John Mueller Would Rather Be Graded

Kentucky gave out its first cannabis licenses by lottery. The state's lottery commission drew the winners live on YouTube. John Mueller submitted a stack of applications, each attached to a secured location and a set of local partners, and watched the balls come up for other people.

"It is truly like winning the lottery," Mueller told the CEO.com Podcast. "At the end of the day, when you're going into a bouncing ball, it's the luck of the draw."

Two of the licenses in that drawing were worth something like $10 million apiece if the winners chose to sell. Mueller would rather be graded. Missouri and Arkansas score their applications on experience, security plans, and operational detail, and Greenlight, the company he co-founded with his brother Jim in 2019, has written enough of them to be good at it. The scored states are also where Greenlight is biggest.

Either way, the losers sue. That is true in scored markets, where every applicant is certain they were the smartest person at the table, and it is true in lottery markets like Illinois, where the people who didn't get a ball went to court anyway.

Mueller has run a cattle feedlot in China and a road construction outfit in Ukraine. He and Jim started a barbecue business out of their apartment after he left the University of Missouri, slicing the meat themselves, and grew it to $25 million in sales over four years. He says cannabis is harder than all of it, and the reasons are mostly not about the plant. The rules change when the regulator changes. The tax code can move. A state can decide next year to issue more licenses down the street from you. Every acquisition has to be structured around a different state's law. For a while in Nevada, Greenlight's predecessor company had to cash its own employees' paychecks because no bank would take the account.

"When we first started, it was the hoodies and the baggy jeans," he said of the industry's conferences. "Now it's a lot of suit coats and pretty sophisticated business owners."

The store

Inside a license, the business looks like retail. Greenlight runs drive-thrus. Its stores are about twice the size of the average dispensary in Missouri. The company measures how fast a customer gets in and out and trains its salespeople, called budtenders, to talk through what someone needs, whether that's help with chronic pain or "replacing a glass of Tito's."

Greenlight grows about 30 percent of what it sells in its own stores and wholesales the rest of its production to competitors. Mueller could push his own brands harder. He won't. The cannabis customer, he said, is more fickle than a restaurant customer or any other retail customer he has dealt with, and a shelf full of Greenlight products would send them somewhere else.

Each store has at least 32 cameras, sometimes twice that. Product moves in unmarked vans, two drivers, GPS-tracked, from cultivation buildings behind barbed wire to stores with their own security on the receiving end. In Colorado years ago, Mueller said, regulators posted delivery routes online, thinking it would improve oversight. Criminals read the postings too. Greenlight has had a couple of break-ins in Mueller's four years there, usually somebody driving a car into the storefront and the T-Mobile next door. Total losses: about $10,000, against a business he described as doing $300 million a year. A truckload of cell phones is worth more.

The company also runs an AI budtender on its website. Customers describe what they're dealing with, and it recommends products, and Mueller said the average online cart has gotten bigger since it went live. A separate data team scrapes competitors' menus, staff picks, and prices, and Greenlight reorders its own menus around which vendors carry the better margin. Mueller doesn't run any of that himself. "I am not remotely the expert on that and may be too old," he said. He assigned three people to it.

No debt

Greenlight is private. Mueller is glad of it. Publicly traded cannabis companies mostly list in Canada because American exchanges won't have them, and at the time of the conversation the sector was trading roughly 80 percent below where it stood in 2021. Companies clearing $300 million a year were valued under a billion dollars. Anyone raising debt was paying interest in the mid-teens.

Greenlight has none. In April 2023, it paid a dividend to shareholders, which the company called a first for a large multi-state operator. Mueller's plan is to stay in states that cap the number of licenses, run the stores better than the people who got licenses and can't, and buy them out when their capital runs dry.

When he spoke to the podcast, Mueller said Greenlight was in seven states with about 800 employees and 34 stores, and that the company had "the gas pedal down" on Florida and Ohio while competitors pulled back. In July 2026, Greenlight announced it had reached eight dispensaries in Ohio, the maximum the state allows, and added manufacturing there. The same release put the company at 34 stores across five states and more than 550 employees. The store count held. The state count did not. Arkansas and South Dakota, both on the company's roster in 2023, no longer appear among the locations listed on its website, which still advertises more than 800 employees. The company has not explained the difference.

Waiting on Washington

Mueller doesn't expect federal legalization and isn't asking for it. He wants states left alone to write their own rules, and he wants cannabis moved from Schedule I of the Controlled Substances Act, where it has sat next to heroin since 1970, to Schedule III. Schedule III changes the tax treatment, permits research, and, as he put it, stops treating licensed operators like cocaine dealers.

He had been told for four years that the Biden administration would do it. It didn't. Trump had said the right things, in Mueller's view, including endorsing Florida's adult-use amendment, and Mueller hoped the new administration's DEA would finish the job in 2025.

It took longer. Trump signed an executive order in December 2025 directing the attorney general to complete rescheduling. On April 23, 2026, the Justice Department moved state-licensed medical cannabis and FDA-approved cannabis products into Schedule III and set a hearing on whether to move the rest. The DEA convened that hearing on June 29 in Arlington, Virginia. It closed July 15, and the administrative law judge's recommendation is still pending. Adult-use cannabis, which is what Greenlight mostly sells in Missouri, stays in Schedule I until the DEA acts on the record.

The ballots matter as much as the agencies. Greenlight was the largest funder of Nebraska's medical cannabis initiative, which passed. It backed adult-use measures in South Dakota and Florida, which lost. Florida's Amendment 3 got 56 percent of the vote in November 2024. The state requires 60 percent for a constitutional amendment. Trulieve, the largest operator in Florida, had put nearly $145 million into the campaign.

"It was a dagger for the equities," Mueller said. Trulieve lost about half its value the next day, by his reckoning, on a business that was already profitable.

Oklahoma

A corn farmer doesn't compete with black market corn. Mueller does compete with black market cannabis, though not the version people picture. He said less product crosses the southern border now than it used to. What crosses state lines comes from places like Oklahoma, which issued more than 20,000 cultivation licenses under its medical program. Missouri issued 64. No state can inspect 20,000 camera systems, and grows that can't be inspected ship out of state.

He is also bothered by intoxicating hemp products sold under what he calls a loophole in the farm bill, untested, packaged to look like a bag of Skittles. And by fentanyl. Greenlight ran commercials in West Virginia about five people who shared a black market joint. Four needed Narcan. One died. "What's the math?" Mueller said. "Did you sell more weed or something like that by lacing it?"

Missouri had about a billion dollars in illicit cannabis sales before it licensed anyone, by Mueller's count. The legal program there now supports around 20,000 jobs, in a state that was fifth in the country by program size despite being one of the youngest.

Mondays

Mueller stacks every one-on-one into Monday. He calls it his hell day and barely eats. Tuesday through Friday go to acquisitions, audits, and legal work. "I'm not a lawyer, but I play one," he said. He'd like to be in the stores more than he is. When he does visit, he notices dust and paper on the floor and says he is trying, with mixed success, to be less of a control freak about it.

He hires senior people from outside the industry on purpose. Cannabis is new enough that most operators have bad habits, and he'd rather not import them. A résumé from another cannabis company is not necessarily a point in the applicant's favor. For store jobs, the applications come in on their own. The work is more interesting than flipping burgers and pays better.

The question

Every CEO.com Podcast conversation ends the same way. The chances one gives are as important as the chances one takes. Who gave you a chance?

Mueller named his father, who owned his own business and left both sons with the conviction that they would never work for anyone else. And he named Jim, five years older, who was in investment banking when John got out of school and has been his partner in every business since.

"He kind of stays out front. I run their operation," Mueller said. "We don't argue. We always see eye to eye on this and always row in the same direction."

00:00:00 Introduction and John's Background
00:01:22 Overview of Greenlight Operations
00:02:17 Opening a Dispensary and Licensing Basics
00:03:39 Licensing Process and Challenges
00:05:58 Lottery System for Licenses
00:06:38 Product Diversity and Consumer Preferences
00:07:21 Distribution and Security Measures
00:08:56 State of the Cannabis Industry
00:10:57 Market Trends and Equity Crash
00:13:00 Political and Legal Landscape
00:16:08 Black Market Competition
00:18:02 Fentanyl Crisis and Safety Concerns
00:20:26 A Typical Day as CEO
00:21:42 Impact of AI on Cannabis
00:24:55 Preparing for Political Change

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And<00:02:53.123> then<00:02:53.348> we,<00:02:53.845> you<00:02:53.942> know,<00:02:53.990> obviously<00:02:54.632> educating<00:02:55.835> our<00:02:56.654> sales<00:02:57.055> staff<00:02:57.456> or<00:02:57.536> what<00:02:57.697> we<00:02:57.841> call<00:02:58.018> budtenders<00:02:59.687> to<00:02:59.783> talk<00:03:00.040> to<00:03:00.168> people<00:03:00.489> about<00:03:00.666> what<00:03:00.826> their<00:03:00.987> ailments<00:03:01.468> are,<00:03:01.853> or<00:03:02.110> if<00:03:02.495> they're<00:03:02.656> just<00:03:03.073> basically<00:03:03.394> replacing<00:03:04.100> a<00:03:04.758> glass<00:03:05.079> of<00:03:05.159> Tito's<00:03:07.149> and<00:03:07.310> having<00:03:07.567> a<00:03:07.583> different<00:03:07.904> way<00:03:08.048> to<00:03:08.128> consume.

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So<00:03:09.476> that's,<00:03:10.279> it's<00:03:10.616> pretty<00:03:10.776> straightforward.

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And,<00:03:12.044> you<00:03:12.221> know,<00:03:12.381> like<00:03:12.686> any<00:03:12.862> business,<00:03:13.248> you<00:03:13.344> take<00:03:13.569> care<00:03:13.745> of<00:03:13.809> your<00:03:13.970> consumer<00:03:14.403> first<00:03:14.708> and<00:03:14.852> everything<00:03:15.189> else<00:03:15.350> works<00:03:15.671> out.

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You<00:03:16.569> know,<00:03:16.618> it's<00:03:16.794> interesting.

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I<00:03:17.660> live<00:03:17.837> in<00:03:17.917> Utah,<00:03:18.254> so<00:03:18.463> it's<00:03:18.559> not<00:03:18.960> legal<00:03:19.377> here<00:03:19.682> in<00:03:19.762> the<00:03:19.859> state,<00:03:20.244> but<00:03:20.565> it<00:03:20.725> did—<00:03:20.885> they<00:03:21.046> did<00:03:21.206> make<00:03:21.447> medical<00:03:21.928> marijuana<00:03:22.650> legal<00:03:22.955> maybe<00:03:23.212> like<00:03:23.388> 2<00:03:23.501> or<00:03:23.613> 3<00:03:23.838> years<00:03:24.030> ago.

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And<00:03:25.217> they<00:03:25.362> had<00:03:25.522> 5<00:03:25.939> licenses<00:03:26.742> for<00:03:26.966> farmers<00:03:28.346> to<00:03:28.507> be<00:03:28.683> able<00:03:28.908> to<00:03:29.068> do<00:03:29.245> it.

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And<00:03:29.854> yeah,<00:03:30.111> like,<00:03:30.576> like<00:03:30.753> you<00:03:30.849> said,<00:03:31.379> it<00:03:31.539> was<00:03:31.860> like,<00:03:32.903> I<00:03:32.919> remember<00:03:33.384> a<00:03:33.480> buddy<00:03:33.721> of<00:03:33.753> mine<00:03:34.186> who<00:03:34.267> had<00:03:34.427> a<00:03:34.443> farm,<00:03:34.684> he's<00:03:34.860> like,<00:03:35.021> I'm<00:03:35.101> gonna<00:03:35.261> start<00:03:35.486> doing<00:03:35.630> this.

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And<00:03:36.609> how<00:03:36.850> hard<00:03:37.251> it<00:03:37.395> was<00:03:37.893> for<00:03:38.053> everybody<00:03:38.679> to<00:03:38.775> get<00:03:38.952> those<00:03:39.160> licenses.

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Can<00:03:39.738> you<00:03:39.898> walk<00:03:40.139> us<00:03:40.299> through<00:03:40.460> like<00:03:40.700> the<00:03:40.845> licensing<00:03:41.663> process?

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Like,<00:03:42.449> what<00:03:42.562> does<00:03:42.706> it<00:03:42.883> take<00:03:43.187> to<00:03:43.348> earn<00:03:43.492> a<00:03:43.588> license?

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Is<00:03:44.166> it<00:03:44.310> just<00:03:44.792> Is<00:03:44.936> it<00:03:45.032> like<00:03:45.337> the,<00:03:45.674> you<00:03:45.754> see<00:03:46.059> on<00:03:46.155> TV,<00:03:46.556> you<00:03:46.700> just<00:03:46.877> give<00:03:47.181> a<00:03:47.502> politician<00:03:48.095> a<00:03:48.320> bunch<00:03:48.496> of<00:03:48.625> cash<00:03:49.042> in<00:03:49.106> the<00:03:49.202> back<00:03:49.507> room,<00:03:49.763> or<00:03:49.844> how<00:03:50.004> does<00:03:50.100> it<00:03:50.228> work?

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Yeah,<00:03:51.287> I<00:03:51.431> wish<00:03:51.624> it<00:03:51.688> was<00:03:51.912> like<00:03:52.089> that.

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That'd<00:03:52.393> be<00:03:52.490> a<00:03:52.506> lot<00:03:52.714> easier.

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But<00:03:53.997> no,<00:03:54.254> like<00:03:54.799> in<00:03:55.200> Missouri<00:03:55.681> here<00:03:55.858> where<00:03:56.002> we<00:03:56.098> have<00:03:56.242> our<00:03:56.403> biggest<00:03:56.724> footprint<00:03:57.365> and<00:03:58.023> also<00:03:58.247> Arkansas,<00:03:59.450> you<00:03:59.482> know,<00:03:59.690> we<00:03:59.787> went<00:04:00.091> through<00:04:00.268> like<00:04:00.492> a<00:04:00.508> scored<00:04:00.973> application.

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So<00:04:01.856> you<00:04:01.904> get<00:04:02.016> so<00:04:02.192> many<00:04:02.433> points<00:04:02.834> by<00:04:02.994> having<00:04:03.395> the<00:04:03.475> experience<00:04:04.021> like<00:04:04.197> I<00:04:04.341> had,<00:04:04.903> you<00:04:04.935> know,<00:04:05.544> I<00:04:05.560> had<00:04:05.640> a<00:04:05.656> couple<00:04:05.865> hundred<00:04:06.121> thousand<00:04:06.458> square<00:04:06.827> feet<00:04:07.244> and<00:04:07.549> multiple<00:04:07.886> dispensaries<00:04:08.671> out<00:04:08.912> in<00:04:08.960> Nevada<00:04:09.313> and<00:04:09.489> California.

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So<00:04:10.596> I<00:04:10.756> had<00:04:10.917> experience<00:04:11.414> going<00:04:11.735> into<00:04:11.976> it.

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And<00:04:12.200> so<00:04:12.858> you<00:04:12.938> write<00:04:13.243> your<00:04:13.355> security<00:04:13.820> protocols<00:04:14.623> and,<00:04:14.863> and<00:04:14.943> basically<00:04:15.345> just<00:04:15.505> having<00:04:16.227> the<00:04:16.307> baseline<00:04:16.869> knowledge<00:04:17.334> of<00:04:17.430> how<00:04:17.655> you're<00:04:17.815> going<00:04:18.072> to<00:04:18.537> control<00:04:18.954> that<00:04:19.179> plant.

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Highly<00:04:20.157> regulated.

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Obviously<00:04:21.120> we<00:04:21.280> track,<00:04:21.778> especially<00:04:22.307> in<00:04:22.339> a<00:04:22.387> medical<00:04:22.804> program,<00:04:23.205> you<00:04:23.286> track<00:04:23.671> it<00:04:24.088> all<00:04:24.184> the<00:04:24.232> way<00:04:24.392> from<00:04:24.649> where<00:04:24.826> it<00:04:24.890> was<00:04:25.114> grown<00:04:25.435> in<00:04:25.531> my<00:04:25.756> building<00:04:26.558> all<00:04:26.590> the<00:04:26.670> way<00:04:26.815> to<00:04:27.056> who<00:04:27.216> that<00:04:27.376> patient<00:04:27.858> was<00:04:28.098> that,<00:04:28.564> that<00:04:28.660> took<00:04:28.900> it<00:04:28.981> home.

