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Ep.267: Chuck Rifici

Cannabis Economy Podcast
Ep.267: Chuck Rifici

Ep.267: Chuck Rifici

Chuck Rifici joins us from Lift Expo in Toronto where he shares his history in cannabis. He’s currently working on a number of projects including funding cannabis licensed producers in Canada. The business structure is based on the mining industry in Canada. Chuck studied engineering and initially was interested in Virtual Reality, went into computer engineering founding an early internet service provider company becoming the CFO. After getting the education of a lifetime he went on to become the CFO of the liberal party in Canada working with Justin Trudeau. On another note, he was in the right place at the right time, reading the MMPR regulations within the first hour of them being released leading him to co-found Tweed.

Transcript:

Speaker 2: Chuck Rifici joins us from Lyft Expo in Toronto where he shares his history and cannabis. He's currently working on a number of projects including funding cannabis licensed producers in Canada. The business structure is based on the mining industry in Canada. Chuck studied engineering and initially was interested in virtual reality, went into computer engineering, founding and early Internet service provider company becoming the CFO after getting the education of a lifetime and went on to become the cfo of the Liberal Party in Canada. Working with Justin Trudeau. On another note, he was in the right place at the right time, reading the MMPR regulations within the first hour of them being released, leading him to cofound tweet. Welcome to cannabis economy. I'm your host Seth Adler. Check us out on social with the handle. Can Economy, that's two ends in the word economy. Chuck, we're featuring you. You've

Speaker 1: been around. Sure, sure. I mean, that's fair. Is that fair to say? Well, at least for the last, uh, you know, for four or five years, I guess. Yeah, it's only four or five years. Obviously it was like 20. Well as we know, cannabis years or our dog ears. Correct. And so that's a 28 to 35 years that you've been in, that you've been in cannabis. Let's start by saying what you're doing now. What are you doing now? Yes. Now, uh, focused on a few things. Uh, you know, we have Nesta which is kind of my, you know, private equity firm, family office. I have some partners there and that's where, you know, I, I, uh, I put my opportunities then to, and we have a few properties, a feather developing a any cigarette disposable e-cigarette for cannabis, oil for the future rec market, a Wiki leaf, which is a price exploration APP.

Speaker 1: You can get an Ios and android to help find strains in the US and eventually launching in Canada. Price exploration. Yes. Not to be confused with anything else that sounds like Wiki leaf. Correct. Okay, fair enough. And uh, and then we have, uh, you know, we have a partnership with Tokyo smoke running the coffee in our booth to a licensed brands into Canada. The gartners yeah. And give them some northern exposure for the kind of top US brands. But the biggest thing lately is our latest project where, where I'm heavily involved is coming called cannabis wheaton and we just started trading the last couple of weeks and we're funding LP expansions. We're creating a platform, uh, to fund producers and we're basically a cannabis streaming company. And what that means is we fund expansion and we, in exchange for that expansion, we take a percentage of the product output and that's really exciting for us going into legalization in Canada to, uh, you know, lockdown supply because we're gonna have a lot of demand over the next couple of years.

Speaker 1: So that business model sounds different than anything that I can think of off the top of my head. How did you come up with that structure? It's a structure that, uh, you know, I didn't come up with it, but it's certainly when I saw it, I got very excited. It comes from the mining industry in Canada, a company called Silver Wheaton is probably the most, uh, successful one when we kind of borrowed the wheat and part of that name in some ways. Anybody in the financial sector, anybody raising money for licensed producers in Canada, uh, when they hear cannabis wheaton, they automatically know what our business model is. So it's kind of elevator pitch in the name. And we adapted that model for cannabis because a producers face some of the same challenges that early miners, you know, accessing capital, uh, accessing a creative capital and when you're multiplying, you know, most people get licensed and they start with a small facility and then they start expanding you five, 10 x and when you do that kind of expansion, a lot of risk.

Speaker 1: So we layer on our team have kind of industry experts, cultivation, build design, regulatory to kind of help them direct that process. So it's been a, you know, we're just getting started, but uh, it looks like, you know, it's, it's getting exciting. It's interesting. I might wonder, why don't the lps just do it themselves, right? You know, kind of say, hey, we're all in this together. What kinds of expertise are you bringing to the, to the table for them? Sure. Well, I think what we do is an LP looking to raise money. You're typically, it's, you know, it's, it's fairly capital intensive in Canada. Indeed. So if they go anywhere, anywhere, anywhere. So yeah. And so if they go to the street, they go, you know, the bay street or investment bankers and take capital, they're going to be under a lot of pressure to go public, do an Rto and some people don't want to do that.

