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Ep.275: The Paxhia

Cannabis Economy Podcast
Ep.275: The Paxhia

Ep.275: The Paxhia

Recorded back in June at NCIA in Oakland, Emily and Morgan Paxhia return to share their thoughts on cannabis investment. Emily deciphers what’s investible in that she’s simply looking for a sober approach from entrepreneurs with humility and an understanding of regulations and the true challenges of the unique cannabis industry. Morgan shares that he’s looking for how business are approaching the cost of acquisition for each customer. He notes that in a fragmented market that’s truly still very young- new companies still have to break through one customer at a time. Emily goes on to give tips to each kind of cannabis business and both discuss how best to optimize the investor/entrepreneur relationship. Thanks to Gateway & Treatibles for supporting the episode. Go to Pitch to Ben on Twitter to engage with Gateway & Treatibles.com for a 10% discount on CBD for your pet.

Transcript:

Speaker 1: recorded back in June at Ncia in Oakland. Emily and Morgan paxhia here returned to share their thoughts on cannabis investment. Emily deciphers, what's investible in that? She's simply looking for a sober approach from entrepreneurs with humility and an understanding of regulations and the true challenges of the unique cannabis industry. Morgan chairs that he's looking for, how businesses approach the cost of acquisition for each customer. He notes that in a fragmented market that still truly very young. New companies still have to break through one customer at a time. Emily goes onto give tips to each kind of cannabis business in both. Discuss how best to optimize the investor entrepreneur relationship. Welcome to cannabis economy. I'm your host Seth Adler. Check us out on social with the handle can economy. That's two ends and the word economy. Emily and Morgan, the Nexia. So. Oh,

Speaker 3: pack packs. He is squared the taxi as siblings. Yes. I the. He is. I always like to try to do something new every time. I could just do emily and Morgan. That might be easier, right, sir? Do you have a preference? Either way. I like our last name, so it's kind of fun to be called the Axios, the packs ias, but I don't want to do like when I'm emailing you hear Morgan let, let Morgan in on this. We've got a little alliteration between Poseidon and cos. They're synonymous as a entity. Sure. Yeah. IT's the two piece, um, which, which is way better than the five p's or whatever it is. Prior planning prevents poor performance, something like that. Um, people, people and people keep those three piece. And then of course the three rules of real estate, which is, would be born rich. No, that's not true.

Speaker 3: I think it's location, location, location, buy high, sell low. Like Eric Trump does. Well, that's a whole different thing. That's a whole different thing. But here we are in a new administration. There's so many reasons to talk to the taxes. I can't believe this is only the second time that we've done it with microphones, but we're here at this ncia thing and there were booths everywhere, which means that there is money of some kind. Everyone here in oakland. And so when I see money of some kind everywhere, my mind says maybe it's time to talk to the packs ease again about what the hell is going on here. Right. So let's say it was a year ago that we spoke, meaning it was but that. So that was like 14 years ago. If it's a cannabis user, dog ears or whatever. Um, where are we now? So here we are in the second quarter of twentY 17 as far as how you see things, how much have things changed in the past few months? In the past year, emily? First. Okay.

Speaker 4: Um, so sInce we last spoke, obviously there was that tremendous election night when so many states went forward with their wide sweeping cannabis legalization initiatives and approved them on a very interesting night from a political dynamic. And so since then we've seen obviously a lot of attention shifted over to the state of California being the massive economy that it is. And it's just, you can feel the energy. I mean, this conference is based in California. You can see that this cow, this conference has grown it's space that it didn't have it. It really is not big enough for the amount of interest that exists here today.

