AC8 3.70% 14.0¢ auscann group holdings ltd

Open letter for our new CEO - Mr Wolff

  1. 331 Posts.
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    Dear Mr Wolff,

    Thank you for coming to rescue our long suffering company, Auscann.

    We have suffered or over 2 years with a variety of hair-brained (and very expensive) schemes through the "work" of 3 different CEO's including:

    1. Trying to be a cultivator in Australia which was abandoned
    2. Trying to be a cultivator in Chile with DayaCann which was abandoned
    3. Trying to be a manufacturer jointly with Tas Alk which was abandoned
    4. Trying to build a research unit in Perth which is apparently sitting vacant
    5. Trying to create a "novel", patented hardshell cap which has not been able to get traction with prescribers

    Here is some advice, which I hope you will heed:

    1. Go where the revenue is - Develop a Schedule 3 eligible CBD product and sell it direct to consumer via pharmacies - big market size, big margins
    2. Develop a truly novel cannabinoid medicine for a specific disease and validate its efficacy for that specific disease. Do not spend millions of dollars bringing some crummy 1:1 pill which allegedly has improved shelf-life to market. This is not enticing for anyone.
    3. Stop spending money like its somebody else's and focus on a customer-centric value proposition (don't make a generic hard shell pill which patients and doctors don't want). How about creating a schedule 3 OTC CBD product or disease-targeted, validated medical product?

    We do not hold you responsible for the mistakes of the last 2.5 years. That was the stupidity of yesteryear. Let us learn from our mistakes and move forwards.

    Thank you for your kind attention.

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