Speaker 1: We're at Washington Square Park on a warm February day.
Speaker 1: Pigeons are cooing, dogs are barking, there's a guy playing piano,
Speaker 1: Lots of people just walking around and.
Speaker 2: Talking, and then there's the weed. Everywhere you look.
Speaker 3: There are small fold up tables that have been set
Speaker 3: up which people are using to sell cannabis.
Speaker 1: There are packets of edibles, flour, pre roll, all being
Speaker 1: sold out in the open, and people are smoking out
Speaker 1: in the open too. There's a couple of n y
Speaker 1: U students that just bought and are smoking on a
Speaker 1: bench right now.
Speaker 4: Yeah, we're seniors.
Speaker 5: So we have John signed up in finance.
Speaker 2: Actually after that.
Speaker 1: Really, so when you first started at YU, was pot
Speaker 1: decriminalized yet, but people weren't, like they weren't selling at
Speaker 1: tables like they are.
Speaker 6: No, it wasn't open, but like I mean here like
Speaker 6: you can always kind.
Speaker 2: Of welcome to pot.
Speaker 3: Lots our deep dive to what's going on with the
Speaker 3: legalized marijuana market in New York. We'll spend three episodes
Speaker 3: exploring what the birth of this market looks like, how
Speaker 3: the business is setting up, and finally, how New York
Speaker 3: is trying to address the social inequities.
Speaker 2: Of the past. It's been a little over three years.
Speaker 3: Since recreational cannabis was decriminalized in the state. Lawmakers legalized
Speaker 3: the drug for adults twenty one and older and expunge
Speaker 3: the records of thousands of people with pot related convictions,
Speaker 3: but there's still some tension between the illicit market for
Speaker 3: weed and the new legal one. New York passed the
Speaker 3: first of its kind law in March twenty twenty one
Speaker 3: to allow people with previous convictions for cannabis related offenses
Speaker 3: to get a foothold in a new legal industry.
Speaker 2: One word, there will be license shops selling.
Speaker 1: Weed, and what New York is trying to do is
Speaker 1: different to places like California and many other states that
Speaker 1: have already legalized recreational pot. The idea is not just
Speaker 1: to go some way towards addressing past social inequities, but
Speaker 1: also to make sure that New York's legal weed landscape
Speaker 1: develops more organically, with lots of small scale growers and
Speaker 1: retailers rather than a few big dominant companies.
Speaker 3: It's a big change for a city that was heavily
Speaker 3: impacted by things like the War on Drugs and stop
Speaker 3: and frisk, But there's still a big question mark about how.
Speaker 2: This new market for legal weed will work.
Speaker 3: Exactly here in Washington Square Park, you could see the
Speaker 3: issue pretty clearly. Weed is supposed to be sold by
Speaker 3: license shops. You have to go to the state to
Speaker 3: apply to open one. But so far there's not much
Speaker 3: appetite to crack down on licensed sellers. No one wants
Speaker 3: to be arresting people for selling weed illegally after the
Speaker 3: state just decriminalized it.
Speaker 7: They can't if you ain't got no ID.
Speaker 5: If you ain't got an ID, you ain't gonna rest you.
Speaker 5: Make sure you know who you are, and then after that.
Speaker 2: They leave you alone.
Speaker 7: But if you got ID, they just run your joint
Speaker 7: and whatever you tell you a pack of believe you know,
Speaker 7: I mean this ain't this ain't killing nobody, baby, Come
Speaker 7: on to that liquor stoes.
Speaker 5: Man, Come on, got you white folks, get bred man,
Speaker 5: let us get some money.
Speaker 6: Man.
Speaker 3: That's one of the cannabis sellers in Washington Square Park.
Speaker 3: Not going to use his real name for obvious reasons,
Speaker 3: so we'll just call him Charlie. Charlie has a small
Speaker 3: fold of table and the selling packets of flour and
Speaker 3: pre roll joints, and we asked him if he ever
Speaker 3: gets in trouble with the police for all that he's doing,
Speaker 3: because selling pot without a license is still legal.
Speaker 7: A by me weed to smoke, man ay by need
Speaker 7: a little weed to smoke to calm down.
Speaker 4: You know, and it ain't a bad thing.
Speaker 1: All of this has left New York in a weird
Speaker 1: gray area. People are excited about a business that they
Speaker 1: think might be worth billions, but there's still a lot
Speaker 1: of uncertainty over how exactly this will all work and
Speaker 1: how much this new market will actually be worth.
