WEBVTT - Why It's High Time for Federal Cannabis Legislation: Simply Pure CEO 0:00:01.360 --> 0:00:04.120 Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along 0:00:04.120 --> 0:00:06.200 with my co host of Bonnie Quinn. Every business day 0:00:06.240 --> 0:00:10.360 we bring you interviews from CEOs, market pros, and Bloomberg experts, 0:00:10.400 --> 0:00:13.600 along with essential market moving news. Find the Bloomberg Markets 0:00:13.600 --> 0:00:17.000 Podcast on Apple podcast or wherever you listen to podcasts, 0:00:17.000 --> 0:00:20.880 and on Bloomberg dot com. Alright, well, we know that 0:00:20.920 --> 0:00:23.320 one of the ballot measures that passed in several states 0:00:23.600 --> 0:00:27.040 was legalizing marijuana. New Jersey was among them. So we 0:00:27.120 --> 0:00:28.680 thought it'd be nice to talk to somebody who has 0:00:28.720 --> 0:00:32.440 expertise in this, not just recently, but really from the 0:00:32.600 --> 0:00:36.080 very start, from when the very first state legalized marijuana. 0:00:36.159 --> 0:00:39.760 Wanda James as founder and CEO of Simply Pure Dispensary 0:00:39.800 --> 0:00:43.120 in Colorado. And Wanda, welcome, right, how are you doing 0:00:43.120 --> 0:00:46.440 this morning? Absolutely great? So talk to us about a business, 0:00:46.560 --> 0:00:48.919 first of all, in just in your area. How has 0:00:48.960 --> 0:00:50.800 it been since the beginning of the pandemic. How have 0:00:50.840 --> 0:00:54.200 you managed to us to write this out? So you 0:00:54.240 --> 0:00:57.480 know it's it's interesting because at the very beginning of 0:00:57.480 --> 0:00:59.800 the pandemic, I think that most of the business here 0:00:59.800 --> 0:01:04.160 in Colorado, you know, dropped to ridiculously low levels. UM, 0:01:04.360 --> 0:01:08.040 and then the mayor of Denver actually shut down dispensaries 0:01:08.080 --> 0:01:12.280 for about four hours, and the rush of people that 0:01:12.440 --> 0:01:16.920 came to the dispensaries and looker stores was so overwhelming 0:01:17.200 --> 0:01:21.520 that Denver actually in Colorado. UM, and I guess most 0:01:21.520 --> 0:01:25.200 places at this point called the cannabis businesses essential businesses. 0:01:25.200 --> 0:01:29.319 And we've remained open during the pandemic. Our sales UM 0:01:29.400 --> 0:01:34.720 have soared. UH. People have found that cannabis helps them 0:01:34.760 --> 0:01:38.280 get through UM, a pandemic and isolation and all of 0:01:38.319 --> 0:01:40.800 the things that we're dealing with. And then being a 0:01:40.840 --> 0:01:45.559 black owned business, UM, we have found that so many 0:01:45.640 --> 0:01:49.160 people have been looking to support black owned businesses, women 0:01:49.280 --> 0:01:53.120 owned businesses, and today because it's Veteran's day, veteran's own businesses, 0:01:53.160 --> 0:01:56.360 which is what we are. So it has actually um 0:01:56.480 --> 0:02:00.400 businesswise during the pandemic. UM, I believe cannabis has done 0:02:00.480 --> 0:02:02.960 very well. So wand you you've you've been in it 0:02:03.000 --> 0:02:05.400 since the very beginning. You're an absolute expert on how 0:02:05.440 --> 0:02:08.240 to do this. When you saw that ballot measures on 0:02:08.400 --> 0:02:12.320 legalizing marlana past in several states, did it make you, 0:02:12.320 --> 0:02:15.600 you know happy? I guess from your point of view 0:02:15.639 --> 0:02:18.040 that more states are legalizing it, or is it a 0:02:18.120 --> 0:02:20.880 step backwards in the sense that it is taking a 0:02:21.639 --> 0:02:29.120 step away from having it recognized at a federal level. Um, 0:02:29.160 --> 0:02:31.840 I don't know that it stops it from being recognized 0:02:31.880 --> 0:02:34.200 at a federal level. I believe that this is the 0:02:34.280 --> 0:02:37.520 court that is going to let politicians know on the 0:02:37.560 --> 0:02:41.480 federal level that it is time. Um. You know, I 0:02:41.520 --> 0:02:43.960 believe and and and don't quote me there maybe one 0:02:44.040 --> 0:02:46.880 or two, but I believe in just about every state 0:02:46.919 --> 0:02:50.240 in the nation right now, UM, there are cannabis laws 0:02:50.240 --> 0:02:53.200 on the books, meaning that it's either decriminalized so you 0:02:53.200 --> 0:02:56.280 won't go to jail for possessing it. Um, it's medically 0:02:56.360 --> 0:02:59.639 legal that you can buy it for medicinal purposes, or 0:02:59.680 --> 0:03:02.119 that it is legal in the adult use market, which 0:03:02.120 --> 0:03:04.280 means that anybody over the age of twenty one can purchase. 