WEBVTT 00:00:01.900 --> 00:00:05.100 Welcome everyone to our cannabis investing webinar, 00:00:05.100 --> 00:00:17.000 the New York, which is my home state, 00:00:17.000 --> 00:00:19.800 you know, I'm in Business, Insider's head office right now and 00:00:19.800 --> 00:00:23.500 and New Mexico have both recently legalized marijuana. 00:00:23.500 --> 00:00:27.400 But that brings the tally of legal states to 76 of those states 00:00:27.400 --> 00:00:29.200 have legalized Simpson of Ember election. 00:00:29.200 --> 00:00:30.600 So the momentum is moving very quickly. 00:00:30.600 --> 00:00:34.800 What that means is that a majority of Americans have some form 00:00:34.800 --> 00:00:37.500 of access to legal or at least medical marijuana. 00:00:37.500 --> 00:00:41.900 According to recent polls, only 8% of Americans want marijuana 00:00:41.900 --> 00:00:47.500 permit illegal. That number is 94% of 94% of 18 to 29 year old 00:00:47.500 --> 00:00:50.400 is a medical and recreational marijuana should be legal. 00:00:50.400 --> 00:00:55.200 So overwhelming support here, no respect cannabis reform to continue 00:00:55.200 --> 00:00:56.400 mostly the state level. 00:00:56.400 --> 00:00:59.600 There are a slew cannabis-related bills in Congress that are 00:00:59.600 --> 00:01:01.400 both prompted cannabis companies and investors. 00:01:01.900 --> 00:01:05.600 Like the kind of eye this changing landscape as as a huge opportunity 00:01:05.600 --> 00:01:07.900 for investment. So where do you start? 00:01:07.900 --> 00:01:09.200 What do you make of all this information? 00:01:09.200 --> 00:01:12.400 You know how do you deal against companies in such a new industry? 00:01:12.400 --> 00:01:16.100 What stocks in what companies are hot and who should you avoid 00:01:16.100 --> 00:01:17.800 in NY? Should you avoid them? 00:01:19.000 --> 00:01:21.700 Dance, all these questions on IG and myself, 00:01:21.700 --> 00:01:23.200 will be chatting with two better in cannabis. 00:01:23.200 --> 00:01:26.800 Industry investors, Mitch Berkowitz of Merida, Capital partners 00:01:26.800 --> 00:01:29.900 and Emily paxhia of Poseidon Asset Management. 00:01:29.900 --> 00:01:30.800 Between the two of them. 00:01:30.800 --> 00:01:33.800 They've invested, Millions spent over a decade, 00:01:33.800 --> 00:01:36.600 which is it ancient in, in the Cannabis industry, 00:01:36.600 --> 00:01:40.200 backing the growth of some of the biggest names that have a Keen 00:01:40.200 --> 00:01:41.800 Eye on the industry from startups. 00:01:41.800 --> 00:01:45.100 The biggest Outlet, try to come just as a quick programming 00:01:45.100 --> 00:01:48.700 notes, we will have lots of opportunities abroad NCSU in a, 00:01:48.700 --> 00:01:53.300 please use the Q&A function, and then we will kind of pre-selected 00:01:53.300 --> 00:01:54.800 good questions from there. 00:01:54.800 --> 00:02:00.800 So with that, I will kick it over to Mitch and Emily to introduce 00:02:00.800 --> 00:02:04.700 themselves and then we can take the first question. 00:02:04.700 --> 00:02:07.700 So, Emily audio first officer. 00:02:07.700 --> 00:02:09.200 Thanks so much for having us. 00:02:09.200 --> 00:02:09.900 This is a fun. 00:02:09.900 --> 00:02:12.300 I think there's going to be a fun and spirited discussion. 00:02:12.300 --> 00:02:13.600 My name is Emily. 00:02:13.600 --> 00:02:17.600 I'm co-founder of Poseidon, we have been running investments 00:02:17.600 --> 00:02:18.300 in the Cannabis industry. 00:02:18.900 --> 00:02:20.500 January of 2014. 00:02:20.500 --> 00:02:24.500 Her first investment was in GW Pharma actually and it was founded 00:02:24.500 --> 00:02:26.400 by my brother and I'm Morgan. 00:02:26.400 --> 00:02:28.500 And I'm so we had our first one, 00:02:28.500 --> 00:02:29.700 which was an opportunity fund. 00:02:29.700 --> 00:02:32.600 It was like a hybrid denture structure, 00:02:32.600 --> 00:02:34.800 which had some public and private exposure. 00:02:34.800 --> 00:02:38.100 Then we had our second funds which was a serious error later, 00:02:38.100 --> 00:02:40.500 straight private, VC funds. 00:02:40.500 --> 00:02:43.900 And then we now have our third fund which is focused on post 00:02:43.900 --> 00:02:48.100 seed. Company is already brought on the team from some of the 00:02:48.100 --> 00:02:51.000 team from canopyboulder to to manage that. 00:02:51.000 --> 00:02:56.800 I'm so excited to expand our team and seven syndicated 00:02:56.800 --> 00:02:57.600 directions to Kohl's. 00:02:57.600 --> 00:02:59.900 We try to create a lot of opportunities. 00:02:59.900 --> 00:03:09.300 Covered some geography as well. 00:03:10.400 --> 00:03:21.300 Awesome. Mitch taking it over to you in 2014 or 15 in a West 00:03:21.300 --> 00:03:23.500 Coast event. We're in like a Lobby. 00:03:23.500 --> 00:03:25.300 They just judge like a shark tank. 00:03:25.300 --> 00:03:26.200 You remember that? 00:03:26.200 --> 00:03:30.800 There was some table set-up and the entry come a long way since 00:03:30.800 --> 00:03:31.700 we first met right? 00:03:31.700 --> 00:03:37.000 But yes, but I'm you look pretty good though. 00:03:37.000 --> 00:03:49.600 So I'm the founder of the capital Holdings which at this point 00:03:49.600 --> 00:03:51.400 has more than 500 million and I, 00:03:51.400 --> 00:03:56.200 um, across three funds, a few small peoples in a spy cam. 00:03:56.200 --> 00:03:56.900 Are the merger. 00:03:56.900 --> 00:04:01.400 I started my my cannabis industry experience officially 00:04:01.400 --> 00:04:04.700 by winning. One of the first limited license medical licenses 00:04:04.700 --> 00:04:08.800 in Connecticut in 2013, in a company called power plant and went on 00:04:08.800 --> 00:04:11.600 to win some of that, the more cover When did licenses 00:04:11.600 --> 00:04:15.500 in States like Minnesota Nevada, Maryland, Etc. 00:04:15.500 --> 00:04:17.900 And started Meredith a kind of half, 00:04:17.900 --> 00:04:20.000 sure, what we saw as a big gap in the supply chain, 00:04:20.000 --> 00:04:23.400 which is why I was out in California and 15 kind of digging 00:04:23.400 --> 00:04:26.100 in there in the trenches, to find good Investments. 00:04:26.100 --> 00:04:27.600 And, you know, just like Emily. 00:04:27.600 --> 00:04:31.800 We've used a lot of our experience as operators and historically 00:04:31.800 --> 00:04:34.800 to really drive a thesis across the world. 00:04:34.800 --> 00:04:35.900 Our Global investor. 00:04:35.900 --> 00:04:40.000 This point, our third one has a distinct operational 00:04:40.000 --> 00:04:43.100 focus with. I think seven State operations. 00:04:43.100 --> 00:04:46.200 Now, including one of the largest dispensary Footprints 00:04:46.200 --> 00:04:49.700 in Michigan and sort of the high-traffic states that that come 00:04:49.700 --> 00:04:50.700 out of limited licensing. 00:04:50.700 --> 00:04:57.100 And I'm just excited to to dig in with one of my my legacy 00:04:57.100 --> 00:04:58.400 Cove work. So I really respect. 00:04:58.400 --> 00:05:00.400 Thanks much, thanks Emily. 00:05:00.400 --> 00:05:03.200 I'm just give a brief intro of myself. 00:05:03.200 --> 00:05:06.800 I cover the Cannabis and psychedelics ESPN Insider. 00:05:06.800 --> 00:05:09.700 I'm following the footsteps of Jeremy can sort of carved out 00:05:09.700 --> 00:05:10.100 to be true. 00:05:10.400 --> 00:05:14.300 Better. We're just going to jump right into questions here so 00:05:14.300 --> 00:05:18.500 I think we can start out by addressing the Reddit frenzy that 00:05:18.500 --> 00:05:21.400 happened a few like, I guess it's months now, 00:05:21.400 --> 00:05:28.000 few months ago we saw a lot of redditors pilot into certain 00:05:28.000 --> 00:05:31.000 cannabis stocks. Now I just wanted to get your guys's take on 00:05:31.000 --> 00:05:32.500 this, Mitch Emily. 00:05:32.500 --> 00:05:36.900 What is your take on the stocks that these people have invested in 00:05:36.900 --> 00:05:37.400 to do? 00:05:37.400 --> 00:05:39.000 You feel like it's the right stocks? 00:05:39.000 --> 00:05:42.000 Which stocks do you think people should be avoided? 00:05:42.000 --> 00:05:47.800 I'm not sure that was the right stock, 00:05:47.800 --> 00:05:49.800 given that it was largely Big Board stuff. 00:05:49.800 --> 00:05:50.500 Is trade on Robinhood. 00:05:50.500 --> 00:05:52.200 So is tilray canopy. 00:05:52.200 --> 00:05:56.800 Yeah, so if it's not the companies that are growing, 00:05:56.800 --> 00:05:59.600 the fastest with the biggest profit margin, 00:05:59.600 --> 00:06:03.900 you know, those are all OTC, so we was such a phenomenon 00:06:03.900 --> 00:06:08.300 like a week that it almost disappear before that I can't believe 00:06:08.300 --> 00:06:09.900 me, feel like a better companies are 00:06:10.400 --> 00:06:14.700 DC lifted, you know, you SMS O's or other globally, 00:06:14.700 --> 00:06:17.200 Focus companies that are bleeding cash. 00:06:17.200 --> 00:06:19.000 So and west of the Big Bore, 00:06:19.000 --> 00:06:20.000 but I believe you can. 00:06:20.000 --> 00:06:22.200 You can you give me about that? 00:06:22.200 --> 00:06:23.500 Yeah, I know. 00:06:23.500 --> 00:06:26.000 I mean, I couldn't agree more and one of the things I was worried 00:06:26.000 --> 00:06:29.000 about is that people were jumping into these names and that 00:06:29.000 --> 00:06:30.700 they were going to get stuck holding the bag. 00:06:30.700 --> 00:06:31.100 You know what? 00:06:31.100 --> 00:06:34.200 There's this whole thing of like anti institution, 00:06:34.200 --> 00:06:38.100 and I got that because the democracy and access to being able 00:06:38.100 --> 00:06:38.800 to grow your wealth. 00:06:38.800 --> 00:06:40.900 Exponentially is not really been available. 