Thanks.
Yes, 2x rev is fair here, as a starting valuation.
From there I’d scale:
2.0x for MJ market potential, LT.
0.6x for toxic financing
0.8x for litigation overhang
0.7x for lack of transparency and follow-though, in places (San Leandro - what gives?, RS was only for uplist or major partner - untruthful, Kaufman and Salwa relationship not being fully disclosed - MK owning real estate Blum leases for $$$, security firm, et al. Salwa making misleading statements to San Leandro planning commission regarding who the permit is for (Blum SL? or Terra Tech, and the subsequent confusing statements about any relationship between the 2 a its on tape everyone. Watch it), et al...
0.5x for corporate governance and the revolving door on the BOD.
So, $40MM*2*2*0.8*0.7*0.6*0.5 =
$27.5MM market cap.
At 80MM shares thats around $0.35 per share, with no further dilution.
Think of it this way: Would you put $30M of your own money to take over this company, and then pump another $15M per year (of your own money) just to keep the lights on, with the hope that something changes and they become profitable? Assume they do, in say, 2 yrs. 10% net profit, lets say. $5MM per year. 12 yr payback to get to even on your money.
Take the money and get 5-7% safe return instead over that time and you’d never close the gap.
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