Rootus, I agree with your post re dilution and a normal reaction of the share price ... just not the part that investors lost confidence from BAT declining to pursue an agreement. The share price did not react negatively to that news at all. On the recent CC, it was clear that Henry preferred them not to. I also don't think we are further away from a licensing agreement than at first anticipated (caveat: not sure what timelines others hand in mind) but it would be significantly before any new regs are put in place.
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