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So<00:04:29.366> if<00:04:29.398> you<00:04:29.446> had<00:04:29.622> a<00:04:29.703> recall<00:04:30.120> or<00:04:30.264> anything<00:04:30.649> else,<00:04:31.531> and,<00:04:31.868> uh,<00:04:32.189> would<00:04:32.350> be<00:04:33.055> easily<00:04:33.392> attainable<00:04:34.355> and<00:04:34.435> making<00:04:34.676> sure<00:04:34.900> you<00:04:35.013> don't<00:04:35.157> have<00:04:35.301> any<00:04:35.478> black<00:04:35.783> markets<00:04:36.103> sneaking<00:04:36.585> into,<00:04:37.082> uh,<00:04:37.563> the<00:04:37.644> system<00:04:38.045> along<00:04:38.285> the<00:04:38.349> way.

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But<00:04:38.702> it's<00:04:39.071> writing<00:04:39.392> those<00:04:39.633> applications,<00:04:40.836> and,<00:04:41.173> you<00:04:41.253> know,<00:04:41.413> proving<00:04:41.798> up,<00:04:42.135> you<00:04:42.232> know,<00:04:42.376> in<00:04:42.472> Nevada,<00:04:42.841> I<00:04:42.857> had<00:04:43.002> to<00:04:43.082> prove<00:04:43.403> how<00:04:43.499> much<00:04:43.739> taxes<00:04:44.221> we<00:04:44.381> paid<00:04:44.606> in<00:04:44.702> Nevada.

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So<00:04:45.167> I<00:04:45.183> had<00:04:45.279> to<00:04:45.424> partner<00:04:45.745> with,<00:04:46.707> you<00:04:46.739> know,<00:04:47.012> the<00:04:47.092> Morton<00:04:47.429> family<00:04:47.830> that,<00:04:48.151> you<00:04:48.247> know,<00:04:48.327> from<00:04:48.472> Morton's<00:04:48.777> Steakhouse<00:04:49.434> and<00:04:50.060> things<00:04:50.268> like<00:04:50.702> that,<00:04:51.038> that<00:04:51.680> each<00:04:51.905> of<00:04:51.985> these<00:04:52.225> regulators,<00:04:52.787> when<00:04:52.947> they<00:04:53.044> write<00:04:53.284> this<00:04:53.509> legislation<00:04:54.311> or<00:04:54.888> ballot<00:04:55.209> initiatives<00:04:56.316> is<00:04:56.493> the<00:04:56.637> usual<00:04:56.974> way<00:04:57.214> to<00:04:57.856> go<00:04:58.097> when<00:04:58.241> you<00:04:58.337> can<00:04:59.139> in<00:04:59.220> those<00:04:59.380> states.

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But<00:04:59.941> it's<00:05:00.567> about<00:05:00.744> having<00:05:00.984> experience.

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And<00:05:02.251> every<00:05:02.508> time<00:05:02.749> we<00:05:02.893> write<00:05:03.005> an<00:05:03.134> application,<00:05:03.631> we<00:05:03.727> get<00:05:03.872> a<00:05:03.888> little<00:05:04.914> bit<00:05:05.075> better<00:05:05.315> each<00:05:05.556> time<00:05:06.262> as<00:05:06.358> we<00:05:06.454> go<00:05:06.599> through<00:05:06.823> it.

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But<00:05:07.080> then<00:05:07.240> you,<00:05:07.722> Look<00:05:07.866> at<00:05:07.898> like<00:05:08.107> a<00:05:08.123> Kentucky,<00:05:08.749> just<00:05:09.809> had<00:05:09.986> their<00:05:10.195> openings<00:05:11.158> 2<00:05:11.254> weeks<00:05:11.431> ago<00:05:11.736> as<00:05:11.833> a<00:05:11.897> bouncing<00:05:12.298> ball.

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We<00:05:12.860> submitted<00:05:13.262> a<00:05:13.326> whole<00:05:13.487> bunch<00:05:13.599> of<00:05:13.727> applications,<00:05:14.466> didn't<00:05:14.627> get<00:05:14.723> a<00:05:14.787> bouncing<00:05:15.253> ball.

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And<00:05:15.606> so<00:05:16.859> you<00:05:17.180> take<00:05:17.357> the<00:05:17.437> good<00:05:17.662> with<00:05:17.822> the<00:05:17.919> bad.

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Obviously<00:05:18.866> we<00:05:19.027> love<00:05:19.348> and<00:05:19.669> we<00:05:19.765> think<00:05:20.006> markets<00:05:20.392> stand<00:05:20.649> up<00:05:20.809> a<00:05:20.825> lot<00:05:21.050> better<00:05:21.355> when<00:05:22.078> they<00:05:22.174> score<00:05:22.495> the<00:05:22.559> applications.

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But<00:05:23.941> obviously<00:05:24.246> everybody<00:05:24.503> that<00:05:24.679> submits<00:05:24.984> an<00:05:25.129> application<00:05:25.787> thinks<00:05:26.028> they<00:05:26.735> were<00:05:26.847> the<00:05:26.927> smartest<00:05:27.634> person<00:05:28.100> at<00:05:28.212> the<00:05:28.340> table.

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And<00:05:29.320> so<00:05:29.561> you<00:05:29.721> get<00:05:29.866> a<00:05:29.882> lot<00:05:30.107> of<00:05:30.139> litigation<00:05:30.749> that<00:05:30.846> goes<00:05:31.022> along<00:05:31.327> with<00:05:31.488> that.

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But<00:05:32.291> we<00:05:32.371> see<00:05:32.612> in<00:05:32.933> Illinois<00:05:33.254> and<00:05:33.399> place<00:05:33.640> like<00:05:33.800> that,<00:05:34.539> the<00:05:34.684> people,<00:05:35.422> that<00:05:35.646> lost<00:05:35.967> out<00:05:36.047> on<00:05:36.127> the<00:05:36.208> bouncing<00:05:36.544> balls,<00:05:36.785> they<00:05:36.881> sue<00:05:37.186> too.

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So<00:05:37.683> it's<00:05:37.891> a<00:05:38.067> very<00:05:38.372> litigious<00:05:39.270> process.

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And<00:05:40.472> but<00:05:40.697> you<00:05:40.857> win<00:05:41.033> one<00:05:41.739> or<00:05:42.300> you<00:05:42.380> go<00:05:42.557> partner<00:05:42.861> with<00:05:43.038> people<00:05:43.278> and<00:05:43.358> go<00:05:43.519> buy<00:05:43.599> them<00:05:44.224> after<00:05:44.416> the<00:05:44.481> fact.

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But<00:05:45.523> we<00:05:45.827> love<00:05:46.004> scored<00:05:46.308> applications<00:05:46.966> because<00:05:47.431> we're<00:05:47.527> pretty<00:05:47.767> good<00:05:47.912> at<00:05:47.992> what<00:05:48.104> we<00:05:48.248> do<00:05:49.194> and<00:05:49.996> we<00:05:50.092> got,<00:05:50.894> you<00:05:50.926> know,<00:05:51.279> industry<00:05:51.631> knowledge<00:05:52.561> and<00:05:53.539> experience<00:05:54.084> to<00:05:54.181> prove<00:05:54.421> it.

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Wait,<00:05:55.463> is<00:05:55.624> it<00:05:55.784> literally<00:05:56.185> a<00:05:56.345> bouncing<00:05:56.826> ball<00:05:57.067> like<00:05:57.307> the<00:05:57.467> NBA<00:05:57.788> draft?

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Yeah,<00:05:59.295> yeah,<00:05:59.696> exactly.

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Like<00:06:00.514> actually<00:06:01.059> in<00:06:01.219> Kentucky<00:06:01.892> is<00:06:02.037> my<00:06:02.261> example<00:06:02.742> there.

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They<00:06:03.143> had<00:06:03.319> the<00:06:03.720> lottery<00:06:04.763> Commission<00:06:05.244> basically<00:06:05.726> go<00:06:05.951> in<00:06:06.047> there<00:06:06.304> and,<00:06:06.609> you<00:06:06.689> know,<00:06:06.785> it<00:06:06.833> was<00:06:06.994> all<00:06:07.251> live<00:06:07.572> streamed<00:06:08.053> on<00:06:08.615> YouTube<00:06:09.097> to<00:06:09.257> watch<00:06:09.642> them<00:06:10.461> pick<00:06:10.686> who<00:06:10.782> the<00:06:10.926> winners<00:06:11.247> and<00:06:11.344> losers<00:06:11.745> were.

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And<00:06:12.564> so,<00:06:13.270> you<00:06:13.366> know,<00:06:13.751> there<00:06:13.848> was<00:06:13.992> two<00:06:14.233> big<00:06:14.393> licenses<00:06:15.035> in<00:06:15.116> that<00:06:15.276> last<00:06:15.597> draw<00:06:15.902> and<00:06:16.223> those<00:06:16.400> licenses<00:06:16.737> are<00:06:16.801> probably<00:06:17.042> worth<00:06:17.266> $10<00:06:17.443> million<00:06:18.807> a<00:06:18.952> piece<00:06:19.209> if<00:06:19.305> they<00:06:19.433> want<00:06:19.530> to<00:06:19.610> go<00:06:19.770> sell<00:06:20.091> them.

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And<00:06:20.894> so<00:06:21.135> it<00:06:21.215> is<00:06:21.680> truly<00:06:22.018> like<00:06:22.178> winning<00:06:22.483> the<00:06:22.579> lottery.

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If<00:06:24.329> you<00:06:24.409> go<00:06:24.570> into<00:06:24.971> it,<00:06:25.292> it's<00:06:25.773> a<00:06:25.789> little<00:06:26.014> bit<00:06:26.111> of<00:06:26.175> work<00:06:26.576> more<00:06:26.753> than<00:06:27.074> buying<00:06:27.475> a<00:06:27.539> lottery<00:06:27.876> ticket,<00:06:28.358> but<00:06:28.518> you've<00:06:29.401> got<00:06:29.561> to<00:06:29.642> go<00:06:29.722> secure<00:06:30.107> locations<00:06:30.765> and<00:06:30.894> have<00:06:31.070> partnerships<00:06:31.648> and<00:06:31.793> everything.

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But,<00:06:32.772> At<00:06:32.916> the<00:06:32.948> end<00:06:33.012> of<00:06:33.044> the<00:06:33.108> day,<00:06:33.332> when<00:06:33.429> you're<00:06:33.637> going<00:06:33.797> into<00:06:33.957> a<00:06:34.053> bouncing<00:06:34.454> ball,<00:06:34.710> it's<00:06:35.319> luck<00:06:35.496> of<00:06:35.560> the<00:06:35.640> draw.

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That<00:06:36.938> is<00:06:37.162> fascinating.

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So<00:06:38.540> do<00:06:38.604> you<00:06:38.925> grow<00:06:39.325> all<00:06:39.486> your<00:06:39.646> own<00:06:39.742> products?

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No.

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So<00:06:41.905> we<00:06:42.049> like<00:06:42.210> diversity<00:06:42.690> in<00:06:42.722> our<00:06:42.867> stores<00:06:43.652> and,<00:06:43.972> you<00:06:44.004> know,<00:06:44.052> our<00:06:44.213> stores<00:06:44.549> generally,<00:06:45.174> you<00:06:45.206> know,<00:06:45.895> about<00:06:46.152> double<00:06:46.472> the<00:06:46.632> average<00:06:46.937> stores<00:06:47.514> in<00:06:48.395> like<00:06:48.619> the<00:06:48.699> state<00:06:48.892> I'm<00:06:49.052> sitting<00:06:49.356> in<00:06:49.452> right<00:06:49.677> now.

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But<00:06:51.023> you<00:06:51.119> gotta<00:06:51.343> have<00:06:51.439> diversity<00:06:51.920> on<00:06:51.984> the<00:06:52.064> shelf.

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Our<00:06:52.866> consumers<00:06:53.378> are<00:06:53.507> probably<00:06:53.763> the<00:06:53.843> most<00:06:54.083> fickle<00:06:54.404> in<00:06:54.548> the<00:06:55.686> world,<00:06:56.070> you<00:06:56.167> know,<00:06:56.311> much<00:06:56.551> more<00:06:56.727> than<00:06:56.872> the<00:06:56.952> restaurant<00:06:57.448> business<00:06:57.993> or<00:06:58.170> any<00:06:58.394> other<00:06:58.554> retailing<00:06:59.035> business.

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So<00:07:00.077> consumers<00:07:00.638> like<00:07:01.136> variety.

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And<00:07:01.922> so<00:07:02.564> we<00:07:02.981> provide<00:07:03.398> about<00:07:03.767> 30%<00:07:04.104> of<00:07:04.264> our<00:07:04.569> own<00:07:04.729> products<00:07:05.066> in<00:07:05.146> our<00:07:05.291> own<00:07:05.451> stores.

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We<00:07:05.948> do<00:07:06.093> wholesale<00:07:06.510> to<00:07:06.574> other<00:07:06.831> people<00:07:07.071> as<00:07:07.232> well.

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But<00:07:09.718> the<00:07:09.798> consumer<00:07:10.280> likes<00:07:10.601> to<00:07:10.745> have<00:07:11.226> a<00:07:11.306> whole<00:07:11.483> bunch<00:07:11.723> of<00:07:11.788> new<00:07:11.900> stuff<00:07:12.285> coming<00:07:12.590> in<00:07:12.686> and<00:07:12.830> out.

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So<00:07:13.135> if<00:07:13.231> they<00:07:13.312> have<00:07:13.424> to<00:07:13.552> buy<00:07:14.210> a<00:07:14.290> Greenlight<00:07:14.691> branded<00:07:15.092> product<00:07:15.557> every<00:07:15.798> time,<00:07:16.360> I<00:07:16.392> think<00:07:16.857> I'd<00:07:17.001> lose<00:07:17.178> consumers.

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What<00:07:19.087> is<00:07:19.263> the<00:07:19.424> distribution<00:07:20.065> process<00:07:20.530> like?

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Yeah,<00:07:22.375> I<00:07:22.391> mean,<00:07:23.258> two<00:07:23.418> drivers,<00:07:23.996> cameras,<00:07:24.878> you<00:07:24.958> know,<00:07:25.183> geo-tracked.

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So<00:07:26.867> we<00:07:26.963> track<00:07:27.300> it<00:07:27.429> from<00:07:27.621> our<00:07:27.830> cultivation<00:07:28.568> facility<00:07:29.049> that's<00:07:29.290> behind,<00:07:29.915> you<00:07:29.948> know,<00:07:30.734> the<00:07:30.830> barbed<00:07:31.119> wire,<00:07:31.375> if<00:07:31.520> you<00:07:31.616> will,<00:07:32.482> and<00:07:32.723> all<00:07:32.980> the<00:07:33.060> way<00:07:33.220> to<00:07:33.317> the<00:07:33.397> store<00:07:33.766> level.

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And<00:07:34.648> then<00:07:34.809> obviously<00:07:35.066> we<00:07:35.226> get<00:07:35.386> security<00:07:35.852> on<00:07:35.948> the<00:07:36.012> other<00:07:36.124> side<00:07:36.493> that's<00:07:36.670> receiving<00:07:37.231> that.

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So<00:07:38.355> some<00:07:38.595> of<00:07:38.675> those,<00:07:38.916> you<00:07:39.141> know,<00:07:39.221> all<00:07:39.478> the<00:07:39.558> stigma<00:07:39.943> of<00:07:40.184> all<00:07:40.280> the<00:07:40.424> bad<00:07:40.681> things<00:07:40.905> happening<00:07:41.403> and<00:07:41.483> all<00:07:41.563> that<00:07:41.724> stuff<00:07:42.029> you<00:07:42.125> hear<00:07:42.285> about,<00:07:43.007> those<00:07:43.633> curtains<00:07:43.970> are<00:07:44.050> kind<00:07:44.227> of<00:07:44.291> falling<00:07:45.398> and<00:07:46.296> it's<00:07:46.457> not<00:07:46.633> as<00:07:46.713> scary<00:07:47.018> as<00:07:47.114> it<00:07:47.179> used<00:07:47.419> to<00:07:47.564> be.

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You<00:07:48.061> know,<00:07:48.639> stealing<00:07:49.088> a<00:07:49.184> truckload<00:07:49.665> of<00:07:49.698> cell<00:07:49.986> phones<00:07:50.307> is<00:07:50.468> probably<00:07:50.708> worth<00:07:51.013> more<00:07:51.174> than,<00:07:52.056> than<00:07:52.152> my<00:07:52.553> marijuana<00:07:53.034> in<00:07:53.114> the<00:07:53.194> back<00:07:53.434> of<00:07:53.514> our<00:07:53.835> transits.

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Has<00:07:55.582> that<00:07:55.743> happened?

