$PBIO Our revenue model assumes $2.5 million in UST sales for 2020 (12 units) growing to $7.0 million by 2022 (35 units). At the same time, management recognizes that the opportunity window in CBD may only last a few years before the industry begins to consolidate. The Company sees much greater opportunity outside CBD, particularly in food, pharmaceuticals and nutraceuticals and cosmetics.

We are sticking with our revenue and profit estimates for 2020-2022 for now and view these announcements as creating support for our valuation of $4.44/share.