Speaker 1: Hello, and welcome to another episode of the Odd Lots podcast.
Speaker 1: I'm Joe Wisanthal, and unfortunately my colleague and co host
Speaker 1: Tracy Ellaway is out this week, so you'll have to
Speaker 1: just listen to me solo. But I'm excited about today's
Speaker 1: conversation because it's a follow up to one of our
Speaker 1: episodes that we did a few months ago. So if
Speaker 1: you recall, in mid October, Canada legalized recreational cannabis that
Speaker 1: coincided with a boom and stocks relating to cannabis, lots
Speaker 1: of interest in this, but still so much uncertainty about
Speaker 1: how the market would actually play out and who would
Speaker 1: really make money, and what kind of margins there would be,
Speaker 1: and just what kind of roll out there would be
Speaker 1: in general of the operations of legalized recreational marijuana in Canada.
Speaker 1: And so a few months ago we talked to Craig Wiggins.
Speaker 1: He is a part of a trio of analysts known
Speaker 1: as the Canalysts. They have a popular Reddit page called
Speaker 1: the Canalysts where they do pretty serious, deep dive financial
Speaker 1: analysis of the publicly traded cannabis companies. They have a
Speaker 1: very big following that's grown over time and they do
Speaker 1: events and podcasts and other stuff really become They've become
Speaker 1: the sort of go to destination for serious analysis of
Speaker 1: these companies. And so we talked to Craig right before
Speaker 1: the legalization, right before recreational is about to come out,
Speaker 1: and so he wanted to go back and talk to
Speaker 1: Craig again about what he's learned and what he's seen
Speaker 1: in the first few months of the recreational market in Canada.
Speaker 1: And so we have him back now. Craig Wiggins, thank
Speaker 1: you very much for joining us. Thank you very much
Speaker 1: for having me. I. Oh, I hope I'm not the
Speaker 1: reason Tracey didn't show you are I said Tracy, we're
Speaker 1: gonna have Craig back. And she's like, oh, I got
Speaker 1: food poisoning last night. Suddenly I can't do it. No,
Speaker 1: she wishes she could do it, but due to the
Speaker 1: time zone she's in Hong Kong, she couldn't make it
Speaker 1: this time. UM, so what's your overall You know, you
Speaker 1: warned a lot about a lot of different things when
Speaker 1: we talked about the market and the impending legalization of
Speaker 1: recreational and the fact that, um, you know, there's just
Speaker 1: all kinds of issues with the supply chain, the sort
Speaker 1: of the separation between the distributors and the retailers and
Speaker 1: the provinces putting themselves in the middle. What have you
Speaker 1: seen so far? How smooth has the rollout been? Well,
Speaker 1: I'm not sure the age of your listeners, but the
Speaker 1: term gung show would probably be apropos for how adult
Speaker 1: wreck has been rolled out throughout Canada. Okay, so I
Speaker 1: take that as a negative. What has been the biggest
Speaker 1: problems of them? I think there's a multitude of problems
Speaker 1: and uh, we have no shortage of people pointing fingers
Speaker 1: at each other. In Canada, we have two distinct streams
Speaker 1: with respect to cannabis. We have the medical cannabis and
Speaker 1: we have the adult rack. The medical cannabis is all
Speaker 1: done online and ship directly from an LP, a licensed
Speaker 1: producer who is licensed by Health Canada, direct to patient
Speaker 1: or Shoppers Drug Market, Canada's largest drug store chain, has
Speaker 1: gotten involved in distribution of cannabis, but not from the
Speaker 1: retail stores. Again, all online the wreck side. Each province
Speaker 1: in Canada is responsible for distribution, most of them. I
Speaker 1: think nine out of the ten major provinces all elected
Speaker 1: to be the wholesale er of cannabis, and some of
Speaker 1: them elected to also be the retailer of cannabis, and
Speaker 1: each events is different, so we really have a patchwork
Speaker 1: of different models throughout Canada. And what we've really seen
Speaker 1: is the theme that we've heard from the provinces who
Speaker 1: are strapped for inventory, so much so that the Quebec
Speaker 1: government who's actually running their own retail stores, have closed
Speaker 1: their retail stores Monday through Wednesday because there's not enough