00:06:40.900 --> 00:06:44.200 And so I think it's great that people wanted to jump in and really 00:06:44.200 --> 00:06:48.200 I see these due diligence or due diligence on these companies 00:06:48.200 --> 00:06:51.400 that I was seeing was making me extremely nervous and and it's 00:06:51.400 --> 00:06:52.100 almost like them. The 00:06:52.100 --> 00:06:54.200 same thing was happening where the institutions 00:06:54.200 --> 00:06:56.900 had to leave the retail investor sometimes holding the bag and 00:06:56.900 --> 00:06:59.200 I was worried that the same thing would happen with the guys 00:06:59.200 --> 00:07:02.200 and people who are leading the charge on the is redditor 00:07:02.200 --> 00:07:05.400 movements and so they didn't move the stock up and then they 00:07:05.400 --> 00:07:07.800 got out and then people are stuck holding bag of then maybe 00:07:07.800 --> 00:07:10.200 realize that they didn't pick the best of the Cannabis Cup. 00:07:10.400 --> 00:07:13.300 So I just thought I was upset about it cuz I was like, 00:07:13.300 --> 00:07:15.900 if we're going to direct capital that's directly to the companies 00:07:15.900 --> 00:07:21.100 that are really building for a really big. 00:07:21.100 --> 00:07:24.200 So just just a follow-up with. 00:07:24.200 --> 00:07:36.900 Why are they focusing on the Canadian company? 00:07:36.900 --> 00:07:40.000 That is it simply an access question because Robin Hood? 00:07:40.000 --> 00:07:47.600 Yeah, yeah I would love to get Robinhood app and be able to buy 00:07:47.600 --> 00:07:52.700 a u.s. cannabis so be a dream but I couldn't agree more with 00:07:52.700 --> 00:07:58.500 Mitch. It's just to having the access to get in there and then. 00:07:58.500 --> 00:08:02.000 Dates whatever. But it's it's access. 00:08:02.000 --> 00:08:02.900 I mean, 00:08:10.400 --> 00:08:13.800 Send that it's basically created by headphone like if a app that 00:08:13.800 --> 00:08:16.000 hedge funds pay for the flow so they can almost see like what 00:08:16.000 --> 00:08:17.400 retail are doing and do the opposite. 00:08:17.400 --> 00:08:25.700 So what research is available the reality is there's like five 00:08:25.700 --> 00:08:29.100 cannabis option to buy in there and I've said, 00:08:29.100 --> 00:08:31.000 what I have to say on canopy and, 00:08:31.000 --> 00:08:33.200 you know, I like a free a better because at least bigger. 00:08:33.200 --> 00:08:37.100 But we do you find at the Union Market to interesting 00:08:37.100 --> 00:08:38.000 other than this thing. 00:08:38.000 --> 00:08:39.600 But we've done something in premium 5, 00:08:39.600 --> 00:08:42.400 which is a private play, which Heritage cannabis pot, 00:08:42.400 --> 00:08:44.900 but they were doing liquid live resin and other products 00:08:44.900 --> 00:08:45.700 that the Canadian Market. 00:08:45.700 --> 00:08:49.700 This is not a lot to talk about at the big level at being a 00:08:49.700 --> 00:08:53.800 huge kind of capital markets, driven plays, 00:08:53.800 --> 00:08:54.900 they spent more money. 00:08:54.900 --> 00:08:59.000 I mean, I think he's probably sent spent more money than the 00:08:59.000 --> 00:09:03.300 top five msos combine to build the same ones making money. 00:09:03.300 --> 00:09:04.300 The other ones not. 00:09:04.300 --> 00:09:06.000 It's, it's really not in a comparison. 00:09:06.000 --> 00:09:07.800 My opinion. They won't be successful long-term. 00:09:07.800 --> 00:09:09.800 I'm just saying as of right now, 00:09:09.800 --> 00:09:13.000 you can Compare the US markets in the in the Canadian market 00:09:13.000 --> 00:09:25.500 price. For these retail investors who want to get involved 00:09:25.500 --> 00:09:27.500 in cannabis, wanted it, their toes. 00:09:27.500 --> 00:09:30.100 Don't really know too much about it once or twice. 00:09:30.100 --> 00:09:37.200 I mean, I feel like just read the quarters to listen to the earnings 00:09:37.200 --> 00:09:39.100 calls. I mean, if you sign up for their newsletter, 00:09:39.100 --> 00:09:41.200 if you go on the investor tab on their website, 00:09:41.200 --> 00:09:45.300 I would I would follow that was I mean there's like the top five 00:09:45.300 --> 00:09:49.400 bad guys and ladies and then there's another awesome cheer 00:09:49.400 --> 00:09:51.400 of people who haven't quite punch through, 00:09:51.400 --> 00:09:54.200 but they're really showing some strong operations and great 00:09:54.200 --> 00:09:57.700 assets and so I would just take the time to dig through the filings 00:09:57.700 --> 00:10:01.800 and I look for the ones that are focused on preparing to uplist. 00:10:01.800 --> 00:10:05.200 So maybe they've taken some steps in terms of having Gap audited 00:10:05.200 --> 00:10:08.300 financials, you know, S1 registration. 00:10:10.400 --> 00:10:13.600 Sassy Steve has recognized them in that they're ready to punch 00:10:13.600 --> 00:10:16.100 leopolis to the exchanges when that should happen. 00:10:16.100 --> 00:10:18.500 Cuz I think they're there will definitely be a left. 00:10:18.500 --> 00:10:21.300 You can see how the thing is that trade on the exchanges 00:10:21.300 --> 00:10:24.600 trade and then the volume in the access that provided there, 00:10:24.600 --> 00:10:27.700 but I would I would be digging into the filings and looking 00:10:27.700 --> 00:10:30.100 at those who are focused on ebitda unfocused, 00:10:30.100 --> 00:10:34.800 really strong acid Acquisitions and accretion to their to their 00:10:34.800 --> 00:10:37.200 existing portfolio of companies. 00:10:37.200 --> 00:10:47.200 She's right there is a Canadian Stock Exchange phone. 00:10:47.200 --> 00:10:48.900 Call the form 7 was pretty interesting. 00:10:48.900 --> 00:10:52.700 It's a much more Lehman's very accessible document that you can 00:10:52.700 --> 00:10:55.700 get a sense of whether a company has net hiring or net. 00:10:55.700 --> 00:10:59.400 You know we used to be like in 2017 I used to joke with people 00:10:59.400 --> 00:11:01.700 not like they would say like what differentiates you 00:11:01.700 --> 00:11:03.800 know I would say I'm the only night I think I read every 00:11:03.800 --> 00:11:07.000 form 7. I mean it was like because people weren't doing it and 00:11:07.000 --> 00:11:10.100 it's actually kind of like this very narrative Focus. 00:11:10.300 --> 00:11:11.200 Did you hire people? 00:11:11.200 --> 00:11:14.200 What significant events that you have this month and some monthly 00:11:14.200 --> 00:11:17.300 form? So you have to wait for the quarter and every us company 00:11:17.300 --> 00:11:19.900 of interest is Canadian domicile. 00:11:19.900 --> 00:11:21.500 Perspective but they're going to file me, 00:11:21.500 --> 00:11:23.200 4700 the prettiest thing. 00:11:23.200 --> 00:11:26.000 Like, I remember everyone telling me how fast like I'm not going 00:11:26.000 --> 00:11:28.000 to mention name, but this company was growing and I looked 00:11:28.000 --> 00:11:30.300 and it was like net, dad and negative hiring rate. 00:11:30.300 --> 00:11:33.500 I'm like, I don't know if it's a good by Wannabe by the stock 00:11:33.500 --> 00:11:37.600 staff. They're probably not killing it right now and you know 00:11:37.600 --> 00:11:40.100 what time I ever was a hyper growth and I think you can find 00:11:40.100 --> 00:11:42.100 something. But like I said if you're willing to do a little 00:11:42.100 --> 00:11:45.300 bit of work, you can find out like which companies are profitable 00:11:45.300 --> 00:11:48.100 who has a really bad. 00:11:48.100 --> 00:11:52.700 And I think, I think in some level there's a lot of small Ott 00:11:52.700 --> 00:11:56.700 company, United States, that are really interesting in terms 00:11:56.700 --> 00:11:59.900 of their operating, the profitable than not used but you know 00:11:59.900 --> 00:12:04.400 the big companies that we all know the top 5 6 7 premature 00:12:04.400 --> 00:12:05.700 at the point of an understanding. 00:12:05.700 --> 00:12:08.000 Now what you're betting on when you've been on those countries 00:12:08.000 --> 00:12:09.700 is their ability to allocate a boat this morning. 00:12:10.400 --> 00:12:13.000 And so, I think that's a harder thing to discern through 00:12:13.000 --> 00:12:15.900 filing because you don't see the result of that overtime. 00:12:15.900 --> 00:12:18.600 So it's it's I mean you put if it's if you're willing to take 00:12:18.600 --> 00:12:19.500 you the file, you could do well. 00:12:19.500 --> 00:12:21.900 But there's a reason why me and Emily add funds and why people 00:12:21.900 --> 00:12:24.100 seem to be pretty interested in putting money in our phones. 00:12:24.100 --> 00:12:25.800 So they, they like that, you know, they 00:12:25.800 --> 00:12:27.000 like the fact, it will do the work. 00:12:27.000 --> 00:12:28.700 And, you know, we both have jeans. 00:12:28.700 --> 00:12:31.000 Like, I ain't have a 17 person who got something. 00:12:31.000 --> 00:12:34.700 I'm not sure if there's any shows that have seen that pic because 00:12:34.700 --> 00:12:36.000 of how much information, that's right. 00:12:36.000 --> 00:12:39.300 I'm like how important is the information saturation space. 00:12:40.000 --> 00:12:42.300 Liberation yoga, critical and me. 00:12:42.300 --> 00:12:44.600 I mean, there's other things you can dig Inn on to, 00:12:44.600 --> 00:12:47.600 like, you can understand data by following some of the companies 00:12:47.600 --> 00:12:55.500 on their blog, understanding different product categories, 00:12:55.500 --> 00:12:58.100 understanding how they're driving through on the consumer 00:12:58.100 --> 00:13:00.600 side and then thinking about the relationships of these public 00:13:00.600 --> 00:13:03.800 companies to those different product categories in different 00:13:03.800 --> 00:13:06.800 consumer demographics. I mean, there's a lot of levers left to 00:13:06.800 --> 00:13:09.500 pull in and you can see in like a mature market like Colorado. 00:13:09.500 --> 00:13:14.000 Even in spite of the pandemic, it still grow 20% year-over-year 00:13:14.000 --> 00:13:18.000 last year and that's like, tourism nachtwey down. 00:13:18.000 --> 00:13:20.800 And that Mark has been open since January 2014. 00:13:20.800 --> 00:13:24.100 There's still a lot of growth and even the most mature of the 00:13:24.100 --> 00:13:27.900 Cannabis markets. So I think it does really to come down to the 00:13:27.900 --> 00:13:31.400 kitchen and the selection of of the assets and where they're 00:13:31.400 --> 00:13:36.300 located. There's a lot of really interesting ways to spend 00:13:36.300 --> 00:13:39.200 time going through Google. 00:13:39.900 --> 00:13:42.800 I'm trying to understand where each of these retail locations 00:13:42.800 --> 00:13:45.500 is focus, like some example of New Jersey. 