Speaker 3: In this special odd Lot series, we're going to be
Speaker 3: taking a closer look at the birth of a new industry.
Speaker 3: And if you walk around this city, you're going to
Speaker 3: see and smell and possibly even participate in the results
Speaker 3: of this new legalization.
Speaker 1: Yeah, that's kind of what happened to Charlie. He says
Speaker 1: he came back to New York after being in Atlanta
Speaker 1: for a few years. He saw what was going on
Speaker 1: in places like Washington Square Park and he jumped right in.
Speaker 7: Over the blunt and I'm walking through here, and i
Speaker 7: haven't been here in a while, and I'm seeing.
Speaker 2: Everybody in this park everybody in the smelling. I'm smelling weed.
Speaker 7: I see police walking around, I see motherfuckers at the
Speaker 7: table hundred facts weed.
Speaker 4: I'm like, hold up, I'm like yo. Nigga's like yeah,
Speaker 4: I'm like, this is real weed. Hell yeah, it's real
Speaker 4: weed on tea. I said, Man, don't play at me. Man,
Speaker 4: I'm sitting my back against the wall. He said, oh,
Speaker 4: I said what, I got to get a license. He said, Man,
Speaker 4: go get a table. Man, get you some weed and
Speaker 4: put it out here.
Speaker 8: Man.
Speaker 7: Took my ass to the Bronx, went to the uh Mo,
Speaker 7: Nigga's dog got me some cash. I went to see
Speaker 7: the birst weed. Motherfucker that I ran. I was going
Speaker 7: to the Bronx. I just happened to run into a
Speaker 7: standard dude that had weed on it.
Speaker 5: I swear to.
Speaker 8: God, I'm like, hey, yo, I wanna buy something. Something
Speaker 8: I want like.
Speaker 7: Two hundred and fifty dollars worth of weed. Brought me some baggage,
Speaker 7: came in and put it in the park and I
Speaker 7: ain't looked back shit. Thanks to me, I'm winning and
Speaker 7: I don't know how long this is gonna lie. So
Speaker 7: that's why I have to take advantage.
Speaker 5: So That's why it's all about.
Speaker 7: Just getting what I gotta get right now. It just
Speaker 7: stat to have my whole.
Speaker 1: Far For Charlie, this is a big win. Charlie's black.
Speaker 1: He's part of a community disproportionately affected by policies like
Speaker 1: stopp and frisk. He spent time in jail and had
Speaker 1: a hard time finding a job afterwards. He lived in shelters.
Speaker 1: But now he says he can make between four hundred
Speaker 1: and fifty and seven hundred dollars a day just by
Speaker 1: selling weed on the street. We asked Charlie if he'd
Speaker 1: ever consider setting up a licensed shop.
Speaker 2: He got down. For all that shit man, all that
Speaker 2: red they work, and all.
Speaker 7: That man, I put these up here, got my little stand, yeah,
Speaker 7: I mean.
Speaker 5: By my little you know, joints wholesale. Put it out
Speaker 5: head and get my pre roll. But ye see my joint.
Speaker 5: I put a stand here, I make my money, and
Speaker 5: I'm good.
Speaker 3: It's great news for him, but maybe not so much
Speaker 3: for anyone who's trying to sell cannabis legally, or for
Speaker 3: municipal government who are hoping to raise money by taxing
Speaker 3: legal weed sales.
Speaker 1: By the way, we ask the New York Police Department
Speaker 1: why they aren't arresting the weed sellers in Washington Square Park,
Speaker 1: And they say that the penal law as it's currently
Speaker 1: written does not provide a penalty for an unlicensed establishment
Speaker 1: that displays cannabis for sale, So the police are kind
Speaker 1: of hamstrung. They can bring what's known as nuisance abatement
Speaker 1: proceedings against some sellers, but it's not really an effective tool,
Speaker 1: given that those types of proceedings can take weeks or
Speaker 1: months to play out.
Speaker 3: So for guys like Charlie, who no longer have to
Speaker 3: worry about getting arrested for selling pot, they're just filling
Speaker 3: a hole in a market. Because despite starting its licensing
Speaker 3: program several months ago, New York has approved just one
Speaker 3: hundred and sixty five retail dispensaries, and those are provisional approvals.
Speaker 3: The vast majority of those shops aren't up been running yet.
