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Ep.249: Bruce Linton, Canopy Growth

Cannabis Economy Podcast
Ep.249: Bruce Linton, Canopy Growth

Ep.249: Bruce Linton, Canopy Growth

Running the largest cannabis producer on earth that publishes the address, Bruce Linton joins us to discuss his global operation. Canopy is of course in Canada but also does business in Germany, the Netherlands, Brazil, and Australia. Ireland, Italy, the Czech Republic, South Africa and Poland are all opening up per Bruce. Based on his global presence, he provides his thoughts on what’s happening here in the US as well. And of course when compared with all of those federal cannabis operations, the United States is simply falling behind the rest of the world…and as Bruce says, the US is the opposite. What brought him to medical cannabis to begin with is the fact that Canada was treating cannabis as simple and straightforward public policy. And of course they’re moving to adult-use next.

Transcript:

Speaker 2: fresh off the constellation brands deal. Bruce lit and joins us and shares that. One of the things that he has to do is look at other sectors, so he's been watching alcohol, tobacco and foremost, looking at structures and public statements. The only company in the alcohol space that seemed to be forecasting and interest in cannabis was constellation. Bruce and his team reached out to figure out how to make it happen and found a company with an entrepreneurial spirit with a like minded approach for his part. Bruce sees the producer of corona beer as a beverage manufacturer. He notes that whenever and wherever there's a market for nonmedical cannabis beverages anywhere in the world, constellation is with whom canopy growth will be working. Welcome to cannabis economy. I'm your host Seth Adler. Check us out on social with the American economy. It's two ends of the word economy. Fruitland. Why is there no lotion?

Speaker 1: Uh, at least to have no. See if we will. And a nice breeze. What is going on? Why can't you fix your studio? I know, I mean, we're in the back of the room where you are going to be in the front of the room at Mj Blizzcon in Vegas, which is very different than for a concrete slab outside the, uh, the hall in Tel Aviv. That was very pleasant. It was better. But, you know, listen, now we gotta take you where we can get you, you know, you're making deals that, uh, are, are, are raising eyebrows. Bruce writes this morning, did you see the one we got greenhouse a and organic are part of our world up in Canada now are partnered into be producers with the only place you'll be able to get their product in Canada is the tweet main street and they're going to actually have their genetics coming over and working with us, uh, on, on one our sites where they're going to essentially be a partner because we've made a joint venture.

Speaker 1: I do love making joint ventures in this sector. This sector just seems so appropriate. It makes sense. Some, uh, I think they found that the strain hunters found a new place and, and it's, uh, it turns out that it's kind of big earth of course. Yeah. So, um, you know that. So congratulations on that. Yeah, I think that as far as constellation brands who obviously produces corona, uh, what was so interesting about that? Uh, well there are also many things but the fact that alcohol is part of this, right? So, um, where, you know, how much can you tell us, where did this conversation begin, you know, and, and how did it progress? Well, um, so you know, when one of the things you have to do is look at other sectors. So we've been watching alcohol, we've been watching tobacco, we've been watching Pharma and we've been looking at structures and we've been looking at public statements and the only company that actually seemed to be of the view that this is going to happen and we should be focused on how do we make it happen to be part of it in the alcohol sector was constellation and there were public record statements by their CEO that made us watch them very closely.

Speaker 2: fresh off the constellation brands deal. Bruce lit and joins us and shares that. One of the things that he has to do is look at other sectors, so he's been watching alcohol, tobacco and foremost, looking at structures and public statements. The only company in the alcohol space that seemed to be forecasting and interest in cannabis was constellation. Bruce and his team reached out to figure out how to make it happen and found a company with an entrepreneurial spirit with a like minded approach for his part. Bruce sees the producer of corona beer as a beverage manufacturer. He notes that whenever and wherever there's a market for nonmedical cannabis beverages anywhere in the world, constellation is with whom canopy growth will be working. Welcome to cannabis economy. I'm your host Seth Adler. Check us out on social with the American economy. It's two ends of the word economy. Fruitland. Why is there no lotion?