Speaker 3: Busting at the seams. Literally a booth in front of the bathrooms. Yes. Yes there is. And that must be really rough with traffic though. I wonder what, that's, you know, what that looks like. So here we are busting at the seams. Morgan, I wonder how much of what's happening here is real. So in other words, when you walk in here, what are you actually thinking as far as money in the business? Money in the industry? You know, it's a great question because we've seen this now, uh, being in the industry three and a half years officially with a poseidon, right? And every time a new state turns on, you see this, this kind of land grab, you see a lot of money trying to get positioned ahead of it, turning on, um, but as, as this industry becomes more mainstream, more and more people are in it, especially being in California just amplifies all of that experience. Yeah. But along with that, a state of this magnitude requires a tremendous amount of support infrastructure build out into a regulated. So to the extent that it's hot right now. No doubt. yeah. So, right. Do you know there's booths pretty much in the parking lot, right? So yeah, there's, there's booths everywhere. Um, but there is going to be legitimate success that comes out of it. But there's a lot of noise right now for sure. Well that's it. And so emily, what's noise and what's not noise, you know, when you walk in,

Speaker 4: how do you know, you know, what you're looking at and how do you find actually what you're looking at. Um, I'm actually looking for the people who can actually speak about the understanding of the regulatory fabric of this industry and understanding really just how challenging it is to run a business in this space. Whenever anyone starts to speak to me in hyperbole about the opportunities and the grabbing and the green Russia and the time and the blah blah, blah, blah, and we're going to be the first, the first and the biggest and hundreds of millions and blah, blah, blah and not even aware of the potential tax implications. All of those limitations. I like to see people who are kind of almost sober in their understanding of what the challenges are. I like humility and those are the people that I tend to be able to see as the real ones. But I do think that we've talked about this too, is that trade shows are a leading indicator about the growth of an industry. And, and this is like last year in vegas, they blew out their caPacity. They're, they're blowing it out here. I think that even even when all that dust settles, there will be some substance here.

Speaker 1: recorded back in June at Ncia in Oakland. Emily and Morgan paxhia here returned to share their thoughts on cannabis investment. Emily deciphers, what's investible in that? She's simply looking for a sober approach from entrepreneurs with humility and an understanding of regulations and the true challenges of the unique cannabis industry. Morgan chairs that he's looking for, how businesses approach the cost of acquisition for each customer. He notes that in a fragmented market that still truly very young. New companies still have to break through one customer at a time. Emily goes onto give tips to each kind of cannabis business in both. Discuss how best to optimize the investor entrepreneur relationship. Welcome to cannabis economy. I'm your host Seth Adler. Check us out on social with the handle can economy. That's two ends and the word economy. Emily and Morgan, the Nexia. So. Oh,

Speaker 3: pack packs. He is squared the taxi as siblings. Yes. I the. He is. I always like to try to do something new every time. I could just do emily and Morgan. That might be easier, right, sir? Do you have a preference? Either way. I like our last name, so it's kind of fun to be called the Axios, the packs ias, but I don't want to do like when I'm emailing you hear Morgan let, let Morgan in on this. We've got a little alliteration between Poseidon and cos. They're synonymous as a entity. Sure. Yeah. IT's the two piece, um, which, which is way better than the five p's or whatever it is. Prior planning prevents poor performance, something like that. Um, people, people and people keep those three piece. And then of course the three rules of real estate, which is, would be born rich. No, that's not true.

Speaker 3: I think it's location, location, location, buy high, sell low. Like Eric Trump does. Well, that's a whole different thing. That's a whole different thing. But here we are in a new administration. There's so many reasons to talk to the taxes. I can't believe this is only the second time that we've done it with microphones, but we're here at this ncia thing and there were booths everywhere, which means that there is money of some kind. Everyone here in oakland. And so when I see money of some kind everywhere, my mind says maybe it's time to talk to the packs ease again about what the hell is going on here. Right. So let's say it was a year ago that we spoke, meaning it was but that. So that was like 14 years ago. If it's a cannabis user, dog ears or whatever. Um, where are we now? So here we are in the second quarter of twentY 17 as far as how you see things, how much have things changed in the past few months? In the past year, emily? First. Okay.