00:13:45.500 --> 00:13:47.800 Where are those assets? 00:13:47.800 --> 00:13:53.400 Are located someone with operating expense, like, 00:13:53.400 --> 00:13:55.100 I'm thinking about our operators. 00:13:55.100 --> 00:13:57.700 Yeah, you've got to think about these things cuz the store 00:13:57.700 --> 00:14:01.200 is example, one of our companies has a store in southern 00:14:01.200 --> 00:14:04.800 South West, Illinois, and may everyone will think about Chicago, 00:14:04.800 --> 00:14:07.600 but what people don't realize is like the location of that thing 00:14:07.600 --> 00:14:10.200 at the Beast as one of the top performers in the entire State, 00:14:10.200 --> 00:14:21.100 just to bring it unless people don't have day jobs in this. 00:14:21.100 --> 00:14:23.700 And if they're traitors traditionally there he can dig in. 00:14:23.700 --> 00:14:26.600 But I will say like they're there is one other thing at MSU what 00:14:26.600 --> 00:14:29.800 they think is is worth doing basically every time his company 00:14:29.800 --> 00:14:34.200 at this point at least and a soda put out Decks that are filed 00:14:34.200 --> 00:14:37.300 under AK rear deck is a good way to kind of get like their 00:14:37.300 --> 00:14:41.600 footprint. And like Emily said maybe Identify like which states 00:14:41.600 --> 00:14:44.600 are are more attractive and then kind of regress yourself 00:14:44.600 --> 00:14:46.900 to. I'm going to make a bet that these were stable grow quickly 00:14:46.900 --> 00:14:49.200 like a New Jersey, you know, which one to transition to Wood 00:14:49.200 --> 00:14:52.300 dollies who's more leverage, like Arizona what I am. 00:14:52.300 --> 00:14:53.600 I'm trying to answer the question. 00:14:53.600 --> 00:14:55.700 Which is how do if your retail die and you want to spend like 00:14:55.700 --> 00:14:59.100 $15 a day, find add a can get a dad from all the major 00:14:59.100 --> 00:15:02.000 episodes that they filed and then you can look at the footprint 00:15:02.000 --> 00:15:02.800 and just make a bet on. 00:15:02.800 --> 00:15:08.700 Like these states is Colorado, he was up 20%, 00:15:08.700 --> 00:15:10.800 it's a 2 billion dollar market when it was 1.2, 00:15:10.800 --> 00:15:13.600 I was like, okay that I'm hitting the top nine hundred million 00:15:13.600 --> 00:15:17.100 dollars later. And I think that's all from me to. 00:15:17.100 --> 00:15:20.700 We have a deep thesis about the the illicit Market transition 00:15:20.700 --> 00:15:22.000 into the illegal Market. 00:15:22.000 --> 00:15:24.500 That's that, we not for retail person, 00:15:24.500 --> 00:15:26.700 like good luck China, you know, figure out what we've been doing 00:15:26.700 --> 00:15:28.700 for the last seven years to figure out that friend, 00:15:28.700 --> 00:15:30.900 but we do have a cometary Emily. 00:15:30.900 --> 00:15:33.800 Does some good dated a great blog post about the GARP of the 00:15:33.800 --> 00:15:34.600 space that I read. 00:15:34.600 --> 00:15:38.500 I found very interesting and I have personally I love it and I 00:15:38.500 --> 00:15:39.700 do a commissary this problem. 00:15:39.900 --> 00:15:43.300 42 heavy and because it's 20 Pages. 00:15:43.300 --> 00:15:45.900 It it has it has to have some pop culture to keep people interested. 00:15:45.900 --> 00:15:53.200 So you know, how can you go to market to ask you, 00:15:53.200 --> 00:15:57.300 put out a fair amount of free material where you can get there? If 00:15:57.300 --> 00:15:58.400 you're willing to do it in a half, 00:15:58.400 --> 00:16:00.400 one thing I thought she had and also I think it's important 00:16:00.400 --> 00:16:03.700 and I for people in their attitude have an RSS feed, 00:16:03.700 --> 00:16:07.600 be aware of the what's happening. 00:16:07.600 --> 00:16:11.800 So have like some keywords picked out have an RSS feed in integers 00:16:11.800 --> 00:16:13.600 paying attention and have conversations. Like 00:16:13.600 --> 00:16:18.700 I have the brightest Minds encounters, 00:16:18.700 --> 00:16:21.900 we can talk to him everyday and that's used for for advancing 00:16:21.900 --> 00:16:28.500 at your own thesis, as well for a second. 00:16:28.500 --> 00:16:31.100 Just just for those who might not pay as much attention 00:16:31.100 --> 00:16:32.700 to the sector. 00:16:32.700 --> 00:16:36.000 As you guys, Emily mentioned that within u.s. 00:16:36.000 --> 00:16:37.700 cannabis. There's kind of two tiers. 00:16:37.700 --> 00:16:38.700 There's the Big 5. 00:16:39.900 --> 00:16:41.900 Can you expand on that? 00:16:41.900 --> 00:16:44.800 Like, who's in tier-1 and who are the up-and-comers 00:16:44.800 --> 00:16:48.100 in tier-2? And then, you know, maybe why you like some of those 00:16:48.100 --> 00:16:49.000 names? Better than others? 00:16:49.000 --> 00:16:54.800 All is just like that. 00:16:54.800 --> 00:17:19.100 Yeah, I know there's a lot to Cresco Alicia and I think it's 00:17:19.100 --> 00:17:30.300 an interesting stick for the latest get Emily like a little 00:17:30.300 --> 00:17:36.400 braid. There's not to argue that the first years like 15 companies 00:17:36.400 --> 00:17:39.700 because they're all directly moving, like, a Verano small. 00:17:39.900 --> 00:17:42.000 You think they're going to grow naturally, I 00:17:42.000 --> 00:17:44.900 mean, they're natural grocery food at 60% 7% if they just 00:17:44.900 --> 00:17:47.200 do their job, an Ascend Wellness with family. 00:17:47.200 --> 00:17:50.200 I mean, you can't forget your you got to talk a little bit. 00:17:50.200 --> 00:17:57.900 So it's like five years that are small that are like enough. 00:17:57.900 --> 00:17:59.700 One thing, I think like a like a, 00:17:59.700 --> 00:18:02.200 like a stem Holdings which is doing well, 00:18:02.200 --> 00:18:05.100 is one of those that, like, you don't think of their. 00:18:05.100 --> 00:18:10.700 There's there's, there's a lot of Paris end. 00:18:10.700 --> 00:18:17.400 Like I'm going to hear from all the CEOs, 00:18:17.400 --> 00:18:18.600 he's coming, but don't mention that. 00:18:18.600 --> 00:18:30.100 I know that top 5 and Anna Faris and I would have been in 00:18:30.100 --> 00:18:33.000 there. We're kind of on a breakaway but now I feel like there's 00:18:33.000 --> 00:18:36.300 a lot of really interesting Market action happening in the other 00:18:36.300 --> 00:18:37.200 and it's becoming more. 00:18:39.900 --> 00:18:44.300 One of the things that's exciting to me is if they don't all 00:18:44.300 --> 00:18:46.400 have to move together, right? 00:18:46.400 --> 00:18:49.000 We can see some breakouts in terms of how the different 00:18:49.000 --> 00:18:50.200 strategies are playing out. 00:18:50.200 --> 00:18:53.500 If you have truly, if we're super deep in Florida, 00:18:53.500 --> 00:18:57.300 which is a massive Market Bistro market and she really focused 00:18:57.300 --> 00:19:05.900 on that. She did at the ridge to navigate that and did it really 00:19:05.900 --> 00:19:08.300 well. And then you have like, GPI, 00:19:08.300 --> 00:19:15.400 is that I would consider a little bit more really key markets. 00:19:15.400 --> 00:19:20.200 And again, I played in our backyard like New Jersey Shore Massachusetts, 00:19:20.200 --> 00:19:20.900 New York, New Jersey. 00:19:20.900 --> 00:19:27.500 I mean, they really focused on there with our Capital prudence, 00:19:27.500 --> 00:19:30.700 and then you got Columbia care, which has been always a little 00:19:30.700 --> 00:19:32.100 bit more medicinally focus. 00:19:32.100 --> 00:19:35.100 And now, they're very like data Focus every focused on this 00:19:35.100 --> 00:19:38.600 digital consumer experience and and they also planted flags 00:19:38.600 --> 00:19:40.300 and very specific Marquette. 00:19:40.300 --> 00:19:43.300 So I think you're going to see different ways that these stocks 00:19:43.300 --> 00:19:45.500 move, his people take time to understand that, 00:19:45.500 --> 00:19:47.300 not all iMessages are created equal. 00:19:47.300 --> 00:19:54.800 And then, you know, and so big in a couple of ways, 00:19:54.800 --> 00:20:06.800 to a point of maturation and that investors have opportunities 00:20:06.800 --> 00:20:09.300 to form a thesis around, what they think are the winning 00:20:09.300 --> 00:20:16.800 strategies and easy access to Capital. 00:20:16.800 --> 00:20:20.100 I think early on the only people that could get big, 00:20:20.100 --> 00:20:23.500 were the people who had relationships in capital-efficient 00:20:23.500 --> 00:20:25.000 world's, right? People? 00:20:25.000 --> 00:20:28.500 Who I finance background, we're able to tap those networks 00:20:28.500 --> 00:20:29.700 and get big quickly. 00:20:29.700 --> 00:20:32.000 And I think when you talk about like a GI truoc, 00:20:32.000 --> 00:20:34.600 11.2, and I wrote about this, kind of, 00:20:34.600 --> 00:20:37.000 when I was as an early operator, 00:20:37.000 --> 00:20:39.500 I saw this myself operating 00:20:39.800 --> 00:20:42.600 Multiple states in the early inefficient Out of This World 00:20:42.600 --> 00:20:47.600 With Murder and Kim's, able to drive to East location and interact with 00:20:47.600 --> 00:20:50.500 patients and manage and truly for truly. 00:20:50.500 --> 00:20:53.100 That was a very successful strategy and that's why each am I. 00:20:53.100 --> 00:20:55.700 So no matter how crazy are also question right now, 00:20:55.700 --> 00:20:58.700 to look at any rate out of state operations which is a different 00:20:58.700 --> 00:21:02.200 game. There are certain shows that have never won a, 00:21:02.200 --> 00:21:10.100 bespoke license, need to know the lights in the game. 00:21:10.100 --> 00:21:11.200 Where there's new States from. 00:21:11.200 --> 00:21:18.300 Am I being a large multi-? 00:21:18.300 --> 00:21:20.900 When you're going to new states that want to have local-based 00:21:20.900 --> 00:21:24.000 operation, which goes to a whole other question around. 00:21:24.000 --> 00:21:27.800 If the laws changed and gets all time is lost change in the federal 00:21:27.800 --> 00:21:29.600 government changes, lost isn't an economist. I 00:21:29.600 --> 00:21:31.500 was basically worthless, which is a comical. 