Well, I think I agree with most of what you're saying here. They're in fact paying off many notes in cash before they convert--that's a true statement. I also wholeheartedly agree, and said so explicitly, that this model of paying off debt (using new notes to pay off old notes) isn't sustainable. They're punting their debt into the future by taking on more notes, which overall increases debt in the effort to prevent those notes from converting.
Stocks don't crash this hard without convertible debt or dilution, so none of the above is breaking news - for me this is a bottom feeder play, which I like because though the restaurants aren't profitable yet, they're getting close. I think they have a great business idea, great branding idea, management who cares about the future of the company, more states approving cannabis all the time, franchising underway, etc. the convertible debt is obviously a big risk, but as I said, the fact that they're taking measures to punt the debt to the future means they care about the share structure. I have a good feeling about WCVC making a recovery, and expect good PR on the horizon. I'm not recommending anyone else invest, just stating my opinion.