0:03:04.800 --> 0:03:08.760 So you know, most Americans right now have access have 0:03:08.919 --> 0:03:13.240 access to legal cannabis. So the federal level needs to 0:03:13.280 --> 0:03:16.600 get on board and follow what now. I believe it's 0:03:17.000 --> 0:03:20.840 almost sixty eight percent of Americans right now want to 0:03:20.840 --> 0:03:24.239 see full legalization across America. And as you know, sixty 0:03:24.360 --> 0:03:27.640 percent of Americans don't agree on anything apparently, except for cannabis, 0:03:28.200 --> 0:03:30.959 that's for sure. Wanta, have you managed to stay solo 0:03:31.120 --> 0:03:34.399 or how is simply pure? Looking at the next five 0:03:34.440 --> 0:03:38.880 to ten years, are you, you know, going to expand 0:03:39.000 --> 0:03:41.920 maybe moving to other states? Have you done that already? Yes? 0:03:42.040 --> 0:03:44.560 So this is a big place for us right now. 0:03:44.600 --> 0:03:46.320 We've been doing this now for ten years. We were 0:03:46.320 --> 0:03:48.880 the first African Americans legally licensed in America to own 0:03:48.880 --> 0:03:52.200 a dispensary, a growth facility UM, and an edible company. 0:03:52.560 --> 0:03:56.280 And so now we are ploised UM for national growth UM. 0:03:56.280 --> 0:03:59.240 Over the next few months, we will be looking at 0:03:59.640 --> 0:04:02.840 UM a a national prospect to be able to move 0:04:03.480 --> 0:04:07.680 UM simply pure stores and products UM throughout the United States. 0:04:07.800 --> 0:04:11.600 So we were absolutely thrilled to see more states legalized 0:04:11.680 --> 0:04:17.960 because with legalization also brings UM, you know, less opportunity 0:04:18.040 --> 0:04:21.839 for police harassment UM. And quite frankly, given the fact 0:04:21.880 --> 0:04:25.640 that of all black businesses in America have failed during 0:04:25.640 --> 0:04:30.280 the pandemic, we see cannabis entrepreneurism as a way of 0:04:30.480 --> 0:04:34.520 revitalizing UM the black and brown communities by allowing them 0:04:34.560 --> 0:04:38.840 to have these types of businesses. Well, Wanda, how are 0:04:38.880 --> 0:04:41.680 you looking at doing this has private equity approached you 0:04:41.680 --> 0:04:43.640 you know, might you think even about going public at 0:04:43.640 --> 0:04:46.200 some point through a spack or one of those types 0:04:46.240 --> 0:04:49.640 of entities. Yeah, so right now, you know, for the 0:04:49.680 --> 0:04:53.040 most part, it's all private equity. Um. You know, there's 0:04:53.279 --> 0:04:55.760 a few you know, public companies out of Canada that 0:04:55.800 --> 0:04:59.800 are currently investing um. But you know, it's still private equity. 0:04:59.880 --> 0:05:02.440 Be because as of today, we can't go to a 0:05:02.440 --> 0:05:04.240 bank and get alone. Heck, I can't even go to 0:05:04.279 --> 0:05:06.080 a bank and get a credit card in my business. 0:05:06.640 --> 0:05:09.600 So and in most cases we have a legal bank 0:05:09.600 --> 0:05:12.680 account which allows us to deposit, but most businesses don't 0:05:12.680 --> 0:05:14.320 even have a legal bank account in which they can 0:05:14.360 --> 0:05:17.200 deposit funds. So these are all of the reasons why 0:05:17.279 --> 0:05:21.160 legalization has to happen. When you have a multibillion dollar business. 