00:21:31.500 --> 00:21:33.900 I mean you can't even get into the iron. 00:21:33.900 --> 00:21:36.300 Like going through like a labyrinth and explain to someone 00:21:36.300 --> 00:21:37.900 for an hour of why it's crazy. 00:21:37.900 --> 00:21:38.300 But 00:21:39.800 --> 00:21:43.400 I do think that there's some good ones that have really great 00:21:43.400 --> 00:21:47.000 embedded, return profiles because of where they are there, 00:21:47.000 --> 00:21:52.600 smart capital allocators and the temperament and kind of a personality 00:21:52.600 --> 00:21:54.400 of each other was really an advantage that, 00:21:54.400 --> 00:21:55.600 you know, people like Emily. 00:21:55.600 --> 00:21:59.900 And I have, which is again, why we created vehicles in 16 17, 00:21:59.900 --> 00:22:02.000 people may not have liked the Black Box on them, 00:22:02.000 --> 00:22:02.800 like, what are you going to die? 00:22:02.800 --> 00:22:03.700 Sometimes I see it. 00:22:03.700 --> 00:22:06.600 Now 2021, I can people really understand that, 00:22:06.600 --> 00:22:09.800 but you know what, the path we took to create pool vehicles 00:22:09.800 --> 00:22:13.700 that that the Abbey other people's Capital to deploy in a diversified 00:22:13.700 --> 00:22:17.500 platform, is a virtue where I see number for five years. 00:22:17.500 --> 00:22:18.700 There was a big head wind and Emily. And 00:22:18.700 --> 00:22:21.400 I had to explain to people a thesis and how that pleases 00:22:21.400 --> 00:22:22.300 get on the ground. 00:22:22.300 --> 00:22:24.600 And I think mso's are one way to play it. 00:22:24.600 --> 00:22:29.100 The hardest thing to do is fine private and a public ancillary 00:22:29.100 --> 00:22:31.100 companies. And that's where really did. 00:22:31.100 --> 00:22:34.000 Look like all three lamps l&n really different than the average 00:22:34.000 --> 00:22:35.000 person to be able to. 00:22:35.000 --> 00:22:38.000 You're going to pretty much do well in most of these State 00:22:38.000 --> 00:22:39.600 based, I do so, is it just what I mean? 00:22:39.800 --> 00:22:43.400 The growth from the illegal Market in Toledo Market is massive. 00:22:43.400 --> 00:22:45.700 New York, senate seat for billing of transition. 00:22:45.700 --> 00:22:49.300 California is serving the lowest percentage of its legal Market 00:22:49.300 --> 00:22:49.900 in the world. 00:22:49.900 --> 00:22:52.400 It's like 38%, right? 00:22:52.400 --> 00:22:55.000 And we could tell you the black market in California is doing 00:22:55.000 --> 00:22:57.300 getting up eventually, and when it does California operators, 00:22:57.300 --> 00:22:58.000 I can do very well. 00:22:58.000 --> 00:23:02.600 So I think you find natural growth and then you work backwards 00:23:02.600 --> 00:23:04.100 from where the natural growth, the easy quote, 00:23:04.100 --> 00:23:06.900 the Lowe fishing boat is in any work backwards to find, 00:23:06.900 --> 00:23:11.800 people are satisfying that I want to jump in here to a point 00:23:11.800 --> 00:23:14.700 that Emily brought up, and maybe Mitch also the question 00:23:14.700 --> 00:23:17.600 to you, but it's really between point multi-state. 00:23:17.600 --> 00:23:18.900 Operators, just the back up. 00:23:18.900 --> 00:23:21.400 Those are mso's or u.s. 00:23:21.400 --> 00:23:23.300 cannabis companies that operate in multiple States. 00:23:23.300 --> 00:23:25.400 But there are, you know, Tier 1, 00:23:25.400 --> 00:23:29.200 let's say Loosely companies, like, tree leaves that have focused 00:23:29.200 --> 00:23:31.300 Corley on a single state Market. 00:23:31.300 --> 00:23:34.600 Trulieve is very, very focused on Florida and they're making 00:23:34.600 --> 00:23:37.700 really good money with that strategy as opposed to a company 00:23:37.700 --> 00:23:39.600 like curaleaf, which is kind of plane tickets. 00:23:39.800 --> 00:23:41.600 Bags in a lot of different legal states. 00:23:41.600 --> 00:23:44.200 The reason we spent millions and the European markets, 00:23:44.200 --> 00:23:46.400 so maybe Mitch and Emily. 00:23:46.400 --> 00:23:49.900 If you'd like to jump into can you walk us through the different 00:23:49.900 --> 00:23:53.500 strategy between focusing on one corner market versus multiple 00:23:53.500 --> 00:23:56.800 markets and maybe go into some of the pros and cons about those. 00:23:56.800 --> 00:24:06.300 Those strategies do your ears going to start to see scale in the 00:24:06.300 --> 00:24:09.400 states as they realize it just being a single state operator 00:24:09.400 --> 00:24:11.900 doing like 25 million of Revenue which might be great if you're 00:24:11.900 --> 00:24:14.700 like a small company and its own by you and your family, 00:24:14.700 --> 00:24:18.100 you can have the most amazing life but a lot of these companies 00:24:18.100 --> 00:24:22.800 have to make a decision which is do I get bigger and attract 00:24:22.800 --> 00:24:25.200 a more diverse by platform or do? 00:24:25.200 --> 00:24:27.300 I kind of stay the same size because the capital efficiency 00:24:27.300 --> 00:24:30.200 matters. And in Michigan in particular, we're starting to see 00:24:30.200 --> 00:24:33.700 some consolidation really gone on on hyperdrive, 00:24:33.700 --> 00:24:37.300 sweet. Operator is a strategy for people who are pretty much 00:24:37.300 --> 00:24:39.400 operationally focusrite, they don't want to sit in front. 00:24:39.800 --> 00:24:42.200 Peter all day and kind of manage 18, 00:24:42.200 --> 00:24:43.300 operation to look at the data. 00:24:43.300 --> 00:24:46.600 They might do that but that's not there for Charlie. 00:24:46.600 --> 00:24:49.700 Backed up from Cresco is using more information data from more 00:24:49.700 --> 00:24:54.100 inputs. Then hang up, the operator can get is now Kim Rivers. 00:24:54.100 --> 00:24:57.300 Trulieve is now looking at you looking to do acquisition, 00:24:57.300 --> 00:25:01.800 they build a base because to get into multiple States, 00:25:01.800 --> 00:25:04.000 you would be willing to file 2018, 00:25:04.000 --> 00:25:08.400 you know, spend hundreds of thousands of dollars if not a million 00:25:08.400 --> 00:25:10.900 dollars more and I spent $19 on probably eight different 00:25:10.900 --> 00:25:13.500 applications in my life and I think that's a different 00:25:13.500 --> 00:25:14.400 that's a different path. 00:25:14.400 --> 00:25:17.500 We want to lose and I think nowadays, 00:25:17.500 --> 00:25:20.200 you're the reason people might be a single state offer your 00:25:20.200 --> 00:25:21.800 house cuz they want to graduate in for something, 00:25:21.800 --> 00:25:24.800 but it's very difficult to say, out of nowhere, 00:25:24.800 --> 00:25:26.800 like, hey, I'm just going to go to a new state because what 00:25:26.800 --> 00:25:30.600 that states, non-contiguous then you're looking at a huge organizational 00:25:30.600 --> 00:25:31.800 drag on your operation. 00:25:31.800 --> 00:25:34.400 I think it's almost easier, and there's one thing I have that's 00:25:34.400 --> 00:25:36.500 a huge pet peeve of mine, which, 00:25:36.500 --> 00:25:38.400 you know, I'm not going to say the company recently. 00:25:38.400 --> 00:25:39.300 Visit meeting company. 00:25:39.800 --> 00:25:43.700 If you go into the CBD business you are not a multi-state 00:25:43.700 --> 00:25:53.200 operator. Okay, that behind the build a multi-state. 00:25:53.200 --> 00:25:55.300 Operator is a cannabis company that owns, 00:25:55.300 --> 00:25:58.400 either limited licenses, or constrained licenses, in multiple 00:25:58.400 --> 00:26:01.800 US states, like anyone who uses the definition. 00:26:01.800 --> 00:26:02.100 Otherwise, 00:26:05.200 --> 00:26:08.700 A man out of you on Twitter but like I'm watching and I've done 00:26:08.700 --> 00:26:12.700 it before it down like a lot of the last couple years but, 00:26:12.700 --> 00:26:13.100 you know, Emily. 00:26:13.100 --> 00:26:29.800 I know. That's a copy of yours to know if I can't even with 00:26:29.800 --> 00:26:32.700 extraordinary and it doesn't, it doesn't scale efficiently 00:26:32.700 --> 00:26:35.700 you have to continue to repeat processes of steps and it's just 00:26:35.700 --> 00:26:42.900 I mean in New Markets, work with you, 00:26:42.900 --> 00:26:46.900 don't get to just create this, Uber organization that has all 00:26:46.900 --> 00:26:49.900 of this stuff that flows equally between the states, 00:26:49.900 --> 00:26:53.900 the extraordinary really challenging process from start to finish. 00:26:53.900 --> 00:26:57.700 And I I mean right now, a lot of these guys are selling ice 00:26:57.700 --> 00:27:00.600 to know like ice in the desert. 00:27:05.200 --> 00:27:07.200 Text to two people coming out of the Sahara. 00:27:07.200 --> 00:27:19.200 Exactly. At the competition is coming now. 00:27:19.200 --> 00:27:21.400 I mean we being here in California, 00:27:21.400 --> 00:27:23.900 the competition two beers and Save in Mission. 00:27:23.900 --> 00:27:31.500 Michigan has more competition for the West Coast really has really 00:27:31.500 --> 00:27:34.200 stiff competition. East Coast, doesn't as much Central doesn't 00:27:34.200 --> 00:27:37.000 as much, but now we're starting to see more competition 00:27:37.000 --> 00:27:39.700 coming and so everyone's going to have to step up their game. 00:27:39.700 --> 00:27:43.000 So not only do they have to focus on getting operations 00:27:43.000 --> 00:27:45.100 open and then operational efficiency pretty soon. 00:27:45.100 --> 00:27:47.200 They're going to have to start competing pretty aggressively 00:27:47.200 --> 00:27:53.500 as well. I think there's a lot of pricing issues going on but 00:27:53.500 --> 00:27:56.600 it it's just it's I think you're absolutely right mention 00:27:56.600 --> 00:27:59.600 about. Like you can go deep in a state but you have to think 00:27:59.600 --> 00:28:02.700 about how transferable the knowledge as you have around the market 00:28:02.700 --> 00:28:04.900 of that fateful explored is a little bit tricky. 00:28:05.200 --> 00:28:07.300 Transfer knowledge of the Florida. 