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No,<00:07:57.826> like,<00:07:58.147> like<00:07:58.564> for<00:07:58.724> a<00:07:58.788> while,<00:07:59.045> Colorado,<00:08:00.167> you<00:08:00.279> know,<00:08:00.648> two<00:08:00.808> decades<00:08:01.209> ago<00:08:01.449> now,<00:08:02.074> you<00:08:02.106> know,<00:08:02.250> they<00:08:02.395> were<00:08:02.555> having<00:08:02.892> where<00:08:03.052> they<00:08:03.196> would<00:08:03.373> post<00:08:03.757> online<00:08:04.158> where<00:08:04.238> your<00:08:04.479> trucks<00:08:04.735> were<00:08:04.959> going<00:08:05.376> to,<00:08:05.729> thinking<00:08:06.162> that<00:08:06.338> that<00:08:06.434> was<00:08:06.594> a<00:08:06.659> better<00:08:06.883> way<00:08:06.979> to<00:08:07.123> control<00:08:07.604> it.

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And,<00:08:08.406> and<00:08:08.502> the<00:08:08.582> criminals<00:08:08.983> kind<00:08:09.159> of<00:08:09.223> figured<00:08:09.544> that<00:08:09.768> out<00:08:09.929> too.

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So<00:08:10.329> they'd<00:08:10.506> be<00:08:10.650> waiting<00:08:11.002> for<00:08:11.163> them.

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So,<00:08:12.509> you<00:08:12.605> know,<00:08:12.686> we<00:08:12.830> go<00:08:12.990> nondescript<00:08:14.112> and<00:08:14.256> go<00:08:14.369> across.

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We've<00:08:14.898> never<00:08:15.122> had,<00:08:15.395> knock<00:08:15.635> on<00:08:15.779> wood,<00:08:16.340> never<00:08:16.581> had<00:08:16.821> any<00:08:17.062> issues.

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We've<00:08:17.542> had<00:08:17.655> a<00:08:17.783> couple<00:08:18.055> of<00:08:18.103> little<00:08:18.344> break-ins.

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I<00:08:19.402> think,<00:08:19.884> you<00:08:19.980> know,<00:08:20.205> and<00:08:20.751> this<00:08:21.088> is<00:08:21.249> my<00:08:21.409> 4th<00:08:21.795> year<00:08:22.035> in<00:08:22.196> Greenlight<00:08:22.694> and<00:08:22.838> obviously<00:08:23.256> the<00:08:23.336> years<00:08:23.577> before,<00:08:24.460> I<00:08:24.540> think<00:08:24.781> I've<00:08:24.942> had<00:08:25.102> like<00:08:25.343> $10,000<00:08:26.226> stolen,<00:08:27.093> you<00:08:27.206> know,<00:08:27.446> across<00:08:27.896> a,<00:08:28.297> you<00:08:28.330> know,<00:08:28.635> what<00:08:28.779> we<00:08:28.940> are,<00:08:29.213> $300<00:08:29.598> million<00:08:30.160> business<00:08:30.561> today.

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So<00:08:32.006> they<00:08:32.568> try<00:08:32.873> a<00:08:32.890> few<00:08:33.130> times<00:08:33.596> and<00:08:33.724> then<00:08:33.773> our<00:08:33.933> security<00:08:34.415> measures<00:08:34.897> and<00:08:35.442> each<00:08:35.603> of<00:08:35.635> these<00:08:35.796> stores<00:08:36.245> has<00:08:36.502> at<00:08:36.647> least<00:08:36.904> 32<00:08:37.385> cameras<00:08:37.851> in<00:08:37.947> it,<00:08:39.135> if<00:08:39.296> not<00:08:39.473> double<00:08:39.794> that,<00:08:40.051> depending<00:08:40.436> on<00:08:40.500> the<00:08:40.580> size<00:08:40.934> of<00:08:40.982> the<00:08:41.062> store.

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So<00:08:42.363> they<00:08:42.443> don't<00:08:42.604> make<00:08:42.780> it<00:08:42.844> too<00:08:43.005> far.

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And<00:08:45.012> generally<00:08:45.413> they<00:08:45.815> don't<00:08:45.975> get<00:08:46.200> in<00:08:46.297> to<00:08:46.521> actually<00:08:46.778> get<00:08:46.955> any<00:08:47.180> product.

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Do<00:08:47.742> a<00:08:47.758> little<00:08:48.047> damage<00:08:48.385> running<00:08:48.691> cars<00:08:49.029> into<00:08:49.994> our<00:08:50.396> place<00:08:50.782> and<00:08:50.879> the<00:08:50.959> T-Mobile<00:08:51.458> store<00:08:51.763> next<00:08:52.005> door,<00:08:52.230> et<00:08:52.326> cetera.

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But<00:08:52.873> that's,<00:08:53.131> uh,<00:08:53.839> they<00:08:53.935> don't<00:08:54.193> get<00:08:54.353> away<00:08:54.579> with<00:08:54.723> much.

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Is<00:08:56.626> it<00:08:56.706> still<00:08:57.173> a<00:08:57.350> fairly<00:08:57.833> nascent<00:08:58.397> industry?

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It<00:08:58.960> kind<00:08:59.137> of<00:08:59.202> sounds<00:08:59.668> like<00:08:59.862> it<00:08:59.990> is,<00:09:00.409> right?

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Uh,<00:09:01.133> in<00:09:01.294> terms<00:09:01.616> of<00:09:01.777> like,<00:09:02.083> it's<00:09:02.647> trying<00:09:02.840> to<00:09:02.969> figure<00:09:03.210> out<00:09:03.307> how<00:09:03.403> to<00:09:03.532> get<00:09:03.709> licenses,<00:09:04.337> how<00:09:04.434> to<00:09:04.579> do<00:09:04.675> all<00:09:04.740> this,<00:09:05.239> but<00:09:05.384> also<00:09:05.561> at<00:09:05.690> the<00:09:05.722> same<00:09:05.963> time,<00:09:06.220> it<00:09:06.348> seems<00:09:06.670> like<00:09:06.991> it's<00:09:07.393> any,<00:09:07.650> like<00:09:07.891> any<00:09:08.052> other<00:09:08.293> business.

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So<00:09:09.016> what,<00:09:10.044> what<00:09:10.157> is<00:09:10.301> kind<00:09:10.446> of<00:09:10.526> the<00:09:10.559> state<00:09:11.346> of<00:09:11.507> the<00:09:11.587> cannabis<00:09:12.069> industry?

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Yeah.

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You<00:09:13.869> know,<00:09:14.078> I,<00:09:14.303> I,<00:09:14.463> like<00:09:14.640> I<00:09:14.721> said,<00:09:14.930> I've,<00:09:15.281> I've,<00:09:15.532> uh,<00:09:16.117> you<00:09:16.151> know,<00:09:16.368> done<00:09:16.552> road<00:09:16.669> construction<00:09:16.937> and,<00:09:17.020> and<00:09:17.071> Ukraine<00:09:17.204> and<00:09:17.255> Russia<00:09:17.455> and,<00:09:19.610> cattle<00:09:19.882> feedlots<00:09:20.443> in<00:09:20.588> China<00:09:21.229> and<00:09:21.871> all<00:09:21.967> kinds<00:09:22.288> of,<00:09:22.432> you<00:09:22.464> know,<00:09:22.833> tech<00:09:23.009> companies<00:09:23.490> and<00:09:23.635> everything<00:09:24.036> else.

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And<00:09:24.212> this<00:09:24.372> is<00:09:24.533> by<00:09:24.693> far<00:09:24.950> the<00:09:25.078> hardest<00:09:25.399> business<00:09:25.736> I've<00:09:25.880> ever<00:09:26.056> run.

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And<00:09:27.083> I've<00:09:27.195> never<00:09:27.419> had<00:09:27.596> a<00:09:27.644> real<00:09:27.820> job<00:09:29.568> coming<00:09:30.065> outta<00:09:30.226> school.

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So<00:09:31.493> I'm<00:09:31.813> completely<00:09:32.214> unemployable.

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But<00:09:34.219> you<00:09:34.315> look<00:09:34.540> at<00:09:34.636> this<00:09:34.941> and,<00:09:35.117> you<00:09:35.293> know,<00:09:35.502> when<00:09:35.598> you<00:09:35.678> have<00:09:35.823> the<00:09:35.919> regulatory,<00:09:36.544> you<00:09:36.624> got<00:09:36.785> the<00:09:36.881> politics<00:09:37.442> that<00:09:37.587> you<00:09:37.683> don't<00:09:37.827> know<00:09:37.891> if<00:09:37.988> they're<00:09:38.084> gonna<00:09:38.244> change<00:09:38.565> the<00:09:38.645> rules<00:09:39.206> and<00:09:39.768> basically<00:09:40.088> tracking<00:09:40.505> something<00:09:41.275> all<00:09:41.355> the<00:09:41.387> way<00:09:41.532> through<00:09:41.692> the<00:09:41.788> system.

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And<00:09:42.430> then<00:09:43.039> obviously<00:09:43.456> back<00:09:43.713> in<00:09:43.857> my<00:09:44.017> Nevada<00:09:44.418> days,<00:09:44.739> the<00:09:44.899> banking<00:09:45.461> and,<00:09:45.942> we'd<00:09:46.487> basically<00:09:46.791> have<00:09:46.903> to<00:09:47.063> cash<00:09:47.448> people's<00:09:47.865> payroll<00:09:48.265> checks<00:09:48.538> because<00:09:48.746> you<00:09:48.858> didn't<00:09:49.050> have,<00:09:49.531> you<00:09:49.788> know,<00:09:49.964> stable<00:09:50.589> banking,<00:09:51.070> which<00:09:51.454> a<00:09:51.534> bunch<00:09:51.727> of<00:09:51.807> that<00:09:51.967> stuff's<00:09:52.352> gone<00:09:52.672> today.

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And<00:09:53.553> we<00:09:53.634> can<00:09:53.794> get<00:09:53.938> FDIC<00:09:54.739> financing<00:09:55.380> on<00:09:55.492> some<00:09:55.621> of<00:09:55.717> these<00:09:55.957> properties<00:09:56.518> and<00:09:56.598> things<00:09:56.823> like<00:09:56.999> that.

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But<00:09:57.976> it<00:09:58.281> was<00:09:58.746> very,<00:09:59.322> very<00:09:59.563> challenging.

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And<00:10:00.540> you<00:10:00.604> never<00:10:00.845> know<00:10:00.989> what<00:10:01.101> the<00:10:01.229> rules<00:10:01.502> are<00:10:01.550> going<00:10:01.630> to<00:10:01.710> be<00:10:01.886> when<00:10:02.447> the<00:10:02.511> new<00:10:02.672> regulator<00:10:03.232> comes<00:10:03.553> in<00:10:03.809> or<00:10:03.970> they<00:10:04.130> change<00:10:04.434> the<00:10:04.514> tax<00:10:04.851> code<00:10:06.037> or<00:10:06.293> anything<00:10:07.078> else<00:10:07.255> in<00:10:07.335> between<00:10:07.735> competition<00:10:08.376> going<00:10:08.601> down<00:10:08.841> the<00:10:08.921> road<00:10:09.242> if<00:10:09.338> they<00:10:09.482> issue<00:10:09.723> more<00:10:09.883> licenses.

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So<00:10:11.005> it's<00:10:11.630> by<00:10:11.806> far<00:10:12.062> the<00:10:12.142> most<00:10:12.383> complex<00:10:12.863> business.

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And<00:10:13.344> then<00:10:13.504> the<00:10:13.664> legal<00:10:13.985> structuring<00:10:15.171> that<00:10:15.331> goes<00:10:15.651> into<00:10:16.132> all<00:10:16.244> that.

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And<00:10:16.869> we<00:10:17.029> do<00:10:17.174> a<00:10:17.270> ton<00:10:17.574> of<00:10:17.911> merger<00:10:18.247> and<00:10:18.375> acquisition<00:10:18.936> stuff<00:10:19.337> too.

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So<00:10:20.154> the<00:10:20.250> structuring<00:10:20.795> around<00:10:21.099> each<00:10:21.340> regulatory<00:10:21.820> environment's<00:10:22.381> always<00:10:23.278> a<00:10:23.358> challenge<00:10:23.695> as<00:10:23.839> well.

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So<00:10:24.560> it's<00:10:25.025> highly<00:10:25.842> complex.

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It's,<00:10:27.685> you<00:10:27.765> know,<00:10:28.165> the<00:10:28.245> Rastafarians<00:10:29.191> of<00:10:29.271> the<00:10:29.351> world<00:10:30.088> are<00:10:30.569> not<00:10:30.793> really<00:10:31.114> operating<00:10:31.466> in<00:10:31.594> the<00:10:31.851> business<00:10:32.251> today.

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So<00:10:32.780> if<00:10:32.876> you<00:10:32.972> look<00:10:33.197> at<00:10:33.277> our<00:10:33.437> big<00:10:33.677> cannabis<00:10:34.094> conferences,<00:10:34.815> when<00:10:35.296> we<00:10:35.376> first<00:10:35.760> started,<00:10:36.962> it<00:10:36.994> was<00:10:37.138> the<00:10:37.283> hoodies<00:10:38.084> and<00:10:38.180> the<00:10:38.260> baggy<00:10:38.661> jeans.

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And<00:10:40.087> how<00:10:40.199> it's<00:10:40.407> a<00:10:40.440> lot<00:10:40.664> of<00:10:40.744> suit<00:10:41.049> coats<00:10:41.690> and<00:10:42.572> pretty<00:10:42.828> sophisticated<00:10:44.014> business<00:10:44.415> owners.

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That<00:10:46.275> is<00:10:46.435> actually<00:10:46.820> fascinating.

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Has<00:10:47.477> it<00:10:47.621> like<00:10:47.878> dipped?

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Has<00:10:48.519> it<00:10:49.160> been<00:10:49.465> booming?

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Like<00:10:50.042> what<00:10:50.186> has<00:10:50.362> it<00:10:50.442> been<00:10:50.667> like<00:10:50.907> over<00:10:51.084> the<00:10:51.228> past,<00:10:51.629> like<00:10:52.286> particularly<00:10:52.847> during<00:10:53.408> like<00:10:54.049> when<00:10:54.274> everyone<00:10:54.610> was<00:10:54.851> facing<00:10:55.171> this<00:10:55.332> inflation<00:10:56.069> and<00:10:56.213> economy<00:10:56.758> and<00:10:56.838> all<00:10:56.919> that<00:10:57.079> type<00:10:57.255> of<00:10:57.287> stuff?

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Like,<00:10:58.121> does<00:10:58.281> it<00:10:58.361> kind<00:10:58.538> of<00:10:58.618> go<00:10:58.858> up<00:10:59.035> and<00:10:59.179> down<00:10:59.403> with<00:10:59.564> that<00:10:59.964> or<00:11:00.060> is<00:11:00.221> it<00:11:00.301> pretty<00:11:00.541> steady?

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Yeah,<00:11:02.080> no,<00:11:02.625> I<00:11:02.705> mean,<00:11:03.106> we<00:11:03.331> go<00:11:03.507> by<00:11:03.731> the<00:11:03.828> wind.

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So<00:11:04.469> obviously<00:11:04.934> all<00:11:05.094> of<00:11:05.174> our<00:11:05.350> public<00:11:06.056> stocks<00:11:06.456> that<00:11:06.617> you<00:11:06.697> track<00:11:07.258> on<00:11:07.418> right<00:11:07.659> now<00:11:07.851> are<00:11:08.059> all<00:11:08.236> traded<00:11:08.540> on<00:11:08.637> some<00:11:08.877> kind<00:11:09.037> of<00:11:09.101> Canadian<00:11:09.518> stock<00:11:09.903> exchange<00:11:10.560> or<00:11:10.640> the<00:11:10.785> NEO<00:11:11.057> or<00:11:11.250> whatever.

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But<00:11:12.724> I<00:11:12.741> mean,<00:11:13.029> right<00:11:13.270> now<00:11:13.606> you<00:11:13.767> can<00:11:13.927> go<00:11:14.087> out.

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So<00:11:14.712> where<00:11:14.873> we<00:11:15.033> were<00:11:15.274> high<00:11:15.450> watermark<00:11:16.236> in<00:11:16.733> probably<00:11:17.037> 2021<00:11:18.095> was<00:11:18.977> the<00:11:19.121> high<00:11:19.298> watermark.

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And<00:11:20.660> we're<00:11:20.821> about<00:11:21.943> an<00:11:22.248> 80%<00:11:22.424> discount<00:11:23.290> from<00:11:23.466> where<00:11:23.626> they<00:11:23.771> were<00:11:24.027> at<00:11:24.107> that<00:11:24.268> point.

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If<00:11:25.053> you<00:11:25.133> look<00:11:25.246> at<00:11:25.310> total<00:11:25.630> market<00:11:25.951> caps.