Speaker 1: One of New York's first legal pot shops, Housing Works
Speaker 1: Cannabis Company, is just a few blocks from here. Actually
Speaker 1: we're going to talk to them in a later episode,
Speaker 1: but it's worth noting that the first three re tail
Speaker 1: dispensaries to start operating in the city, we're all set
Speaker 1: up within about ten blocks of each other. They're all
Speaker 1: clustered around Washington Square Park and NYU in Manhattan, so
Speaker 1: people in the area have a few options. They can
Speaker 1: go to a license store and get regulated weed, or
Speaker 1: they can shop on the street in places like the
Speaker 1: Park and buy from sellers like Charlie. But that's not
Speaker 1: the case everywhere. A case in point, Almost eighty five
Speaker 1: percent of municipalities in Long Island have opted out of
Speaker 1: allowing dispensaries at all.
Speaker 7: You can't even hit eight wee stores at nine boroughs.
Speaker 5: They say they hit eight wee stores.
Speaker 7: Nine bowls, So I'm like nine bubos, Like, all right,
Speaker 7: if you cat Long Island, you know New cell Yakis
Speaker 7: and Mount Vernon and then a five bowls, I guess
Speaker 7: you got nine. But come on, that's.
Speaker 2: It's it's bullshit. You're breaking that.
Speaker 7: I mean, you running up and taking them people we
Speaker 7: I mean they ain't gonna get no time for it.
Speaker 3: Then what is the vine a point at Goodbye Jeffrey Schultz,
Speaker 3: who just might be the polar opposite of our cannabis
Speaker 3: seller in Washington Square Park. He's a corporate lawyer at
Speaker 3: a firm called Feuerstein Kulik and he's been helping advise
Speaker 3: people that want to open weed dispensaries legally, plus people
Speaker 3: who want to invest in the industry or start bigger
Speaker 3: cannabis companies called multi state operators or MSOs. He points
Speaker 3: out that even after the medical marijuana program, which started
Speaker 3: back in twenty fourteen, doesn't have that many licensed operators
Speaker 3: yet either, despite it being almost ten years old.
Speaker 2: How do you get a license.
Speaker 9: You need to be issued a license from the state,
Speaker 9: whether it's a dull use or medical. Those licenses don't
Speaker 9: come free, and you know, there are exceptions to every rule.
Speaker 9: Every state has a different program. Florida, for example, Let's
Speaker 9: take New York's medical market. New York's medical market, there
Speaker 9: are ten licensed operators in the state of New York
Speaker 9: onto the medical program. Ten that's it for a state
Speaker 9: of nineteen million residents. It's very challenging to get your
Speaker 9: hand on one of those licenses. They've all changed hands
Speaker 9: at some point or are in the process of changing
Speaker 9: hands the moment. Versus a state like Oklahoma, where you
Speaker 9: can show up and if you have a heartbeat and
Speaker 9: I think probably five hundred dollars, you can probably get
Speaker 9: yourself a license. But you walk into two very different
Speaker 9: economic situations and opportunities. In New York, if you're one
Speaker 9: of ten, you're an oligopoly. In Oklahoma, the challenge there
Speaker 9: is and whether you can get the license, is whether
Speaker 9: you can be competitive enough to make money. And that's
Speaker 9: really where it begins. I think what we're seeing as
Speaker 9: the industry matures challenges, particularly for brands and single state
Speaker 9: operators or generally not the large MSOs.
Speaker 1: That's one reason why it's hard to find brands that
Speaker 1: are popular in places like California here in New York
Speaker 1: legally at least.
Speaker 3: Also, New York specifically has written conditions that dictate the
Speaker 3: kind of packaging and branding allowed, and as the rules
Speaker 3: very by state, it's hard to standardize the move into
Speaker 3: other states.
Speaker 9: It's very difficult to build your brand, to build brand
Speaker 9: equity if you're a California brand. When I'm seeing it
Speaker 9: now every day, these California brands want to enter New York.
Speaker 9: They don't have a license yet, they may never get one.
Speaker 9: It's expensive the license itself, the capex required to build
Speaker 9: the manufacturing or cultivation or both the facilities in the
Speaker 9: state of New York or any state. It's capex heavy
Speaker 9: and it could be several years before you see a
Speaker 9: return on that investment.
Speaker 1: But for Jeff, there's no gray market in weed in
Speaker 1: New York. What sellers like Charlie are doing is very illegal.
Speaker 2: Let me be very clear.
Speaker 9: None of those stores that are outside of the medical
Speaker 9: market that you're seeing the bodegas and without naming names, well,
Speaker 9: they're everywhere.
Speaker 2: Quite honestly, there's no loophole. There's no loophole. It is illegal.