00:28:07.300 --> 00:28:09.900 Constituents to the rest of the country is just a bit of a different 00:28:09.900 --> 00:28:12.200 Market, but maybe you could do pretty well. 00:28:12.200 --> 00:28:14.700 If you're in New York and in LA and you've got some of these 00:28:14.700 --> 00:28:17.500 things that are similar demographic, psychographic. 00:28:17.500 --> 00:28:20.900 Yeah, I mean, I think that's a great point with this is Emily 00:28:20.900 --> 00:28:24.500 made this point for and I, I really believe this every company 00:28:24.500 --> 00:28:27.200 in cannabis. Even if it's like, I'm going to use it, 00:28:27.200 --> 00:28:28.800 just the kind of obtuse example. 00:28:28.800 --> 00:28:31.200 It doesn't matter if she's an investment BTS, 00:28:31.200 --> 00:28:32.500 I'm an investor in New Frontier. 00:28:32.500 --> 00:28:34.400 There's also a few other day to companies, 00:28:34.400 --> 00:28:35.000 which at all. 00:28:35.000 --> 00:28:35.700 I'm sorry, that's it. 00:28:35.700 --> 00:28:48.800 I'm sorry. Yeah, I know, it's one of your guys who thinks 00:28:48.800 --> 00:28:53.400 they're actually very different nice. 00:28:53.400 --> 00:28:56.000 Is that two companies that do Corps, 00:28:56.000 --> 00:28:57.700 what data do nothing? 00:28:57.700 --> 00:28:59.400 The same action BTS, BTS, 00:29:05.600 --> 00:29:07.500 If you going to buy one stock, 00:29:07.500 --> 00:29:09.600 should know the better making, are you making the capitalization? 00:29:09.600 --> 00:29:12.600 But are you making a natural growth of their state that are you 00:29:12.600 --> 00:29:14.900 making a bet on the broader legalization? 00:29:14.900 --> 00:29:15.600 Like that's going to. 00:29:15.600 --> 00:29:18.600 Also, there any companies understand distribution in brands 00:29:18.600 --> 00:29:20.400 that are. Because if you're in New York right now, 00:29:20.400 --> 00:29:23.500 you only two brand, you have a vertically integrated company, 00:29:23.500 --> 00:29:30.400 that selling everything a soul, manufacturing, their find someone's 00:29:30.400 --> 00:29:33.300 world Imports. They're turning into either oil or their own branded 00:29:33.300 --> 00:29:37.500 flour. And so you, you have all this this complexity that you 00:29:37.500 --> 00:29:39.700 don't really get in the east coast where large vertical 00:29:39.700 --> 00:29:46.200 operation, that are mono, New York, what's a? 00:29:46.200 --> 00:29:49.800 Don't you tell me the game is on from a competitive Brandon 00:29:49.800 --> 00:29:56.300 Lee and I'm sure Emily deeply invested in between Dozen Years 00:29:56.300 --> 00:29:58.900 Ago, seemed to come like to two or three years ago, 00:29:58.900 --> 00:30:00.300 there was nothing there. 00:30:00.300 --> 00:30:03.100 Don't be no harsher meeting than a brand from California 00:30:03.100 --> 00:30:05.100 Coming to America in New York and saying, 00:30:05.600 --> 00:30:07.200 I'm going to take this country by storm. 00:30:07.200 --> 00:30:09.700 I was like okay, explain me how you want to New York right 00:30:09.700 --> 00:30:10.900 now? You're 30 seconds. 00:30:11.900 --> 00:30:18.000 Cricket build your business in California, learn, 00:30:18.000 --> 00:30:20.500 and then see if you can transfer the knowledge later. 00:30:20.500 --> 00:30:22.400 And that's what we talk about when 17, 00:30:22.400 --> 00:30:25.300 18 19, 20 now you can see your data from companies like Emily's 00:30:25.300 --> 00:30:27.600 headset in New Frontier, to understand that better. 00:30:27.600 --> 00:30:30.800 But the brand Compass doesn't start till adult use. 00:30:30.800 --> 00:30:34.900 That's when he unconstrained Licensing in real pockets of idiosyncratic 00:30:34.900 --> 00:30:37.300 interest on a map where Brandon Melton, 00:30:37.300 --> 00:30:38.000 it really comes on. 00:30:38.000 --> 00:30:40.200 And that's where the consumer start to drive, 00:30:40.200 --> 00:30:42.600 what's going on the shelves, because their preferences 00:30:42.600 --> 00:30:43.800 will dictate where they shop. 00:30:43.800 --> 00:30:49.300 So it's critical, and everyone who's watching that, 00:30:49.300 --> 00:30:51.100 you know, please to make questions. 00:30:51.100 --> 00:30:54.400 We're going to get to bed in 5 to 10 minutes but we'll wait 00:30:54.400 --> 00:30:56.000 for those to sort of role in Emily. A 00:30:56.000 --> 00:30:58.600 question for you I noticed on your Twitter bio. 00:30:58.600 --> 00:31:00.700 You have #a masogange 00:31:11.800 --> 00:31:15.800 Yeah. So, you know, I've been a little bit cranky about all the 00:31:15.800 --> 00:31:18.300 capital flowing into Canada for the past two years. 00:31:18.300 --> 00:31:25.800 I mean, I'm happy for, you know, 00:31:25.800 --> 00:31:32.400 I felt like there was not a lot of the shareholders 00:31:32.400 --> 00:31:37.900 up there. I mean, a lot of misuse of capital, 00:31:37.900 --> 00:31:40.300 there are some good companies, but it's just been a frustrating 00:31:40.300 --> 00:31:41.300 thing to watch. 00:31:41.300 --> 00:31:44.400 And it's been a frustrating aspect of not having a federal 00:31:44.400 --> 00:31:45.300 Market here. Actually. 00:31:45.300 --> 00:31:48.200 I should say, there's there's ways that that pulls lover. 00:31:48.200 --> 00:31:51.100 So, I could go see Mitch and I and other investors opportunities 00:31:51.100 --> 00:31:54.200 to get their chips on the table before this thing blows wide 00:31:54.200 --> 00:31:56.500 open. So, there is that side to him, 00:31:56.500 --> 00:31:59.900 but it is also hard to just watch how much can the US have a 00:31:59.900 --> 00:32:02.700 great breakthrough on things and then all the sudden, 00:32:02.700 --> 00:32:04.200 Canada, stock start running. 00:32:04.200 --> 00:32:04.400 So 00:32:11.800 --> 00:32:14.400 Yeah, I was just like why is the capital we're just letting 00:32:14.400 --> 00:32:16.200 this opportunity, get away from us. 00:32:16.200 --> 00:32:19.800 And so, you know, we had after a while and so I can and 00:32:19.800 --> 00:32:22.900 I'm doing what I said we we rotated are capitalists the US and 00:32:22.900 --> 00:32:36.800 really started in 2018 2017-2018 because I do have a little 00:32:36.800 --> 00:32:40.500 bit of Pride around building us companies building a few SMS 00:32:40.500 --> 00:32:44.600 iOS. I think they're building tremendous business Against 00:32:44.600 --> 00:32:49.100 All Odds and so I was right around what I'm saying. 00:32:49.100 --> 00:32:50.400 Being built here in the US. 00:32:50.400 --> 00:32:52.400 And and also for me it's helpful to follow, 00:32:52.400 --> 00:33:03.600 not have an indicator of how the retail Market is feeling 00:33:03.600 --> 00:33:05.000 about what's happening in the face. 00:33:05.000 --> 00:33:07.100 And it's, it's gotten a bit quiet lately, 00:33:07.100 --> 00:33:09.500 because the markets cool down a little bit, 00:33:11.800 --> 00:33:17.500 So you know, it's funny because she kind of so anyone who follows 00:33:17.500 --> 00:33:22.900 me on Twitter which you know, I'm a little bit of a right. 00:33:22.900 --> 00:33:25.900 Although I would say that, you know, 00:33:25.900 --> 00:33:27.900 when a lot of ways Meredith always looking like we're looking 00:33:27.900 --> 00:33:30.400 deeper at things in the future and try to get ahead of the curve. 00:33:30.400 --> 00:33:33.200 Not kind of like following, and it felt a little phone with 00:33:33.200 --> 00:33:36.800 me. I'm a little mama, which, which is kind of a little offering 00:33:36.800 --> 00:33:38.700 for Merida but the other thing is, 00:33:38.700 --> 00:33:49.700 you know, it's like every one of the building anymore which 00:33:49.700 --> 00:33:53.500 is like you're over a billion you better announce when you hit 00:33:53.500 --> 00:33:58.500 under right. But it just felt a little bit a little bit you know 00:33:58.500 --> 00:34:01.500 consensus phone. Right believing it. 00:34:01.500 --> 00:34:04.300 I'm deeply invested in an associate portfolio. 00:34:04.300 --> 00:34:08.800 Imagine was before medicine focus and also that I love like 00:34:08.800 --> 00:34:10.700 work deeply invested in a bundt. 00:34:10.700 --> 00:34:11.600 We sold company. 00:34:11.800 --> 00:34:13.300 NFL to work with all the CEOs. 00:34:13.300 --> 00:34:15.600 We think they're the best companies in the world to invest in 00:34:15.600 --> 00:34:18.800 cannabis, but it just felt like we know how many hashtags 00:34:18.800 --> 00:34:20.800 so that's, you know, Emily school. 00:34:20.800 --> 00:34:25.400 And I am when it comes to that like it, 00:34:25.400 --> 00:34:27.300 if you don't trendy at the time, 00:34:27.300 --> 00:34:30.500 the people that weren't, you know, I love Todd Harris and you'll 00:34:30.500 --> 00:34:31.900 do on Twitter, Jay Stout afford. 00:34:31.900 --> 00:34:35.700 It are called house that for our clubhouse weekend on a 428. 00:34:35.700 --> 00:34:41.600 Just for us, I guess, like the I'm trying to eat a weird building 00:34:41.600 --> 00:34:45.700 company is based on desus and it just felt like so Momo for me 00:34:45.700 --> 00:34:49.400 that, you know, I think I joined it would have signified 00:34:49.400 --> 00:34:51.500 like Peak, you know, like me. 00:34:51.500 --> 00:34:53.100 And I just didn't want to be at the top of it. 00:34:53.100 --> 00:34:56.100 And so, you know, I took a lot of be there and I guess, 00:34:56.100 --> 00:34:58.900 thank God, I've been blessed with some self-discipline 00:34:58.900 --> 00:35:01.000 to avoid during the cool thing. 00:35:01.000 --> 00:35:03.300 I guess, you know, when you're short kid growing up in New York 00:35:03.300 --> 00:35:05.800 and you have a chip on your shoulder about sports and stuff 00:35:05.800 --> 00:35:07.300 and you just met you one. 00:35:07.300 --> 00:35:10.300 He the first one kicked because you can bloody nose isn't joining 00:35:10.300 --> 00:35:11.300 the episode a hashtag. 00:35:11.800 --> 00:35:14.400 Play bloody noses so I guess I just avoided it. 00:35:14.400 --> 00:35:21.600 I believe in that companies, I believe in the leaders, 00:35:21.600 --> 00:35:23.500 I believe the people who did back, 00:35:23.500 --> 00:35:26.100 and I'm glad there's something like that because I with Emily, 00:35:26.100 --> 00:35:28.900 I got to mention of frustration at explaining. 