Speaker 2: Chuck Rifici joins us from Lyft Expo in Toronto where he shares his history and cannabis. He's currently working on a number of projects including funding cannabis licensed producers in Canada. The business structure is based on the mining industry in Canada. Chuck studied engineering and initially was interested in virtual reality, went into computer engineering, founding and early Internet service provider company becoming the CFO after getting the education of a lifetime and went on to become the cfo of the Liberal Party in Canada. Working with Justin Trudeau. On another note, he was in the right place at the right time, reading the MMPR regulations within the first hour of them being released, leading him to cofound tweet. Welcome to cannabis economy. I'm your host Seth Adler. Check us out on social with the handle. Can Economy, that's two ends in the word economy. Chuck, we're featuring you. You've

Speaker 1: been around. Sure, sure. I mean, that's fair. Is that fair to say? Well, at least for the last, uh, you know, for four or five years, I guess. Yeah, it's only four or five years. Obviously it was like 20. Well as we know, cannabis years or our dog ears. Correct. And so that's a 28 to 35 years that you've been in, that you've been in cannabis. Let's start by saying what you're doing now. What are you doing now? Yes. Now, uh, focused on a few things. Uh, you know, we have Nesta which is kind of my, you know, private equity firm, family office. I have some partners there and that's where, you know, I, I, uh, I put my opportunities then to, and we have a few properties, a feather developing a any cigarette disposable e-cigarette for cannabis, oil for the future rec market, a Wiki leaf, which is a price exploration APP.

Speaker 1: You can get an Ios and android to help find strains in the US and eventually launching in Canada. Price exploration. Yes. Not to be confused with anything else that sounds like Wiki leaf. Correct. Okay, fair enough. And uh, and then we have, uh, you know, we have a partnership with Tokyo smoke running the coffee in our booth to a licensed brands into Canada. The gartners yeah. And give them some northern exposure for the kind of top US brands. But the biggest thing lately is our latest project where, where I'm heavily involved is coming called cannabis wheaton and we just started trading the last couple of weeks and we're funding LP expansions. We're creating a platform, uh, to fund producers and we're basically a cannabis streaming company. And what that means is we fund expansion and we, in exchange for that expansion, we take a percentage of the product output and that's really exciting for us going into legalization in Canada to, uh, you know, lockdown supply because we're gonna have a lot of demand over the next couple of years.

Speaker 1: So that business model sounds different than anything that I can think of off the top of my head. How did you come up with that structure? It's a structure that, uh, you know, I didn't come up with it, but it's certainly when I saw it, I got very excited. It comes from the mining industry in Canada, a company called Silver Wheaton is probably the most, uh, successful one when we kind of borrowed the wheat and part of that name in some ways. Anybody in the financial sector, anybody raising money for licensed producers in Canada, uh, when they hear cannabis wheaton, they automatically know what our business model is. So it's kind of elevator pitch in the name. And we adapted that model for cannabis because a producers face some of the same challenges that early miners, you know, accessing capital, uh, accessing a creative capital and when you're multiplying, you know, most people get licensed and they start with a small facility and then they start expanding you five, 10 x and when you do that kind of expansion, a lot of risk.

Speaker 1: So we layer on our team have kind of industry experts, cultivation, build design, regulatory to kind of help them direct that process. So it's been a, you know, we're just getting started, but uh, it looks like, you know, it's, it's getting exciting. It's interesting. I might wonder, why don't the lps just do it themselves, right? You know, kind of say, hey, we're all in this together. What kinds of expertise are you bringing to the, to the table for them? Sure. Well, I think what we do is an LP looking to raise money. You're typically, it's, you know, it's, it's fairly capital intensive in Canada. Indeed. So if they go anywhere, anywhere, anywhere. So yeah. And so if they go to the street, they go, you know, the bay street or investment bankers and take capital, they're going to be under a lot of pressure to go public, do an Rto and some people don't want to do that.

