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Alias Born | 04/26/2013 |
Wednesday, January 01, 2014 2:43:01 PM
Michelle Sides described the CannaVest transaction as saving $10mm per year (that doesn't appear to be in the ballpark, not based on what has happened subsequently). She also said incorrectly that MJNA would end up with half of CannaVest. This was wrong, hopefully just a lack of understanding and not intentional. It was never possible that MJNA could control CannaVest, as it was only getting 80% of approximately half the company (80% of 7mm shares if the stock stayed at $5).
Since the deal was announced, insiders turned $6mm of debt into potentially 10mm shares (60 cents per share!). The company ran out of cash and is selling up to 10mm shares (at $1!). By my calculation, MJNA will end up with less than 15% of the 34mm shares or so. This is odd, because MJNA usually maintains at least 50% of its subsidiaries.
So, why the heck isn't MJNA buying the remaining 7.25mm shares not yet purchased by insiders and others for just $1???
If you don't like my posts, don't read them. If you think only those who agree with you should post, then start your own message board. My conclusions are my opinion only, based on what I believe to be true. I have no crystal ball.
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