00:35:28.900 --> 00:35:33.400 You know why the US is a place and its. 00:35:33.400 --> 00:35:35.900 And I'm glad that are people willing to push that it just 00:35:37.300 --> 00:35:38.800 It's just not my style. 00:35:38.800 --> 00:35:41.600 I guess is one way to do in Emily's willing to be cooler than 00:35:41.600 --> 00:35:42.200 I am. You know? I'm 00:35:42.200 --> 00:35:50.400 just, I'm a joiner game co-op in people in a different 00:35:50.400 --> 00:35:59.500 way, but we are just going to ask one more question towards 00:35:59.500 --> 00:36:05.100 you guys. Before we jump into our audience Q&A questions, 00:36:05.100 --> 00:36:13.800 which bills are you guys watching? 00:36:13.800 --> 00:36:17.200 Really closely? Which ones do you think of a really good chance 00:36:17.200 --> 00:36:20.400 of getting through and in talking to Industry in a significant 00:36:20.400 --> 00:36:23.400 way? And then the second part of this question is, 00:36:23.400 --> 00:36:26.900 you know, what does all these States legalizing cannabis 00:36:26.900 --> 00:36:29.300 actually mean for, for the industry? 00:36:29.300 --> 00:36:31.600 How should investors sort of? 00:36:31.600 --> 00:36:34.500 Look at that, it up to you guys. 00:36:37.300 --> 00:36:41.200 What's a fact it's the boy who cried wolf like 7. 00:36:41.200 --> 00:36:42.400 I think eight times. 00:36:42.400 --> 00:36:43.600 So it's a bit. 00:36:43.600 --> 00:37:01.100 I mean, for the most part, one of the account user experience 00:37:01.100 --> 00:37:02.500 of the bank accounts is another thing. 00:37:02.500 --> 00:37:05.500 And the way that this trickles down to things like cost insurance, 00:37:05.500 --> 00:37:15.100 I mean, if you're watching very carefully, 00:37:15.100 --> 00:37:18.200 I know. Now Schumer is talking about Federal legalization 00:37:18.200 --> 00:37:22.300 and maybe holding it banking hostage for federal legalization. 00:37:22.300 --> 00:37:26.300 I just wish I understood concerned because I don't have a lot. 00:37:26.300 --> 00:37:27.300 I have to say, 00:37:28.900 --> 00:37:32.200 I'm not an optimist at how efficient Federal Government 00:37:32.200 --> 00:37:34.100 Can can get up to speed on this. 00:37:34.100 --> 00:37:37.200 And if you look at how each state rolls out implementation, 00:37:37.200 --> 00:37:40.600 it's an arduous process and there are a lot of stakeholders 00:37:40.600 --> 00:37:41.500 at the table. 00:37:41.500 --> 00:37:43.400 And if this goes that are federal level, 00:37:43.400 --> 00:37:45.500 I think it's just going to be a really kludgy process. 00:37:45.500 --> 00:37:53.700 So I just wish we could go back to the thing that really has 00:37:53.700 --> 00:37:56.200 to happen. And also, let's get that game, 00:37:56.200 --> 00:37:57.700 they didn't say that, but I'm saying that. 00:37:57.700 --> 00:37:59.100 So that's what I'm watching. 00:37:59.100 --> 00:38:03.200 And I'm dubious about the I'm dubious about Federal legalization. 00:38:03.200 --> 00:38:06.200 So I just try to focus on the two things that we actually 00:38:06.200 --> 00:38:19.200 really matter. I kind of free more people think about it which 00:38:19.200 --> 00:38:23.100 is first of all, if the federal government legalizes it's not 00:38:23.100 --> 00:38:27.400 a turning of the legalization The Impossible or D cream Vine. 00:38:27.400 --> 00:38:28.500 There's no way the federal government 00:38:28.800 --> 00:38:32.800 Not regulate this at an Omnibus like 6,000 people. 00:38:32.800 --> 00:38:33.800 There's no chance that happening. 00:38:33.800 --> 00:38:39.000 I mean, in my opinion, I would discount that to the 2-0, 00:38:39.000 --> 00:38:43.600 basically, I do think, but I don't think it matters to the core of 00:38:43.600 --> 00:38:44.100 the industry. 00:38:44.100 --> 00:38:45.400 I think, if you're a believer that, 00:38:45.400 --> 00:38:49.300 you know, 80 billion of illegal work 80 billion, 00:38:49.300 --> 00:38:51.900 total consumption is going to be all legal at some point in the future 00:38:51.900 --> 00:38:53.500 and directional. 00:38:53.500 --> 00:38:55.200 You're moving in a great way, with a higher, 00:38:55.200 --> 00:38:57.500 KV more than anything since, like the color TV of the steam 00:38:57.500 --> 00:38:59.000 engine, so fine. 00:38:59.000 --> 00:39:00.100 But so, it doesn't matter. 00:39:00.100 --> 00:39:05.000 However, if if to see that whatever happens and remember 00:39:05.000 --> 00:39:09.400 to everyone in Congress, basically didn't care about this in the 00:39:09.400 --> 00:39:16.000 90s that are freaking long that like they did nothing for years 00:39:16.000 --> 00:39:19.500 and they need people feel like a gateway drug and they were 00:39:19.500 --> 00:39:20.500 part of the problem. 00:39:20.500 --> 00:39:24.300 So they may be opportunistically chasing but they really in their 00:39:24.300 --> 00:39:27.800 core care, maybe, because it's opportunity thing, 00:39:27.800 --> 00:39:31.300 they care. They care about Government but I'm not sure they were 00:39:31.300 --> 00:39:32.600 going to fight to their last, 00:39:32.600 --> 00:39:36.000 you know, and stood make sure that cannabis is legal so that's 00:39:36.000 --> 00:39:36.800 why it's up to the state. 00:39:36.800 --> 00:39:41.400 But if things move, I think the thing will happen is it more 00:39:41.400 --> 00:39:43.500 efficient to look at more profitable and you're already profitable. 00:39:43.500 --> 00:39:47.700 Us company will be the opportunity for us companies to participate 00:39:47.700 --> 00:39:49.200 in offshore markets in the more. 00:39:49.200 --> 00:39:52.800 You know I think of you as William next net exporter which 00:39:52.800 --> 00:39:55.600 is why aren't you know I'm sure with me and we could do a 00:39:55.600 --> 00:39:59.400 debate about Colombia and other places like overseas. 00:39:59.400 --> 00:40:03.400 I think I'm more skeptical on overseas markets in other people 00:40:03.400 --> 00:40:07.300 because I think the US is where 99% of the Brain. 00:40:07.300 --> 00:40:08.100 Trust and talent. 00:40:08.100 --> 00:40:11.000 Is in cannabis right now and the other 1% are brilliant 00:40:11.000 --> 00:40:12.100 people in certain Pockets. 00:40:12.100 --> 00:40:16.000 But the truth really is an operating side of the US from net 00:40:16.000 --> 00:40:18.100 exportation. I think the UFC in Mexico. I 00:40:18.100 --> 00:40:19.200 could see being a very big, 00:40:19.200 --> 00:40:23.400 net exporter overtime and I also think you can see just Capital 00:40:23.400 --> 00:40:26.000 efficiency. I mean, I'd there are a lot of people who think 00:40:26.000 --> 00:40:27.800 there's going to be just blinking green light that has mass 00:40:27.800 --> 00:40:31.000 time. You can invest in And the truth is I mean I already 00:40:31.000 --> 00:40:34.200 had like five hundred million dollars place on the table for 00:40:34.200 --> 00:40:35.400 what happens. Next, Emily. 00:40:35.400 --> 00:40:39.200 As I know how much people play funders of the best. 00:40:39.200 --> 00:40:41.900 When it wasn't easy to discern, anything for the moment, 00:40:41.900 --> 00:40:43.400 when things change and get easier. 00:40:43.400 --> 00:40:46.000 And I think people who keep waiting for This Magic Moment 00:40:46.000 --> 00:40:49.700 are missing the fact that every day more people by Candice, 00:40:49.700 --> 00:40:51.800 who were illegal, grow up, we go by, 00:40:51.800 --> 00:40:56.100 and then there is a market, the market is enormous in the markets 00:40:56.100 --> 00:40:59.400 this big legal that enormous Market is going to, 00:40:59.400 --> 00:41:01.400 they're going to merge and it doesn't matter what happens 00:41:01.400 --> 00:41:03.800 to Federal. I will either way, I'd love to see it. 00:41:04.700 --> 00:41:07.600 Cuz 280 in particular is a massive like Frances. 00:41:07.600 --> 00:41:08.900 You want to find something interesting? 00:41:08.900 --> 00:41:13.000 Investing companies were most affected by 288 cuz those companies 00:41:13.000 --> 00:41:16.200 will be more profitable tomorrow, right? 00:41:16.200 --> 00:41:18.200 It's it's expired. 00:41:18.200 --> 00:41:31.700 After grows with healthier ebitda margins, in a high-growth 00:41:31.700 --> 00:41:35.100 consumer segments than almost any other consumer segments 00:41:35.100 --> 00:41:38.300 in spite of all of the challenges that they have to run this 00:41:38.300 --> 00:41:41.800 paper. 00:41:44.900 --> 00:41:49.800 More than any substance you think of your corn or food and on 00:41:49.800 --> 00:41:52.100 your table, you ingest touches your Regulators, 00:41:52.100 --> 00:41:54.700 like, like 1/8 of the amount in cannabis. 00:41:56.200 --> 00:41:58.800 completely true crazy for clothes and Market, 00:41:58.800 --> 00:42:09.600 it's it's the most expensive to operate 00:42:14.100 --> 00:42:16.700 I'm bullish. Yeah and I would just say to on the states. I 00:42:16.700 --> 00:42:20.300 mean it's great because the state the velocity of States 00:42:20.300 --> 00:42:23.400 regulating and legalizing cannabis is it's extraordinary. 00:42:23.400 --> 00:42:25.400 Really how much it's extraordinary? 00:42:25.400 --> 00:42:30.700 How much is like, okay, we had Colorado Washington. 00:42:30.700 --> 00:42:34.900 Alaska, I don't use markets and and that was January, 00:42:34.900 --> 00:42:36.500 2014 of Washington. I 00:42:36.500 --> 00:42:39.200 think opened in April of that year and from there it's just 00:42:39.200 --> 00:42:43.100 like boom and even like things like when Arizona voted to pass 00:42:43.100 --> 00:42:45.900 adult use and then I seriously was just working away. 00:42:45.900 --> 00:42:52.100 These things are happening so quickly. 00:42:52.100 --> 00:42:55.000 We have to take a minute to recognize that the pace of change 00:42:55.000 --> 00:42:56.100 and what's happening. 00:42:56.100 --> 00:42:59.600 But is important because it's showing the constituents are 00:42:59.600 --> 00:43:03.600 driving every Market that opens were unlocking, 00:43:03.600 --> 00:43:07.500 the illicit market and moving it into the the legal and regulated 00:43:07.500 --> 00:43:08.700 market, which is better for me. 00:43:14.100 --> 00:43:16.900 The bottom line is states are growing. 