Speaker 1: So I want to focus on just being great cultivators. So you know, our money is agnostic to their, to their capital markets. We let them run their business, uh, we provide them capital at a great price, but then they get access to our team for free and ultimately the team is what is getting the deal signed because it's a weed grows, it grows it. So weed for a reason, right? It's a weed, it grows fast. But to grow well is hard in our regulatory environment here is quite complex, so it's hard enough to run the business then having to deal with capital markets and we come in and d risk a lot of that for them. So you're bringing in this expertise, which begs the question, how do you have this expertise? So I want to start at the beginning. All right. Where are you from?

Speaker 1: I'm from Ottawa. Okay. So that's the capital city. I apologize, but four hours east feel. I feel so terrible that the senators lost. Yeah, it was a late night game. Seven second overtime. Wait, just wait until next year. Well, you know, I'm now a pro, a preds fan because uh, you know, Brett Wilson, the keynote earlier today as a part owner of the predators. So, uh, I think who most Canadians are cheering for now. So you're saying there's a chance. Yeah, yeah, there's a chance. There we go. Alright. So here's a little kid growing up in Ottawa, right? You said you've been in cannabis for the past three or four years. We've got to bridge that gap. What were you first interested in? As a little kid? I thought I wanted to be an architect actually. And uh, but then fast forward, uh, I went to engineering. I want to build virtual reality.

Speaker 1: I was probably 20 years too early for that, you know, I love Oculus and what they're doing. We've got vr here today. I haven't seen it. Check of that maybe 30 years too soon maybe. Yeah. And so, uh, I went to computer engineering and then, uh, ended up founding a company in the telecom space, the Internet service provider back in the day. All right. So you're one of the early tech guys. How did you know how to start a company as a young guy? Yeah, I didn't it. So I really just made a lot of mistakes. I founded my first company with a partner at a 20 years old, a bootstrapped it, you know, turn a $7,000 investment, uh, ended up selling the company for a little over a million, uh, eight years later. And uh, it's a million Canadian Canadian, that's a bit of a discount, uh, and you know, through, through my twenties basically was just the education of life of just making a lot of mistakes.

Speaker 1: Um, but then I, you know, after that I found myself, I was working for the company I sold for. They were a publicly traded on the TSXV, but like a penny stock. They weren't, they didn't have any real, they weren't, they weren't doing very well, but they had no cfo ended up becoming a cfo of this company without an accounting designation. So I actually became a CPA. So you became a cfo before you were a cpa, then realize that you had to become a cpa so that you could stay the CFO. Yeah, bit of a glass ceiling when you're the CFO of a public company without an accounting designation. So, uh, did that. So obviously numbers speak to you. How is that possible though, right? It sounds like you didn't even go to university, right? Oh, I did. So I finished my computer engineering. Did it part time.

Speaker 1: Oh yeah. So I'm a, I'm an engineer, turned CPA, got a and a and then turn, you know, got into the cannabis business and being a cfo at that organization. What did that teach you? What did you learn? That's a big job for young guy. Yeah, certainly. I mean I, if I were to the elevator pitch there will be always take the money, right? Because you can never have enough money as a cfo and a. and actually I would say I'm, I'm a terrible cfo because I'm too much of an optimist to be an entrepreneur. You have to believe that you can get things done and you want the cfo in your company to be the most negative guy. And so it was kind of counter to my natural instincts and so I did it for some time, but that's the thing, because you always think you have enough capital to execute your plan.

Speaker 1: Right. But there are always issues and uh, you know, my favorite quote, Mike Tyson has a quote, I don't know if I have it right, but you know, the plan goes out the window when you get punched in the face. Yeah, that's right. And the same thing with business. Yeah. Alright. So too much of an optimist to be a cfo kind of step aside. And where do you go? Yeah. So I, uh, uh, I ended up being a virtual cfo, a cfo consultant right before getting involved with tweets. So it's actually like the worst thing I could've been doing, but I, I was working with clients, helping them, you know, financial reporting, just helping clients either access capital or optimize their businesses. And I found myself wanting to own those businesses and I realized I've got to be an entrepreneur again. Right. And that was, you know, the timing of that was very fruitful because that was around the time that California almost a legalized at a state level and they would have become, you know, the, the Colorado crop.

