, with trump distracted, the dems will push through some long overdue cannabis legislation. Good for evio.
This is a big deal for evio if govt start requiring labs to fully test cbd products
https://www.nbcmiami.com/investigations/505335101.html
Yes, I think medical is the long run market.
People who want cannabis to get high for fun are already doing it, half of them from black market or backyard growers. That market is mature.
The vast majority of people who use NyQuil to sleep or Advil for joint pain or zoloft for anxiety haven’t even tried using cannabis as a substitute yet. They will.
I’m looking forward to seeing DIGP pop. Not sure why more people aren’t in this sector. Testing is required and prices will hold up even when weed prices drop
Any thoughts on what kinds of companies might want to buy DIGP when things go legal in a few years?
Colombia sounds interesting. Hope they keep things at arms length and get lots of insurance. corruption is something to be wary of.
Any bets on likely acquirers for evio?
I appreciate the measured and thoughtful insights from Steven, Tar, mt, sagedono, omg, etc.
Remember dot com when some fledgling OTC companies had a lot of hype, then pulled back- they got rolled up into some of today’s internet giants? That’s what I’m holding out for.
Evio has some things to overcome, but I don’t see them going out of business. Too much demand. Digp got suspended and came back, steep hill did a complete 180 and still hanging in. MCR lab in mass got in some even bigger trouble, and recovered.
(Side note: what’s with the drama?
I won’t mention names but what’s the deal with one guy obsessively pumping the heck out of this stock one day while bullying and threatening its management the next? the guy follows only one stock, and made over 1000 posts in 4 years? Last time I logged in it was all sunshine and roses. Does Lori have a disgruntled ex?
Another poster here perpetually plays victim to his investing 101 mistake, (diversify young man, and average down) and another just predictably spouts that the stock is going to nothing, then pops back with its going blow up, (Russian shorting bot?),
The three of them are doing no favors to the sp, or to the serious investors who are here trying to learn from one another and make good decisions.
This increases test prices
https://mjbizdaily.com/california-marijuana-phase-3-testing-costs/
FARM BILL IS HUGE FOR EVIO
A company can’t test themselves.
You’re making me feel old Danielsson
Nice PR, saw they were also in Tech420 newsletter today. Go EVIO!
Thanks for the cheapies! Good luck to you
Good for you for buying Danielson, seems you love evio after all!
Now that you’re back, remember SP goes up only when shareholders buy. New buyers come to this board to learn about EVIO. Anyone who has been to these boards lately have read your endless negative posts and stay far away.
Time to stop pushing SP down and restore some optimism to this board.
D- Then buy KO instead. You’ll still be in cannabis space and you’ll sleep better.
Didn’t I tell you just a few days ago the big boys are coming in? You were clueless to the relevance. I’ll give you a hint. Who do you think will do the testing when they do?
(If you’re shorting, might I suggest going to an overvalued stock to start playing that game)
Thank you Gangsta. Danielson sounds like an 18 year old who just came out of an overpriced stock shorting seminar and put his high school graduation cash into one OTC stock. What he doesn’t know is unsubstantiated ranting on this board to a dozen longs is not going to move the needle.
If he really does want to make $ his efforts are better spent holding and prompting EVIO and the industry so people who come to this board would consider buying.
At least Cheerio’s motives are obvious.
This is a long game. I notice Pfizer has more canna patents than GW Pharma. EVIO has a Pfizer guy onboard.
https://mjbizdaily.com/pharma-giant-bayer-on-cannabis-no-decision-until-we-fully-understand-market/
There is so much very short term thinking on this board. This company didn’t exist 3 years ago. It takes Bayer 3 years to make a decision. Where will EVIO be when Bayer decides who will test their cannabis formulations?
More testing will be needed:
https://www.reviewjournal.com/news/pot-news/nevada-may-approve-31-new-recreational-marijuana-licenses/
Nice to see Dr Orser on the board. Good to have more technical talent making the key decisions.
This is a big deal
around 2000 I over invested in a dot com stock. I knew people who worked there and I watched it run up with the “irrational exuberance” of the day. I put in $20k (which was a lot for me at the time, and is still the high end of what I like to invest with any single startup). When the bubble burst, the price collapsed. Even though the company had a good business model, I sold it all at a huge loss.
The company was still young, not yet profitable, but continued to raise money to execute its vision and develop technology and market share despite the lower pps. A few years later it was sold to a new company called google. I would have gotten a stock swap.
If I held instead of sold my $15k loss would be a $50k gain.
So question is what established company is going to want to test cannabis when it’s legal, if not EVIO, and how will they capture market share?
The next google of cannabis probably hasn’t been formed yet.
Loooong on EVIO
I agree. This board used to have thoughtful commentary. Seems it’s been inundated by people who shouldn’t be investing at all.
For them, I have some mutual funds to recommend. At least have a portfolio of stocks if you’re gonna play here. Would we really take advice from anyone who plays with one OTC stock, and gets emotionally wrapped up in price swings? Rookie mistake.
I’m long on EVIO, as well as about 30 other plays, including 5 canna cos mostly off the OTC.
EVIO is still an early stage startup. The company didn’t exist 4 years ago. I think it’s doing pretty well considering. And I think it has room to mature.
I’ve been investing for 30 years. And learned from the likes of Bezos and Musk to put money behind CEOs who have grandiose ideas. Then give them 10 years to let it play out. And just know that for every Amazon and Facebook there is a webvan and MySpace.
If you can’t wait that long, then sell on a good day with 10% return and be happy.
I'm confused. Seriously ZERO revenue in what, 2-3 years? I came over here because I saw the ad that said they spent $25k to post on ihub. For what? I was intrigued by the posts about testing. Better to check out the testing labs.
#43672