Speaker 2: It is illegal at the state level. It is illegal
Speaker 2: at the federal level.
Speaker 9: They're committing federal crimes, they're committing state crimes.
Speaker 2: The loophole is that there is.
Speaker 9: No enforcement today and it is quite honestly scaring away
Speaker 9: a lot of operators, particularly on the retail side. They
Speaker 9: know they don't want to compete with that. Why compete
Speaker 9: with that? And this is a story we've read before.
Speaker 9: This happened in California when we transitioned from Prop to
Speaker 9: fifteen to Prop.
Speaker 2: Sixty four, when we went.
Speaker 9: From medical to adult use. It was a very very
Speaker 9: bumpy ride. And to this day there are thousands of
Speaker 9: unlicensed retaillers in California.
Speaker 2: This is the result.
Speaker 9: Of decriminalizing something without simultaneously regulating it. This delay in
Speaker 9: the program and the rollout of the program is exacerbating
Speaker 9: this problem.
Speaker 1: With a lack of enforcement. It's clear that there's not
Speaker 1: much appetite in today's political environment to lock people up
Speaker 1: for selling weed illegally.
Speaker 9: Not only to not do it, but the optics of
Speaker 9: it are horrific. It appears that no one's really going
Speaker 9: to suffer criminal consequences of operating these stories. It's possible
Speaker 9: that they'll be disqualified eventually from applying for a license,
Speaker 9: but again, I'm not sure that's going to deturn anybody.
Speaker 9: The state made what I would say relatively weak effort
Speaker 9: at attempting to scare people away from doing this. They
Speaker 9: sent out a seasoned desist letter, but that letter had
Speaker 9: no teeth and it was sent to a very small
Speaker 9: fraction of the retailer that are out there that are operating.
Speaker 9: But look, when there are no consequences, really, what's the point.
Speaker 3: As of the date we're recording this episode, the state
Speaker 3: reports having sent out two hundred seasoned desist letters statewide
Speaker 3: and in New York City, the total estimated street value
Speaker 3: of illicit products seesed is ten million dollars. That includes
Speaker 3: over seventy five unlicensed shops and about twenty mobile trucks.
Speaker 2: Why would they stop? Why would anyone do that?
Speaker 9: And I think it's very short sighted to remain or
Speaker 9: move into the non licensed market right now. I suppose
Speaker 9: there's a cash grab opportunity, there's no question about that.
Speaker 9: We all see it. But the cannabis industry will evolve
Speaker 9: much like alcohol did when prohibition ended in the thirties,
Speaker 9: and it took time. It took time for liquor stores
Speaker 9: to pop open. It's going to take time, and it's
Speaker 9: going to take time to shut down the illegal stores.
Speaker 9: I don't foresee that happening until there's a sizeable regulated
Speaker 9: industry that finally has had an off and says it's enough.
Speaker 9: We can't compete, particularly right now when the state is
Speaker 9: about to finance the first one hundred one hundred fifty
Speaker 9: stores their primary competition.
Speaker 2: So the state is going to fund.
Speaker 9: People who they have determined deserve a shot at having
Speaker 9: ownership in this industry, and their biggest competition is the
Speaker 9: illicit stores. So QUERI whether the state is really going
Speaker 9: to let this continue for any period of time.
Speaker 2: I think that's the reason.
Speaker 9: If it's going to end at some point. It's because
Speaker 9: the state is raising money and they're using tax revenue
Speaker 9: to support legal, regulated stores, and they can't have someone
Speaker 9: next door to them selling untaxed legal cannabis from California.
Speaker 3: And when prohibition ended in nineteen thirty three, there wasn't
Speaker 3: any real effort to unwind the criminal charges of the
Speaker 3: past decade. If you've gotten into trouble for bootlegging booze,
Speaker 3: and tough luck.
Speaker 1: This analogy to the end of Prohibition, an era in
Speaker 1: which the United States banned the import, movement and sale
Speaker 1: of alcohol, is one that comes up time and time
Speaker 1: again in our conversations about the legal pot industry, and
Speaker 1: you can kind of see why selling booze in the
Speaker 1: US was illegal for more than a decade and then,
Speaker 1: just like pot, it was suddenly okay again. But there
Speaker 1: are some big differences. First start, prohibition was ended at
Speaker 1: a federal level, although lots of counties and municipalities still
Speaker 1: decided to stay dry.