Speaker 4: Um, so sInce we last spoke, obviously there was that tremendous election night when so many states went forward with their wide sweeping cannabis legalization initiatives and approved them on a very interesting night from a political dynamic. And so since then we've seen obviously a lot of attention shifted over to the state of California being the massive economy that it is. And it's just, you can feel the energy. I mean, this conference is based in California. You can see that this cow, this conference has grown it's space that it didn't have it. It really is not big enough for the amount of interest that exists here today.

Speaker 3: Busting at the seams. Literally a booth in front of the bathrooms. Yes. Yes there is. And that must be really rough with traffic though. I wonder what, that's, you know, what that looks like. So here we are busting at the seams. Morgan, I wonder how much of what's happening here is real. So in other words, when you walk in here, what are you actually thinking as far as money in the business? Money in the industry? You know, it's a great question because we've seen this now, uh, being in the industry three and a half years officially with a poseidon, right? And every time a new state turns on, you see this, this kind of land grab, you see a lot of money trying to get positioned ahead of it, turning on, um, but as, as this industry becomes more mainstream, more and more people are in it, especially being in California just amplifies all of that experience. Yeah. But along with that, a state of this magnitude requires a tremendous amount of support infrastructure build out into a regulated. So to the extent that it's hot right now. No doubt. yeah. So, right. Do you know there's booths pretty much in the parking lot, right? So yeah, there's, there's booths everywhere. Um, but there is going to be legitimate success that comes out of it. But there's a lot of noise right now for sure. Well that's it. And so emily, what's noise and what's not noise, you know, when you walk in,

Speaker 4: how do you know, you know, what you're looking at and how do you find actually what you're looking at. Um, I'm actually looking for the people who can actually speak about the understanding of the regulatory fabric of this industry and understanding really just how challenging it is to run a business in this space. Whenever anyone starts to speak to me in hyperbole about the opportunities and the grabbing and the green Russia and the time and the blah blah, blah, blah, and we're going to be the first, the first and the biggest and hundreds of millions and blah, blah, blah and not even aware of the potential tax implications. All of those limitations. I like to see people who are kind of almost sober in their understanding of what the challenges are. I like humility and those are the people that I tend to be able to see as the real ones. But I do think that we've talked about this too, is that trade shows are a leading indicator about the growth of an industry. And, and this is like last year in vegas, they blew out their caPacity. They're, they're blowing it out here. I think that even even when all that dust settles, there will be some substance here.

Speaker 3: No, was just wanted to follow up on emily's statement. Sure. Yeah. So one of the things that we've. This is a free piece of advice to the world of cannabis entrepreneurs will then let me do it that way if, if I'm looking to get into the space. You were saying that these trade shows are a leading indicator. Oh my god, it's so hot right now. I think you said. Yeah, so I'm an entrepreneur. What should I be doing? Yes. So when you're building out your pitch deck or your business model, you know, that obviously ties together. It's very important to understand the total addressable market. Right? But that's pretty well covered at this point. Everybody knows it's a massive industry. It's growing very fast, but it doesn't mean that way that that success doesn't immediately boiled down to every single company. And so what we like to see is how businesses are approaching, acquiring each customer.

Speaker 3: What's the cost of acquisition, what is the sales cycle look like? Because that is where the rubber meets the road, you know, and, and obviously you need to be hyperfocused on each customer you're acquiring to scale your business independent of this massively growing industry because it's still so fragmented. It's still so early, there's still so much noise that people have to break through it. And, and you know, I don't care if you grab 25 basis points of the total addressable market because it just doesn't happen like that. And we've, yoU know, we've been doing this long enough. We've seen these sales cycles, we've seen what kind of businesses scale and what kind of rates to expect and nobody's proformas are very few formas reflect reality. They're usually factor of almost 10 over right. You know what, what really happens. So, so to that end, who's, who's performing who, who are you guys looking at? Who are you, you know, even working with what you know, what does it look like these days

Speaker 4: use that are performing really well, are the ones providing software solutions to the businesses to run their businesses better? Because one of the things is for certain, when you see this as you know, competition is increasing and also so that means a couple of things. One, you have to be a more competitive product, manufactured product, if you're, if you're out there doing that, if you're a cultivator, you have to be more on top of your bottom line than ever because price compression will come. Um, if you're a store operator, you have to start focusing on and on merchandising and understanding how to attract your customers or your patients to your store. So the industry is definitely maturing and that competitiveness is going to drive the need to use all of these software software solutions to really help to know your business.