0:05:21.200 --> 0:05:23.800 Here in Colorado, we do an excess of two billion 0:05:23.839 --> 0:05:27.160 dollars in sales in the state. Um, California will do 0:05:27.240 --> 0:05:30.000 well over ten billion dollars. So when you start to 0:05:30.040 --> 0:05:32.040 look at these kinds of numbers and we don't even 0:05:32.080 --> 0:05:35.720 have bank accounts, credit cards, atm cards, lines of credit, 0:05:36.120 --> 0:05:39.479 it seems absurd that we are still discussing whether this 0:05:39.560 --> 0:05:42.160 business should be legal or not when Americans have been 0:05:42.240 --> 0:05:44.919 using cannabis now since George Washington. And this is of 0:05:44.920 --> 0:05:47.080 course because the state rules on banking, which go back 0:05:47.120 --> 0:05:50.719 for you know, decades and generations wanted very very beefly 0:05:51.080 --> 0:05:53.479 wanted to ask about supply and whether that had been 0:05:53.520 --> 0:05:55.920 a problem during the pandemic, if if farmers weren't able 0:05:55.920 --> 0:06:00.000 to keep on staff and so on. So here in Colorado, no, um, 0:06:00.040 --> 0:06:03.920 you know, we are a finally tuned machine here in Colorado. UM. 0:06:04.080 --> 0:06:07.000 You know, I will say that we did definitely uh, 0:06:07.040 --> 0:06:09.440 you know, supply and demand. So the price of cannabis 0:06:09.480 --> 0:06:12.840 definitely skyrocketed through the summer months because of the demand 0:06:13.279 --> 0:06:16.320 for flower. Um. What we found, um, at least in 0:06:16.400 --> 0:06:20.080 my dispensary, is that the sales of when we say flower, 0:06:20.200 --> 0:06:24.760 actual bud um more than doubled. So we saw a 0:06:24.880 --> 0:06:27.039 rise in edibles and bait pens as well too. But 0:06:27.520 --> 0:06:30.480 the sale of flower actually went through the ceiling. So 0:06:30.600 --> 0:06:33.280 while we were able to manage demand, um, and we 0:06:33.320 --> 0:06:37.760 also have our own row facility, it was still demand 0:06:37.839 --> 0:06:40.919 is definitely up. I wanta just wonderful to speak with 0:06:40.920 --> 0:06:42.840 you today. Thank you for giving us your time and 0:06:42.920 --> 0:06:46.599 much appreciated. Want to James, founder and CEO of Simply 0:06:46.839 --> 0:06:51.000 Pure Dispensary in Colorado, opened ten years ago. In fact, 0:06:52.839 --> 0:06:55.240 well let's get back to the markets now and bringing 0:06:55.320 --> 0:06:58.919 Jim Poles and ce IO of the Little Old Group, Jim, 0:06:58.920 --> 0:07:02.040 where are we at? Has been just a fascinating few weeks, months, 0:07:02.080 --> 0:07:05.120 and indeed a few days just just fighting Monday sessions 0:07:05.160 --> 0:07:08.160 alone would have you scratching your head wondering what's going 0:07:08.200 --> 0:07:13.240 to happen next? What do you think? Will you know? Banni? I? 0:07:13.240 --> 0:07:15.640 I kind of think that the big ELpH of the 0:07:15.720 --> 0:07:18.720 room is the pace of economic growth. One anything else, 0:07:18.760 --> 0:07:22.080 We've got so many issues going on, but we of 0:07:22.120 --> 0:07:25.000 course had a super strong third quarter, and quite frankly, 0:07:25.240 --> 0:07:27.720 we're halfway through the fourth quarter and a lot of 0:07:27.760 --> 0:07:31.360 momentum is still very evident in the economy. Most of 0:07:31.360 --> 0:07:33.680 the reports that come out every day, whether it's I S, M, 0:07:34.000 --> 0:07:40.560 employment or confidence reports remained very strong um. And I 0:07:40.600 --> 0:07:43.320 think that's going to be the key if the economy, 0:07:43.600 --> 0:07:45.640 you know, the expectation for the fourth quarter might be 0:07:45.680 --> 0:07:48.480 around three. I think it might be more like five 0:07:48.600 --> 0:07:52.320 or six for the fourth quarter. And if it is, 0:07:52.480 --> 0:07:54.200 I think that's going to continue to be a really 0:07:54.240 --> 0:07:59.240 positive force for the market overall. And no, I think 0:07:59.240 --> 0:08:02.080 in some degree that reflects some of the change in 0:08:02.200 --> 0:08:06.320 leadership that we're seeing here a little bit starting to 0:08:06.360 --> 0:08:11.880 become more pronounced. Um. You know, certainly the vaccine helps, 0:08:11.920 --> 0:08:14.000 but we also are going to have the lagged impact 0:08:14.000 --> 0:08:16.280 of PAS stimulus that's going to help us next year. 0:08:16.880 --> 0:08:21.280 We've got a cent savings rate out there that could 0:08:21.320 --> 0:08:24.679 be spent. There was virtually the inventory to GDP ratios 0:08:24.720 --> 0:08:29.240 of almost record lows, So if that's spent on no inventory, 0:08:29.360 --> 0:08:32.880 that could have quite an impact. You're seeing a fair 0:08:32.960 --> 