Speaker 3: What's unusual about New York's legalization of cannabis is the
Speaker 3: social justice component that comes with it. New York is
Speaker 3: reserving licenses to open retail dispensaries for people who've been
Speaker 3: convicted of cannabis related offenses or have been impacted by
Speaker 3: aggressive cannabis related policies like stopping frisk over the years,
Speaker 3: and for.
Speaker 1: People like Jeff Schultz, the existence of the gray market
Speaker 1: in weed, all those sellers in Washington Square Park is
Speaker 1: a pretty big roadblock to creating a thriving legal industry
Speaker 1: that would fulfill those social equity goals.
Speaker 9: I think we need to heal a little bit. It's
Speaker 9: a little bit different than the alcohol industry in the thirties.
Speaker 9: We didn't have this restorative justice layer to an industry
Speaker 9: that was being brought into the light. But we have
Speaker 9: to deal with that as a nation. We have to
Speaker 9: deal with that as operators in this industry, as competitors
Speaker 9: with one another. Until we heal from the War on
Speaker 9: drugs and some of the issues that are very much
Speaker 9: front and center in New York City, I'm not sure
Speaker 9: we're going to see a whole lot of action there,
Speaker 9: but I think once the state realizes that they are
Speaker 9: enabling their largest competitors, it may end.
Speaker 1: There are some other tensions with the gray market as well.
Speaker 1: The weed that you're getting from a licensed shop in
Speaker 1: New York is regulated, but that doesn't necessarily mean that
Speaker 1: it's better quality.
Speaker 3: So even if you can get the capital you need
Speaker 3: to start a retail dispensary, and even if you manage
Speaker 3: to get a license from the State of New York,
Speaker 3: you're still going to be restricted in what you can sell.
Speaker 6: I mean the same way a ton of produce is
Speaker 6: grown in California and not necessarily in New York. It's similar.
Speaker 6: The climate there is in certain parts is more conducive.
Speaker 1: That's Jason Wild, executive chairman at terris End, a multi
Speaker 1: state operator or MSO that cultivates and processes weed in
Speaker 1: places like Pennsylvania, New Jersey, Michigan, and California. He tells
Speaker 1: us that growing cannabis might not be as easy in
Speaker 1: New York as it is say on the West Coast.
Speaker 1: What's more, the illegal sellers, the guys on the street,
Speaker 1: they have a long history of securing product and a
Speaker 1: lot of experience with growing it.
Speaker 6: Like in California, you can get multiple cycles of outdoor product.
Speaker 6: In New York, depending on how far upstate you are,
Speaker 6: you're only going to be able to get one cycle.
Speaker 6: And just on top of that, there's just back to
Speaker 6: talking about experience. There's just so much less experience in
Speaker 6: New York. You can't dial in the quality of your
Speaker 6: cannabis right away in those first two harvests. It takes
Speaker 6: It actually takes years and years. New York has been
Speaker 6: a huge market, a cultural center in terms of delivery,
Speaker 6: guys coming and bringing you stuff in your apartment or whatever.
Speaker 6: Over the years, you know more around New York City,
Speaker 6: but there's been practically no industry in New York of
Speaker 6: cultivators and manufacturers. On the other hand, California, that's been
Speaker 6: a big part of their economy, even when it was illegal,
Speaker 6: and when they passed laws legalizing medical and then wreck
Speaker 6: in California, they were just trying to bring all of
Speaker 6: the illegal growers into the legal framework. But they came
Speaker 6: in knowing how to do this stuff. In New York,
Speaker 6: there's just like no experience on top of all the
Speaker 6: different climate issues and things like that.
Speaker 3: And you're also going to be competing with street sellers
Speaker 3: who've access to everything flower from organic weed farms in
Speaker 3: Florida or the most recognizable brands from California with very
Speaker 3: little overhead.
Speaker 8: That's what the list of market's really good at. I
Speaker 8: guess that branded product and I hear there's counterfeit brands
Speaker 8: in New York City coming in from the West coast.
Speaker 8: Water will find its way through those cracks and the like.
Speaker 8: So if you're buying illicitly in New York and it's
Speaker 8: a branded product, it is definitely not coming from those
Speaker 8: ten medical ros right now registered operators. So how is
Speaker 8: it getting across same as it always has Quite frankly,
Speaker 8: it's being grown maybe out west, being packaged, and it
Speaker 8: could be being packaged in a legal state and then
Speaker 8: being sold off their books out of state. That has happened.
Speaker 8: But at the end of the day, that product you're
Speaker 8: buying might be one hundred percent elicit from where it's grown.