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So<00:11:27.795> the<00:11:28.420> equities<00:11:28.821> themselves<00:11:29.382> have<00:11:29.703> completely<00:11:30.360> cratered.

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And<00:11:30.825> then<00:11:30.921> we<00:11:31.001> saw<00:11:31.146> a<00:11:31.162> little<00:11:31.482> bump<00:11:32.188> when<00:11:32.268> we're<00:11:32.364> getting<00:11:32.604> rescheduling,<00:11:33.246> which<00:11:33.550> takes<00:11:33.807> us<00:11:33.951> from<00:11:34.208> like<00:11:35.715> heroin<00:11:36.452> and<00:11:37.799> cocaine,<00:11:38.280> all<00:11:38.392> that<00:11:38.601> stuff<00:11:38.921> takes<00:11:39.178> us<00:11:39.258> down<00:11:39.562> to<00:11:39.659> like<00:11:39.883> Tylenol<00:11:40.364> with<00:11:40.524> codeine.

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Still<00:11:41.983> federally<00:11:42.384> illegal<00:11:43.490> when<00:11:43.602> this<00:11:43.747> happens.

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And<00:11:44.292> we<00:11:44.388> think<00:11:44.548> that's<00:11:44.789> going<00:11:44.869> to<00:11:44.933> happen<00:11:45.254> with<00:11:45.350> the<00:11:45.430> DEA<00:11:46.472> this<00:11:46.696> coming<00:11:46.937> year.

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We<00:11:47.273> thought<00:11:47.738> the<00:11:47.834> Biden<00:11:48.027> administration<00:11:48.700> would<00:11:48.860> get<00:11:48.973> it<00:11:49.037> done,<00:11:49.822> but<00:11:50.239> that's<00:11:50.463> going<00:11:50.528> to<00:11:50.640> push<00:11:50.880> in<00:11:50.960> the<00:11:51.041> next<00:11:51.345> year,<00:11:51.441> change,<00:11:51.778> totally<00:11:52.018> changes<00:11:52.419> our<00:11:52.563> tax<00:11:52.884> code,<00:11:53.141> et<00:11:53.269> cetera.

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But<00:11:54.006> you<00:11:54.151> can<00:11:54.247> go<00:11:54.343> out<00:11:54.391> and<00:11:54.551> buy<00:11:54.792> equities<00:11:55.433> in<00:11:55.673> cannabis<00:11:56.090> right<00:11:56.251> now<00:11:56.395> at<00:11:56.507> 4<00:11:56.731> times<00:11:57.677> EBITDA<00:11:58.335> numbers.

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And<00:11:59.537> a<00:11:59.553> lot<00:11:59.681> of<00:11:59.777> these<00:12:00.002> companies<00:12:00.338> are<00:12:00.370> making,<00:12:00.899> you<00:12:00.932> know,<00:12:01.300> $300<00:12:01.653> million<00:12:02.278> a<00:12:02.342> year.

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And,<00:12:03.128> you<00:12:03.304> know,<00:12:03.945> they're<00:12:04.106> trading<00:12:04.570> at,<00:12:04.811> you<00:12:04.843> know,<00:12:05.949> under<00:12:06.190> a<00:12:06.270> billion<00:12:06.590> dollars.

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And<00:12:07.713> so,<00:12:08.260> and<00:12:08.661> we're<00:12:08.822> also<00:12:09.063> in<00:12:09.143> a<00:12:09.159> market<00:12:09.625> that's,<00:12:09.882> you<00:12:09.978> know,<00:12:10.107> about<00:12:10.299> 11%<00:12:11.006> of<00:12:11.151> alcohol.

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Everybody<00:12:11.745> says<00:12:12.066> it's<00:12:12.211> going<00:12:12.452> to<00:12:12.532> 22<00:12:12.853> to<00:12:13.255> 25%<00:12:14.620> of<00:12:14.765> alcohol.

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So<00:12:15.343> there's,<00:12:15.728> you<00:12:15.761> know,<00:12:15.905> we're<00:12:16.082> still<00:12:16.467> in<00:12:16.612> the,<00:12:17.110> you<00:12:17.142> know,<00:12:17.254> we're<00:12:17.367> still<00:12:17.608> at<00:12:17.672> second<00:12:18.074> base<00:12:18.331> of<00:12:18.395> this<00:12:18.636> equation.

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But,<00:12:20.306> you<00:12:20.354> know,<00:12:20.708> with<00:12:20.884> that<00:12:22.073> and<00:12:22.169> coupled<00:12:22.635> the<00:12:23.438> interest<00:12:23.840> rates<00:12:24.257> that<00:12:24.402> have<00:12:25.141> gone<00:12:25.382> up<00:12:25.542> across<00:12:25.928> the<00:12:26.024> board,<00:12:26.811> and<00:12:26.892> then<00:12:26.988> we<00:12:27.149> generally<00:12:27.614> pay,<00:12:28.016> you<00:12:28.048> know,<00:12:28.273> in<00:12:28.418> the<00:12:28.514> mid-teens<00:12:29.317> for<00:12:29.960> any<00:12:30.184> debt<00:12:30.377> financing.

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We're<00:12:31.646> fortunate<00:12:32.048> we're<00:12:32.208> debt-free,<00:12:32.770> but<00:12:33.396> My<00:12:33.653> peers<00:12:33.974> are<00:12:34.038> going<00:12:34.230> out<00:12:34.278> and<00:12:34.519> get<00:12:34.695> high<00:12:34.936> interest,<00:12:36.058> high<00:12:36.219> interest<00:12:36.604> debt.

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And<00:12:38.608> along<00:12:38.865> with<00:12:39.089> a<00:12:39.250> lot<00:12:39.410> of<00:12:39.442> consolidation<00:12:40.212> with<00:12:40.292> the<00:12:40.452> equities<00:12:40.789> being<00:12:41.030> beat<00:12:41.254> up<00:12:41.350> so<00:12:41.511> much,<00:12:41.751> you're<00:12:41.847> not<00:12:42.008> seeing<00:12:42.232> a<00:12:42.312> bunch<00:12:42.489> of<00:12:42.617> big<00:12:43.114> M&A<00:12:43.451> stuff<00:12:43.756> going<00:12:44.060> out<00:12:44.237> there<00:12:44.638> as<00:12:44.798> well.

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So<00:12:45.520> really<00:12:45.840> challenging<00:12:46.402> times,<00:12:47.348> a<00:12:47.604> lot<00:12:47.829> of<00:12:48.086> sad<00:12:48.486> faces.

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Obviously<00:12:50.010> we<00:12:50.154> had<00:12:50.667> a<00:12:50.892> real<00:12:51.132> catalyst<00:12:51.614> in<00:12:52.095> Florida<00:12:52.415> that<00:12:52.496> was<00:12:52.656> going<00:12:52.800> to<00:12:52.880> go<00:12:52.993> adult<00:12:53.362> use<00:12:54.099> and<00:12:54.179> that<00:12:54.340> failed<00:12:54.660> by<00:12:54.965> 3%<00:12:55.206> down<00:12:55.607> there.

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It<00:12:55.943> was<00:12:56.104> a<00:12:56.168> 60%<00:12:56.986> threshold<00:12:57.451> and<00:12:57.547> they<00:12:57.627> got<00:12:57.852> 57.

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Oh<00:12:58.509> yeah,<00:12:58.654> yeah,<00:12:58.734> yeah,<00:12:58.830> I<00:12:58.910> saw<00:12:59.231> that.

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Yeah,<00:13:00.220> it<00:13:00.960> was<00:13:01.100> a<00:13:01.840> dagger<00:13:02.040> for<00:13:02.300> the<00:13:02.520> equities.

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And<00:13:03.361> you<00:13:03.820> look<00:13:04.000> at<00:13:04.260> like<00:13:04.380> a<00:13:04.580> Trulieve<00:13:04.880> who<00:13:05.340> invested<00:13:05.740> $140<00:13:06.260> million<00:13:06.540> in<00:13:07.220> that<00:13:07.500> campaign,<00:13:08.460> which<00:13:09.220> they're<00:13:09.600> about<00:13:09.880> a<00:13:10.100> 40%<00:13:10.560> market<00:13:10.920> share<00:13:11.180> down<00:13:11.440> there.

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You<00:13:12.060> know,<00:13:12.330> they<00:13:13.080> lost<00:13:13.420> half<00:13:13.680> of<00:13:13.840> their<00:13:13.940> equity<00:13:14.760> overnight<00:13:15.520> down<00:13:15.820> there,<00:13:15.960> even<00:13:16.080> though<00:13:16.200> they<00:13:16.300> have<00:13:16.480> a<00:13:16.560> very,<00:13:16.840> very<00:13:16.980> profitable<00:13:17.500> business<00:13:17.920> as<00:13:18.120> it<00:13:18.380> sits<00:13:18.480> today.

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It<00:13:19.320> would've<00:13:19.700> skyrocketed<00:13:20.380> that<00:13:20.580> thing.

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So<00:13:21.060> you<00:13:21.160> can<00:13:21.320> buy<00:13:21.520> them<00:13:21.740> at<00:13:22.040> 3<00:13:22.360> times<00:13:22.640> earnings<00:13:22.980> or<00:13:23.160> something<00:13:23.420> crazy<00:13:23.800> right<00:13:24.060> now.

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Isn't<00:13:25.360> it<00:13:25.560> interesting?

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Like<00:13:26.221> 57%<00:13:27.160> voted<00:13:27.420> for<00:13:27.680> it,<00:13:27.860> but<00:13:27.980> still<00:13:28.640> it<00:13:28.960> doesn't<00:13:29.200> matter.

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Yeah.

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It<00:13:29.520> needs<00:13:29.540> to<00:13:29.560> hit.

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Yeah.

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DeSantis<00:13:31.855> came<00:13:32.097> out<00:13:32.968> and<00:13:33.775> did<00:13:33.936> some<00:13:34.114> real<00:13:34.275> nefarious<00:13:34.840> things<00:13:35.147> relative<00:13:35.566> to<00:13:35.711> that,<00:13:36.195> in<00:13:36.292> my<00:13:36.453> opinion,<00:13:36.857> used<00:13:37.018> some<00:13:37.647> opioid<00:13:38.632> funding<00:13:39.116> to<00:13:39.761> kill<00:13:40.003> that<00:13:40.245> off,<00:13:40.955> which<00:13:41.116> I<00:13:41.133> don't<00:13:41.940> know<00:13:42.343> why<00:13:42.892> when<00:13:43.393> President<00:13:43.861> Trump<00:13:44.119> came<00:13:44.345> out<00:13:44.927> in<00:13:45.007> favor<00:13:45.476> of<00:13:45.637> it,<00:13:47.349> where<00:13:47.575> that<00:13:47.817> arm<00:13:47.994> wrestling<00:13:48.382> came<00:13:48.559> into<00:13:48.721> play<00:13:49.044> doesn't<00:13:49.286> make<00:13:49.464> a<00:13:49.512> lot<00:13:49.625> of<00:13:49.690> sense<00:13:49.932> to<00:13:49.964> me.

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Yeah,<00:13:51.124> tell<00:13:51.236> me<00:13:51.381> from<00:13:51.542> like<00:13:51.703> a<00:13:51.784> political<00:13:52.187> standpoint,<00:13:52.670> if<00:13:52.750> you<00:13:52.831> could<00:13:52.976> just<00:13:53.137> like<00:13:53.539> wave<00:13:53.974> a<00:13:54.039> magic<00:13:54.586> wand,<00:13:54.909> what<00:13:55.070> would<00:13:55.231> you<00:13:55.392> want<00:13:55.553> to<00:13:55.585> happen?

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Just<00:13:56.149> like<00:13:56.439> legalize<00:13:56.938> it<00:13:57.018> at<00:13:57.115> a<00:13:57.163> national<00:13:57.566> level<00:13:57.824> so<00:13:57.904> you<00:13:57.985> don't<00:13:58.130> have<00:13:58.243> to<00:13:58.387> figure<00:13:58.774> out<00:13:59.034> state<00:13:59.384> by<00:13:59.489> state<00:14:00.084> or?

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Like<00:14:01.007> the<00:14:01.167> politics<00:14:01.728> of<00:14:01.825> it<00:14:01.905> must<00:14:02.065> be<00:14:02.145> fascinating.

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I<00:14:02.723> mean,<00:14:02.867> you're<00:14:03.027> following<00:14:03.428> like<00:14:03.605> some<00:14:03.909> proposition<00:14:04.695> bill<00:14:05.112> in<00:14:05.288> Florida<00:14:06.074> and<00:14:06.218> like,<00:14:06.411> it<00:14:06.619> actually<00:14:06.812> makes<00:14:07.052> a<00:14:07.116> huge<00:14:07.373> difference<00:14:07.694> in<00:14:07.822> the<00:14:07.902> industry.

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That's<00:14:08.383> fascinating.

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Yeah.

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Yeah.

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No.

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And<00:14:10.468> we<00:14:10.564> were<00:14:10.724> the<00:14:10.869> biggest,<00:14:11.510> uh,<00:14:12.248> biggest<00:14:12.552> funder<00:14:12.953> for<00:14:13.130> the<00:14:13.258> Nebraska<00:14:13.771> medical<00:14:14.332> program<00:14:14.749> as<00:14:14.893> an<00:14:14.990> example.

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So<00:14:15.631> we,<00:14:16.016> that<00:14:16.112> was<00:14:16.256> our<00:14:16.401> only<00:14:16.577> win.

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We<00:14:16.898> lost<00:14:17.219> up<00:14:17.379> in<00:14:17.459> South<00:14:17.764> Dakota<00:14:18.101> on<00:14:18.197> adult<00:14:18.566> use<00:14:18.902> and<00:14:18.982> down<00:14:19.207> in<00:14:19.319> Florida.

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Those<00:14:19.800> are<00:14:19.945> the<00:14:20.650> two<00:14:20.827> big<00:14:21.051> losses<00:14:21.548> for<00:14:21.773> us,<00:14:22.093> uh,<00:14:22.270> personally.

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But,<00:14:23.617> uh,<00:14:23.809> yeah,<00:14:23.969> we<00:14:24.114> followed<00:14:24.370> that<00:14:24.579> along,<00:14:24.980> obviously,<00:14:25.862> uh,<00:14:26.022> what<00:14:26.134> we<00:14:26.279> believe<00:14:26.535> it<00:14:26.615> is<00:14:26.695> a<00:14:26.760> state's<00:14:27.144> rights.

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And<00:14:28.524> we<00:14:28.605> don't<00:14:28.781> think<00:14:28.926> there's<00:14:29.102> going<00:14:29.198> to<00:14:29.247> be<00:14:29.343> federal<00:14:29.728> legalization<00:14:30.434> across<00:14:30.852> the<00:14:31.012> board<00:14:31.413> anytime<00:14:31.831> soon.

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So<00:14:32.777> if<00:14:32.874> they<00:14:33.018> just<00:14:33.243> push<00:14:33.419> it<00:14:33.500> back<00:14:33.724> to<00:14:33.805> the<00:14:33.837> states,<00:14:34.623> at<00:14:34.703> least<00:14:34.864> that's<00:14:35.105> what,<00:14:35.329> you<00:14:36.052> know,<00:14:36.148> President<00:14:36.549> Trump<00:14:36.790> has<00:14:37.015> verbalized.

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Matt<00:14:38.154> Gaetz,<00:14:39.181> if<00:14:39.278> he's<00:14:39.743> confirmed<00:14:40.160> there,<00:14:40.722> he's<00:14:40.882> been<00:14:41.123> pro-cannabis<00:14:41.765> for<00:14:42.006> a<00:14:42.022> significant<00:14:42.632> amount<00:14:42.824> of<00:14:42.889> time.

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Bobby<00:14:44.494> Kennedy<00:14:46.083> is<00:14:46.243> one<00:14:46.420> that's<00:14:46.981> pro-cannabis,<00:14:47.768> although<00:14:47.928> he<00:14:48.025> wants<00:14:48.329> a<00:14:48.602> national<00:14:49.068> tax<00:14:49.533> on<00:14:49.613> it,<00:14:50.031> which<00:14:50.191> I<00:14:50.255> always<00:14:50.576> worry<00:14:50.737> about.

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Any<00:14:51.475> additional<00:14:51.876> taxing<00:14:52.358> adds<00:14:52.663> to<00:14:52.759> the<00:14:52.839> black<00:14:53.080> market.

