How else can they raise cash to stay afloat?
Not sure that any bank would loan them money, so they use toxic financing and give out shares at steep discounts, which the financiers immediately sell to lock-in their profit, before the PPS drops even lower.
PHOT even warned in financials that this is what they would need to do, because they have lost money each and every quarter, since inception.
Sometimes money is put to good use. Other times it goes to pay huge salaries, even while the company owes back-rent and has many other liabilities they seem to have trouble paying.
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