Speaker 1: Yeah. And, and it looked like it was pulling ahead. Yep. And I had this kind of moment where, you know, uh, I kind of freaked out. I was like, I'm going to miss the boat here because I just had a first child, I couldn't moved to California and I'm like, that happens in California, that's going to be the epicenter. And so I was really upset that I'm going to miss the boat. And then the last, right. And I'm like, I'm never going to miss this opportunity again. And so that had me spending a year and a half, you know, just searching the regulatory environment in Canada. I mean, who, who spends their Sunday nights, you know, googling, you know, policy, right. But not a bunch of people in this room actually now they do. Yeah, exactly. So it was a, it was fortunate that I literally, uh, I sat down with my wife the day that they issue the draft regulations that became the MMPR Yup.

Speaker 1: Uh, you know, the past government, not a fan of cannabis you might have heard before, the liberals, they, Harper and Harper had his health minister go to Vancouver and press release at like 5:00 PM on a Sunday night and uh, that's so apm where I am and so you and I said to my wife and I told her, I'm thinking of doing this business and sometime in the next year they're going to come out with regulations and if the regulations are interesting, I'm going to just dump everything and go all in on this walk over to the computer. And I was reading the regulators and the first hour of them hitting the, hitting the wire. So having, having that headstart a and having my life prepared to kind of go all in on it was, it was hugely fruitful. I mean a lead as an entrepreneur, you know, it's time and effort.

Speaker 1: So having the time of advantage was, was huge. What about cannabis though, made you know that you couldn't miss the boat there? Well, it's really a, um, certainly, uh, as many people are. I'm incredibly libertarian on drug policy and I think we're going to see legalization and many other substances, especially with the fentanyl crisis and the opioids crisis. And so the opportunity to get involved in a federally legal environment, uh, to, you know, to produce a product and build a company where the demand is already there. I mean, they all prohibition version to a, I think it's a, you know, it sells itself. And so that was really, that was the nucleus. And um, I really, uh, I also saw, you know, large scale commercial production as really a huge lever to end up where we are today with legalization. You know, once people have legal production, once the capital markets come in, you know, it becomes a, you know, people are making money off it.

Speaker 1: That becomes a huge part of, I think, why there's motivation and go public. We're, we're at de stigmatizes the issue without question. So I felt, you know, I wanted to build something incredibly big and uh, and we saw in the regulations that the government, Harper, Harper government favored large scale and everything about the regulation said we want to minimize compliance costs and so we knew we wanted to go as big as possible to, to attract their attention. How come someone told me that you're the founder of tweet? I am. So I'm thinking like a co founder of tweed and uh, and now canopy growth. I mean, I, uh, you know, they renamed it. I like to eat better, but that's my own opinion. They'd done well. So, yeah. So, and I've spoken with Bruce Linton, of course, uh, in the past on the podcast, the operation that you guys set up was

Speaker 1: scalable from the jump, right? You guys knew that you had to go big to begin with, is that fair? Yeah, I mean, one thing we decided from day one was that we knew the advertising regulations will be difficult. So we wanted to, we knew we would go public not to raise capital, but to attract attention. You know, if he can't, you can't advertise a product, he can advertise the company and we ended up being the first publicly traded company on a major exchange in Canada, the first, the first lp to be traded. And so with that, when you have a large site, and when I first visited it would became the hershey dry facility and this was a 40 acre site, you know, half a million square foot building that had been unused for five years. And if, you know, if you know buildings, they're like cars I don't like being unused.

Speaker 1: So we knew it'd be a, we knew it'd be a bit of a money pit to get it going. But, you know, growing, growing pot in a chocolate factory has certain appeal. Uh, but it was really the town support. We, the town was so supportive. I met with the mayor and within the first five minutes he told me how his brother had passed away 10 years earlier, had been in the medical cannabis program in the last weeks of his life. And you know, at that point I knew I have a champion here. Right. And that's going to happen and I community support and that being a huge factor because if you didn't have the community support, your application kind of got put in the slow pile. So, you know, we didn't realize how important that was going in. But uh, but we knew scale. I mean, I walked into that. What became the main tweet site? Yeah. It's a big open hangar probably larger than this space. And uh, you're a startup. The regulations aren't finalized yet, you know, you've got a little bit of money in the bank and you're like, yeah, let's, let's do this. It was a risk, but it was a, it was a good bet in the end.