Speaker 1: Uh, at least to have no. See if we will. And a nice breeze. What is going on? Why can't you fix your studio? I know, I mean, we're in the back of the room where you are going to be in the front of the room at Mj Blizzcon in Vegas, which is very different than for a concrete slab outside the, uh, the hall in Tel Aviv. That was very pleasant. It was better. But, you know, listen, now we gotta take you where we can get you, you know, you're making deals that, uh, are, are, are raising eyebrows. Bruce writes this morning, did you see the one we got greenhouse a and organic are part of our world up in Canada now are partnered into be producers with the only place you'll be able to get their product in Canada is the tweet main street and they're going to actually have their genetics coming over and working with us, uh, on, on one our sites where they're going to essentially be a partner because we've made a joint venture.

Speaker 1: I do love making joint ventures in this sector. This sector just seems so appropriate. It makes sense. Some, uh, I think they found that the strain hunters found a new place and, and it's, uh, it turns out that it's kind of big earth of course. Yeah. So, um, you know that. So congratulations on that. Yeah, I think that as far as constellation brands who obviously produces corona, uh, what was so interesting about that? Uh, well there are also many things but the fact that alcohol is part of this, right? So, um, where, you know, how much can you tell us, where did this conversation begin, you know, and, and how did it progress? Well, um, so you know, when one of the things you have to do is look at other sectors. So we've been watching alcohol, we've been watching tobacco, we've been watching Pharma and we've been looking at structures and we've been looking at public statements and the only company that actually seemed to be of the view that this is going to happen and we should be focused on how do we make it happen to be part of it in the alcohol sector was constellation and there were public record statements by their CEO that made us watch them very closely.

Speaker 1: So, but December last year we reached out because we actually wanted to talk about how we want to make it happen. Sure. And how they could help us think about stuff and how we can help them think about this. And then over the course of several months it became another discussion about do that. Plus put some cash in, but it was never about actually the cash because in Canada or the public markets, my access to capital is extremely high. What I wanted was a relationship that allowed us to actually spend the money more wisely together. And so, uh, they came on board. I don't think there's any other actor right now who is substantial in that sector looking at it other than watching what we do. Got It. And I've had a number of people that said to me, I'm only gonna buy constellation products because they're actually legit.

Speaker 1: Right? These guys, they're not, they're not fighting, they're joining. Got It. And so I hope to see that, you know, maybe they'll have a little spike in their sales of the Omi or uh, you know, a corona modelo. But you've got to give them credit, right? They, they didn't, they didn't hide from it. They embraced it. So what were those initial statements that you saw? What, what kind of peaked your interest? Um, so Mr Sands Robson's, uh, is the CEO and has been for quite a number of years. He made a public statement saying that I'd like to be in this space. And you took that seriously. We were like, wow. Yeah. Um, because if you look at the other folks in the alcohol business, what they would like is for this space to go away, to disappear, to be curved. If I just closed my eyes and ears and stamp my feet, hopefully this won't happen.

Speaker 1: And so, um, we like that, but even that, so even if he made a public statement, we turned out that they're just a big corporation with absolutely no entrepreneurial spirit. We couldn't have taken their money and worked with them because the quickest way to kill my company is to have a relationship with a company that is absolutely asymmetrical in terms of how they're governed or what they want to achieve. So this place, uh, as far as I can tell them, we've interacted with a lot of them a lot at constellation is that they are a really big entrepreneurial company. Interesting. And, and in the sector of alcohol, that's pretty unusual, right? Um, so I think their approach and our approach actually, you know, we signed the document and the next day we're like, okay, what did we do today to make stuff happen? Um, which is exactly the way you should approach these things.

Speaker 1: It shouldn't be a finish line, it should be a start line. Right? So at the starting line, um, what were they saying as far as what they wanted and then we'll get around to your, your desires, right? Um, there was a whole bunch of evolution, but the way it landed is, um, they are our beverage partner on a global basis, uh, when there's an nonmedical market for beverages anywhere, that's who we're working with. Got It. And to work with cannabis a anywhere, what's federally legal, where that partner for them and the effect of that, a focus, or I'll call it alignment, is that there's nothing that we need to actually shelter or hide on either side. What do you mean? Well, um, if you were saying, well on Tuesdays you're my partner, but on Wednesdays you're not. Or if it's a month, it ends with a, you know, no, it's all in and the effect of that, it means that when you sit and work together, there's no benefit of actually not focusing everything you know and can do.

