I bought some of this stuff for my peppers thinking I could just use water during the seedling stage and wouldn't need to feed them until they grew a bit into veg.
WRONG.
The seeds germed and then....just sat there....not growing....as if they lacked sufficient nutes to even produce a few true leaves. I ended up feeding them to see if that's what it was, and they started to take off finally.
As for drainage, alone it seems to pose a pretty significant compaction risk in the pot, so I would definitely add more perlite and some coco if you have it. I ended up going with a 3 parts patio to 1 part coco and 1 part perlite mix, and it seems to be doing fine.
All in all, it's probably a good option to use to supplement a medium recipe, but I don't think it's a good option to use by itself.