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So<00:14:53.802> I<00:14:53.882> think<00:14:54.027> you<00:14:54.123> gotta<00:14:54.283> be<00:14:54.427> very,<00:14:54.684> very<00:14:54.924> careful<00:14:55.309> there<00:14:55.486> that<00:14:55.710> you<00:14:55.790> don't<00:14:56.688> promote<00:14:57.089> the<00:14:57.169> cartels<00:14:57.730> to<00:14:57.874> be<00:14:57.971> shipping<00:14:58.371> stuff<00:14:58.756> in<00:14:59.494> instead<00:14:59.959> of<00:15:00.440> having<00:15:00.680> these<00:15:00.921> local<00:15:01.241> operators<00:15:01.722> like<00:15:02.043> just<00:15:02.219> in<00:15:02.380> Missouri.

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And<00:15:03.261> we're,<00:15:03.726> we're<00:15:03.887> the<00:15:03.983> youngest<00:15:04.384> program<00:15:04.945> in<00:15:05.041> about,<00:15:05.730> we're<00:15:05.827> the<00:15:05.971> 5th<00:15:06.227> largest<00:15:06.628> program<00:15:06.949> now<00:15:07.045> in<00:15:07.189> Missouri,<00:15:07.510> which<00:15:07.686> doesn't<00:15:07.927> make<00:15:08.151> a<00:15:08.167> lot<00:15:08.328> of<00:15:08.392> sense.

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But,<00:15:10.139> you<00:15:10.236> know,<00:15:10.332> we,<00:15:10.620> we've<00:15:10.797> got<00:15:10.957> 20,000<00:15:11.598> jobs<00:15:11.919> we've<00:15:12.160> created<00:15:12.560> here<00:15:12.785> out<00:15:12.865> of<00:15:13.266> effectively<00:15:13.763> thin<00:15:14.068> air<00:15:15.126> that<00:15:15.206> was<00:15:15.430> all<00:15:15.526> black<00:15:15.831> market<00:15:16.152> before.

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So<00:15:17.354> as,<00:15:17.595> as<00:15:17.707> you<00:15:17.835> look<00:15:18.028> at<00:15:18.156> all<00:15:18.252> that<00:15:18.477> stuff<00:15:18.797> coming<00:15:19.054> in<00:15:19.198> there,<00:15:19.374> what,<00:15:19.615> what<00:15:19.839> we<00:15:20.000> hope<00:15:20.272> the<00:15:20.481> president<00:15:20.817> does<00:15:21.138> is,<00:15:21.459> is<00:15:21.699> what<00:15:21.827> he<00:15:21.859> said<00:15:22.036> he<00:15:22.084> is<00:15:22.244> going<00:15:22.372> to<00:15:22.421> do<00:15:22.597> is<00:15:22.982> the<00:15:23.078> states'<00:15:23.544> rights.

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So<00:15:24.266> Missouri<00:15:24.587> gets<00:15:24.779> to<00:15:24.827> make<00:15:25.052> their<00:15:25.213> own<00:15:25.309> rules<00:15:25.710> and<00:15:26.336> Illinois<00:15:26.657> has<00:15:26.818> different<00:15:27.074> rules,<00:15:27.411> et<00:15:27.540> cetera.

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So<00:15:28.053> we<00:15:28.182> hope<00:15:28.358> that,<00:15:29.080> and<00:15:29.161> then<00:15:29.385> we<00:15:29.466> hope<00:15:29.642> they<00:15:29.803> continue<00:15:30.284> forward<00:15:30.589> with<00:15:31.391> HHS<00:15:32.290> recommendation<00:15:33.173> for<00:15:33.975> rescheduling<00:15:34.601> from<00:15:34.762> Schedule<00:15:35.163> 1<00:15:35.339> to<00:15:35.404> Schedule<00:15:35.837> 3,<00:15:36.607> which<00:15:36.768> that<00:15:36.960> then<00:15:37.169> opens<00:15:37.570> up,<00:15:37.891> you<00:15:37.923> know,<00:15:38.934> you<00:15:39.015> can<00:15:39.111> do<00:15:39.175> R&D<00:15:39.592> testing<00:15:40.555> and<00:15:40.700> it<00:15:40.940> normalizes<00:15:42.144> it<00:15:42.240> where<00:15:42.481> we're<00:15:42.626> not<00:15:43.027> treated<00:15:43.284> like<00:15:44.808> we're<00:15:45.129> the<00:15:45.209> cocaine<00:15:45.611> dealers.

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So<00:15:46.574> I<00:15:46.654> think<00:15:46.878> that's<00:15:47.456> the<00:15:47.601> biggest<00:15:47.857> one.

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And<00:15:48.130> then<00:15:48.243> hopefully<00:15:48.580> we<00:15:48.724> get<00:15:48.885> uplisting<00:15:49.623> and<00:15:49.703> don't<00:15:49.912> have<00:15:49.976> to<00:15:50.104> trade<00:15:50.441> in<00:15:50.666> Canada<00:15:51.051> and<00:15:51.212> all<00:15:51.292> this<00:15:51.468> other<00:15:51.629> crazy<00:15:52.030> stuff.

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The<00:15:53.057> rescheduling<00:15:53.673> is<00:15:53.787> our<00:15:53.868> huge<00:15:54.192> thing<00:15:54.354> we<00:15:54.500> think<00:15:54.597> is<00:15:54.743> coming.

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There's<00:15:55.651> safer<00:15:56.056> banking<00:15:56.542> and<00:15:56.623> some<00:15:56.785> other<00:15:56.947> things<00:15:57.272> that<00:15:57.434> are<00:15:58.260> going<00:15:59.460> to<00:15:59.622> be<00:15:59.768> moving<00:16:00.011> its<00:16:00.173> way<00:16:00.351> through<00:16:00.627> Congress.

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But<00:16:02.442> the<00:16:02.588> main<00:16:02.831> one<00:16:02.928> is<00:16:03.074> rescheduling<00:16:03.722> that<00:16:03.802> we're<00:16:04.385> coming<00:16:05.033> up<00:16:06.717> on<00:16:06.798> this<00:16:06.976> next<00:16:07.235> year<00:16:07.316> or<00:16:07.446> so.

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You<00:16:08.207> know<00:16:08.336> what's<00:16:08.482> fascinating?

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Like<00:16:09.065> if<00:16:09.162> you<00:16:09.308> were<00:16:09.388> like<00:16:09.567> a<00:16:09.728> corn<00:16:10.247> farmer,<00:16:12.098> you<00:16:12.195> wouldn't<00:16:12.518> worry<00:16:12.922> about<00:16:13.391> like<00:16:14.134> some<00:16:14.538> black<00:16:15.007> market<00:16:15.669> corn<00:16:17.770> industry<00:16:18.562> trying<00:16:18.804> to<00:16:18.901> like<00:16:19.144> undercut<00:16:19.693> you.

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But<00:16:21.009> is,<00:16:21.330> is<00:16:21.442> the<00:16:21.586> black<00:16:21.892> market<00:16:22.229> kind<00:16:22.405> of<00:16:22.453> your<00:16:22.710> biggest<00:16:23.096> competitor<00:16:23.674> really<00:16:24.460> at<00:16:24.540> the<00:16:24.637> end<00:16:24.717> of<00:16:24.781> the<00:16:24.862> day,<00:16:25.118> or<00:16:25.279> is<00:16:25.375> it<00:16:25.520> your<00:16:25.761> other<00:16:26.226> like,<00:16:26.627> uh,<00:16:26.868> companies?

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It<00:16:27.366> seems<00:16:27.591> like<00:16:27.703> the<00:16:27.832> black<00:16:28.072> market<00:16:28.313> would<00:16:28.474> be<00:16:28.714> who<00:16:28.955> you'd,<00:16:29.838> uh,<00:16:30.015> most<00:16:30.737> want,<00:16:31.845> uh,<00:16:32.166> to<00:16:32.230> have<00:16:32.359> some<00:16:32.567> sort<00:16:32.760> of<00:16:32.824> regulation<00:16:33.386> around<00:16:33.707> some<00:16:33.932> sort<00:16:34.109> of<00:16:34.141> sense<00:16:34.526> of<00:16:34.558> what's<00:16:34.671> going<00:16:34.911> on.

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Yeah,<00:16:35.955> no,<00:16:36.115> I<00:16:36.260> think,<00:16:36.581> and,<00:16:36.998> and<00:16:37.143> obviously<00:16:37.881> they,<00:16:38.122> they<00:16:38.507> operate<00:16:38.925> because,<00:16:39.406> you<00:16:39.663> know,<00:16:39.952> we're<00:16:40.129> federally<00:16:40.611> legal.

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So<00:16:41.253> are<00:16:41.397> they.

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So<00:16:42.393> that's<00:16:42.682> their<00:16:42.842> thing,<00:16:43.019> even<00:16:43.179> though<00:16:43.259> we're<00:16:43.436> state<00:16:43.805> licensed<00:16:44.383> and<00:16:44.528> I<00:16:44.704> pay<00:16:45.427> a<00:16:45.571> boatload<00:16:45.989> of<00:16:46.069> taxes.

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Excuse<00:16:47.593> me.

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And,<00:16:49.100> but<00:16:49.356> the,<00:16:49.981> yeah,<00:16:50.478> so<00:16:50.623> we<00:16:50.719> see<00:16:50.879> the<00:16:50.959> black<00:16:51.200> market,<00:16:51.440> like<00:16:51.616> in<00:16:51.697> Missouri,<00:16:52.386> you<00:16:52.434> know,<00:16:52.562> there<00:16:52.706> was<00:16:53.684> a<00:16:53.764> billion<00:16:54.470> that<00:16:54.566> was<00:16:54.726> already<00:16:55.047> coming<00:16:55.367> in<00:16:55.528> Missouri<00:16:55.928> before<00:16:56.329> we<00:16:56.473> had<00:16:56.730> a<00:16:56.810> stood<00:16:57.676> up<00:16:57.756> program<00:16:58.173> that's,<00:16:58.493> you<00:16:58.589> know,<00:16:58.734> tested<00:16:59.134> and<00:16:59.279> taxed.

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And,<00:17:00.417> you<00:17:00.513> know,<00:17:00.593> there's<00:17:00.818> scary<00:17:01.218> things<00:17:01.523> out<00:17:01.699> there<00:17:01.859> where,<00:17:02.180> you<00:17:02.212> know,<00:17:02.421> people<00:17:02.741> pass<00:17:02.982> around<00:17:03.222> a<00:17:03.302> black<00:17:03.543> market<00:17:03.863> joint,<00:17:04.168> it's<00:17:04.328> got<00:17:04.504> fentanyl<00:17:04.905> in<00:17:05.049> it.

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There's<00:17:05.787> a<00:17:05.867> group<00:17:06.252> up<00:17:06.412> in<00:17:06.508> West<00:17:06.765> Virginia,<00:17:07.149> we<00:17:07.229> did<00:17:07.454> commercials<00:17:08.015> on<00:17:08.111> this,<00:17:08.512> you<00:17:08.848> know,<00:17:09.057> 5<00:17:09.858> people<00:17:10.275> in<00:17:10.355> a<00:17:10.435> room,<00:17:11.301> 4<00:17:11.477> of<00:17:11.558> 'em<00:17:11.718> ended<00:17:11.942> up<00:17:12.038> getting<00:17:12.279> Narcan<00:17:12.744> and<00:17:12.824> one<00:17:13.000> died.

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Because<00:17:14.509> whoever<00:17:14.782> they<00:17:14.926> bought<00:17:15.167> that<00:17:15.392> from<00:17:15.649> laced<00:17:15.890> that<00:17:16.034> with<00:17:16.130> fentanyl,<00:17:16.452> which<00:17:16.676> I<00:17:16.693> don't<00:17:16.837> even—<00:17:17.560> can't<00:17:17.736> comprehend,<00:17:19.728> you<00:17:19.808> know,<00:17:19.904> somebody<00:17:20.225> doing<00:17:20.386> that.

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Like,<00:17:20.868> what's<00:17:21.109> the<00:17:21.189> math?

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Did<00:17:21.671> you<00:17:22.008> sell<00:17:22.313> more<00:17:22.699> weed<00:17:22.972> or<00:17:23.036> something<00:17:23.357> like<00:17:23.582> that<00:17:23.823> by<00:17:23.999> lacing<00:17:24.465> it?

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But,<00:17:25.910> you<00:17:26.087> know,<00:17:26.328> those<00:17:26.553> are<00:17:26.601> the<00:17:26.665> scary<00:17:27.115> things<00:17:27.356> I<00:17:27.436> worry<00:17:27.629> about<00:17:27.853> on<00:17:27.934> that.

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And<00:17:28.319> then<00:17:28.480> obviously<00:17:29.363> all<00:17:29.459> the<00:17:29.620> Delta-8<00:17:30.246> that's<00:17:30.487> out<00:17:30.599> there<00:17:30.744> that's<00:17:30.969> kind<00:17:31.081> of<00:17:31.210> found<00:17:31.386> this<00:17:31.611> loophole<00:17:32.655> in<00:17:32.751> the<00:17:32.896> farm<00:17:33.233> bill<00:17:33.554> to<00:17:34.261> have<00:17:34.373> intoxicating<00:17:35.963> cannabinoids<00:17:36.750> in<00:17:36.911> there<00:17:37.970> that<00:17:38.276> are<00:17:38.533> completely<00:17:38.998> untested.

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They<00:17:39.657> look<00:17:39.817> like<00:17:39.978> a<00:17:40.042> bag<00:17:40.235> of<00:17:40.299> Skittles.

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Things<00:17:41.263> like<00:17:41.503> that<00:17:41.728> that<00:17:41.825> I<00:17:41.905> think<00:17:42.130> give<00:17:42.306> our<00:17:42.467> industry<00:17:43.575> a<00:17:43.655> bad<00:17:43.912> name.

00:17:44.249 --> 00:17:49.453
So<00:17:44.635> let's<00:17:44.876> get<00:17:45.020> it<00:17:45.197> tested,<00:17:45.598> taxed,<00:17:46.642> and<00:17:46.723> regulated,<00:17:47.847> and<00:17:47.991> everybody<00:17:48.312> operate<00:17:48.650> on<00:17:48.714> the<00:17:48.794> same<00:17:49.051> playing<00:17:49.372> field.

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And<00:17:49.613> I<00:17:49.693> think<00:17:50.175> the<00:17:50.320> corn<00:17:50.561> guy<00:17:50.737> gets<00:17:50.930> to<00:17:51.042> operate<00:17:51.380> on<00:17:51.444> the<00:17:51.476> same<00:17:51.781> playing<00:17:52.102> field<00:17:52.343> as<00:17:52.504> the<00:17:52.568> guy<00:17:52.745> next<00:17:53.018> door.

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So<00:17:53.403> let's<00:17:53.949> keep<00:17:54.190> it<00:17:54.270> that<00:17:54.431> way.

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Yeah.

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Give<00:17:56.342> me<00:17:56.454> a<00:17:56.518> sense<00:17:57.064> for<00:17:57.883> if<00:17:58.831> you<00:17:59.008> know<00:17:59.570> how<00:17:59.810> bad<00:18:00.067> the<00:18:00.212> fentanyl<00:18:00.694> crisis<00:18:01.256> is.

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Yeah,<00:18:03.183> I<00:18:03.263> mean,<00:18:04.612> other<00:18:04.789> than<00:18:05.014> the<00:18:05.046> stats<00:18:05.495> I<00:18:05.511> read<00:18:06.298> and<00:18:06.732> see<00:18:07.037> on<00:18:07.422> X,<00:18:07.679> et<00:18:07.776> cetera,<00:18:08.546> I'm<00:18:08.882> not<00:18:09.443> the<00:18:09.523> foregone<00:18:10.725> expert<00:18:11.190> on<00:18:11.286> that.

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I<00:18:12.808> just<00:18:13.193> know<00:18:13.353> a<00:18:13.433> few<00:18:13.626> of<00:18:13.690> the<00:18:13.770> things<00:18:14.074> that<00:18:14.235> impacted<00:18:14.731> our<00:18:14.892> industry<00:18:16.157> that,<00:18:17.119> like<00:18:17.616> the<00:18:17.760> example<00:18:18.161> I<00:18:18.257> just<00:18:18.497> gave<00:18:18.802> you,<00:18:19.378> but<00:18:20.099> you<00:18:20.180> know,<00:18:20.244> obviously<00:18:21.061> you<00:18:21.221> can<00:18:21.365> read<00:18:21.542> the<00:18:21.638> stats<00:18:22.103> in<00:18:22.487> every<00:18:22.663> state,<00:18:23.288> you<00:18:23.320> know,<00:18:23.545> across<00:18:24.442> the<00:18:24.586> board.

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And<00:18:24.907> obviously<00:18:25.852> I<00:18:26.109> don't<00:18:26.269> think<00:18:26.429> there's<00:18:26.589> an<00:18:26.990> American<00:18:27.391> person<00:18:27.695> that<00:18:27.791> doesn't<00:18:28.096> want<00:18:28.176> to<00:18:28.208> solve<00:18:28.512> that<00:18:28.737> problem.