Speaker 1: How did you know

Speaker 1: to take that risk? In other words, you say it was a little bit of a risk. It was a Gargantuan risk. You know what, uh, what gave you the cahones case, if I May? Well, in some ways I had nothing to lose. I knew I was doing this business. I was going to go all in. So if it failed, they would have been a spectacular failure. And uh, with risk comes reward. But we knew, uh, you know, at the time I thought we had a one in 10 chance of being successful. I think if you look at the rates of applicants to Lps, it was obviously far worse. A little bit of entrepreneurial ignorance is always great when you're starting something off shore, but, you know, that's all being why, you know, why I partnered with Bruce. I started researching this in December. Three months later, I had found a grower, original grower, and I realized that this is going to cost more than a million bucks.

Speaker 1: I need, I need some help with this. Yeah. And uh, my wife had actually worked with Bruce at his last company and they ran into each other. And so I met with Bruce, we decided to partner up because I knew that bruce could raise money and we needed to raise a lot of money in the end because you can optimize for cost for quality and speed and you can only really pick two. And so, you know, we, we were picking speed and quality and people can think what they all have their own views on that. Sure. But uh, you know, so costs are, are the, are the third third bucket there, right? Because we knew the government could change their mind and we need to be fast and that ended up being agile. Agile on that ended up being really a key piece to the story because if you didn't get licensed fast, right, you got put on hold for a year so you lose all the money really well.

Speaker 1: Yeah, I mean if, you know, if we hadn't gotten licensed here the early days it was built and then get your license, right. Um, and those, there's a lot of people that went and built and then they turned off the taps and you know, it could have been me so ever the entrepreneur, I would imagine once it was going, you felt that you needed to kind of find something else to do. Why would you ever leave? Right. Well, you know, I'll just say we had a, we had a parting of ways. Okay. And, uh, I got, you know, for me it's the best thing that ever happened. And obviously the company has gone on to do very well from a share price perspective, so I'm happy with that and it allow me to relate to get line of sight on what was next because you know, at the time, lps and even today they could only do dried flower and now we got a bit of oil, but you see what's happening in theU , s market, all the wonderful product innovation that's happening.

Speaker 1: And so collectively I see what's happened in the US and those are the products we're going to want to sell in Canada. And so how do you know, how do you get into retail and distribution and you know, today we still can't legally do it. So I started thinking about, you know, what building blocks can you put in place to win those rules come out. You already have a bit of a headstart. So on my first investment was a company called national access cannabis. They have a booth over there somewhere, there a now a chain of clinics and help people access the system. Sure. And you know, they, we very much hope that, uh, they can package content into dispensary's, talk about the clinic model just for a bit, right, because we've got the LP model and we are figuring out what we're doing with dispensary's as we go here.

Speaker 1: But as far as clinics are concerned, what if folks need to know that they might not know? Sure. Well, I mean, clinics, it's a, most physicians are still not comfortable prescribing cannabis. They'll be happy to give you open the opiates and other other drugs and uh, so, you know, a clinic and there's a, there's a number of clinics out there. We'll basically have relationships or have physicians on that are at least amenable to hear a cannabis story. And ultimately the clinic helps educate patients. A lot of people coming in who've never used cannabis before, make sure that they can actually qualify so they don't waste their time and waste a physician's time going through that process. And uh, you know, I think I would guess at least half the patients in the current system are coming through clinics because it is a, it's still very hard to get a prescription.

Speaker 1: It's not like Venice beach in California, a sure you're talking about southern California, which is a, well, the wild west, you know, we're doing our best to get regulations into California or other common ones that are coming and they are coming. That's exactly right. All right. So, so that's kind of where you sit right now and that's kind of how you know, what you know. Right. What should folks be prepared for a, as we make our way through 2017 into 2018, just from the random conversations that I've had a this morning. And by the way, that's foreshadowing. Our next interview is with random von. Yes. That's really his first name. So through those random conversations, again, foreshadowing, it's not necessarily a done deal that we're going to be good by summer of 2018.

Speaker 1: Well I think we're going to have something federal from the summer, but then there might be additional delay for the promises to implement. Okay, and I think my read on it, uh, in this non based on factual information just from reading the tea leaves, if you will, sure, is that the liberals that made a promise to legalize for all Canadians, so that's why, you know, we have 18 as the minimum age and some problems that are gonna make it 19. The match alcohol. Yeah. But, and so for all Canadians also means Canadians in rural areas and so in, in every province now. So we have provinces that are too slow to put it in their own distribution system. I think the government's going to allow lps to just mail directly to those patients and so that creates a real pressure, you know, if you want that tax revenue, you better put it in your retail distribution system.