Speaker 1: product New bruns a similar situation. Alberta stopped issuing new
Speaker 1: retail licenses. In Alberta, it is private distribution, even though
Speaker 1: the government sees the need that they have to receive
Speaker 1: the product before distributing it to the retail. So it's
Speaker 1: really been a patchwork and most of those provinces have
Speaker 1: not done a very good job of their retail rollout,
Speaker 1: whether it's private or or government run. That's just what
Speaker 1: I was about to ask. Of the two main models,
Speaker 1: neither one is looking particularly good right now. Yeah, and
Speaker 1: that's where some of the fingerpoint it comes in. A
Speaker 1: lot of the provinces said the LPs, the license producers
Speaker 1: over promised and under delivered, and there's a lot over
Speaker 1: promising going on the term funded capacity was bandied about
Speaker 1: greatly in the industry because it's clear before when you
Speaker 1: say the LPs, these are the producers, the license producers
Speaker 1: whose names investors have come to know, like a canopy
Speaker 1: growth or in Afria. Yeah, they're cultivators, primarily cultivators. The
Speaker 1: canopy has gone into the retail side. Aurora has purchased
Speaker 1: an interest in the retail operation. But yes, the LPs
Speaker 1: are are the ones that are producing, cultivating and then
Speaker 1: shipping the product, whether it is medical or whether it
Speaker 1: is adut rack, same distributor, the same growers feeding two
Speaker 1: different screens. So if there's a shortage of supply and
Speaker 1: the LPs haven't been able to deliver on what they promised,
Speaker 1: does that, in your view speak to some fundamental problem
Speaker 1: or is this just like, look that maybe there's still
Speaker 1: growing pains. They didn't really appreciate the scope of the
Speaker 1: demand for it. But you know, in a few quarters,
Speaker 1: in a few years, as they continue to build out
Speaker 1: their growth facilities, that should stabilize. Yes, and no, the
Speaker 1: quality that's coming out. There's only two form factors that
Speaker 1: are presently allowed in Canada. One is flour but and
Speaker 1: the other is oil. And it's oil that has has
Speaker 1: been provided in a diluted carrier oil like mct or
Speaker 1: or olive oil or something like that. So there's only
Speaker 1: presently two legal form factors in Canada, the edibles right
Speaker 1: that edibles and formed factor two point oh if you would.
Speaker 1: The discussion period just ended last week if I remember correctly,
Speaker 1: and those new formats will be out by October of
Speaker 1: this year. But the the bud side of the equation,
Speaker 1: there's some pretty scraggly looking flower that's that's getting delivered
Speaker 1: to customers that are used to if they're they're from
Speaker 1: the black market or what we've been calling lately. The
Speaker 1: legacy market is not nearly as good. So there are
Speaker 1: some premium flower out there, no question about it. There's
Speaker 1: some gorgeous flower out there, but there's a lot of
Speaker 1: flower that's coming through that. Uh. We see pictures posted
Speaker 1: on Twitter that just do not look appeal. So one
Speaker 1: of the questions that I had, and that I've been
Speaker 1: really curious about prior to the introduction of recreational is
Speaker 1: the degree to which consumers or new consumers of cannabis
Speaker 1: would gravitate towards specific brands. Because we know that in
Speaker 1: other sort of vice industries. People of their favorite beers
Speaker 1: and they can you know, maybe they dabble with some others,
Speaker 1: but there's ones that they really like. Obviously, people have
Speaker 1: loyalty to certain cigarettes that they like. Are we seeing
Speaker 1: any trends play out where there are certain strains or
Speaker 1: certain brands that people have shown a consistent affinity towards
Speaker 1: or is it too early to know. There's a lot
Speaker 1: of brand hopping in the mid mid range and the
Speaker 1: lower priced product as people try to figure out what
Speaker 1: they like from each of the producers. The premium brand names,
Speaker 1: the Broken Coasts, the Cantalus Labs, the Supreme Pharmaceuticals or
Speaker 1: Fire is what the what their tickers and what people
Speaker 1: call them. Those Premium and Flower are doing very well.