0:08:39.319 number of confident behaviors being displayed by both consumers, laborers 0:08:39.320 --> 0:08:44.200 and businesses. Consumers are buying big tickets. Labors, the job 0:08:44.280 --> 0:08:47.280 lever rates climbing, the more people now say jobs are 0:08:47.280 --> 0:08:50.560 plentiful and hard to get. Businesses capital good orders just 0:08:50.559 --> 0:08:54.079 went to new high So I think that's a sustainable 0:08:54.120 --> 0:08:57.360 sign as well. Overall. So I think there's a fair 0:08:57.440 --> 0:09:02.160 number of positive forces against right seen COVID cases to 0:09:02.240 --> 0:09:05.320 keep eat. You think it's so sustainable though, Jim, And 0:09:05.400 --> 0:09:07.520 what is this market thinking when you have a million 0:09:07.559 --> 0:09:10.840 cases in Texas alone, A million cases now in all 0:09:10.880 --> 0:09:13.320 of Italy, which means, you know, it's it's back with 0:09:13.360 --> 0:09:16.160 a vengeance in Europe, and it's probably only amount of 0:09:16.160 --> 0:09:18.640 time before it's back with the avengeance in various other places. 0:09:18.640 --> 0:09:21.600 It's already exponential in the United States. So what makes 0:09:21.600 --> 0:09:24.360 you think that the economy can can continue to recover 0:09:24.600 --> 0:09:28.000 like it was. Well, may be wrong, and it could 0:09:28.000 --> 0:09:29.760 certainly get bad enough, but you know, hope we have 0:09:29.840 --> 0:09:32.480 to shut down economic activity like we did March again 0:09:32.520 --> 0:09:34.880 would be a disaster, but I don't think we're going 0:09:34.920 --> 0:09:37.800 to get there money. You know, we had a surge 0:09:38.080 --> 0:09:42.040 in March up to around thirty thousand cases that created 0:09:42.080 --> 0:09:47.000 the death rate of about a day on average at 0:09:47.000 --> 0:09:50.440 the peaks. The second surge in the summer went up 0:09:50.440 --> 0:09:53.600 to sixty five thousand cases, more than double, but the 0:09:53.640 --> 0:09:56.480 death rate fell more more than a half to the 0:09:56.559 --> 0:10:00.160 round a thousand or a little over. Now we're five 0:10:00.160 --> 0:10:03.600 thousands daily cases and death rates still around a thousand, 0:10:03.679 --> 0:10:07.560 So I don't I think it reflects the fact that 0:10:07.600 --> 0:10:11.520 we've gotten a lot better of doing this. We protect 0:10:11.520 --> 0:10:14.559 more vulnerable groups than we did earlier. We we UH, 0:10:15.120 --> 0:10:20.000 we also have better treatments available UH to lower the 0:10:20.120 --> 0:10:23.720 lethality of this thing, which and then there's there's just 0:10:24.200 --> 0:10:26.480 a lot of the things we might shut down are 0:10:26.520 --> 0:10:28.680 already shut down. You know, We've got a lot of 0:10:28.720 --> 0:10:34.760 places where restaurant capacities or we can't probably do a 0:10:34.800 --> 0:10:37.760 lot more there. So I really think we're not going 0:10:37.800 --> 0:10:44.439 to have a meaningful nationwide shut down that radically reduces 0:10:44.480 --> 0:10:48.079 economic growth like we did in March. So if you 0:10:48.160 --> 0:10:50.480 had dry powder, or if you were thinking of taking 0:10:50.480 --> 0:10:54.360 some profits somewhere, where would you put that money now, Jim, 0:10:54.400 --> 0:10:56.120 in order to try and take advantage of what you 0:10:56.120 --> 0:10:59.880 see as an improving situation. Well, I think it's a 0:11:00.080 --> 0:11:04.839 portant to remain barbelled. I still think I think tech 0:11:05.520 --> 0:11:08.240 is gonna underperform over the next year because the economy 0:11:08.280 --> 0:11:11.760 picks up, it's going to favor the Hurning's growth broader marketplace. 0:11:12.200 --> 0:11:14.120 But I don't think it's going to fall apart. I 0:11:14.120 --> 0:11:16.479 don't think it's gonna collapse. I think it's just gonna underperform. 0:11:16.559 --> 0:11:19.120 I think a day like today is a great example 0:11:19.160 --> 0:11:22.280 of why you still want to own some technology. But 0:11:22.720 --> 0:11:27.680 over the case, I think small cap stocks, um cyclical sectors, 0:11:27.800 --> 0:11:32.800 particularly the financials, the industrials and materials I think are 0:11:32.960 --> 0:11:36.079 very good places to look. And I would also start 0:11:36.120 --> 0:11:41.480 to lift my international exposure, particularly in emerging markets excluding China. 