Speaker 3: What you're talking about is just traditional industry, right? How much of this is the same thing that you used to do before we realized that we wanted to do this cannabis thing? Right?

Speaker 4: It's a, it's very much a parallel to that and I think that's why for us it's a very crystal clear vision of what needs to happen in order to get to that, that maturation point for the industry

Speaker 3: as far as leaders within these companies, you know, what industries are sending executives, if you will, or what industries are executives coming from, what, uh, kind of disciplines are they coming from? Who are you starting to see in meetings that, you know, just weren't there maybe even 12 months ago. We still Alcohol tobacco, um, consumer package goods, um, data analytics, a, you know, executives that are, you know, that's. But again, these, a lot of those skills are very transferable. I mean, this is especially the highly regulated ones. Like I say about like alcohol and tobacco. There's, there's already a certain comfort level of being in a highly scrutinized potentially depending on where you live in the world, you know, it's not as openly accepted as here in California. Right? But you know, you're, you're seeing that kind of talent come over. Um, what burrito

Speaker 4: corporate banks, starbucks, even microsoft people are starting to pivot over into this, that corporate retail where people are starting to think about how do you actually grow a brand potentially on a national level.

Speaker 3: So executives from companies like that, right? We need a lot more of it. I mean there's, the industry has made tremendous strides by the companies that are really successful are ones that are very passionate but also recognizing where they need help and pulling from areas that are very complimentary to what they're doing. How do we square the circle of what we talked about before we turned on the microphones, which is a letter from jeff sessions to congress saying, hey, you know, the rubraca farr amendment. Uh, and eventually rebecca luminary, blumenauer amendment. Hopefully if you guys could take that out so that I could come after medical marijuana businesses, that'd be great. Please do that. How do you square the circle? have a very aggressive attorney general, you know, at first just kind of rattling sabers and then saying things that are directly, you know, uh, our strongest pieces of federal legislation that he absolutely wants.

Speaker 3: Those goNe so that he can enforce the controlled substances act. What do you say to your entrepreneurs? What do you say to your investors? What, how do you approach that? I'd love both of you to kind of comment on that. sure. So, you know, every time we hear these kind of such an uninformed statements, um, you know, it just comes back to constituents. It comes back to the people of the United States of America that are largely in favor of certainly medical and very quickly a warming up to adult use, especially in markets that have functioning adult use and see that societies are doing well. Crimes are down, you know, there's, there's a great employment. So, you know, we're looking at that. Our state representatives are more directly reflecting of their constituents then maybe the federal government is. And so it's our job as an industry to be communicating with them so that they are actively representing us and preserving and hopefully continue to bolster our protections. But it certainly is, is a very concerning, no doubt, because you know, these guys are trying to do whatever they can and we need our state need to stand up and protect a great job provider in the United States of America. Great tax generator. We can definitely go down the uh, you. No, that's what it is. So essentially morgan's saying it's, it's up to we the people,

Speaker 4: right? Yup. And um, I mean, I think it's also about supporting our industry associations like where they, at the ncia event here in morgan did lobby days. I would have loved to do it, but I was speaking at that other conference and also like marijuana policy project. Those are the groups that are really trying to work at the federal level to prevent that type of influence from actually having an impact on the industry. Uh, and I think that to looking at it from the state level, have we have people at the state level who are looking to protect their industries within their states, like Jerry Brown and the other folks that kamala harris, all of those people. And I think that we need to support them and let them know that we appreciate that

Speaker 3: brown, a newly, uh, you know, a part of the paris accord or at least a on his way to doing that. Making a deal with China as the state of California. You guys as californians. Not originally, but uh, at least currently in my heart. I'm in California. Exactly. Uh, I would imagine a happy about that. Um, you know, I, I kinda brought this up, why not throw it in here? I have this new repeal and replace a concept based on the fact that we, we, this is now part of our lexicon for the past couple of years. If jeff sessions is saying, weLl, it's the controlled substances act. Why not repeal and replace that? I mean, you guys have, you were, I'd lobby days, morgan. You guys have enough conversations with real people. What are your thoughts on just going big or going home with that one? Right?