00:43:16.900 --> 00:43:21.200 It did not drive and it will make it easier for large institutions 00:43:21.200 --> 00:43:24.800 to come in, and that'll end up driving down yields in certain 00:43:24.800 --> 00:43:27.600 places. Like, the next thing is he a real estate play that they 00:43:27.600 --> 00:43:32.400 didn't like home lending. 00:43:32.400 --> 00:43:37.400 Probably right now it's because people want to touch like the 00:43:37.400 --> 00:43:40.000 cortical non operational risk. 00:43:40.000 --> 00:43:44.200 So I think the industry is evolving and in an amazing fashion 00:43:44.200 --> 00:43:46.200 there's never a better day than that. 00:43:46.200 --> 00:43:47.100 Yesterday was a good day. 00:43:47.100 --> 00:43:49.500 It doesn't matter whether stocks go up and down today or tomorrow 00:43:49.500 --> 00:43:50.100 to buy line. 00:43:50.100 --> 00:43:53.400 Growing at incredible rates are getting more problem and needs 00:43:53.400 --> 00:43:56.200 an operation. The crappiest potential and Bonner, 00:43:56.200 --> 00:44:00.000 huge regulation, over-regulation Cabral inefficiency 00:44:00.000 --> 00:44:03.900 and lack of institutional registration address things together. 00:44:03.900 --> 00:44:07.500 Give a big Market, appreciate that very much and Emily. 00:44:07.500 --> 00:44:11.800 I wanted to move into audience Q&A of a number of good questions 00:44:11.800 --> 00:44:13.500 here and I'll try and get to you. 00:44:14.100 --> 00:44:19.100 79 minutes, you have left a simple one from Robert. 00:44:19.100 --> 00:44:20.800 Are these companies that we talked about, 00:44:20.800 --> 00:44:24.000 you know, GTI truly Cheerilee Etc. 00:44:24.000 --> 00:44:25.600 Are the different platforms. 00:44:25.600 --> 00:44:31.700 What you trade RTD where retail investors can access them and I 00:44:31.700 --> 00:44:34.800 guess I'll add a second part to that question are there ETS 00:44:34.800 --> 00:44:39.400 that you know, you would recommend her being that could help 00:44:39.400 --> 00:44:49.900 some better take advantage of this trend GTI you don't have 00:44:49.900 --> 00:44:51.000 to go to the Canadian Stock Exchange. 00:44:51.000 --> 00:44:52.100 You can buy what we? 00:44:52.100 --> 00:44:54.800 We gone there the Xbox which are you? 00:44:54.800 --> 00:44:55.900 Truly is tcnnf? 00:44:55.900 --> 00:44:58.800 I mean I I would I'd love to do a Jeopardy where we can 00:44:58.800 --> 00:45:00.200 see, who can remember the symbols better? 00:45:00.200 --> 00:45:01.400 I would be good at that. 00:45:01.400 --> 00:45:11.300 You really care but I'm or swab and look for you know cheerleader 00:45:11.300 --> 00:45:13.500 curls, I mean just look pretty ass. 00:45:13.500 --> 00:45:15.000 That's how How do you that? 00:45:15.000 --> 00:45:28.200 It's their usotc cousin and get the same? 00:45:28.200 --> 00:45:39.200 Exactly, I agree with you, but I think you can do better by being 00:45:39.200 --> 00:45:44.200 an arrow. Next question, I just went from Anonymous. 00:45:44.200 --> 00:45:47.200 What about, we talk about the US, 00:45:47.200 --> 00:45:51.800 you know, what about International markets? 00:45:51.800 --> 00:45:54.600 The question is around, you know, when, 00:45:54.600 --> 00:45:57.400 or if Latin America and in countries, 00:45:57.400 --> 00:46:00.500 like India become production, hubs for cannabis, 00:46:00.500 --> 00:46:03.500 like, I don't know how you would break. 00:46:03.500 --> 00:46:04.200 That was like, 00:46:04.600 --> 00:46:06.600 Even though culturally deprived of the biggest history with 00:46:06.600 --> 00:46:12.300 cannabis and hemp Asia, going to be a long time to change 00:46:12.300 --> 00:46:15.700 Federal Regulations. Remember us is the only place where you 00:46:15.700 --> 00:46:18.800 can do the federal system that allows states to move on their 00:46:18.800 --> 00:46:31.900 own, but I think that the federal level in. 00:46:31.900 --> 00:46:42.900 I mean, in my opinion, I like your dad, 00:46:42.900 --> 00:46:44.200 don't use the medical Market. 00:46:44.200 --> 00:46:47.300 There are real medical markets pharmaceutical and we're not there 00:46:47.300 --> 00:46:48.700 because of me search. 00:46:49.900 --> 00:46:51.700 Isn't she going to have your issue, 00:46:51.700 --> 00:47:02.100 GMP railroad? Basically, it's like you because you play some, 00:47:02.100 --> 00:47:06.000 third typically, great leaders, and medical regulation. 00:47:06.000 --> 00:47:16.300 And so we just kind of look at who can plug into that and 00:47:16.300 --> 00:47:17.000 go from there. 00:47:17.000 --> 00:47:19.000 And it's a bet on a longer-term. 00:47:19.000 --> 00:47:21.500 I think, you know, Boris talked about this too and you're 00:47:21.500 --> 00:47:24.200 up, but when you look at the size of the European market and 00:47:24.200 --> 00:47:28.700 especially cuz it is medical, it's kind of work behind it, 00:47:28.700 --> 00:47:31.400 that the US market has it's just something to keep in mind, 00:47:31.400 --> 00:47:35.500 but you could think about participating medical first and then 00:47:35.500 --> 00:47:39.600 thinking about the longer view on on what adults are kind of Wellness, 00:47:39.600 --> 00:47:41.700 might look like when it opens up a little bit, 00:47:41.700 --> 00:47:44.000 but it, it's going to be a little bit of a longer play and, 00:47:44.000 --> 00:47:46.600 and that's okay, cuz frankly, I didn't even think we'd be this 00:47:46.600 --> 00:47:49.300 far along with, with International 00:47:49.900 --> 00:47:52.000 Being a bath as we are today. 00:47:52.000 --> 00:47:55.100 So that's the way we're playing at this kind of. 00:47:55.100 --> 00:48:02.800 I mean, your your ear. 00:48:02.800 --> 00:48:04.900 You have to understand that that is a pharmaceutical 00:48:04.900 --> 00:48:06.900 Market at the farm on Fusion. 00:48:10.800 --> 00:48:13.200 You're at because I am in no country. 00:48:13.200 --> 00:48:15.900 Germany tried. And because you have to do at the federal level, 00:48:15.900 --> 00:48:17.500 you just going to have his, 00:48:17.500 --> 00:48:20.000 you have to start moving the ball. 00:48:20.000 --> 00:48:22.300 So I think you're ever play for now, 00:48:22.300 --> 00:48:24.200 but I do, like, what you really didn't. 00:48:24.200 --> 00:48:26.000 I actually, you know, late last year. 00:48:26.000 --> 00:48:28.500 I thought I predicted, I thought of you as company would make 00:48:28.500 --> 00:48:32.000 a pretty big play because I think you can play catch-up 00:48:32.000 --> 00:48:33.700 either be there or not be there. 00:48:33.700 --> 00:48:35.800 Yeah, yeah, yeah. 00:48:35.800 --> 00:48:43.000 And for the adult, you are really strong homegrown market 00:48:43.000 --> 00:48:46.900 and you're up to so it's it's not like people are like how to 00:48:46.900 --> 00:48:50.200 get cannabis, you know, it's like they have access to it. I 00:48:50.200 --> 00:48:51.100 mean that's part of the problem. 00:48:51.100 --> 00:49:00.100 But but but it's just small and I guess it was 2019. 00:49:00.100 --> 00:49:04.200 They didn't even have the Lexicon aligned in different 00:49:04.200 --> 00:49:06.200 countries. In terms of how they think about it from medical 00:49:06.200 --> 00:49:09.600 to Wellness to, I don't use the which felt to me like early 00:49:09.600 --> 00:49:10.100 days in the US. 00:49:10.800 --> 00:49:13.500 We couldn't get all live in terms of how we wanted to talk about 00:49:13.500 --> 00:49:14.700 or think about this market. 00:49:14.700 --> 00:49:18.000 So that to me, is also tell that it's still early days. 00:49:19.500 --> 00:49:22.900 I'm going to jump in here with I think is going to be our 00:49:22.900 --> 00:49:26.000 last question. It's kind of long so I'm going to summarize 00:49:26.000 --> 00:49:26.700 good for you guys. 00:49:26.700 --> 00:49:32.100 Basically, they're asking, you know it seems like the top 10 dinosaurs 00:49:32.100 --> 00:49:34.800 are going to have really great prospects in the coming months 00:49:34.800 --> 00:49:35.900 in the coming years. 00:49:35.900 --> 00:49:39.100 You know, whether or not they're limited markets or or. 00:49:39.100 --> 00:49:43.400 Dare. Question is, you know, are there any companies that you 00:49:43.400 --> 00:49:45.500 would be cautious of in the top 10 or so? 00:49:45.500 --> 00:49:48.200 And you know, if so, what's the major factor there? 00:49:48.200 --> 00:49:51.200 And you know, I'll let you guys name names if you want to or 00:49:51.200 --> 00:49:53.500 just, you know, GIF descriptions if you want to. 00:49:53.500 --> 00:49:57.400 But I think I think it's worth being caught any monthly cost 00:49:57.400 --> 00:50:04.700 at all every day you're looking at what we both have said you 00:50:04.700 --> 00:50:10.700 know and Emily is that really matters if you're raising a couple 00:50:10.700 --> 00:50:13.100 hundred billion dollars to go spend and where are you going 00:50:13.100 --> 00:50:13.500 to buy that? 00:50:13.500 --> 00:50:14.900 Are you going deeper in marketing? 00:50:14.900 --> 00:50:16.200 Just trying to get another footprint. 00:50:16.200 --> 00:50:19.200 I think new States coming online, you have 00:50:19.500 --> 00:50:21.200 To look at which companies. 00:50:21.200 --> 00:50:22.500 I mean, out of the top 10, 00:50:22.500 --> 00:50:24.900 I'm trying to think like in my head I don't really want to name 00:50:24.900 --> 00:50:33.100 these just remember that you paid nothing to get you up. 00:50:33.100 --> 00:50:35.700 If I was you build your operation will you pay nothing? 00:50:35.700 --> 00:50:39.200 Like when you one of the criticisms I recently had about medmen 00:50:39.200 --> 00:50:42.900 early on was they bought Every Lie cuz you never won a competitive 00:50:42.900 --> 00:50:44.900 limited license in the east coast. 00:50:44.900 --> 00:50:48.000 So when you buy a license, if you are 50 million dollar cost 00:50:48.000 --> 00:50:51.000 before you can get in the game and then it was in that build-out 00:50:51.000 --> 00:50:54.000 you and your hundred dollars in someone else that wasn't licenses 00:50:54.000 --> 00:50:58.300 in 401 capital is less efficient. I 00:50:58.300 --> 00:51:00.600 think it was capital, I think they're all big enough that 00:51:00.600 --> 00:51:04.100 they're going to all be on a Glide path to success, 00:51:04.100 --> 00:51:07.300 you know, things can happen. 