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Yeah,<00:18:29.874> for<00:18:29.971> sure.

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My<00:18:30.996> sense<00:18:31.317> is,<00:18:31.653> so<00:18:31.877> you're<00:18:32.102> dealing<00:18:32.438> with<00:18:32.663> the<00:18:32.759> black<00:18:33.063> market<00:18:33.336> within<00:18:33.640> the<00:18:33.704> United<00:18:33.961> States.

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And<00:18:35.388> then<00:18:35.966> you're<00:18:36.190> dealing<00:18:36.527> with<00:18:36.993> whole<00:18:37.313> countries.

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You<00:18:37.891> got<00:18:38.052> Mexico,<00:18:39.159> you've<00:18:39.319> got<00:18:39.656> Canada.

00:18:40.138 --> 00:18:47.792
I<00:18:40.218> mean,<00:18:40.394> I<00:18:40.459> don't<00:18:41.100> know<00:18:41.245> what<00:18:41.405> they<00:18:41.502> do,<00:18:41.726> but<00:18:41.823> you've<00:18:41.967> got<00:18:42.015> like<00:18:42.224> these<00:18:42.448> two<00:18:42.561> other<00:18:42.769> countries<00:18:43.106> who<00:18:43.170> have<00:18:43.347> totally<00:18:43.668> different<00:18:43.893> rules<00:18:44.213> and<00:18:44.310> can<00:18:44.968> smuggle<00:18:46.075> the<00:18:46.155> same<00:18:46.540> stuff<00:18:47.038> inside<00:18:47.519> of<00:18:47.663> here.

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And<00:18:48.706> that,<00:18:49.108> that<00:18:49.204> must—<00:18:50.006> your,<00:18:50.247> your<00:18:50.407> business<00:18:50.744> is<00:18:50.889> fascinating<00:18:51.434> to<00:18:51.515> me.

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I<00:18:51.627> mean,<00:18:51.836> what's<00:18:52.076> that<00:18:52.253> like?

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Are<00:18:52.558> you<00:18:52.670> like<00:18:52.895> tracking<00:18:53.456> like<00:18:53.697> what's<00:18:53.922> happening<00:18:54.259> with<00:18:54.419> the<00:18:54.563> cartels?

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No,<00:18:56.168> no.

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I<00:18:56.505> think,<00:18:56.730> I<00:18:56.810> think,<00:18:57.051> you<00:18:57.131> know,<00:18:57.307> like,<00:18:57.628> because,<00:18:58.334> you<00:18:58.366> know,<00:18:58.575> we're<00:18:58.687> now<00:18:58.912> at<00:18:59.056> 38<00:18:59.458> states<00:18:59.859> legalized<00:19:00.372> across<00:19:00.741> the<00:19:00.822> country<00:19:01.094> in<00:19:01.223> some<00:19:01.463> form,<00:19:01.704> some<00:19:01.881> are<00:19:02.025> real<00:19:02.266> low<00:19:02.506> THC,<00:19:03.164> different<00:19:03.389> market<00:19:03.790> than<00:19:04.111> the<00:19:04.207> one<00:19:04.320> I'm<00:19:04.464> sitting<00:19:04.769> in<00:19:04.897> here<00:19:05.154> today.

00:19:05.620 --> 00:19:08.610
I<00:19:06.000> worry<00:19:06.460> more<00:19:06.720> about<00:19:07.020> the<00:19:07.200> Oklahomas<00:19:07.600> of<00:19:07.860> the<00:19:07.861> world.

00:19:09.420 --> 00:19:10.780
You<00:19:09.440> know,<00:19:09.560> they<00:19:09.720> have<00:19:09.940> a<00:19:10.100> medical<00:19:10.380> program.

00:19:11.020 --> 00:19:16.360
What<00:19:11.120> they<00:19:11.300> did<00:19:11.460> is<00:19:11.660> they<00:19:11.920> puked<00:19:12.060> out<00:19:12.320> 20,000,<00:19:12.980> like<00:19:13.120> we<00:19:13.220> have<00:19:13.420> 64<00:19:14.100> cultivation<00:19:14.880> licenses<00:19:15.400> in<00:19:15.660> Missouri.

00:19:16.360 --> 00:19:18.500
They<00:19:16.480> puked<00:19:16.760> out<00:19:16.940> over<00:19:17.140> 20,000<00:19:17.880> of<00:19:18.000> those.

00:19:18.660 --> 00:19:23.700
So<00:19:18.820> there's<00:19:18.980> no<00:19:19.180> way<00:19:19.380> to<00:19:19.540> regulate<00:19:19.960> those,<00:19:20.400> check<00:19:20.660> their<00:19:20.840> cameras,<00:19:21.500> see<00:19:21.720> how,<00:19:22.300> you<00:19:22.500> know,<00:19:22.660> see<00:19:22.820> how<00:19:23.020> it's<00:19:23.120> all<00:19:23.320> tracked.

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See,<00:19:24.040> you<00:19:24.080> have,<00:19:24.660> you<00:19:24.661> know,<00:19:24.820> just<00:19:24.920> like<00:19:25.060> we<00:19:25.200> used<00:19:25.380> to<00:19:25.500> have<00:19:25.700> in<00:19:26.300> Northern<00:19:26.520> California,<00:19:27.260> you<00:19:28.200> know,<00:19:28.320> up<00:19:28.500> in<00:19:28.580> the<00:19:28.780> hills,<00:19:29.440> they<00:19:29.600> would<00:19:30.300> basically<00:19:30.640> send<00:19:31.380> it<00:19:31.540> out<00:19:31.700> of<00:19:31.860> there.

00:19:32.360 --> 00:19:35.700
So<00:19:32.580> I<00:19:32.700> don't<00:19:32.960> think<00:19:33.100> it's<00:19:33.240> as<00:19:33.440> much<00:19:33.640> coming<00:19:33.880> across<00:19:34.180> the<00:19:34.480> border<00:19:34.680> in<00:19:35.200> cannabis<00:19:35.600> as<00:19:35.620> it<00:19:35.640> used<00:19:35.660> to<00:19:35.680> be.

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Obviously<00:19:35.720> every,<00:19:37.402> Every<00:19:37.627> market<00:19:38.028> that<00:19:38.140> flips<00:19:39.006> is<00:19:39.327> one<00:19:40.691> less,<00:19:40.931> one<00:19:41.092> less<00:19:41.332> one<00:19:41.493> you<00:19:41.573> worry<00:19:41.797> about.

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But<00:19:42.375> it's<00:19:42.519> those<00:19:42.760> markets<00:19:43.161> where<00:19:43.338> it's<00:19:43.498> unlimited<00:19:44.011> licenses<00:19:45.166> and<00:19:45.246> there's<00:19:45.423> no<00:19:45.599> way<00:19:45.744> to<00:19:45.824> track<00:19:46.225> it.

00:19:46.305 --> 00:19:52.690
And<00:19:46.385> then<00:19:46.530> they,<00:19:46.851> you<00:19:46.899> know,<00:19:47.091> you<00:19:47.188> can<00:19:47.268> go<00:19:47.428> down<00:19:47.589> the<00:19:47.669> street<00:19:48.391> and<00:19:48.696> basically<00:19:48.952> they<00:19:49.081> have<00:19:49.193> to<00:19:49.337> play<00:19:49.498> whack-a-mole<00:19:50.556> for<00:19:50.733> the<00:19:50.813> nefarious<00:19:51.423> operators<00:19:52.000> in<00:19:52.080> that<00:19:52.241> equation.

00:19:52.786 --> 00:19:56.749
And<00:19:52.947> it's<00:19:53.364> giving<00:19:53.556> them<00:19:53.765> a<00:19:53.845> little<00:19:54.086> bit<00:19:54.262> of<00:19:54.390> a<00:19:54.487> license<00:19:55.032> to,<00:19:55.690> to<00:19:55.786> ship<00:19:56.155> out<00:19:56.315> of<00:19:56.348> the<00:19:56.428> state.

00:19:56.829 --> 00:20:03.887
So<00:19:57.374> we<00:19:57.470> see<00:19:57.679> more<00:19:57.855> black<00:19:58.176> market<00:19:58.481> coming<00:19:58.754> out<00:19:58.802> of<00:19:58.898> the<00:19:59.043> Oklahomas<00:19:59.620> of<00:19:59.652> the<00:19:59.764> world<00:20:00.406> where<00:20:00.743> obviously<00:20:01.144> in<00:20:01.369> our<00:20:01.545> business<00:20:01.866> you're<00:20:01.994> not<00:20:02.203> allowed<00:20:02.508> to<00:20:02.588> send<00:20:02.893> it<00:20:02.989> outside<00:20:03.454> your<00:20:03.550> state.

00:20:04.433 --> 00:20:09.119
So<00:20:04.898> if<00:20:05.075> it's<00:20:05.235> produced<00:20:05.636> in<00:20:05.669> Missouri,<00:20:06.439> it's<00:20:06.631> sold<00:20:06.840> in<00:20:06.872> Missouri,<00:20:07.273> same<00:20:07.578> as<00:20:07.723> Arkansas<00:20:08.284> and<00:20:08.429> Illinois,<00:20:08.830> etc.

00:20:09.649 --> 00:20:12.650
And<00:20:09.729> then<00:20:09.889> you<00:20:09.953> got<00:20:10.114> Oklahoma<00:20:10.547> where<00:20:10.852> the<00:20:10.932> regs<00:20:11.237> say<00:20:11.494> that<00:20:11.751> that's<00:20:11.960> supposed<00:20:12.232> to<00:20:12.361> happen.

00:20:12.698 --> 00:20:21.300
But<00:20:13.243> when<00:20:13.324> you<00:20:13.404> have<00:20:13.516> so<00:20:13.757> many<00:20:13.982> licensed<00:20:14.447> operators,<00:20:15.426> it's<00:20:15.651> a,<00:20:15.907> it's<00:20:16.084> a<00:20:16.148> basically<00:20:16.549> free-for-all<00:20:17.255> and<00:20:17.673> there's<00:20:17.897> not<00:20:18.074> enough<00:20:18.379> regulators<00:20:18.941> that<00:20:19.101> you<00:20:19.181> could<00:20:19.342> hire<00:20:19.599> to,<00:20:20.385> to<00:20:20.481> control<00:20:20.866> that<00:20:21.043> genie.

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Hmm.

00:20:23.049 --> 00:20:24.654
What<00:20:23.161> does<00:20:23.290> a<00:20:23.370> typical<00:20:23.771> day<00:20:23.996> look<00:20:24.172> like<00:20:24.397> for<00:20:24.509> you?

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Like,<00:20:26.419> like<00:20:26.660> my<00:20:26.804> Monday,<00:20:27.286> like,<00:20:27.478> so<00:20:27.863> I<00:20:28.024> cram<00:20:28.570> all<00:20:28.666> my<00:20:28.842> main<00:20:29.147> meetings<00:20:29.532> in<00:20:29.693> on<00:20:29.853> Mondays<00:20:30.656> and<00:20:30.897> I<00:20:31.234> do<00:20:31.378> a<00:20:31.394> lot<00:20:31.715> of<00:20:32.100> our<00:20:32.678> legal<00:20:32.935> work.

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I'm<00:20:33.192> not<00:20:33.400> a<00:20:33.416> lawyer.

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But<00:20:34.267> I<00:20:34.363> want<00:20:34.523> to<00:20:34.587> play<00:20:34.764> one.

00:20:35.630 --> 00:20:40.875
And<00:20:36.047> so<00:20:36.448> we're<00:20:36.592> doing<00:20:36.753> a<00:20:36.769> lot<00:20:36.994> of<00:20:37.026> merger<00:20:37.330> and<00:20:37.475> acquisition,<00:20:38.918> you<00:20:39.015> know,<00:20:39.239> audits,<00:20:39.801> things<00:20:39.993> along<00:20:40.298> those<00:20:40.603> lines.

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But<00:20:41.341> I<00:20:41.421> cram<00:20:41.726> all<00:20:41.822> my<00:20:42.046> one-on-one<00:20:42.463> meetings<00:20:42.864> into<00:20:43.650> one<00:20:43.827> day<00:20:43.987> and<00:20:44.148> just<00:20:44.244> kind<00:20:44.388> of<00:20:44.420> make<00:20:44.645> it<00:20:44.709> my<00:20:44.870> hell<00:20:45.094> day<00:20:45.816> where<00:20:45.912> I'm,<00:20:46.474> you<00:20:46.538> know,<00:20:46.698> barely<00:20:47.035> eating<00:20:47.981> and<00:20:48.158> get<00:20:48.318> all<00:20:48.479> my<00:20:48.880> team<00:20:49.120> to<00:20:49.201> come<00:20:49.682> meet<00:20:49.842> me<00:20:49.906> in<00:20:50.003> the<00:20:50.067> office.

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I'm<00:20:50.564> sitting<00:20:50.949> in<00:20:51.125> here<00:20:51.350> today.

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So<00:20:51.831> that's<00:20:52.553> my<00:20:52.665> main<00:20:52.890> one.

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And<00:20:53.612> I<00:20:53.692> do<00:20:53.788> that<00:20:53.997> weekly.

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And<00:20:55.039> then<00:20:55.938> Tuesday<00:20:56.403> on,<00:20:56.804> I<00:20:56.980> don't<00:20:57.141> travel<00:20:57.526> as<00:20:57.622> much<00:20:57.798> as<00:20:58.584> I<00:20:58.649> would<00:20:58.809> like<00:20:58.985> to.

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I<00:20:59.210> love<00:20:59.467> being<00:20:59.643> in<00:20:59.788> stores.

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I<00:21:00.349> love<00:21:00.574> talking<00:21:00.910> to<00:21:01.697> our<00:21:02.194> employees<00:21:02.901> to<00:21:02.997> find<00:21:03.318> out<00:21:03.479> what's<00:21:03.704> working,<00:21:04.025> what's<00:21:04.201> not<00:21:04.426> working,<00:21:05.325> and<00:21:05.405> get<00:21:05.566> a<00:21:05.582> vibe.

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And<00:21:06.513> I've,<00:21:07.252> in<00:21:07.332> my<00:21:07.493> history,<00:21:07.814> I've<00:21:07.958> been<00:21:08.135> too<00:21:08.231> much<00:21:08.456> of<00:21:08.536> a<00:21:08.600> control<00:21:09.018> freak.

00:21:09.756 --> 00:21:11.506
So<00:21:09.821> I'm<00:21:10.045> trying<00:21:10.222> to<00:21:10.382> let<00:21:10.543> a<00:21:10.607> little<00:21:10.800> bit<00:21:10.944> of<00:21:11.009> that<00:21:11.249> go.

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Although<00:21:12.855> I'm<00:21:13.353> like<00:21:14.460> OCD<00:21:15.504> when<00:21:15.616> it<00:21:15.745> comes<00:21:16.082> to<00:21:16.483> having<00:21:16.804> dust<00:21:17.126> on<00:21:17.190> the<00:21:17.286> floor,<00:21:17.671> paper<00:21:17.928> on<00:21:18.009> the<00:21:18.089> floor,<00:21:18.330> or<00:21:18.474> anything<00:21:18.795> like<00:21:18.972> that<00:21:19.132> when<00:21:19.293> I<00:21:19.373> go<00:21:19.470> to<00:21:19.550> my<00:21:19.694> stores<00:21:20.096> to<00:21:20.658> make<00:21:20.754> sure<00:21:20.979> that<00:21:21.139> consumer<00:21:21.605> experience<00:21:22.183> is<00:21:22.905> perfect<00:21:23.291> every<00:21:23.467> time.

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But<00:21:24.575> Mondays<00:21:24.976> are<00:21:25.057> hell<00:21:25.233> for<00:21:25.362> me.

00:21:25.554 --> 00:21:34.671
And<00:21:25.635> then<00:21:25.860> I<00:21:26.518> blend<00:21:26.775> in<00:21:26.903> the<00:21:26.935> rest<00:21:27.256> of<00:21:27.337> the<00:21:27.802> a<00:21:27.882> week,<00:21:28.267> a<00:21:28.524> lot<00:21:28.621> of<00:21:28.685> merger<00:21:28.941> and<00:21:29.070> acquisition,<00:21:30.033> you<00:21:30.065> know,<00:21:31.718> counting<00:21:32.135> and<00:21:32.279> things<00:21:32.472> along<00:21:32.697> those<00:21:32.937> lines,<00:21:33.323> typical<00:21:33.900> CEO<00:21:34.398> stuff.

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But<00:21:35.184> I<00:21:35.216> make<00:21:35.425> one<00:21:35.601> day,<00:21:36.227> one<00:21:36.388> day<00:21:36.548> the<00:21:36.709> tough<00:21:36.949> day.