0:11:41.520 --> 0:11:45.120 I think China's gonna underperform next year, UM, but the 0:11:45.160 --> 0:11:48.719 other emerging markets probably do pretty well. Overall. I think 0:11:48.720 --> 0:11:53.720 there's a bountiful list of opportunities, in part because this 0:11:53.840 --> 0:11:58.320 market has been so concentrated among mega caps, it's left 0:11:58.360 --> 0:12:00.320 a lot of the marketplace. I think this will has 0:12:00.360 --> 0:12:03.400 a lot of value and they have greater cyclical earnings 0:12:03.480 --> 0:12:07.040 leverage here for going into two thousand twenty one. Are 0:12:07.040 --> 0:12:09.760 we completely dependent on the Federal Reserve though, Jim and 0:12:09.840 --> 0:12:13.880 we only really have a half minute left? UM, I 0:12:13.880 --> 0:12:16.960 don't believe so. I UM. I think that the Fed 0:12:17.040 --> 0:12:20.840 is going to have to back away by economy remains 0:12:21.200 --> 0:12:26.319 relatively healthy. I think it's gonna have to slow UM 0:12:26.520 --> 0:12:29.960 bond purchases, quantitative easing, and allow bond yields to climb. 0:12:29.960 --> 0:12:31.800 They might already be starting to do that a little bit. 0:12:31.800 --> 0:12:33.120 I think we're going to have bond yields to go 0:12:33.200 --> 0:12:36.360 up next year, and uh, if they do, that could 0:12:36.360 --> 0:12:39.160 actually build confidence. If we go back above a one 0:12:39.160 --> 0:12:41.360 per cent treasure I think people worry less about negative 0:12:41.400 --> 0:12:44.679 yields will also be assigned of economic strength. It could 0:12:44.679 --> 0:12:48.840 fuel more animal spirits. Jim, it's always lovely chatting with you. 0:12:48.960 --> 0:12:52.000 Thank you for that. I forgot to ask you, however, 0:12:52.040 --> 0:12:53.920 thing is in your home state, But I guess we 0:12:54.040 --> 0:12:56.559 have to do that the next time. That is Jim Paulson, 0:12:56.920 --> 0:13:06.760 c I O of the Little Old Group. Well, we're 0:13:06.760 --> 0:13:10.000 getting a lot of vaccine news in the last few days, 0:13:10.040 --> 0:13:12.800 which on the one hand is fabulous, but perhaps we 0:13:12.800 --> 0:13:15.320 should hit the brakes just a little bit. We'll see 0:13:15.320 --> 0:13:18.560 with our next guest, who heads up the global sector 0:13:18.840 --> 0:13:24.560 leadership for healthcare at Third Bridge. Let's welcome now, Jallen Mamadova. Jlen. 0:13:24.920 --> 0:13:28.480 This vaccine news from Fiser and also Maderna, we know 0:13:28.600 --> 0:13:31.839 is coming close to you know, being able to announce something, 0:13:32.000 --> 0:13:34.840 and there are plenty more companies out there being able 0:13:34.880 --> 0:13:39.440 to announce antibody type therapeutics or vaccines in the next while. 0:13:39.920 --> 0:13:43.280 Talk to us about the downsides of this current spate 0:13:43.360 --> 0:13:47.680 of news. Thanks for having me, Ronny. So definitely the 0:13:47.720 --> 0:13:50.839 market is self reacting a bit too early with has 0:13:50.880 --> 0:13:53.840 been the case of all the news around COVID this 0:13:53.960 --> 0:13:55.959 is good news and that this close served as a 0:13:56.040 --> 0:13:59.200 positive not to all of the vaccine candidates start getting 0:13:59.800 --> 0:14:03.000 the like proteins, but definitely a positive not for the pipeline, 0:14:03.480 --> 0:14:07.320 but without that data on efficacy for the elderly, your ability, 0:14:07.400 --> 0:14:11.080 and additional safety collection which will probably continue even if 0:14:11.120 --> 0:14:14.160 an fd e WAY is granted, it is definitely too 0:14:14.200 --> 0:14:17.560 student to call this a winner. Um also to know 0:14:17.760 --> 0:14:20.600 that this requires some multiple storage requirements and that needs 0:14:20.640 --> 0:14:23.880 present additional challenges. So if we do have a candidate 0:14:23.920 --> 0:14:26.920 with more convenience dozing, is your storage, better efficacy and 0:14:26.960 --> 0:14:30.560 elderly and better your ability, this will definitely ad