Speaker 1: All right. So it is a, an absolute partnership. It's or relationship. It's, it's partnerships are funny words. Relationship is one of those things where you know, where your beginning and what you hope, where you can make things work, but you both know you have to participate in work in it. Got It. As opposed to partnership. Why is that different? Why don't you. It sounds to me like if you're opening a car dealership, you could have a partnership. You know you've got 49 percent. I got 51 and I can tell you to piss off and do what I say partnership structured versus the relationship. You have to do this kind of like a for anybody who has a spouse who of WHO's had a spouse and they shouldn't have any question whether the differences between the 49 slash 51 percent relationship. So you single people out there.

Speaker 1: Just try it on for a couple of years and then you'll know. So, um, that's the, uh, the nature of the relationship. They are your beverage partner. Now we're for adult for rec market. Totally understood. And were federally legal. Where do you want to go? Where do you see this going initially and uh, you know, without alcohol and with alcohol. So we'll get to that without alcohol. This is just a different drink. They're just a beverage company to you. This is a beverage beverage. I don't think so. Um, people will be a big part of what you can make. Depends on who your regulator is. Sure. So when you look to Canada for since 2001, we've had federal medical access regulation starting in 2018, we're going to have an open door where the feds regulate production and the province or states regulate sale and everybody out a state or province level that regulates us, their current only businesses regulating alcohol sales.

Speaker 1: And in Canada if you go to a liquor store, it's principally owned in almost every province by the government. Right? And when you go in there, you know what, they sell alcohol, but you say, well, can I buy gum? No, they don't sell gum. How about beef jerky? Normally all saw that we saw alcohol and so they are not retailers. What they are is alcohol sales points. Right. And so think about 2019 when we're going to have more products available in the market because the regulators are going to open it up more so we have a more competitive offering to the black market. The regulator who doesn't sell beef jerky doesn't sell gum. Do you think they're really comfortable with edibles or liquid infused beverages that are for adults? Right. And so I think the Canadian platform is actually because of who regulates us, highly likely to embrace formats of product that may or may not be the standard way in say Colorado, because the person regulating Colorado may not have such a sole focused experience base on regulating liquids that cause intoxication.

Speaker 1: It's almost a perfect. It's a long answer to explain why it makes a hell of a lot of sense. Exactly. Beverages are probably going to be governed as a favorable entity, right? Right. Because they already know how to do it. You're not teaching, you're not teaching an old dog new tricks. And I think if you look around all jurisdictions trying to govern edibles is probably one of the trickiest piece of policies without question, right? Oh, you can't make gummy bears. Well, I'd been to a state where they make gummy squares, right? That's a hell of a difference. Um, you know, the square versus the bear, man, I am completely no longer as a child attracted to that Yo, nice red gummy looking thing with sugar because it's square. I might cut my teeth. No, it's just very difficult to govern those and I think it's going to be a form factor thing so that what people are going to really want to see is the intensity of the strength.

Speaker 1: The effect is going to define what shape of a bottle, right? Like if I showed you a beer bottle, you will expect in Canada that'll be about a four or five percent alcohol. You'll know the dosage and how many you want to have. Right? Um, I think it's going to become socially normal through a bunch of things which include a vaping, but I think you're going to find social norms. I'm having a liquid in a glass, add an event is pretty much a social norm. We already do that. Yeah. So like I just want to, I just want to swap out what's in it and I'd like the efficacy to be very similar. So if you know that that's a glass of wine, this is kind of like a glass of wine in terms of onset duration, et cetera. And you'll learn what your glass of wine is.

Speaker 1: I can have three where you can have seven, you know, that's the sort of thing that I think is a way that society can feel access now if, if they want to stay in that format, great. Maybe that'll be a initial format that they'll feel then more comfortable later to try something like a vape pen. Right. But what I'm not trying to reengineer society, I'm trying to introduce something that's exiting. Prohibition. Love it. All right. So, uh, you mentioned the p word as you go around the world here, you know, let's get back to a cannabis without beverage for a second. Where are you exporting to housing house things, Bruce, right? You know, so we're, we're active in six countries, including Canada. Those countries include some in Europe, some in South America and Australia. What can you be more so like? Um, we've exported to, we were the first Canadian second in the world to export to Germany.