Speaker 1: They're they're selling very well, a lot of social media
Speaker 1: on the product. So something like a Broken Coast, are
Speaker 1: we is this like this the cannabis equivalent of some
Speaker 1: you know, I p a microbrew. Yes, they don't put
Speaker 1: out a lot of product, but the product they put
Speaker 1: out is gorgeous. It's Broken Coast is my favorite. I've
Speaker 1: tried Cantaalists, I haven't tried to Fire yet, but those
Speaker 1: those those higher end quality ones, and they're a little
Speaker 1: bit more pricier. They're they're plus ten dollars Graham through
Speaker 1: the retail outlets, so they are more pricey than legacy
Speaker 1: market or black market. But at the same time, they're
Speaker 1: head and shoulders about what we're seeing from some of
Speaker 1: the mass brands that are out there. Do the mass
Speaker 1: brands also have their sort of premium lines? Are they trying?
Speaker 1: You know, they're sort of the faux indie lines that
Speaker 1: you see in beer. They have them. But there's, as
Speaker 1: I said, there's a lot of brand hopping right now
Speaker 1: as people try to figure out what's good and what's
Speaker 1: not good and uh, in this day of social media,
Speaker 1: if you ship a container of stems and seeds, it
Speaker 1: ends up on the Internet and people know pretty quickly.
Speaker 1: So if you're if you're trying to build a brand,
Speaker 1: it's probably not a good idea to build the brand
Speaker 1: without the quality there first. So let's talk about this
Speaker 1: side of it, because obviously, as you say, ay, there's
Speaker 1: not enough supply, and be when there is supply, a
Speaker 1: lot of times the flower is mediocre and it looks
Speaker 1: really terrible on social media. Is this is that again?
Speaker 1: I'm still trying to wrap my head around this question
Speaker 1: of how much is just growing pains demands strain on
Speaker 1: the system versus maybe they're not that good at growing
Speaker 1: at scale, or maybe there's going to be some issue
Speaker 1: that's going to permanently be an issue with growing at scale,
Speaker 1: Like how much of this is do you expect to
Speaker 1: be solved over the coming years. Well, I think a
Speaker 1: lot of it gets solved through genetics. Yet you have
Speaker 1: to remember cannabis has been grown in small scale in
Speaker 1: Canada indoor simply because you have to hide it. So
Speaker 1: going to these mass greenhouses, the genetics are going to
Speaker 1: take a while to dial in. The genetics have to
Speaker 1: come along to be able to grow in a different,
Speaker 1: less controlled environment than an indoor shop, the indoors. And
Speaker 1: it's interesting because the three premium brands I mentioned to
Speaker 1: you are the ones that I see premium. Broken Coast
Speaker 1: is indoor grown, U Tantalus is a craft greenhouse that's
Speaker 1: only an acre in size, and fire Is is also
Speaker 1: a hybrid greenhouse. So growing in greenhouse, which a lot
Speaker 1: of people thought, you know what, it's not gonna work
Speaker 1: because the genetics weren't there. We're seeing it so it's
Speaker 1: a matter of the genetics and really dialing in these
Speaker 1: large facilities. It just hasn't been done before, especially in
Speaker 1: greenhouses on this level. So the genetics will take a
Speaker 1: while to dial in. Is there growing paints. There's always
Speaker 1: going to be growing paints. We even hear from the
Speaker 1: indoor guys that it's a two year dial in to
Speaker 1: get get what they're growing perfectly right. So you can
Speaker 1: only be as good as the plant you're growing. So
Speaker 1: the genetics are really important, but also the genetics need
Speaker 1: certain things to thrive to be their best. And if
Speaker 1: you've taken indoor genetics and you're trying to transform into
Speaker 1: a greenhouse environment, it's going to take you a while