fiser 0:14:30.680 --> 0:14:33.280 with whatever initial upstates they take on. Now, we do 0:14:33.400 --> 0:14:36.040 expect an e way, but it's probably going to be limited, 0:14:36.400 --> 0:14:38.840 as we saw was Lilas e way earlier on on 0:14:38.880 --> 0:14:44.880 their monoclonal antibody, essentially restricting this to people of their impurity. Yes, well, well, 0:14:44.920 --> 0:14:47.160 I was just gonna ask on the storage, because this 0:14:47.200 --> 0:14:49.760 will be a problem even in places like CDs and 0:14:50.040 --> 0:14:53.800 so on. What companies are working on this problem storing 0:14:53.920 --> 0:14:58.600 something at a reasonable price at minus what between seventy 0:14:58.640 --> 0:15:03.760 and a hundred degrees? Yes, minus seminie celsius. Maderna is 0:15:03.800 --> 0:15:06.400 another minus twenty selsie. So I've actually Sizer and Maderna 0:15:06.440 --> 0:15:08.880 are trying to tweak this and bring it, bring this 0:15:09.040 --> 0:15:12.480 up to a more manageable temperature where hospitals are not 0:15:12.520 --> 0:15:15.280 going to have to buy additional you know, fridges and 0:15:15.360 --> 0:15:19.360 storage equipment to make this a viable vaccine candidate. But 0:15:19.360 --> 0:15:21.560 when you look at Mirk, Mirk actually has had to 0:15:21.680 --> 0:15:26.000 use ultra coold storage for its a bowl of vaccine. 0:15:26.240 --> 0:15:29.600 But uh, they were never able to tweak it, and 0:15:29.720 --> 0:15:32.480 ultimately this may not be as big of a challenge 0:15:32.480 --> 0:15:35.400 as they do well on the efficacy front, there's definitely 0:15:35.480 --> 0:15:37.960 a way of start of comventing this. Again with Mark 0:15:38.040 --> 0:15:41.280 they were able to distribute to gl Congo right in 0:15:41.320 --> 0:15:45.040 the US. They are much better kind of storage capability. 0:15:45.400 --> 0:15:48.200 Having said that, though it doesn't really seem like they 0:15:48.240 --> 0:15:50.760 can tweak this anymore than it is now, Maderna does 0:15:50.800 --> 0:15:52.920 have an upper hand in this and that it is 0:15:52.960 --> 0:15:57.120 negative twenty celsius, so it's not extreme as Speiser, But 0:15:57.240 --> 0:16:00.600 having said that, they have additional issues when it comes 0:16:00.640 --> 0:16:04.040 to potential distribution factory. But ultimately it's going to come 0:16:04.040 --> 0:16:07.120 down to their contracting uh, contracts being in many factor 0:16:07.160 --> 0:16:09.760 and relationships that are in place. Some art experts are 0:16:09.760 --> 0:16:15.120 pretty skeptical that they can tweak the storage requirements if 0:16:15.200 --> 0:16:19.760 that would require additional engineering capability. I know, it's fascinating, right, 0:16:19.880 --> 0:16:22.800 And the idea that there's a lot of short interest 0:16:22.880 --> 0:16:25.160 in Maderna would also give you pause. I mean, there's 0:16:25.160 --> 0:16:29.040 obviously a big contingent of money, be it a smart 0:16:29.040 --> 0:16:31.920 money or dumb money out there that is betting against MODERNA. 0:16:32.360 --> 0:16:36.640 So what is your thinking on when we'll have something workable? Jallen? 0:16:38.640 --> 0:16:41.880 When we will have something workable if if we define 0:16:41.920 --> 0:16:45.520 that as something that's available for mass distributions. So let's 0:16:45.520 --> 0:16:49.080 say right now, you know Fiser has signed some supply 0:16:49.120 --> 0:16:53.120 agreements UM around promising to supply rents the under million 0:16:53.200 --> 0:16:56.760 doses by mid next year UM. Really we're thinking about 0:16:56.840 --> 0:17:00.920 mass administration probably ACCU three of the next year at 0:17:00.960 --> 0:17:04.560 earliest UM, and that's across the patient populations, and maybe 0:17:04.640 --> 0:17:08.080 mid next year UM some form of voting available for 0:17:09.000 --> 0:17:11.639 the at risk or the any population. So those are 0:17:11.680 --> 0:17:14.880 the healthcare workers and the elderly. So really, even though 0:17:14.880 --> 0:17:17.119 it was good news, and you know, we have to 0:17:17.200 --> 0:17:18.800 have this good news before we can get the next 0:17:18.840 --> 0:17:21.439 little bit of good news. It really doesn't speed up 0:17:21.480 --> 0:17:24.320 the process at all, more than more than we thought. 