Speaker 1: Uh, we set up operations in Denmark because Denmark passed the rules to say we're going to do this. Uh, we have, uh, in Spain we partnered with a company which I'm now used that word partner back to car dealership. We have an association with a company in Spain which is called our caliber. Caliber is interesting in that they make a, they grow an awful lot of puppies. They make the ingredients that then other people buy from them to make opioids and you know, there's a lot of bad opioids, but they all start with poppy's and not all opioids are bad. And these guys though, recognize there may be less demand for their puppies, so they want to have another thing called cannabinoids. Right? And so were there a South America? We're active in Brazil and we've initiated in Chile. Uh, we have exports are lining up to get over to Australia and we have an interest in oz can in Australia.

Speaker 1: So it's, it's really what we're doing is we kind of go around the globe wherever the public policy is coming together and we think that the governance is going to be good. So we didn't line up to get into a Italy right away. But Italy's looking interesting now. Um, so it's, it's, it's each country. And what we're seeing is there's an opportunity to export, but it seems to be a short term one half so. Well in until they have production domestically they need to import. But the problem with importing anything to your countries, that means you're exporting money and if you export money long enough you have none. And so what I find is most of these jurisdictions recognize what we're not doing is growing cannabis. What we are doing is economic development because cannabis production, I don't care what country you're in federally, illegal or not, you tend to try to occupy places that have low cost of real estate and where there's low cost of real estate.

Speaker 1: That's because there aren't as many jobs or demands for that real estate, which means the local people have less work. Right. And so if you say like a a abandoned chocolate factory for instance, so that town in smiths falls where you take a 500,000 square foot empty space and start filling it up and now you have three or 400 people working there. That is a material change to that community and all of a sudden when they have income coming in, then they buy a new car or they get a new roof on their house and everybody has work and so I think what you're gonna find is every jurisdiction is going to treat this as an economic development where the opportunity for production will land in the lower income, lower rent jurisdictions, which is exactly where they need the jobs. Does that mean that you're looking to apply for licenses or however it's worth?

Speaker 1: Let's take Germany for instance, everywhere we can be a producer, a distributor, a vertical integrator with, that's what our business is. Give us an idea of what's going on on the ground in Germany specific. So we, um, we purchased a, our partner over there about a year ago, which I already had licenses thereby to import and distribute cannabis. And in Germany they have processes which will eventually select people to be growers. Of course, I'm sure there are lots of folks who would like to do that. Sure. Uh, the same type of process exists in each of the countries where it's federally regulated. When you see an office of medicinal cannabis establish, that means they're going to have regulations to become a producer. And so Denmark's looking for that, you know, each of the countries and it's um, so are the things that happened before production happens or in between production meeting demand, right?

Speaker 1: So it's, it's a half step almost in any, you know, you, you would want the same thing if you're running any country. How big is that? A Germany market, that is what it seems like most folks are most excited about that country and in particular I think I'm, I'm excited about it because Germany represents an extremely well organized. So we, for example, we became good manufacturing practices, GMP certified, a European standard. There are a lot of European countries that I could've had lead that we had Germans do it. Why? If I tell you that I meet the German standard, you say, well that's probably a very good. Yeah, that probably Germany is an extremely good governance area and so I think people are excited about it because while there are, what, 82 million people, uh, I think they have the third highest rate of opioid use per capital.

Speaker 1: There's a bunch of these things happening, but it's also because they're going to be good governance. So that brings us to Spain, which is basically the opposite of that. But for my eyes looks a lot like Canada if you will. Madrid being Toronto and Barcelona being Vancouver, is that fair? I would say so. They have a. That is very fair. And for those people who are, can't, can't visualize that a Vancouver is difficult to find a coffee, but really easy to find a dispensary. Exactly. They're not legal, but they're plentiful. And uh, so I think it's a bit like that, but what they do have is federal permission so you can actually get a federal license to produce cannabis as a medical product there. You just can't get a state license to actually integrate the cannabis produced in the country. So I think almost every, uh, Barcelona activity point has cannabis kind of like the Canadian ones, which officially comes from nowhere, right?

Speaker 1: I'm officially officially just like in, in Amsterdam, the coffee shops comes from. No officially comes from nowhere. So I think you're going to see Spain evolve. They've just had a few other things on the burner politically, like a state wanting to separate and stuff. So how does that affect how you go about doing what you're doing? So, uh, we're still federally regulated in the feds have been pretty strong in Spain. So what we're doing is with a federally regulated partner and uh, you know, it'll just out of Madrid, which is not Barcelona sooner so we can produce the product. We're working through that right now. Okay. All right. So it's just a big market that's acting irrationally type of thing. Welcome to the world. Exactly. Alright. So Denmark though, that is a kind of a new kid on the block, you know, for, for my ears and eyes, what's happening there?