Speaker 1: to dial that in. We know the big some of
Speaker 1: the big names, your Canopies, Auroras and so on. What's
Speaker 1: the actual number for how many publicly traded cannabis companies
Speaker 1: that are in Canada? Wow, publicly traded. I've got to
Speaker 1: think it's north of fifty right now. I think there's
Speaker 1: a hundred licenses. One company can hold multiple licenses like
Speaker 1: Canopy and and Afrian and the like. But there is
Speaker 1: a there's a lot of companies out there, and we
Speaker 1: are seeing some of them do well in the first
Speaker 1: quarter because the wholesale markets still surprisingly strong. So we
Speaker 1: have some of these big companies, despite their growing capacity,
Speaker 1: are still buying wholesale to leave it to sell out
Speaker 1: to retail, which is quite shocking given some of the
Speaker 1: the amounts of inventory we see on their books and
Speaker 1: what they should be growing versus their square footage. So
Speaker 1: let's talk about metrics, because, as I mentioned in the introduction,
Speaker 1: your crew, the Canalysts are known for really top shelf,
Speaker 1: deep dive analysis into these companies and you really sort
Speaker 1: of pick apart the financials and as you just mentioned,
Speaker 1: you also tour the facilities. You really sort of get
Speaker 1: to know them on an operational scale for an investor
Speaker 1: who's looking in this space. And it's worth noting that
Speaker 1: many of these cannabis companies have had a phenomenal start
Speaker 1: to the year in the stock market. After slumping after
Speaker 1: the bubble or the boom last year, they slumped, now
Speaker 1: they're really back on fire. What should people look at
Speaker 1: now to see who's getting traction in the recreational space
Speaker 1: and who's growing in some manner that you know, looks
Speaker 1: like they're growing efficiently and uh, scaling nicely. What should
Speaker 1: people look for in their earnings filings and so forth. Well,
Speaker 1: what I look at and we run not only peer groups,
Speaker 1: but we run trends on individual companies. The sales growth
Speaker 1: is important. The gross margin they are all over the
Speaker 1: map these days. The gross margin. I'd like to see
Speaker 1: gross margin in the companies that I invest in start
Speaker 1: creeping into the seventy percent range. Canopy, just to give
Speaker 1: you an idea. Their last quarter they were at they
Speaker 1: dropped from two and I even think are the folks
Speaker 1: over at Aurora dropped a little bit down to fifty?
Speaker 1: You're not going to get good returns on the amount
Speaker 1: that they're spending below the line without a strong gross margin.
Speaker 1: Explain that. So what is going on in the business
Speaker 1: that is causing gross margins to deteriorate. Well, there's a
Speaker 1: lot of launching of new facilities. So as those new
Speaker 1: facilities come on, you might not be matched against your
Speaker 1: revenue in that quarter, so there might be a lag.
Speaker 1: Like for instance, Aurora Sky finally got all their licenses
Speaker 1: and we're actually touring a Roora Sky today with video cameras.
Speaker 1: So I'm actually looking forward to seeing what my colleagues
Speaker 1: bring back on that. But Aurora Sky just got all
Speaker 1: their licenses. They've actually planted the flag. They said in
Speaker 1: UH for their fourth quarter of this year, which is
Speaker 1: actually second calendar quarter there, they planted the ebitda flag
Speaker 1: and said they're gonna be ebit de positive. They've got
Speaker 1: a hill to client. They're they're running at a bout
Speaker 1: minus thirty three million and adjusted. But it does as
Speaker 1: I calculated, and it's interesting to see will they be
Speaker 1: able to bridge that gap in order to adjusted. But that,
Speaker 1: just for your audience, is one of my favorite metrics.