0:17:24.320 --> 0:17:28.320 It just means that we are still on the right path. Yeah, 0:17:28.359 --> 0:17:31.160 that's exactly what. It's the right path, but doesn't speed anything. 0:17:31.160 --> 0:17:36.000 If anything, we've been consistently seeing delays um the promises 0:17:36.040 --> 0:17:38.360 for readouts earlier on and those have been pushed back 0:17:38.400 --> 0:17:42.560 with SIS or biotic really being cation point. What are 0:17:42.560 --> 0:17:45.880 you doing at Third Bridge in terms of investment or 0:17:45.960 --> 0:17:51.080 in terms of advising on investment, So a third Bach 0:17:51.119 --> 0:17:53.680 we don't directly advice on investment, but we do help 0:17:53.760 --> 0:17:57.200 with is the due diligence components for our institutional investors, 0:17:57.200 --> 0:18:00.240 and we speak to experts that give guidance across the 0:18:00.640 --> 0:18:04.000 vaccine place. The most recently, for example, we have been 0:18:04.040 --> 0:18:08.480 focusing on Mark and uh Novo vaccine vaccine candidate well 0:18:08.480 --> 0:18:10.640 for the America, Well it is a later entrance. Their 0:18:10.720 --> 0:18:14.320 VFC platform and their v Diesel Space platform actually could 0:18:14.359 --> 0:18:16.760 potentially bode well when it comes to you know, single 0:18:16.840 --> 0:18:20.879 dosage and UPDAK in the elderly based on the efficacy 0:18:20.920 --> 0:18:23.960 that they have shown once they're proven platforms, they also 0:18:24.040 --> 0:18:26.760 potentially have an oral formulation. And we've also been focusing 0:18:26.800 --> 0:18:29.920 on novavax Um for a while now because their anti 0:18:30.080 --> 0:18:33.320 body responses have been pretty amazing and we uh we 0:18:33.320 --> 0:18:37.280 weren't surprised by the FDA fast expisignation which they received 0:18:37.280 --> 0:18:39.879 earlier this week. We're pretty much out of time, but 0:18:39.920 --> 0:18:41.760 can you give us a rundown very briefly on the 0:18:41.760 --> 0:18:44.920 companies that are concentrating on things like distribution and refrigeration 0:18:45.040 --> 0:18:48.840 so we can continue to keep an eye on those two, Yes, 0:18:49.000 --> 0:18:52.080 for sure. So right now the main focus is s Fizer, 0:18:52.160 --> 0:18:56.480 Biontec and Maderna and their supplier relationships with certain CDMs, 0:18:56.560 --> 0:18:59.800 But those storage requirements and manufacturing of them will actually 0:18:59.800 --> 0:19:02.560 come down to the bio farma itself and the capability 0:19:02.680 --> 0:19:05.320 that they have at hand. And again case some point 0:19:05.359 --> 0:19:09.080 is is marked with their ultracol storage solution. Wow amazing. 0:19:09.119 --> 0:19:10.840 So it's the companies themselves that are going to have 0:19:10.880 --> 0:19:13.280 to solve that problem. Jillen, thank you for joining us. 0:19:13.280 --> 0:19:15.040 We do have to catch up with you again very soon. 0:19:15.400 --> 0:19:20.240 Jillen Momadova is Global sector lead for healthcare at Third Bridge. 0:19:23.400 --> 0:19:26.920 But the President elect is extraordinarily close to veterans. This 0:19:27.160 --> 0:19:29.919 on Veterans Day. No better person to talk to about 0:19:30.280 --> 0:19:33.679 what might happen under a Biden presidency for veterans than 0:19:33.720 --> 0:19:36.200 to be Harsha. This, of course, as well as President 0:19:36.240 --> 0:19:38.879 Trump and Vice President Mike Pence took a tour of 0:19:39.119 --> 0:19:42.800 Arlington National Cemetery for the day. That was in it, Toby, 0:19:42.920 --> 0:19:45.440 you know, borrowing some kind of strange thing happening. It 0:19:45.480 --> 0:19:47.440 does look like we're going to get a Biden presidency, 0:19:47.440 --> 0:19:51.800 which means possibly some good news for veterans. Is there 0:19:52.000 --> 0:19:54.280 something that Biden will put on his list to get 0:19:54.320 --> 0:19:58.280 accomplished for these people that are still experiencing hardships and 0:19:58.359 --> 0:20:03.960 suffering and oh discrimination. Weirdly, you know, so many generations 0:20:04.000 --> 0:20:08.879 after their problems were first brought to light. Thanks Bunny, 0:20:09.200 --> 0:20:12.280 I'm happy to be here. Um. I wish that Biden 0:20:12.359 --> 0:20:16.440 had said, um, anything that was more specific during the campaign. 