Speaker 1: So I think it's a, it's a pretty genius move, but it's a, it's a, a lot of time I didn't going to see some of our smaller provinces come out with regulations pretty soon. Good. And they're going to set a model and I think there's a lot of a, call it, a lot of stakeholder negotiations going on. Everybody's trying to influence what that looks like, you know, the pharmacies, they probably gonna want to have only medical distribution. Sure. Some problems has wanted to go to the, you know, the liquor unions and distribution. Uh, I personally think would have private enterprise do it and under a highly regulated market and you know, we'll, we'll see what happens. I think there'll be some provinces that'll, that'll have great systems. Other ones not so much. Right. So, you know what, it's great all around. I mean legal weed in any form.

Speaker 1: That's. It is a huge step forward. That's exactly it. A safe patient access is what we're going for no matter the avenue. Uh, so I have three final questions for you. You will tell you what they are and then ask you them in order. But just before those you brought up the Liberal Party, why were you the cfo of the Liberal Party? Is this a real thing? Yeah. So they renamed it before I left to the treasurer, which is really more appropriate. And for the u s it'd be, it'd be like being the treasurer of the DNC, but politics are a lot smaller so that, you know, it's not the same scale. So I was there for five years, uh, I left last summer. And so that was great. It's a volunteer position and uh, you know, I helped, uh, basically arrange the financing to fund the election and it was a lot of fun.

Speaker 1: Right. And you got to be a fly on the wall for some really interesting, uh, you know, seeing that, that war room piece, it was exciting and it's generated a lot of press. I think in the early days for tweeting a harper, I think I became a bit of a lightening rod for a, you know, attacks of Trudeau's treasurer making money off of weed. And, you know, I think all press is good press if it doesn't kill you. And uh, you know, I think um, you know, for the record, uh, you know, people think, you know, the getting, trying to get a license from the opposition party by being involved with the, you know, with somebody else. And not the best way to try to get easiest way, not the easiest way, but I integrate the prime minister before he was the prime minister. Yes. Yeah. One sentence on him. He's a celebrity that's got a great brand. Okay. That's an interesting. A morsel there. Yeah. We'll talk more later. A, here are the three final questions. What has most surprised you in cannabis? What has most surprised you in life and on the soundtrack of your life? One track. One song that's got to be on there. First things first, what has most surprised you in cannabis?

Speaker 1: What's most surprised me is aware. Prohibition mentality comes from a Canadian rinse. You mean? Canadian banks have surprised me. Okay. Uh, you know, I thought my parents would have an issue. They kind of missed the sixties and uh, they were, they were very supportive. I'm an only child so they probably like anything I do, but sure. Um, you know, banks, I had, I had some difficulty opening up my personal bank account. I won't name the bank. No, because I still want to bank with them because at the end, and basically they had an issue taking my money because I made wealth from a publicly traded cannabis stock and I found, I found a little shocking. So our banks need to kind of get out of the Stone Age and uh, move ahead. So I think, I think we're gonna see some good progress there. Um, second question was, what has most surprised you in life?

Speaker 1: How, uh, uh, how much of a village everything is in this industry is a village. Sure. But, uh, you know, how connections come back and how, you know, reputation matters and the older you get, the more you realize that's important. And in my twenties, uh, I, uh, I was a bit of a bridge burner when I leave company. So I've, you know, I've had, I've had the wisdom of seeing how those things come back and I've, you know, I've repaired those bridges, but it's, yeah, that's a life lesson. Absolutely. It's a, those people are still here tomorrow. Yeah. Yeah, I remember that. Well, I think it applies to business. You know, you can't, you can't go around with your elbows out, you know, when you're the big dog is because eventually, you know, things change and you want to be, you know, being friendly business about relationships and it's just a much funner to just be a nice guy. That's it. And it's easier actually. Yeah, yeah, yeah. On the soundtrack of your life, chuck one track, one song that's got to be on there, the uh, it had to be Cypress hills, uh, uh, the hits one of the Bong that's in my car right now. I believe you. Ladies and gentleman, chuck or Fiji. Thank you so much. Very much. Appreciate it. Thanks a lot. Alright, chuck refeed CI,

Speaker 2: a couple of quotes. I appreciate it. If you're a CFO, always take the money and a little bit of entrepreneurial ignorance always helps when you're just starting off with any entrepreneur knows. Oh, too. Well. Anyway, thanks to chuck for his time. Thanks to lift. Of course. Thanks to you for listening and 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.