Speaker 1: So it's been developing for more than a year. Um, and what's happened is we found a local entity that is integrated with us now to pursue licenses that because the government has said we want to have medicinal cannabis produce in our own country, right. And we want to do trials and we want to move forward. And the reason I like it is I think that, you know, um, everybody lives in neighborhoods, so Denmark isn't a neighborhood with a lot of places that I don't expect to stay out of this. Do you mean Nordic countries? Yeah, sure. Do you think that um, if Denmark does it, it's a long time till Finland or Sweden, you know, um, these are not exactly, uh, you know, countries that stand around and don't make decisions. Right. Uh, okay. Brazil, completely different, gigantic country. The legislation came through because of the court said you have to give people access.

Speaker 1: Uh, it's a slow process, but you know what, it takes a fixed amount of time in. The best way to deal with that is to begin right away. Okay. So we've had a couple of companies down there incorporated, uh, had an export to the country and we're working through getting a production license so we can actually tie into research centers and do what you would do in any country that's beginning to wind it up. It, it, uh, any reports of business. And in Brazil it's always like, well, it's interesting in different there, right? Yeah. Well, you know, it. People will tell you when I was doing telecon you always had to have a, a local association. I had to set up corporations and it was quite challenging for telephone companies, but you can imagine for marijuana company the, the depth and effort of the paperwork was substantial, but once it's done it's done.

Speaker 1: And so we're on that other side now. What, what are you taking or what did you take from your telecom days beyond what you just said? Well, I'm so I'm from Canada. Canada has had a long history of having really good telecom companies that didn't actually do much business in Canada. They did business everywhere. And so in one of my bit prior businesses, we did more business with Chevron, Nigeria for five years then I did in all of Canada. And so I think what happens is you perceive yourself not as a domestic thing. You perceive yourself as an required to scale to be anything. So from when I started this, everything we've tried to do has been about scaling the business and then scaling the business to other geographies. Right? Um, this is not a new thing. It's just the only thing. This is the way, this is what we do, right?

Speaker 1: So it doesn't matter really what the product is, just have to play by maybe slightly different rules. So I called Denmark a newer kid on the block because I have been hearing about Australia for what seems like forever as far as our cannabis users are concerned. Yeah. Why is this taking so long? Well, and Canada is moved fairly quickly because since 2011, we were the second country in the world that have legalized access to cannabis. You just had to be a patient, right? People forget that. Yes. And what happens with public policy is if you put a bunch of bureaucrats in a room by themselves with no experience, nothing happens, right? But when you have from 2001 till 2013 informing what they did with the evolution, and we've had subsequent, a couple more evolutions, it means that the public policy and the processes all moved faster.

Speaker 1: Australia has had none, right? So they just said, hey, we're going to do this. And what is this? So state by state, they make it more challenging for doctors. Uh, you know, what happens in all the new places. It's, Oh, well cbd is everything. Well, it's something but it's not everything. And so they're there, they're working their way through that and I think you'll find that it takes about a year to get a year's work done when you haven't had 10 years prior experience. That's fair. And that's what we're seeing in Australia. It's the cannabis years are not dog years because we started from zero, right. Aware though, geographically New South Wales. That's where, uh, you know, Sydney is. And is that where the focus is or what are we talking about a, I suspect some of my people who are, I'll call them followers because really my principal competitors, the black market, but the followers like to listen to exactly what we're doing.

Speaker 1: So I can't tell you exactly what we're doing. Fair enough. But what you want to make sure is when you go into a country that you're being welcomed by local government, state government and federal government. Right? And so when Oz can there, they've done a good job of that and they're based on the furthest place from my house on the planet, which is in, uh, Perth. Okay, sure, yeah, like if I could bore a hole directly through, I would land exactly in purse. So uh, I've been there once, I also have been there once but maybe they're a second time in this life but I'm not sure what we do. A lot of board calls by phone and so they're on that side of the country. Sure. Okay, fair enough. And thank you for that information. So I guess, you know, I'll just ask this question as a kind of big and open ended question.