Speaker 3: Of course. Yeah, of course we love it. It's a. But you know, having the convErsations. I lobby days while you're talking to democrats and republicans can be a very different conversation. Generally a, they're all on board with cannabis. It's just how much are they willing to stick their necks out right now and um, you know, there's a lot of democrats that are kind of on their heels so they're afraid to stick their necks out and this is a. And they feel like where does this fit on the priority list of kind of a ruling party. Yup. And we're trying to say, make this a party stance. This is, you knoW, recharge. You've got a ton of something to go with. Yes, exactly. Um, but um, you know, there's also a lot of other issues that this administration is attacking that are, are very important. There's just a lot on the table right now.

Speaker 3: Yeah. Um, so what was the question? Yeah. So lobby days. So they're kind of coming along. I, I did my repeal and replace thing. I'm not going to actually ask you to comment on that, but I'm at lobby days folks moving along. Slowly but surely. Is that, is that fair to say? Yeah. So the idea of repeal and places like we'll get there, I think they want to see more data points to have more confidence. Yeah. Which just continues to speak to state's rights preserve and bolster that. Yeah. And we can get to that point. Um, but they are of the mindset of they don't want to rush it. They don't want to rip the bandaid off. So I'm conflicted because we want this industry to succeed. We want the disproportionate effects to stop. Yeah. Uh, but at the same time there's concern if we go too fast and it just kind of blows his all up because we weren't ready for it yet.

Speaker 3: From a regulaTory standpoint, we don't really know what state model is the really the best from a regulatory standpoint. We certainly think there's a lot of great things evolving here in California, but you know, so that in practice yet we got to kind of see it happen. Yeah. So as morgan's at lobby days, emily's speaking, what are folks asking you to speak about to the industry now? Like what was the subject of that talk and you know, how is it different than maybe what they were asking you to talk about before? Talks about preparing for cap to raise capital

Speaker 4: effectively and appropriately. So that's a Big question that we got asked to cover a lot. I would love to one thing I feel like as a gap in these conferences I would love to cover off on the investor and founder, founder relationship and how you really find a way to find the investor that's right for you and as an investor, how do you find the company that's right for you and then how do you navigate that relationship as you go? Because I think a lot of people are in investor founder relationships right now that it's not all sunshine and lollipops and I think that's something that we don't talk about enough as an industry. And so Then let's take the opportunity. If we've got entrepreneurs, we mentioned there are tons of them and we've got investors. We mentioned that there are more of them, so okay.

Speaker 4: We've got maybe a better playing field for each of them to choose the right person. Yeah. What should I be looking for a front will you, you take it either from the entrepreneur side first. Which one? Right. Well, I mean as an investor it's always about assessing your risk profile and being able to figure out what's a good fit for you from both the type of company, whether it's touching or not touching the plan and also the structure of the investment if it's a debt versus equity. So those are big things. Sure. And then your lifetime of your wanting to be invested in this company. There you go. Because we get what you can, you know, some people experience then the like walking dead where it's a company and it's sort of alive forever. And as an Investor the whole thing is like, how do you, how do you ever realize a return on that?