Speaker 1: I'm an old school commercial lender, so that's how you
Speaker 1: get paid back. Looking at that line. So what you
Speaker 1: need to drive that is you need your sales growth
Speaker 1: to drive uh the top line. Then you need your
Speaker 1: gross margin to convert it into how much money after
Speaker 1: my production cost do I have to pay my s
Speaker 1: g n A and my operating expenses? Just just to
Speaker 1: give you an idea, last quarter, Canopy did eighty three
Speaker 1: million in net revenue net of excise tax, and they
Speaker 1: had a hundred and seventy million in our backs. And
Speaker 1: the folks over at Aurora also had over two of
Speaker 1: their sale was at x so it's tough to make
Speaker 1: money when when when you're ax is outpacing your sales
Speaker 1: at the two to one level. So do these companies
Speaker 1: I mean, I'm thinking of like and it's kind of
Speaker 1: unrelated from a business model standpoint, but the question, the
Speaker 1: fundamental issue, man is like thinking about some of the
Speaker 1: fast growing startups in the US, say like an Uber
Speaker 1: or a Lift, and they obviously have spending growth that's
Speaker 1: much fast, that's incredibly fast, and they're losing money, but
Speaker 1: they say, well, this is all worth it. But then
Speaker 1: the question that investors faces like, okay, but when is
Speaker 1: the spending going to slow down? Like, what is the
Speaker 1: timetable for when you're gonna be able to stop investing
Speaker 1: and actually produce growing cash flow and growing margins and stuff.
Speaker 1: Do these companies and obviously because of the demand and
Speaker 1: the growing pains, obviously they have rapidly expanding costs and
Speaker 1: new facilities. Do they have a timetable for when this ends?
Speaker 1: Or is their view that look, there's a lot of
Speaker 1: growth ahead, We're just going to keep investing in the future.
Speaker 1: And at this point it's premature to talk about slowing
Speaker 1: down the expense side. I think there's some In each
Speaker 1: each of those camps, we hunt inflection points. We are
Speaker 1: looking for when will the break even and sales and
Speaker 1: the break even for a positive net operating profit on
Speaker 1: a break even for adjusted EPA. We're hunting those inflection points.
Speaker 1: That's what we do with with our charting and our graphic.
Speaker 1: We're trying to see when that happens. And we're we've
Speaker 1: seen some inflection points last quarter. Do those inflection points
Speaker 1: become trends and at the end of the day, like
Speaker 1: I think Canopy went from last quarter uh SE, s
Speaker 1: g n A or APEX to sales, so that that's
Speaker 1: a big improvement, all driven by the sales line. So
Speaker 1: what we're hunting is to see are the gen A
Speaker 1: is going to plateau? Are the selling expenses going to
Speaker 1: start trending down as a percentage of sales And we're
Speaker 1: starting to see that in some companies. So those are
Speaker 1: the things we're hunting, and we believe the investors should
Speaker 1: be paying attention to those things because depending on where
Speaker 1: you are on your your investment horizon. I'm fifty two
Speaker 1: years old, I don't want to take as much risk
Speaker 1: as say someone in their early twenties. I don't have
Speaker 1: the runway to recover versus versus some if I make
Speaker 1: a mistake at my age versus someone who's much younger.
Speaker 1: So if you believe in the story that cannabis is
Speaker 1: going to be everywhere and global and the light, maybe
Speaker 1: maybe you're more bullish on that story. But for me,
Speaker 1: I'm still concerned about can you produce a product at
Speaker 1: a decent gross margin to cover those those expenses. That
Speaker 1: that's what I look at. I want something that that
Speaker 1: I can believe in with respect to their fundamentals. Fundamentals
Speaker 1: isn't always the answer, but for where I am in
Speaker 1: my investment horizon, I am looking more for fundamentals than um.