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What<00:21:38.073> is<00:21:39.019> AI<00:21:39.501> doing<00:21:39.822> to<00:21:39.886> your<00:21:39.998> industry,<00:21:40.544> if<00:21:40.640> anything<00:21:41.058> at<00:21:41.202> all?

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Yeah,<00:21:42.630> we,<00:21:43.224> so<00:21:43.609> we<00:21:43.754> have<00:21:43.850> an<00:21:43.994> AI<00:21:44.331> budtender,<00:21:45.134> you<00:21:45.214> know,<00:21:45.294> which<00:21:45.455> is<00:21:45.599> like<00:21:45.776> our<00:21:45.856> salesperson,<00:21:46.562> if<00:21:46.642> you<00:21:46.738> will,<00:21:48.327> that<00:21:48.439> sits<00:21:48.809> on<00:21:48.841> our<00:21:48.969> website<00:21:49.451> today.

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So<00:21:50.028> we<00:21:50.173> give<00:21:50.333> recommendations,<00:21:51.216> things<00:21:51.392> like<00:21:51.633> that.

00:21:52.195 --> 00:21:57.810
So<00:21:52.291> stacking<00:21:52.917> that<00:21:53.302> on<00:21:53.398> top,<00:21:53.735> and<00:21:53.864> we've<00:21:54.024> seen<00:21:54.746> You<00:21:54.778> know,<00:21:55.468> our<00:21:55.661> sales<00:21:56.126> carts<00:21:56.607> expand<00:21:57.088> by<00:21:57.249> doing<00:21:57.490> that.

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So<00:21:58.308> they<00:21:58.516> go<00:21:58.677> in<00:21:58.773> there<00:21:59.078> and,<00:21:59.318> you<00:21:59.415> know,<00:21:59.495> find<00:21:59.800> out<00:21:59.896> what<00:22:00.072> their<00:22:00.522> chronic<00:22:01.003> pain<00:22:01.324> is<00:22:01.661> or<00:22:02.142> whatever<00:22:02.447> their<00:22:02.607> issue<00:22:02.944> is.

00:22:03.105 --> 00:22:06.554
And<00:22:03.185> we<00:22:03.329> can<00:22:03.570> recommend<00:22:04.067> products<00:22:04.773> that<00:22:04.934> way,<00:22:05.094> the<00:22:05.190> same<00:22:05.447> as<00:22:05.591> my<00:22:05.816> cashiers<00:22:06.313> do.

00:22:06.891 --> 00:22:09.971
So<00:22:06.955> I<00:22:07.035> think<00:22:07.276> it's<00:22:07.420> going<00:22:07.533> to<00:22:07.581> be<00:22:07.693> more<00:22:07.918> implemented<00:22:09.201> into<00:22:09.442> the<00:22:09.538> system.

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A<00:22:10.725> lot<00:22:10.902> of<00:22:10.950> these<00:22:11.126> retail<00:22:11.768> locations,<00:22:12.410> though,<00:22:12.875> especially<00:22:14.094> in<00:22:14.239> the<00:22:14.415> cannabis<00:22:14.880> industry,<00:22:15.313> is<00:22:15.442> like<00:22:15.698> they're<00:22:15.859> coming<00:22:16.180> to<00:22:16.260> talk<00:22:16.597> to<00:22:16.886> Jane<00:22:17.704> who<00:22:17.848> served<00:22:18.169> them<00:22:18.346> before<00:22:18.891> and<00:22:19.067> like,<00:22:19.308> this<00:22:19.533> worked,<00:22:19.789> this<00:22:19.950> didn't<00:22:20.191> work.

00:22:20.912 --> 00:22:25.607
And,<00:22:21.152> and<00:22:21.233> there's,<00:22:21.473> there's<00:22:21.873> more<00:22:22.034> of<00:22:22.098> a<00:22:22.194> personality<00:22:22.755> connection<00:22:23.219> there<00:22:23.860> than<00:22:23.957> there<00:22:24.117> is<00:22:24.277> in<00:22:24.421> other<00:22:24.598> industries,<00:22:25.078> in<00:22:25.126> my<00:22:25.303> opinion.

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But<00:22:26.761> we're<00:22:26.921> using<00:22:27.225> that.

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And<00:22:27.642> then<00:22:27.866> obviously<00:22:28.507> I've<00:22:28.924> got<00:22:29.469> 3<00:22:29.629> different<00:22:29.950> people.

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So<00:22:30.430> one,<00:22:30.671> one<00:22:30.831> on<00:22:30.911> the<00:22:30.975> marketing<00:22:31.488> front,<00:22:32.209> that's<00:22:32.433> just<00:22:32.642> doing<00:22:32.850> those<00:22:33.090> kind<00:22:33.266> of<00:22:33.331> like<00:22:33.635> AI<00:22:33.891> budtenders<00:22:34.693> and<00:22:34.757> that<00:22:34.933> stuff.

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I've<00:22:35.814> got<00:22:35.959> another,<00:22:36.455> we've<00:22:36.696> got<00:22:36.856> a<00:22:36.920> whole<00:22:37.080> data<00:22:37.337> scientist<00:22:38.218> crew<00:22:38.458> that's<00:22:38.779> basically<00:22:39.564> drilling<00:22:39.900> down<00:22:40.205> in<00:22:40.365> all<00:22:40.461> the<00:22:40.605> data<00:22:40.926> of,<00:22:41.327> of<00:22:41.663> what<00:22:41.887> people<00:22:42.080> are<00:22:42.224> buying<00:22:43.105> across<00:22:43.730> all<00:22:43.810> of<00:22:43.890> our<00:22:44.067> other,<00:22:44.307> we<00:22:44.451> scrub<00:22:44.932> the<00:22:45.493> websites<00:22:46.006> of<00:22:46.134> everybody<00:22:46.614> else,<00:22:46.791> what<00:22:46.951> they're,<00:22:47.576> what<00:22:47.737> they're,<00:22:48.154> you<00:22:48.250> know,<00:22:48.860> what's<00:22:49.101> moving<00:22:49.422> on<00:22:49.502> there,<00:22:49.759> their<00:22:49.839> staff<00:22:50.160> picks,<00:22:50.641> what<00:22:50.802> their<00:22:50.962> pricing<00:22:51.363> is,<00:22:51.668> all<00:22:51.765> that<00:22:51.989> other<00:22:52.102> stuff.

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So<00:22:52.551> I've<00:22:52.647> got<00:22:53.353> another<00:22:53.771> person<00:22:54.091> that,<00:22:54.332> and<00:22:54.412> then<00:22:54.637> obviously<00:22:55.151> our<00:22:55.279> marketing<00:22:55.841> team,<00:22:56.884> you<00:22:56.964> know,<00:22:57.060> obviously<00:22:57.461> producing<00:22:58.665> content<00:23:00.093> much<00:23:00.334> more<00:23:00.430> efficiently<00:23:01.072> than<00:23:01.233> they<00:23:01.377> were<00:23:01.553> before.

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And<00:23:02.356> some<00:23:02.532> of<00:23:02.597> the<00:23:02.677> stuff<00:23:02.918> you<00:23:03.062> can<00:23:03.142> do<00:23:03.238> nowadays,<00:23:04.105> I<00:23:04.201> am<00:23:04.282> not<00:23:04.747> remotely<00:23:05.244> the<00:23:05.309> expert<00:23:05.710> on<00:23:05.806> that<00:23:05.870> and<00:23:06.127> maybe<00:23:06.368> too<00:23:06.528> old,<00:23:07.331> but<00:23:07.876> they<00:23:08.053> are.

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I've<00:23:09.096> got<00:23:09.352> 3<00:23:09.722> people<00:23:09.978> that<00:23:10.123> we're<00:23:10.299> basically<00:23:10.781> dedicating<00:23:11.423> resources<00:23:12.145> to,<00:23:12.690> to<00:23:12.787> just<00:23:13.027> build<00:23:13.268> out<00:23:13.429> kind<00:23:13.605> of<00:23:13.669> those<00:23:13.990> 3<00:23:14.776> portions<00:23:15.129> of<00:23:15.209> our<00:23:15.433> business<00:23:16.219> as<00:23:16.716> we<00:23:16.860> drill<00:23:17.116> down<00:23:17.437> and<00:23:17.517> like,<00:23:17.998> what<00:23:18.142> are<00:23:18.174> our<00:23:18.319> margin<00:23:18.719> structures,<00:23:19.264> reorganizing<00:23:20.002> our<00:23:20.098> menus<00:23:20.884> based<00:23:21.268> on,<00:23:21.348> you<00:23:21.380> know,<00:23:21.509> I<00:23:21.589> make<00:23:21.829> a<00:23:21.845> little<00:23:22.006> more<00:23:22.166> money<00:23:22.406> on<00:23:22.486> this<00:23:22.727> vendor<00:23:22.967> versus<00:23:23.288> that<00:23:23.593> vendor.

00:23:24.474 --> 00:23:28.834
And<00:23:24.795> how<00:23:24.891> do<00:23:25.035> I<00:23:25.131> move<00:23:25.356> my<00:23:25.532> products<00:23:25.853> that<00:23:25.997> I<00:23:26.077> produce<00:23:26.478> up<00:23:26.590> to<00:23:26.670> the<00:23:26.750> top<00:23:27.680> and<00:23:28.161> get<00:23:28.321> people<00:23:28.530> to<00:23:28.594> try?

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And<00:23:28.979> then<00:23:29.123> obviously<00:23:29.764> we<00:23:30.405> couple<00:23:30.678> that<00:23:30.902> with<00:23:31.062> our<00:23:31.287> text<00:23:32.008> and<00:23:32.265> marketing<00:23:32.810> programs,<00:23:33.307> et<00:23:33.387> cetera.

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How,<00:23:35.230> what's<00:23:35.455> it<00:23:35.535> like<00:23:35.695> to<00:23:35.791> recruit<00:23:36.272> people?

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Like<00:23:37.635> recruit<00:23:38.019> executives,<00:23:38.997> recruit<00:23:39.783> managers<00:23:40.216> or<00:23:40.280> stores,<00:23:41.001> like<00:23:41.642> Is<00:23:41.738> it,<00:23:41.947> have<00:23:42.428> you<00:23:42.460> noticed<00:23:42.764> that's<00:23:43.069> different<00:23:43.406> than<00:23:43.566> other<00:23:43.790> industries<00:23:44.528> or<00:23:44.688> what's<00:23:45.073> that<00:23:45.233> been<00:23:46.195> like?

00:23:47.253 --> 00:23:49.273
Yeah,<00:23:47.493> we<00:23:47.654> do<00:23:47.750> a<00:23:47.814> lot<00:23:48.199> compared<00:23:48.535> to<00:23:48.600> other<00:23:48.840> retailers.

00:23:49.337 --> 00:23:51.533
We<00:23:49.417> get<00:23:49.561> a<00:23:49.578> lot<00:23:49.818> more<00:23:50.139> applicants<00:23:51.181> for<00:23:51.325> sure.

00:23:52.527 --> 00:23:58.940
And<00:23:53.040> our<00:23:53.168> interesting<00:23:53.681> is<00:23:53.826> new<00:23:54.050> and<00:23:54.146> interesting<00:23:54.852> and<00:23:54.932> it's<00:23:55.108> not<00:23:55.349> like,<00:23:55.733> you<00:23:55.765> know,<00:23:55.910> flipping<00:23:56.230> burgers<00:23:57.336> and,<00:23:57.593> you<00:23:57.625> know,<00:23:57.753> we<00:23:57.914> pay<00:23:57.978> a<00:23:58.074> little<00:23:58.314> bit<00:23:58.411> more<00:23:58.715> too.

00:23:59.437 --> 00:24:03.332
But<00:24:00.318> so<00:24:00.719> recruiting<00:24:01.184> on<00:24:01.264> that<00:24:01.456> side<00:24:01.745> is<00:24:02.322> relatively<00:24:03.108> easy.

00:24:04.470 --> 00:24:10.264
A<00:24:04.486> lot<00:24:04.727> of<00:24:04.759> the<00:24:04.887> times<00:24:05.368> we<00:24:05.753> have<00:24:06.554> a<00:24:06.634> lot<00:24:06.875> of,<00:24:07.276> cannabis<00:24:07.758> operators<00:24:08.320> that<00:24:08.577> maybe<00:24:08.802> I<00:24:08.899> don't<00:24:09.059> want<00:24:09.284> that<00:24:09.397> skill<00:24:09.702> set<00:24:10.007> in<00:24:10.104> here.

00:24:10.666 --> 00:24:16.980
So<00:24:10.810> as<00:24:10.907> you<00:24:11.051> go<00:24:11.132> up<00:24:11.292> to<00:24:11.389> the<00:24:11.469> next<00:24:11.791> levels,<00:24:12.256> I'm<00:24:12.353> very<00:24:12.674> cautious<00:24:14.586> of<00:24:14.682> bringing<00:24:15.004> in<00:24:15.164> bad<00:24:15.389> habits<00:24:15.791> from<00:24:15.968> other<00:24:16.450> retailers.

00:24:17.494 --> 00:24:24.965
You<00:24:17.574> know,<00:24:17.896> we,<00:24:18.683> you<00:24:18.779> know,<00:24:18.860> we<00:24:19.020> look<00:24:19.197> at<00:24:19.261> ourselves<00:24:19.743> and<00:24:19.824> our<00:24:19.984> peers,<00:24:20.547> you<00:24:20.627> know,<00:24:21.173> our<00:24:21.334> peers<00:24:21.655> on<00:24:21.752> the<00:24:21.832> billion-dollar<00:24:22.459> company<00:24:23.037> range,<00:24:23.422> and<00:24:23.503> I<00:24:23.519> try<00:24:23.680> and<00:24:23.824> beat<00:24:23.969> them<00:24:24.081> in<00:24:24.242> every<00:24:24.403> category.

00:24:25.527 --> 00:24:31.873
But<00:24:26.073> we<00:24:26.170> are<00:24:26.314> very<00:24:26.555> cautious<00:24:27.118> on,<00:24:27.439> you<00:24:27.471> know,<00:24:27.680> upper<00:24:27.921> management<00:24:28.419> that<00:24:28.981> we<00:24:29.078> like<00:24:29.287> to<00:24:29.383> kind<00:24:29.560> of<00:24:29.624> hire<00:24:29.865> outside<00:24:30.267> the<00:24:30.411> industry<00:24:31.231> as<00:24:31.391> it's<00:24:31.552> so<00:24:31.777> new.

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And<00:24:33.078> also<00:24:33.335> we<00:24:33.416> see<00:24:34.123> tremendous<00:24:34.671> amount<00:24:34.945> of<00:24:36.040> inefficiencies<00:24:36.861> in<00:24:36.926> our<00:24:37.087> industry<00:24:38.214> that<00:24:38.859> we<00:24:38.955> don't<00:24:39.100> want<00:24:39.181> to<00:24:39.261> bring<00:24:39.438> into<00:24:40.550> our<00:24:41.033> collective<00:24:41.436> group.

00:24:41.693 --> 00:24:45.587
So<00:24:42.176> we<00:24:42.579> try<00:24:42.724> and<00:24:42.821> go<00:24:42.950> outside<00:24:43.451> for<00:24:44.114> upper<00:24:44.341> management<00:24:44.826> and<00:24:44.940> stuff<00:24:45.247> like<00:24:45.490> that.

00:24:45.668 --> 00:24:54.099
So<00:24:45.700> it's<00:24:45.975> not<00:24:46.202> necessarily<00:24:47.253> when<00:24:47.351> we<00:24:47.496> look<00:24:47.609> at<00:24:47.739> applications<00:24:48.467> that<00:24:48.629> you<00:24:48.791> worked<00:24:49.114> at<00:24:49.616> another<00:24:50.409> cannabis<00:24:52.026> operator,<00:24:52.765> that<00:24:52.926> might<00:24:53.086> not<00:24:53.247> be<00:24:53.311> a<00:24:53.408> good<00:24:53.633> thing<00:24:53.810> for<00:24:53.954> us.

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Oh,<00:24:54.854> that's<00:24:55.416> interesting.

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You<00:24:56.975> mentioned<00:24:57.264> this<00:24:57.441> a<00:24:57.489> little<00:24:57.666> bit,<00:24:57.891> and<00:24:57.971> I<00:24:58.132> wonder<00:24:58.695> as<00:24:58.791> you're<00:24:58.936> thinking<00:24:59.273> about<00:24:59.594> and<00:24:59.739> preparing<00:25:00.253> for<00:25:00.559> 2025,<00:25:02.604> we<00:25:02.764> did<00:25:02.989> just<00:25:03.149> have<00:25:03.262> an<00:25:03.326> election.