Speaker 8: It might not have had a license to be grown,
Speaker 8: might not having a license to be processed. It certainly
Speaker 8: didn't have a license to get shipped from California to
Speaker 8: New York City. And at the end of the day,
Speaker 8: finds you like when you used to go and find
Speaker 8: your plug and he'd give you a little sandwich bag
Speaker 8: of an eighth Now they just got really fancy sandwich bags.
Speaker 1: That's Craig Wiggins. He used to lead a trio of
Speaker 1: analysts known as the Cannalysts Joe and I actually spoke
Speaker 1: to him on the podcast back in twenty nineteen, but
Speaker 1: now four years later, he's wound the cannalysts down, but
Speaker 1: he still keeps a finger on the pulse of the
Speaker 1: cannabis industry. He describes the New York market as basically
Speaker 1: the Wild West.
Speaker 8: They're allowing pretty much everything to go on. There's people
Speaker 8: who've already built their infrastructure who are very effective at
Speaker 8: getting good quality cannabis from California East kind of thing.
Speaker 8: So I think that's always going to be there, But
Speaker 8: I think New York is a real interesting example. Some
Speaker 8: New York legalized or it was voted to legalize and
Speaker 8: it was signed off by the governor end of March
Speaker 8: twenty twenty one. Presently in New York you have ten
Speaker 8: what are called registered operators or ro Those are the
Speaker 8: medical guys that got their licenses early on. Each one
Speaker 8: of those companies was allowed to open up four medical dispensaries. Now,
Speaker 8: with adult use coming in, they're going to eventually be
Speaker 8: allowed to open up four more medical dispensaries in underserved communities.
Speaker 8: And when they get those eight open, so the four
Speaker 8: existing plus the four more and the underserved communities have
Speaker 8: not been defined yet. Then they're allowed to take out
Speaker 8: of those eight stores, three are allowed to go dual.
Speaker 8: So adult use of those ten companies that can have
Speaker 8: forty stores amongst them, which is an awful lot for
Speaker 8: New York. Can they deliver their product outside their store
Speaker 8: network or are they going to be required to sell
Speaker 8: through an independent third party. That's to be determined. So
Speaker 8: what has happened so far in New York and retail
Speaker 8: is going. First off, those one hundred and fifty stores
Speaker 8: will be social equity stores. So you've had to have
Speaker 8: an arrest in your family in the past, you've had
Speaker 8: to demonstrate that you've been running a profitable enterprise business
Speaker 8: for at least a year. So those one hundred and
Speaker 8: fifty applications for retailer out they've licensed two hundred and
Speaker 8: fifty hemp and outdoor licenses. So at the end of
Speaker 8: this year's p October, which usually comes in October, that's Croptober,
Speaker 8: we will see a supply of adult use cannabis finally
Speaker 8: entering the processing system in New York. That's where we
Speaker 8: are with New York. So because of how the state's
Speaker 8: rolling out adult use, the illicit markets operating pretty welch
Speaker 8: with impunity right now.
Speaker 3: That leaves the future of the New York weed market
Speaker 3: in doubt. Yes, historically New York has been a big
Speaker 3: weed consuming city, but that doesn't necessarily mean we'll suddenly
Speaker 3: become a profitable legal mass market.
Speaker 1: On the next episode of Potlots, we are going to
Speaker 1: explore the business of big cannabis. Who are the investors
Speaker 1: getting in on the space and the cannabis companies setting up,
Speaker 1: What are the challenges they face, and can this industry
Speaker 1: live up to the hype?
Speaker 3: The highs and lows for big cannabis neck Join us
Speaker 3: then for more Potlots. I'm Joe Wisenthal. You can follow
Speaker 3: me on Twitter at The Stalwart.
Speaker 1: And I'm Tracy Alloway. You can follow me on Twitter
Speaker 1: at Tracy Alloway. Our producer is Carmen Rodriguez. Follow her
Speaker 1: on Twitter at Carmen Arman. Dash El Bennett is our
Speaker 1: associate producer. He is at Dashbot. Our sound engineer is
Speaker 1: Blake Maples. Stage Bauman is our head of Podcasts. Special
Speaker 1: Thanks Moses Adnam.
Speaker 3: For more Bloomberg coverage of the legal marijuana industry, you
Speaker 3: should check out The Dose. Tiffany carries weekly newsletter about
Speaker 3: the business of cannabis and psychedelics.
Speaker 2: Subscribe at Bloomberg dot com. Thanks for listening.