Post #2
SAPHRA MJ License:
Here is where I felt conversation really got more candid and transparent. A few choice words were used during their comments. They are extremely frustrated with the SA licensing process. In-spite of this they are determined and not giving up.
From what I can gather there has been at least 3 recent correspondences they have had with DOH / SAPHRA representatives. On each time the implication was that everything was a ‘go’ and license would be granted. On the last response SAPHRA surprised them with a request for them to now COMPLETELY OUT FIT the entire operation to fully functioning capacity, (building, utilities, workers, equipment, security, permits, etc. etc.), and once complete SAPHRA would come in,.... inspect, and POTENTIALLY give license. The estimated cost to outfit entire operation is close to a $500K investment. Without any guarantees of a license in the end.
This request was in contradiction to the wording of the application ( stating that “Provisional Licensing” would be granted without these requirements upfront. TXTM felt that to spend this amount without guarantees of Licensure was unwise and did not produce good shareholder value. TXTM responded with phone and letter correspondence explaining the above and quoted the contents of the application offering “Provisional Licensure” before such large investments were made. SAPHRA’s response was that they acknowledged receipt of the letter and were reviewing the case and would be in contact. I believe one last letter was sent by TXTM before the last Shareholder Letter was released. This was a stronger demand for their “Provisional License”. TXTM is expecting a response to their last letter sometime after Jan 10th when the Govt/ DOH ramps up for 2019. Many departments shut down during last part of year.
TXTM commented that the backdrop to all these communications is that they occurred during a serious revolt of DOH/Govt workers over the working conditions of the DOH building. After major worker protesting, the DOH building was pronounced condemned and they were forced to move to temporary housing which they have been in throughout the last several months. TXTM believes this has a great deal to do with the slowing of the Licensure Process. If many days past Jan 10th....no favorable response from SAPHRA/DOH occurs, TXTM is prepared to produce more formal letters from legal representation to DOH/SAPHRA. They do not believe it will require this.
IMHO the details of this entire discourse were credible and was in line with my own personal DD. IMHO with more patience the license will happen. Hang on Longs.
I could not get a commitment on a date for next shareholder letter but I was assured that when there is new “Price Sensitive” information they will let shareholders know.
Lastly sorry so long. There was no way to condense this. Remember .....like I always say “GLTA and only invest what you can afford to lose. Merry Christmas and go TXTM$$$