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There<00:25:04.112> will<00:25:04.288> be<00:25:04.449> a<00:25:04.465> new<00:25:04.689> administration.

00:25:05.491 --> 00:25:08.475
There<00:25:05.652> will<00:25:05.812> be<00:25:05.989> new<00:25:07.095> everything,<00:25:07.657> it<00:25:07.737> seems<00:25:08.122> like.

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Yeah.

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How<00:25:09.662> do<00:25:09.726> you<00:25:09.822> prepare<00:25:10.223> for<00:25:10.384> something<00:25:10.705> like<00:25:10.929> that?

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Well,<00:25:12.533> I<00:25:12.614> mean,<00:25:13.351> so<00:25:13.496> a<00:25:13.512> lot<00:25:13.769> of<00:25:13.897> it<00:25:13.993> is,<00:25:14.153> you<00:25:14.410> know,<00:25:14.619> obviously<00:25:15.180> the<00:25:15.276> government<00:25:15.597> never<00:25:15.902> moves<00:25:16.239> as<00:25:16.383> fast<00:25:16.704> as<00:25:16.800> we<00:25:16.961> want.

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Rescheduling's<00:25:18.148> our<00:25:18.645> biggest<00:25:19.046> thing.

00:25:20.153 --> 00:25:22.351
We<00:25:20.249> thought<00:25:20.586> the<00:25:20.714> Biden<00:25:20.971> administration<00:25:21.677> would<00:25:21.773> get<00:25:21.998> that<00:25:22.158> done.

00:25:22.415 --> 00:25:26.184
It<00:25:22.495> was<00:25:22.800> promised<00:25:23.217> to<00:25:23.441> us<00:25:24.019> for<00:25:24.404> about<00:25:24.805> the<00:25:24.885> 4<00:25:25.078> years<00:25:25.398> that<00:25:25.543> they<00:25:25.687> were<00:25:25.848> in<00:25:26.008> there.

00:25:26.906 --> 00:25:28.831
That<00:25:27.067> was<00:25:27.227> a<00:25:27.291> campaign<00:25:27.708> promise<00:25:28.109> that<00:25:28.206> never<00:25:28.494> happened.

00:25:29.232 --> 00:25:32.554
So<00:25:29.537> obviously<00:25:30.099> highly<00:25:30.436> disappointed<00:25:31.142> in<00:25:31.559> what<00:25:31.719> transpired<00:25:32.425> there.

00:25:33.388 --> 00:25:35.378
At<00:25:33.709> least<00:25:34.030> Trump<00:25:34.303> is<00:25:34.447> saying<00:25:34.752> all<00:25:34.784> the<00:25:34.864> right<00:25:35.153> things.

00:25:35.570 --> 00:25:43.834
We<00:25:36.116> love<00:25:36.308> the<00:25:36.437> fact<00:25:36.709> he<00:25:36.854> voted<00:25:37.897> and<00:25:38.041> came<00:25:38.282> out<00:25:38.683> bullishly<00:25:39.180> for,<00:25:40.769> you<00:25:40.881> know,<00:25:41.363> adult<00:25:41.732> use<00:25:42.069> in<00:25:42.229> Florida,<00:25:42.935> obviously<00:25:43.176> his<00:25:43.336> home<00:25:43.513> state.

00:25:44.315 --> 00:25:45.406
So<00:25:44.395> that's<00:25:45.037> good<00:25:45.197> news.

00:25:45.518 --> 00:25:53.060
Matt<00:25:45.743> Gaetz,<00:25:46.064> obviously,<00:25:47.187> if<00:25:47.363> he<00:25:47.508> makes<00:25:47.765> it<00:25:47.829> to<00:25:47.941> the<00:25:48.069> Attorney<00:25:48.406> General<00:25:49.209> and<00:25:49.305> having<00:25:49.594> the<00:25:49.690> DEA<00:25:50.476> basically<00:25:50.797> approve<00:25:51.198> the<00:25:51.279> rescheduling,<00:25:52.177> and<00:25:52.338> that's<00:25:52.578> their<00:25:52.739> job.

00:25:53.701 --> 00:25:57.071
So<00:25:54.022> they're<00:25:54.183> just<00:25:54.343> clicking<00:25:54.664> us<00:25:54.744> down<00:25:55.049> a<00:25:55.065> couple<00:25:55.707> schedules<00:25:56.188> there<00:25:56.349> from<00:25:56.574> 1<00:25:56.750> to<00:25:56.910> 3.

00:25:57.568 --> 00:26:04.448
So<00:25:57.712> we're<00:25:57.873> hoping<00:25:58.258> that<00:25:58.418> that<00:25:58.835> transpires,<00:25:59.477> but<00:25:59.621> anytime<00:26:00.102> there's<00:26:00.920> confirmation<00:26:01.561> hearings<00:26:02.187> and<00:26:02.748> all<00:26:02.780> that<00:26:02.989> other<00:26:03.101> stuff,<00:26:03.470> it<00:26:03.566> just<00:26:03.806> delays<00:26:04.207> life.

00:26:05.234 --> 00:26:09.371
And<00:26:06.212> nothing<00:26:07.158> in<00:26:07.880> Washington<00:26:08.377> moves<00:26:08.682> very<00:26:08.922> fast.

00:26:09.772 --> 00:26:16.331
So<00:26:10.125> we<00:26:10.221> were<00:26:10.365> hoping<00:26:10.622> it<00:26:10.654> would<00:26:10.782> get<00:26:10.943> done<00:26:11.745> maybe<00:26:11.985> in<00:26:12.065> the<00:26:12.146> lame<00:26:12.386> duck<00:26:12.643> and<00:26:12.707> that,<00:26:12.931> but<00:26:13.028> now<00:26:13.268> they've<00:26:14.134> punted<00:26:14.535> on<00:26:14.695> some<00:26:15.016> open<00:26:15.257> hearings<00:26:15.674> and<00:26:15.754> things<00:26:15.978> like<00:26:16.155> that.

00:26:16.395 --> 00:26:22.104
So<00:26:16.876> nothing's<00:26:17.213> going<00:26:17.341> to<00:26:17.373> get<00:26:17.518> done<00:26:17.758> between<00:26:18.320> now<00:26:18.560> and<00:26:18.801> January<00:26:19.202> 20th,<00:26:19.747> and<00:26:19.843> then<00:26:20.404> who<00:26:20.549> knows<00:26:20.805> what<00:26:20.966> the<00:26:21.046> timeframe<00:26:21.591> is<00:26:21.768> after<00:26:22.008> that.

00:26:22.152 --> 00:26:31.335
And<00:26:22.233> I<00:26:22.329> think<00:26:22.489> that's<00:26:22.714> why<00:26:22.810> you're<00:26:22.970> seeing<00:26:23.612> a<00:26:23.676> lot<00:26:23.869> of<00:26:23.933> the<00:26:24.158> equities<00:26:24.575> drop<00:26:25.362> and<00:26:25.442> then<00:26:25.603> also<00:26:25.940> the<00:26:26.422> capital<00:26:26.727> expenditures<00:26:27.449> and<00:26:27.530> expansion<00:26:28.092> plans<00:26:28.429> for<00:26:29.938> a<00:26:29.954> lot<00:26:30.131> of<00:26:30.179> my<00:26:30.355> peers<00:26:30.677> are<00:26:30.757> slowing<00:26:31.142> down.

00:26:32.186 --> 00:26:32.459
Yeah.

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Yeah.

00:26:33.069 --> 00:26:40.326
I<00:26:33.165> can't<00:26:33.374> even<00:26:33.567> like,<00:26:33.952> you<00:26:34.048> gotta<00:26:34.209> watch<00:26:34.434> these<00:26:34.610> confirmation<00:26:35.317> hearings<00:26:35.654> and<00:26:35.718> kind<00:26:35.831> of<00:26:36.055> root<00:26:36.312> or<00:26:36.521> root<00:26:36.714> against<00:26:37.244> whoever,<00:26:37.805> you<00:26:37.838> know,<00:26:38.127> has<00:26:38.303> been<00:26:38.464> nominated<00:26:38.945> depending<00:26:39.347> on<00:26:39.411> how<00:26:39.507> they<00:26:39.925> see<00:26:40.246> it.

00:26:40.535 --> 00:26:41.161
That's<00:26:40.712> fascinating.

00:26:41.996 --> 00:26:49.125
Finally,<00:26:42.478> we<00:26:42.622> end<00:26:42.783> every<00:26:42.959> interview<00:26:43.200> with<00:26:43.329> the<00:26:43.377> same<00:26:43.602> question,<00:26:44.244> and<00:26:44.388> that<00:26:44.581> is<00:26:44.726> at<00:26:44.790> CEO.com,<00:26:45.528> we<00:26:45.689> believe<00:26:45.914> the<00:26:46.010> chances<00:26:46.412> one<00:26:46.717> gives<00:26:47.279> is<00:26:47.375> just<00:26:47.503> as<00:26:47.616> important<00:26:47.937> as<00:26:48.017> the<00:26:48.097> chances<00:26:48.483> one<00:26:48.659> takes.

00:26:49.622 --> 00:26:52.575
When<00:26:49.847> you<00:26:50.024> hear<00:26:50.248> that,<00:26:50.489> who<00:26:50.585> gave<00:26:50.810> you<00:26:50.922> a<00:26:50.986> chance<00:26:51.307> to<00:26:51.387> get<00:26:51.612> you<00:26:51.692> to<00:26:51.772> where<00:26:51.949> you<00:26:52.109> are<00:26:52.270> today?

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Yeah.

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I<00:26:54.051> mean,<00:26:54.596> obviously<00:26:55.142> I,<00:26:55.478> you<00:26:55.575> know,<00:26:55.655> so<00:26:55.799> my<00:26:55.960> story's<00:26:56.361> a<00:26:56.425> little<00:26:56.586> different,<00:26:56.922> came<00:26:57.163> out<00:26:57.388> of,<00:26:57.949> came<00:26:58.126> out<00:26:58.270> of<00:26:58.366> college<00:26:59.153> and<00:26:59.393> partnered<00:26:59.714> up<00:26:59.875> with<00:27:00.051> my<00:27:00.211> brother.

00:27:01.222 --> 00:27:16.271
He's<00:27:02.217> 5<00:27:02.442> years<00:27:02.682> older<00:27:02.794> than<00:27:03.003> me,<00:27:03.244> but<00:27:03.404> you<00:27:04.046> know,<00:27:04.158> so<00:27:04.222> he's<00:27:04.463> working<00:27:04.688> investment<00:27:05.105> banking<00:27:05.650> and,<00:27:05.971> and<00:27:06.067> we<00:27:06.164> started<00:27:06.485> a<00:27:06.549> barbecue<00:27:07.014> company<00:27:07.351> together<00:27:07.832> that,<00:27:08.618> you<00:27:08.651> know,<00:27:08.731> slice<00:27:09.132> of<00:27:09.196> meat<00:27:09.437> and<00:27:10.544> in<00:27:10.640> our<00:27:10.800> apartment<00:27:11.346> and<00:27:11.667> grew<00:27:11.827> that,<00:27:12.228> you<00:27:12.325> know,<00:27:12.389> over<00:27:12.661> the<00:27:12.726> next<00:27:13.191> 4<00:27:13.624> years<00:27:14.073> to,<00:27:14.490> you<00:27:14.571> know,<00:27:15.004> $25<00:27:15.389> million<00:27:15.934> business.

00:27:16.880 --> 00:27:26.135
And<00:27:16.993> so,<00:27:17.955> so<00:27:18.180> we<00:27:18.324> were<00:27:18.500> both,<00:27:19.302> you<00:27:19.463> know,<00:27:19.559> so<00:27:20.104> I<00:27:20.184> give<00:27:20.345> credit<00:27:20.730> to<00:27:20.890> him,<00:27:21.227> but<00:27:21.387> then<00:27:21.692> obviously<00:27:22.270> the<00:27:22.430> entrepreneurial<00:27:23.072> part<00:27:23.312> of<00:27:23.344> that,<00:27:24.274> my<00:27:24.435> dad<00:27:24.980> always<00:27:25.301> owned<00:27:25.461> his<00:27:25.622> own<00:27:25.798> business.

00:27:26.744 --> 00:27:32.551
Unfortunately<00:27:27.643> didn't,<00:27:27.899> didn't<00:27:29.086> get<00:27:29.231> to<00:27:29.311> inherit<00:27:30.209> a<00:27:30.289> business<00:27:30.674> from<00:27:30.850> him<00:27:31.091> that<00:27:31.235> we<00:27:31.396> could<00:27:31.572> take<00:27:31.797> over<00:27:32.037> and<00:27:32.134> run<00:27:32.374> with.

00:27:33.080 --> 00:27:38.966
But<00:27:33.738> we<00:27:33.882> always<00:27:34.203> knew<00:27:34.363> that<00:27:34.459> we<00:27:34.620> were<00:27:35.021> going<00:27:35.165> to<00:27:35.245> be<00:27:35.406> entrepreneurial<00:27:36.079> and<00:27:37.090> both<00:27:37.282> are<00:27:37.427> not<00:27:37.828> employable<00:27:38.389> anywhere<00:27:38.774> else.

00:27:39.512 --> 00:27:45.500
So<00:27:40.474> we,<00:27:40.715> I<00:27:41.019> give<00:27:41.180> credit<00:27:41.420> to<00:27:41.452> my<00:27:41.597> dad<00:27:41.837> for<00:27:41.982> the<00:27:42.078> entrepreneurial<00:27:42.719> spirit<00:27:43.136> and<00:27:43.265> then<00:27:43.764> and<00:27:43.845> my<00:27:44.007> brother<00:27:44.397> for<00:27:44.981> letting<00:27:45.143> me<00:27:45.289> run.

00:27:46.911 --> 00:27:47.868
I<00:27:47.009> run<00:27:47.171> their<00:27:47.317> operation.

00:27:47.966 --> 00:27:49.118
He<00:27:48.063> kind<00:27:48.225> of<00:27:48.258> stays<00:27:48.696> out<00:27:48.793> front.

00:27:49.442 --> 00:27:50.659
We<00:27:49.539> figured<00:27:49.912> out<00:27:50.091> we<00:27:50.172> don't<00:27:50.334> argue.

00:27:52.186 --> 00:27:56.125
We<00:27:52.818> always<00:27:52.997> see<00:27:53.223> eye<00:27:53.321> to<00:27:53.386> eye<00:27:53.564> on<00:27:53.710> this<00:27:53.969> and<00:27:54.942> always<00:27:55.185> rowing<00:27:55.428> in<00:27:55.493> the<00:27:55.525> same<00:27:55.817> direction.

00:27:56.222 --> 00:27:58.913
So<00:27:56.789> probably<00:27:56.968> give<00:27:57.146> him<00:27:57.357> the<00:27:57.438> credit<00:27:57.697> and<00:27:57.778> my<00:27:57.940> dad<00:27:58.199> for<00:27:58.426> the<00:27:58.605> gut.

00:28:00.823 --> 00:28:01.500
That's<00:28:01.065> incredible.

00:28:01.549 --> 00:28:02.918
John,<00:28:01.951> thank<00:28:02.177> you<00:28:02.258> so<00:28:02.451> much.

00:28:03.402 --> 00:28:04.707
Best<00:28:03.659> of<00:28:03.788> luck<00:28:03.982> in<00:28:04.111> 2025.

00:28:04.755 --> 00:28:09.009
We<00:28:04.852> should<00:28:04.997> have<00:28:05.110> you<00:28:05.190> back<00:28:05.480> on<00:28:05.657> once<00:28:05.980> things<00:28:06.495> get<00:28:06.705> cleared<00:28:07.027> to<00:28:07.091> get<00:28:07.365> a<00:28:07.494> sense<00:28:07.817> for<00:28:07.913> the<00:28:08.236> update<00:28:08.558> on<00:28:08.638> the<00:28:08.719> industry.

00:28:09.516 --> 00:28:10.436
Thanks<00:28:09.968> so<00:28:10.097> much,<00:28:10.258> man.

00:28:11.129 --> 00:28:14.598
Uh,<00:28:11.371> well,<00:28:11.452> I<00:28:11.613> appreciate<00:28:11.952> it<00:28:12.017> and<00:28:12.097> appreciate<00:28:12.581> your<00:28:12.694> show<00:28:13.081> and,<00:28:13.388> uh,<00:28:13.646> and<00:28:13.711> all<00:28:13.807> the<00:28:13.888> podcasts<00:28:14.453> too.

00:28:14.678 --> 00:28:15.179
Love<00:28:14.856> to<00:28:15.001> hear<00:28:15.050> them.

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Oh,<00:28:15.985> thanks,<00:28:16.308> man.