Speaker 4: It's so, those are all things I don't think are being asked of themselves enough because I do find investors find themselves in, in an opportunity that they are mystified is not going the way they thought it might. And I think that that's what falls down in other words, I. Okay, so I see your, you know, what you're doing now I understand your projections, I believe in them, you know, minus whatever and uh, but I think it's a little bit of that excitement of the green rush and I don't think that the timelines are, are, um, appropriate really for what you're going to have to get through with this, especially when things like what you just mentioned with sessions are happening at rattles the cages of, of potential exit opportunities that way myself. So not only look at this as a traditional business, meaning you no longer timelines, more expensive, but obviously also it's federally illegal.

Speaker 4: So really keep that in mind and in mine and the, it's a more mature market than it was even two years ago. Yes. And so that's kind of what we're talking about here. No way. Yeah. And then from the founder's perspective, I think a lot of people seek out funds like us because they're looking for capital. I would say that there are a lot of companies here that would actually be better served by getting a couple of angels onboard early on because funds bring with it a whole other thing that you don't really necessarily need to deal with at that stage in the company. So without getting into the nitty gritty, but pointing out key differences. If I'm a founder and I've got a really good idea and I know I do and I might even be making money already, when am I looking for an angel?

Speaker 4: When am I looking for a fund? Think a good time to look for a fund as if you know you're gonna be setting yourself up to do a fundraise again in the future in order to get to scalability. Um, if you're just looking for a little capital to kind of bootstrap and then you know you're going to be generating revenue sufficient that you can just kind of keep running. I think that that's, that's a different time when you might be looking for an angel, but funds are good because they have ons. They also get you ready to take your next level of investment, but they're also having, they have a strategy there and it's something to know about, um, with a fund rather than being surprised that, oh, they're gonna want a return on their investment. angels have a different kind of profile. It's more of kind of like they're playing with a certain aspect of their wealth to have an interesting experience and maybe potentially swing and get a big hit.

Speaker 4: But um, it's just a little bit of a different profile than fund managers who are mandated to drive results to their investors. So people. You're saying that entrepreneurs are surprised at the fact that you are actually also sitting at the table. Is that factor times? Yeah, I think that there's like a little bit of that. There's a, there, there's a direction. Yeah. I always talk about it like that. Sometimes I feel like when some people are like, oh, I'm pregnant, I can't wait to have the baby, but then the baby's there and so like, that's like I can't wait to get the money. And then they raised the money and I think then they're like, oh, you're still here with us. The person who gave us the money, you didn't just give us money and go away. Oh, you also have fixed. So in that sort of thing, wouldn't that be true with angela's?

Speaker 4: Well, oh yes. But I think that um, angels started just kind of in a different profile. I think there may be some more patients. Like I said, it's kind of like they're not investing on behalf of someone else. I got pressure is on if you are a fund manager and it's a little bit different I think in your latitude. So that's the thorns perspective. what, what would you say then is the angels perspective? In other words, if I'm an entrepreneur, what should I be hearing from my potential investor? Whether they be a funder, an angel, you know, what kind of questions should I be being asked? So I know who to go with. If I'm a first time entrepreneur, you know, hey, I want to say I want to heed emily's advice, but I think that I'm, I think I'm right for a fund, you know? Yeah. I, yeah, I mean it's, it's the expectations. It's the discovery, uh, in the courting process, you know? Yeah. We, we, we asked for information so we can understand what's going on. Angels or there's some angels that are, maybe they came from

Speaker 3: a venture background or, or you know, or maybe like a executive cfo level, some, you know, we're in a position of being ingrained in that mentality. ThEn they'll behave more like a fund. But for angels that, you know, maybe inherited wealth or, or, you know, created a social media company Or something, you know what I mean, that's a little different experience. Then it's a little more of a, just like a fun experience or you know, so they're not as like driving. If I have a unique middle name on my business card, I might be an angel.