Speaker 1: What am I going to see in 2018 when I, you know, open up the computer and then. Oh here's another thing with kind of bigger up here. Oh He. Bruce is talking about what are you expecting from 2018? So the first time for 2018 is keep buttoning everything down. Be Ready, be ready, be ready, be ready for inventory, available packaging available and have your shipping systems available. Everyone. The second half of 2018. I think what's going to happen is we're going to go from right now about 200,000 Canadians have medical access will probably be about 400,000 by next year at this time. And the reason is I'm, the formats of the product are looking very medical, like we make a uniform dosed soft Gel gmp, so Pharma certified, uh, Environment Gel cap, right? And when you detail a doctor with that, that feels a lot more like something they can get on with that's comfortable.

Speaker 1: So that's growing. And then in the second half of 2018, because it's July first, still the day, I think it's July, first, July first. If I was a politician, there's zero chance it would be July first. Got It. It's candidate. Do you really want to make a cannabis state? Like that would be that, that is, that is a way to not get reelected because the imagery might not be awesome. So the only day that it won't happen in July is July first. If I were trying to run for reelection, I would for sure not do that. Got. Um, but so in the second half of 2018, I think what you're going to find is that we're going to have such curiosity. We're going to have three, 4 million Canadians who want to try it, so they got to buy it. Right? And they're the people who aren't buying it now and it's going to be so normal.

Speaker 1: You're going to walk into stores that the province has say this is good. Yup. We got it here for you. And the feds say we control it. And so there's no, you know, this is not, this is not spooky or sideways. It's going to be a thing. And so I think the back half of 2018 is going to be a very interesting because the media. Thank you. Can't, they can't print a newspaper on a daily basis if they do not discuss marijuana and try and we'll read it. That's right. And so the story frequency is causing people to who never thought they would be interested to be super interesting. Just check it out. At least I am continuing to be surprised. I go to social events that have nothing to do with cannabis and people pull me aside. Who you would not expect to say, when can I get some tweet?

Speaker 1: I, I, I haven't smoked a cigarette in 20 years. I've never, but I want to get some tweet. Right? And I'm like, so you're the wife of the president of the hospital before the event I'm at and you're asking me how to get wheat. Yup. And it's all legit. Unbelievable. Who would have thought that's going to happen? So just imagine how that compounds out. Yeah, it's amazing. Alright, so I have three final questions for returning guests. Bruce, what would you change about yourself? If anything? It might be something that you're already working on. What would you change about anything else, if anything, and on the soundtrack of your life? One track, one song that's got to be on there. That's always the last question. What would you change about yourself, if anything? And it might be something you already working on. Um, so the first question again is what would you change about yourself if anything might get something you're already working on?

Speaker 1: I'm like, I just, I'm now over 50 and I'm a boat as patient as you should be when you're nine and it's not a great thing. Like I, I just lose my shit so easily for stuff I want done and, and I'm really working on it, but like I, I, it's, it's still like a really a not great. Pardon me. Well, you know, the first step is acknowledgment, right? Yeah, yeah. Was a second. What would you change about anything else if you could, and this is your, so you're omnipotent, you bend the space, time continuum. Anything else? I just like, I like rules and I like them to be followed and I'd like them to be, even if you disagree with the rule, as long as it's clear and applied. And so I don't care if it's about cannabis, it's about capital markets, everything. And I've always liked that.

Speaker 1: And so I find that it's, um, a weekly disappointment that rules either exist or poorly written. And then unenforced and I don't care. I'm more crossword area and it really matters in this space because we're exiting prohibition. You can't do it if you're half breaking rules. Yeah. Give me the rule. Make it clear. I'll just and then. Okay, great. That's what the rules are on the soundtrack of your life. One track one song that's got to be on there. A walking on sunshine song. I cannot not sorta start jumping around when I hear it and it's one of those ones that I loved it the first time I heard it. And every time I hear it,

Speaker 2: it still makes me have same reaction. Just makes you smile. Thanks man. And there you have Bruce Linton, any man that appreciates roots and you know, he's kind of setting the rules for the industry with the, uh, forward thinking that he's done with a constellation and Germany, Spain, Denmark, Brazil, Australia, and elsewhere. Thanks to him. Thanks to you. Stay tuned.

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Cannabis Economy is a real-time history of legal cannabis. We chronicle how personal and industry histories have combined to provide our current reality.