Speaker 1: I care about the stake, not the sizzle so much,
Speaker 1: And there's a lot of people are throwing a lot
Speaker 1: of sizzle out there for sure. You know, Craig, I've
Speaker 1: been meaning to ask um, what's happened to the medical
Speaker 1: side of the market, because everybody knows a lot of
Speaker 1: the medical marijuana consumption, probably in the US and Canada
Speaker 1: was just recreational consumption in disguise. What is the future
Speaker 1: of the medical side now that someone can just go
Speaker 1: onto a dispensary without a prescription or anything like that. Well, actually,
Speaker 1: for for a lot of the bigger companies so far,
Speaker 1: their medical actually either stayed relatively stable, a little optick
Speaker 1: or a little downtick. So we did. We're through our
Speaker 1: first reporting quarter of full rack, which was October November seven,
Speaker 1: so companies like Canopy and or are reporting full quarters
Speaker 1: of that. So I think Canopy went down a little
Speaker 1: bit and Aurora went down. But also the other thing,
Speaker 1: and here's the crazy thing in Canada on the medical side,
Speaker 1: our government is charging an excise tax on medical cannabis
Speaker 1: because and I think this is a very lazy way
Speaker 1: of approaching it. They're they're seeing it, well, if you
Speaker 1: want to game the system and you want to pay less,
Speaker 1: well you'll go into medical. Uh. But what they've tried
Speaker 1: to do is even the playing field and thrown excise
Speaker 1: tax on it. And there is a lot of medical
Speaker 1: benefit with respect to cannabis. I use it from my arthritis,
Speaker 1: I use it for for sleep as well. And I
Speaker 1: shouldn't be that dismissive of medical consumption and just saying
Speaker 1: it's recreational and disguise, you'll really get get the folks
Speaker 1: that that use it riled up quite frankly, but the yeah,
Speaker 1: the excise tax that are that our government as has
Speaker 1: put on it is crazy. And you asked, like, what's
Speaker 1: part of the problem, and I said, there's a lot
Speaker 1: of finger pointing. These excise stamps, which are about half
Speaker 1: an inch wide by by an inch long, are by
Speaker 1: province and every producer, every license producer who ships it
Speaker 1: out has to put one on all these disparate packages
Speaker 1: from pouches, tubes, bottles, boxes, and they didn't get the
Speaker 1: XI stamps still about two weeks before RED kicked off,
Speaker 1: and there was no glue on them. So they all
Speaker 1: these companies designed all their packaging and then we're given
Speaker 1: these excise stamps that that have to go on the
Speaker 1: opening and when the products opened, it still has to stay.
Speaker 1: It'll tear, but it has to stay affixed. So that
Speaker 1: that's our government helping out. I was touring Afrey yesterday
Speaker 1: and they are hand sticking excise stamp stickers on the pouches,
Speaker 1: on the bottles and that that is just not efficient.
Speaker 1: But because all the packaging is different and these stamps
Speaker 1: have to be affixed and they have to stay affixed
Speaker 1: after opening. Mond, you torn, it's a silly silly person
Speaker 1: in this day and age in my mind. But the
Speaker 1: government once they're they're sharing the excise stamps, go on it.
Speaker 1: It's very very colonial, colonial British, I think, Craig, I
Speaker 1: remember the last time we chatted, you used the phrase
Speaker 1: to describe the government's role in this. You said, you
Speaker 1: have to put yourself in the position of a greedy
Speaker 1: provincial finance minister to understand both their role as a
Speaker 1: middleman but also their desire to maximize taxation revenue. What
Speaker 1: kind of taxation revenue are they seeing, are they happy
Speaker 1: with it? And how is it impacting expected profits within
Speaker 1: the industry. Well, you know what, I'm glad that resonated
Speaker 1: with you, because it certainly is the case between the
Speaker 1: federal and the provincial taxes. I think they're taking forty
Speaker 1: of the net purchase price into taxes in one form
Speaker 1: or another, whether it's sales tax, excise tax, or what
Speaker 1: have you. The the government's role as a middle in
Speaker 1: the provincial government, it is slapstick comedy. If you look
Speaker 1: at Ontario. We had a liberal government when C. Forty five,
Speaker 1: which was the legislation was coming out uh provincially in Ontario,
Speaker 1: and they said we're gonna open forty stores, will run
Speaker 1: them ourselves. They probably got three on the drawing board
Speaker 1: before they lost power income the Conservatives. The Conservatives take
Speaker 1: a look and say, you know what, We're gonna open
Speaker 1: this up to retail, private retail. We're not going to
Speaker 1: own the stores. Everyone was very, very happy about that.