Speaker 3: He's got to pull it into the little heArt strings a little bit. Yeah. So it's amazing the interest level or the, uh, the angels, it's really hard to categorize them because you're just the gamut and you never know what you're going to get. And the thIng is, especially in this industry, you never want to discount who you're talking to because there are some amazing people that are just here and dressing very casually because they're doing this for fun. Totally. They could be the best angel you would ever know. Sure. So you've got to take every conversation seriously, which is hard because as you see in the room like this, you know, there's, there's like 5,000 people here in the last couple of days. Sure. That's a lot of conversations to maybe find that diamond in the rough but also kind of beat in every conversation and take every conversation seriously. But also how to know what, what you are bringing to the table, who you are, what you're looking for. And then expect the same from across the table whether you're an entrepreneur investor. Either way, we're not in the kind of early, early, early days anymore where it's everything is just, you know, we're running as as fast of a sprint as we possibly can. It's time to actually buckle down and get to work. Is that fair?

Speaker 4: Oh, that's very fair. And I think that we're in kind of an interesting inflection point and kind of a painful pivot point with that where now it's time we got to really like buckled down and focused on the details, get the right talent in to support these companies, hire the right people and go to work and all the while with the backdrop of sessions and so it, it, it's, it's a hard work and time in the industry for sure.

Speaker 3: And that is something that is absolutely on your mind. That's not just a, you know, we're having this nice conversation.

Speaker 4: No 100 percent. I think it's very important to take all of those things very seriously. Not to have a knee jerk and freak out reaction because I think then decisions can be made that are not necessarily wise for the long run, but to just always kind of think about what this could look like. Yeah. Fantastic.

Speaker 3: I think we've done well here. I have one final question for each of you. That's the same final question that I always ask, which is on the soundtrack of your life. One track, one song that's got to be on there. Morgan, you first. now it could be the same song as you gave me last time. You're not going to remember. oh, I remember. Oh you do? What was the song you gave last time? It was a walk of life. Oh, that's good. From dire straights. No less. And mark knopfler. Yes. Do you ever. Do you have a different one? It could be the same. it doesn't matter. You can still watch her mtv. It's fine and I think that that sting singing that. By the way it is sting singing then. Yeah, absolutely. I should have known this question was going to come, so I should have been a little more prepared. That's fine. This is Right. So, so emily, on the soundtrack of your life, one track, one song that's got to be on there.

Speaker 4: Mine has a song called desperado, which I'm not a pop music person. you're not acting like that. No. So it's really funny, but for some reason this song just totally hits with what's happening right now. And it's like, are we talking about the lyrics? Are we talking about the, the feeling, feeling of the song. It's kind of like anthony, but very like no nonsense, a little bit angry. Aggressive. I like it. Yeah. So that's kind of like the tone I'm in right now with that song. I'm going to have to look up desperado by rihanna

Speaker 2: morgan,

Speaker 3: maybe. Uh, maybe, uh, the uh, I'm going to essentially get the name of the song wrong and in honor of david bowie. Oh sure. It was a star man. Is that the name of that song? Ground control to major tom. Yeah, I think. Is it, is it star? Man? I hate that. We should know that we should, right? Yeah.

Speaker 3: No, but I don't think that's the name of the song is what I'm saying. interesting. Real quick and take a look. Oh, okay. I don't know. Sound smart. Oh yeah. There's no internet. Oh well. but yeah, I um, yeah. Does anybody want that? Is the question now? I think we'd have to do a poll on that. Maybe next time they'll pack Sia. Ias. I think I'm just going to do the packs ia because my whole thing is in emails. It's like I don't want to just do emily and morgan because that's easy. So I want to do pax ia, but pepsi is not good enough. Then the packs ia and then I feel like I should put an apostrophe and s so from now on all emails are the packs enough for me. Okay. All right. That's what I'm saying. exactly. A morgan. Thank you so much for your time. Thank you emily. Thank you so much for your time. Thank you. We will do this sooner than later again, until next time. And there you have the, I mean they're giving you good advice

Speaker 1: whether you're running a cannabis business or not. And If you are running a cannabis business, you know, understand the cannabis industry, it's pretty straight forward. But that's easy for me to say. Thank you so much to the pacs ia. Thank you so much. To gateway and to treat a hit a pitch to ben on twitter and treatable [inaudible] dot com for your pet.

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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.