0:20:16.840 --> 0:20:20.000 He said all of the right things, um, but but 0:20:20.160 --> 0:20:24.080 sort of deep generalizations that, um, you know, veterans need 0:20:24.119 --> 0:20:26.520 the jobs that they need, they need the care that 0:20:26.560 --> 0:20:30.560 they deserve, things like that, But there really wasn't anything specific. Um. 0:20:30.600 --> 0:20:33.520 It's it's not a huge campaign issue. No, it's not. 0:20:34.000 --> 0:20:37.600 What is the biggest need for veterans right now to UM, 0:20:38.119 --> 0:20:41.560 I think sort of the overwriting topic is mental health care. UM. 0:20:41.600 --> 0:20:44.720 You know, as we know, the veterans have a higher 0:20:44.720 --> 0:20:48.960 suicide rate than the population in general. UM. You know, 0:20:49.080 --> 0:20:55.479 PTSD is now finally considered a legitimate diagnosis. UM. And uh, 0:20:55.760 --> 0:20:59.320 it's just it's very hard u A to supply enough 0:20:59.359 --> 0:21:03.040 healthcare and be often the trick is bringing people into 0:21:03.160 --> 0:21:07.760 mental healthcare. Veterans, not not to de cliche about veterans 0:21:07.760 --> 0:21:09.960 tend to be you know, think of themselves as tough 0:21:10.119 --> 0:21:13.040 and self sufficient. UM. And it's often hard to bring 0:21:13.080 --> 0:21:16.760 people into you know, it's sort of broad based mental 0:21:16.760 --> 0:21:20.160 health care. Yeah, it's UM, there's so many problems out there. 0:21:20.160 --> 0:21:22.080 But you know, if anyone should have a stake in 0:21:22.119 --> 0:21:24.439 our national defense or at least, you know, an opinion 0:21:24.440 --> 0:21:26.880 we should listen to, it's our veterans. What do they 0:21:26.960 --> 0:21:30.360 think of the military changes that we're seeing right now 0:21:30.480 --> 0:21:33.720 or the changes of the Pentagon? UM? And and what 0:21:33.720 --> 0:21:36.560 what what should be there instead? Yeah, I don't want to, 0:21:36.560 --> 0:21:38.760 I don't want to to lump them all into one 0:21:38.880 --> 0:21:42.120 voice or one opinion. And there's not really polling on this. UM. 0:21:42.200 --> 0:21:45.680 I would imagine there's deep dissatisfaction, especially with the Shenanigans 0:21:45.760 --> 0:21:48.280 that Trump has been up to this week. UM. You 0:21:48.359 --> 0:21:51.560 know it's funny that that Mark Esper was called yasper 0:21:51.960 --> 0:21:54.879 um behind his back and considered this Trump loyalist, and 0:21:54.920 --> 0:21:57.760 yet now Trump astared him for not being sufficiently loyal 0:21:57.960 --> 0:22:01.119 and put in um or replacement who I don't want 0:22:01.119 --> 0:22:06.200 to say unqualified, but certainly under qualified. UM. And UM, 0:22:06.480 --> 0:22:08.840 you know I I just don't think this makes anyone happy. 0:22:09.119 --> 0:22:13.120 Um inside the services, polling is is is done. Um, 0:22:13.160 --> 0:22:15.639 it's a little bit sketchy. UM, I guess, as polling 0:22:15.800 --> 0:22:19.520 is everywhere these days. But there's there's a little question 0:22:19.720 --> 0:22:25.680 that President Trump's um uh ratings among the officer class 0:22:25.880 --> 0:22:29.640 UM declined heavily over his four years UM to no depths. 0:22:29.640 --> 0:22:34.160 Probably that any Republican UM has, any Republican incumbent has 0:22:34.200 --> 0:22:39.160 reached uh certainly in modern history. That brings us to Biden. 0:22:39.280 --> 0:22:42.800 And you know, yes, I'm not We could talk for 0:22:42.840 --> 0:22:45.399 a long time about about how President Tromp treated the 0:22:45.440 --> 0:22:48.800 military and and the arms of the military, but let's 0:22:48.960 --> 0:22:53.000 let's talk about Biden. Will Biden's you know, domestic policy 0:22:53.000 --> 0:22:56.160 and foreign policy, national security policy, as it relates to 0:22:56.240 --> 0:22:59.520 the various branches of the military. Will it be significantly 0:22:59.560 --> 0:23:03.240 different to what we have now? Yeah, I mean the 0:23:03.600 --> 0:23:08.040