What other preferred shares? There are currently 23.84MM B-share equivalents outstanding and 350MM common outstanding. They'll increase the allowance to 950MM common, sell the remaining 600MM to private money at a 66% discount just to fleece the common shareholder, use the nearly $200MM in cash to build out facilities and make acquisitions. The 950MM shares will RS 1 for 10 to 95MM, the 23.84MM B's will convert to 235MM common, and each share will be worth about $10.45 by 2020 valuing the company at 1.5 times sales representing 10% of the projected legal marijuana market. Insiders wind up owning 72% of the company but everybody's happy so nobody cares.
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