Speaker 1: Then the Conservative government looked around and looked at Quebec
Speaker 1: with their operating hours or their operating days being cut
Speaker 1: to Thursday through Sunday, and uh and Alberta stopping giving
Speaker 1: new retail licenses because the short store shelves were empty.
Speaker 1: So the government had the idea that they were going
Speaker 1: to do a lottery system for twenty five retail licenses.
Speaker 1: And this wasn't a vetted licensing system for the lottery.
Speaker 1: They a actually took anybody's seventy five dollars who wanted
Speaker 1: to put in an application, and there were twenty five
Speaker 1: winners drawn. More than half of them are sole proprietors
Speaker 1: and they cannot, under the rules of the lottery change
Speaker 1: their ownership for over a year. So we have twenty
Speaker 1: five retail stories coming to Ontario supposedly by April one,
Speaker 1: but the government has botched it. So much bad that
Speaker 1: there these aren't season retailers coming into the market, and
Speaker 1: the big LPs are trying to figure out their way
Speaker 1: around the red so they can partner with these. But
Speaker 1: this is the type of rollout that that we've gotten
Speaker 1: in Ontario, which is the biggest province, and actually November
Speaker 1: to December the purchases purchases of cannabis went down in
Speaker 1: Ontario despite despite the rollout, and Alberta is doing better
Speaker 1: because they have more retail establishments, because the new buyer
Speaker 1: wants to go in, they want to take a look
Speaker 1: at things, they want to talk to people going on
Speaker 1: the internet, right, something that you've never bought before. Um,
Speaker 1: that's a different, different end of the stick, quite for ittly.
Speaker 1: So so when you talk about greedy provincial provincial finance ministers,
Speaker 1: it is very very true that not only are they
Speaker 1: taking taxes, but they're really not adding a lot of
Speaker 1: value into the equation. Craig, I feel like we should
Speaker 1: just schedule you on the podcast like every six months
Speaker 1: or so, because obviously a big change between now and
Speaker 1: the pre reck era. But it just feels like because
Speaker 1: there's still so much in flux in terms of business
Speaker 1: models and distribution models and scaling up that we should
Speaker 1: just regularly check in with you. Really appreciate you coming on.
Speaker 1: Got to have you back again. Hopefully Tracey will be
Speaker 1: here uh this time, and thank you very much for joining.
Speaker 1: If you don't mind, I'd love to plug our YouTube
Speaker 1: channel if you don't mind. As as far I have,
Speaker 1: we've gone to a paywalled subscription service for some of
Speaker 1: our work, but we have a lot of our work
Speaker 1: is still open source and our YouTube channel has so
Speaker 1: much investor information in there if you're interested to see
Speaker 1: what a indoor grow up is. From soup to nuts.
Speaker 1: We have a documentary on Broken Coast and Uh, We're
Speaker 1: hoping to do some new new work and maybe we
Speaker 1: can invite Joe to come and play his guitar and
Speaker 1: uh sit down on one of our podcasts one of
Speaker 1: these days. I'd love I'd love to do that sometimes.
Speaker 1: Thank you very much, and I will as soon as
Speaker 1: I'm out of the studio. I'm gonna go check out
Speaker 1: your YouTube. But I appreciate it. Craig Wiggins, he's one
Speaker 1: of the cannabists. Definitely check out their stuff. And that
Speaker 1: does it for this episode of The Odd Loans Podcast.
Speaker 1: I'm Joe wisn'hal. You can follow me on Twitter at
Speaker 1: The Stalwart. You can follow my co host on Twitter,
Speaker 1: Tracy Alloway. She's at Tracy Alloway. Definitely follow Craig on Twitter.
Speaker 1: He's at Go Blue cd N, and be sure to
Speaker 1: follow our producer to for Foreheads. He's at Foreheads T,
Speaker 1: as well as the Bloomberg head of podcast, Francesca Levie
Speaker 1: at Francesca Today. Thanks for listening.