00:51:07.300 --> 00:51:13.900 But yeah, I think there's a lot more than 10 that are on their way 00:51:13.900 --> 00:51:14.800 to 00:51:19.500 --> 00:51:20.500 Turn the corner. 00:51:20.500 --> 00:51:24.200 And you do a small company that goes from 10 million of a prophet. 00:51:24.200 --> 00:51:28.400 250 is going to probably trade better than a company's 00:51:28.400 --> 00:51:29.100 going. To my calendar. 00:51:29.100 --> 00:51:30.500 May 12th. 125. 00:51:30.500 --> 00:51:31.700 It's easier to Rafi. 00:51:31.700 --> 00:51:33.700 No power to my ship when it's smaller. 00:51:33.700 --> 00:51:36.100 So someone's like I only have a couple of dollars to spend. 00:51:36.100 --> 00:51:39.500 I might go to the smaller that the Lesser tier just because 00:51:39.500 --> 00:51:44.100 of that in criminal justice Horseneck Road, 00:51:44.100 --> 00:51:46.800 so's, you could, if you put them on like layaway and just, 00:51:46.800 --> 00:51:47.900 don't look at them for a couple years. 00:51:47.900 --> 00:51:50.400 I'd be surprised if you see too much. 00:51:50.400 --> 00:51:54.400 You know too many hand grenades that they eat it on the way there. 00:51:54.400 --> 00:51:55.900 I would say that. 00:51:55.900 --> 00:51:58.000 Yeah, just keep me around their balance sheets, 00:51:58.000 --> 00:51:59.800 making sure they're not getting upside down. 00:51:59.800 --> 00:52:01.800 And also, the way that they, you know, 00:52:01.800 --> 00:52:03.500 raise money. And if they do it in a way, 00:52:03.500 --> 00:52:06.800 that's not terribly dilutive to their, to their shareholders. 00:52:06.800 --> 00:52:08.600 That's that's why I have pain points. 00:52:08.600 --> 00:52:09.100 We stopped in. 00:52:09.100 --> 00:52:11.000 Canada was just dilution across-the-board. 00:52:11.000 --> 00:52:13.800 Somebody asked a question about that, but I think that 00:52:19.500 --> 00:52:25.400 Star Valley in what you actually own some but yeah in capital 00:52:25.400 --> 00:52:31.400 allocation thoughtfulness and acquiring or building on their 00:52:31.400 --> 00:52:34.400 own by getting their own license licensing. 00:52:34.400 --> 00:52:38.200 But I do feel pretty good about the sector actually as a whole. 00:52:38.200 --> 00:52:41.200 I mean there's risk everywhere and and and Mitch just said I mean 00:52:41.200 --> 00:52:41.400 even 00:52:43.000 --> 00:52:55.000 Yeah, there's a better but I don't think you're going to be late 00:52:55.000 --> 00:52:56.400 if you're the top 10 right now, 00:52:56.400 --> 00:53:01.400 you've been through some pretty challenging stuff and I don't 00:53:01.400 --> 00:53:05.500 know what else to pop up that challenges. 00:53:05.500 --> 00:53:07.600 But I don't think they're going to make the same mistakes 00:53:07.600 --> 00:53:23.000 disappear. And I know that I've seen the top 20 companies 00:53:23.000 --> 00:53:27.600 by market cap and it changes and then it stacking really like 00:53:27.600 --> 00:53:30.000 that because of wise comes a vertical dirty doing everything 00:53:30.000 --> 00:53:32.500 in their supply chain supply chain in Cadiz, 00:53:32.500 --> 00:53:35.400 right now is 56 mi in the state. 00:53:35.400 --> 00:53:37.900 It's not this Global Supply Chain. 00:53:37.900 --> 00:53:40.700 So you're in better than other places, 00:53:40.700 --> 00:53:42.800 I think. Like, that's a big thing. 00:53:43.000 --> 00:53:44.800 Factor in with companies with imploding. 00:53:44.800 --> 00:53:47.600 Also, we have hit 2 p.m. 00:53:47.600 --> 00:53:53.500 but I just wanted to give you both a chance to give us your 00:53:53.500 --> 00:53:54.500 best finishing move. 00:53:54.500 --> 00:53:57.200 Like what what kind of thought do you want to leave all of our 00:53:57.200 --> 00:54:01.500 listeners? Where there are viewers with about cannabis measure 00:54:01.500 --> 00:54:02.900 and we've ever wants to go first 00:54:06.100 --> 00:54:12.500 Latest, I think that the industry is still, 00:54:12.500 --> 00:54:20.500 I think there's a lot of calls in the coming weeks. 00:54:20.500 --> 00:54:23.800 So I would say I'm I'm I'm a ball on the space. 00:54:23.800 --> 00:54:26.600 I know, I mean, it's in my best interest to be able on the 00:54:26.600 --> 00:54:30.600 space but I've had my better moments and I'm really optimistic 00:54:30.600 --> 00:54:31.800 about where we are now. 00:54:31.800 --> 00:54:34.900 And I think rich, I think Mitch just made a really good point 00:54:34.900 --> 00:54:38.100 about the fact that if these groups can navigate the obstacles, 00:54:38.100 --> 00:54:42.400 they've already navigated and if nothing changes and federal 00:54:42.400 --> 00:54:45.200 legalization, we just keep going and we keep growing and I think 00:54:45.200 --> 00:54:48.900 that anyone who can lean in and do the work and kind of text 00:54:48.900 --> 00:54:51.400 some great opportunities will see that this is a, 00:54:51.400 --> 00:54:55.100 this is a great industry and it's going to be I still believe 00:54:55.100 --> 00:54:57.500 even after being in it for over 7 years, 00:54:57.500 --> 00:55:01.800 that this is a generational opportunity of a lifetime and it'll 00:55:01.800 --> 00:55:02.900 be making history. 00:55:06.100 --> 00:55:08.100 Has been amazing week. 00:55:08.100 --> 00:55:10.200 We had our own head winds, right? 00:55:10.200 --> 00:55:13.500 We've fought through convincing people to deploy Capital 00:55:13.500 --> 00:55:17.000 into a black box that we put into trust us and I think a lot 00:55:17.000 --> 00:55:20.200 of companies again the navigational fix the people it's 00:55:20.200 --> 00:55:23.500 really important. Understand why the top tier is going to do so 00:55:23.500 --> 00:55:25.700 well. And why a lot of things going to use the wells because 00:55:25.700 --> 00:55:28.800 they have been managing challenges and solving problems, 00:55:28.800 --> 00:55:32.600 Reverend whatever will do probably be on the front end of solving 00:55:32.600 --> 00:55:33.100 those as well. 00:55:33.100 --> 00:55:36.100 The fact that people think challenges come up and all the sudden 00:55:36.100 --> 00:55:39.300 all the best companies, falling new people come in and and ship 00:55:39.300 --> 00:55:43.400 them out. Is just as fallacy because if you've already know how 00:55:43.400 --> 00:55:44.500 to get here, you're good at navigating, 00:55:44.500 --> 00:55:46.300 you can deal with, whatever comes your way. 00:55:46.300 --> 00:55:50.000 And I think people should understand how incredible the opportunities 00:55:50.000 --> 00:55:53.600 to understand there is consumption, that is happening, 00:55:53.600 --> 00:55:56.900 right? Yes. There's times where it feels like every socks and 00:55:56.900 --> 00:55:59.300 go forever and yes, it feels like they're going to go down forever 00:55:59.300 --> 00:56:00.800 or there's going to be you know, 00:56:00.800 --> 00:56:03.700 volatility but that's part of growing something that didn't even 00:56:03.700 --> 00:56:05.200 exist really 10 years ago. 00:56:06.000 --> 00:56:07.900 This is a point, if needs be grown men, 00:56:07.900 --> 00:56:08.700 it needs to be manufactured. 00:56:08.700 --> 00:56:13.500 Lab-tested package shipped to bring it more consumer data, 00:56:13.500 --> 00:56:16.500 the medical side has even started yet with any type of legalization. 00:56:16.500 --> 00:56:19.800 Every University, the Botanical program will be you know, 00:56:19.800 --> 00:56:22.900 slicing and dicing the cannabinoid profiles of cannabis 00:56:22.900 --> 00:56:25.300 to way where we will see a true medical pharmaceutical 00:56:25.300 --> 00:56:29.800 reimbursement. There's so many other legs up from here that 00:56:29.800 --> 00:56:32.600 it doesn't matter what the same fruit to grow even faster 00:56:32.600 --> 00:56:37.000 or grow at the same rate and it does offer one of the finest 00:56:37.000 --> 00:56:40.900 investment opportunities of a lifetime, really, because the consumer 00:56:40.900 --> 00:56:42.700 is already buying an 80 billion. 00:56:42.700 --> 00:56:44.900 Everyone wants that legal at some point for that. 00:56:44.900 --> 00:56:50.000 You, you know, less enforcement, less judges tops prison guards, 00:56:50.000 --> 00:56:54.100 you know, ruin families, the impact on en camisa color, 00:56:54.100 --> 00:56:55.900 all that come together. 00:56:55.900 --> 00:56:58.500 This is not just about making money, 00:56:58.500 --> 00:57:01.600 it's about changing the way our country looks at the opioid 00:57:01.600 --> 00:57:03.900 crisis. We have, we might have been on the front of it, 00:57:03.900 --> 00:57:05.700 but the truth is I'm sure Emily would agree. 00:57:06.000 --> 00:57:07.000 The pack in. 00:57:07.000 --> 00:57:08.300 And how many people you connect with? 00:57:08.300 --> 00:57:09.900 On the way people that are doing incredible, 00:57:09.900 --> 00:57:13.200 entrepreneurial things women, the feminization of counters, 00:57:13.200 --> 00:57:15.400 that's coming the unlocking of the feminine Arts material 00:57:15.400 --> 00:57:17.900 sphere. I, I can't believe this is work. 00:57:17.900 --> 00:57:20.600 I can't believe that we get to do this every day and build 00:57:20.600 --> 00:57:23.100 businesses, and it's been the joy of a lifetime. 00:57:23.100 --> 00:57:25.700 And I do mean, it doesn't seem like an end anytime soon, 00:57:25.700 --> 00:57:29.700 because of how much illegal activity there is yet for us to eat 00:57:29.700 --> 00:57:32.200 up, on the way, on the way to a future industry. 00:57:32.200 --> 00:57:34.800 Mitch Emily. Thank you guys so much for your time. 00:57:34.800 --> 00:57:38.500 You guys get all really hit the nail on a lot of points, 00:57:38.500 --> 00:57:40.600 and we really appreciate you taking the time to be here. 00:57:40.600 --> 00:57:54.700 Yo, Jeremy any closing closing remarks before we hop off while? 00:57:54.700 --> 00:57:59.300 So, you know, right up some of the nuggets of wisdom that Emily 00:57:59.300 --> 00:58:01.700 Mitchell shared with us, you know, for everyone on our site. 00:58:01.700 --> 00:58:03.200 So keep your eyes peeled for that, 00:58:03.200 --> 00:58:04.400 and we appreciate you.