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Ep.315: Adam Bierman, MedMen

Cannabis Economy Podcast
Ep.315: Adam Bierman, MedMen

Ep.315: Adam Bierman, MedMen

Adam Bierman joins us and lays out his priorities for 2018, those being money, markets and the mainstreaming of the industry. On the money side, he certainly noticed the Constellation Brands deal in Canada (it was of course precluded from happening here in the United States). On markets the Medmen fund investing in Canada in MedReleaf went better than expected. On mainstreaming cannabis. They’ve got 6 retail shops in Southern California which Adam sees as the biggest cannabis market in the world. He’s working with the stores and educating the public on the new reality on the ground as of January 1st. And to that end, on mainstreaming, he’s exposing Medmen and legal cannabis to a whole new market with pride and responsibility.

Transcript:

Speaker 1: Adam Bierman returns, returns and lays out his priorities for 2018, those being money markets and the mainstreaming of the industry on the money side. You certainly noticed the constellation brands deal in Canada. Candidate was course precluded from happening here in the US on market. Some admin fund investing in Canada in Med relief went better than expected on mainstreaming cannabis. They've got six retail shops in southern California, which Adam sees as the biggest cannabis market in the world is working with the stores and educating the public on the new reality on the ground as of January first, and to that end on mainstreaming, he's exposing med men and legal cannabis to a whole new market with pride and responsibility. Welcome to cannabis economy. I'm your host Seth Adler. Check us out on social with the hammock and economy that's two ends of the word economy out of Bierman.

Speaker 1: Running hard and running fast, man, nothing's. Nothing's really changed except for most things, right? So like as we go into 2018 here, specifically California regulations are out as we speak. As you go into 2018, you've got your dispensary's. You know, you've got the fund, you've got this, you've got that, let's knock them down as far as your priorities are concerned, every, every month, every year, every week, every day, right? As a, as a whole new world for us in this industry, I'm 2018 being no different, but there are big monumental things taking place, right? So I think we look at the world in regards to money, um, and we look in the world in regards to markets, um, and we look at the world in, in regards to the evolution of the mainstreaming of our industry. Indeed, those are really the three buckets, right? And so on the money side, you have the constellation brands deal that took place up in Canada a few weeks ago, um, houses, what rised were you about that?

Speaker 1: Not at all. Okay. And have, you know, all of this is inevitable, but you know, what a big moment for our industry to have a fortune 500 company, right? A nine figure check into a marijuana business that business happens to operate in Canada is precluded from operating in the United States. Um, which is what helps make that deal, right, helps make that deal happen as an American. How do you feel in regards to the fact that it was not an American company that was a logical, of course the progression of things. It will be, you know, Canada's public markets have been, you know, going crazy on marijuana now for some time. Sure. I think this wave continues for the foreseeable future. You know, you've got a legitimate industry that's a federally regulated, um, happens to be the marijuana industry, but it's being treated like other industries as being banked.

Speaker 1: Adam Bierman returns, returns and lays out his priorities for 2018, those being money markets and the mainstreaming of the industry on the money side. You certainly noticed the constellation brands deal in Canada. Candidate was course precluded from happening here in the US on market. Some admin fund investing in Canada in Med relief went better than expected on mainstreaming cannabis. They've got six retail shops in southern California, which Adam sees as the biggest cannabis market in the world is working with the stores and educating the public on the new reality on the ground as of January first, and to that end on mainstreaming, he's exposing med men and legal cannabis to a whole new market with pride and responsibility. Welcome to cannabis economy. I'm your host Seth Adler. Check us out on social with the hammock and economy that's two ends of the word economy out of Bierman.

Speaker 1: Running hard and running fast, man, nothing's. Nothing's really changed except for most things, right? So like as we go into 2018 here, specifically California regulations are out as we speak. As you go into 2018, you've got your dispensary's. You know, you've got the fund, you've got this, you've got that, let's knock them down as far as your priorities are concerned, every, every month, every year, every week, every day, right? As a, as a whole new world for us in this industry, I'm 2018 being no different, but there are big monumental things taking place, right? So I think we look at the world in regards to money, um, and we look in the world in regards to markets, um, and we look at the world in, in regards to the evolution of the mainstreaming of our industry. Indeed, those are really the three buckets, right? And so on the money side, you have the constellation brands deal that took place up in Canada a few weeks ago, um, houses, what rised were you about that?

Speaker 1: Not at all. Okay. And have, you know, all of this is inevitable, but you know, what a big moment for our industry to have a fortune 500 company, right? A nine figure check into a marijuana business that business happens to operate in Canada is precluded from operating in the United States. Um, which is what helps make that deal, right, helps make that deal happen as an American. How do you feel in regards to the fact that it was not an American company that was a logical, of course the progression of things. It will be, you know, Canada's public markets have been, you know, going crazy on marijuana now for some time. Sure. I think this wave continues for the foreseeable future. You know, you've got a legitimate industry that's a federally regulated, um, happens to be the marijuana industry, but it's being treated like other industries as being banked.

Speaker 1: It's being, uh, you know, companies have access to public markets and you see the fervor and excitement around it. You know, there's a great little tidbit of fact that, uh, our chief and our Cochairman of our fund likes to throw around. Currently there is one point $5,000,000,000,000 of money in the world on the sidelines that has been committed to private equity. What that means is that there are one point $5,000,000,000,000 of money that people, institutions, organizations have signed up to commit to private equity funds globally. It is yet to be deployed. It means it's committed and sitting there and the reason for that is there are no good deals in the world right now. There is no great place to put your money and expect returns. We're winning. So, you know, cannabis is really, you know, the answer to that in many ways. And so you've got this opportunity up in Canada where you can access it.

Speaker 1: It's legal, it's, you know, it's public. And so I think it's great as an, as an American, how do I feel like I'm supposed to feel slighted or something? Yes, right. No, not at all. Um, Canada. Canada is leading the way in regards to a regulatory framework with marijuana a way ahead of us. Right? I think it's great. I hope that, you know, as we legalized state by state and we attack on the federal level, we look to our neighbors to the north end, say I look, it's being done. It's being done well and look at how good this is for, you know, for their society, how do we go ahead and import that into our society? And I think that's inevitable as well. It's a very pragmatic way of looking at things. It is a, not a, it's dispassionate. And I feel like that's how you also look at investment in general.

Speaker 1: Is that fair? Yeah. I think I have plenty of passion. Um, but when you're looking at the money bucket of things, we have to strip all that out. Right? This is basic fundamentals. You raise money, you deploy it, you create returns. I'm now the passionate part if you want to get it going is, you know, I'm very proud of what we've done with our first fund. We raised a fund, we closed it early because the first investment we made happen to be so damn good, which was what, which was a US buying a six percent stake in med relief privately speaking of Canada, speaking of Canada. And that release went deal by the way, please. I will. Yeah, I'm a. So they went public. We have a huge embedded gain there. Uh, and so we closed the fund to lock that gain in for our, for our investors, and launched a second fund.

Speaker 1: But the emotion, the excitement is if you disconnect the passion and the emotion from the investment side and say we're just looking to put money to work in smart places. Look what we've done. We raised a fund, we deployed all of the money while we were raising it and we've already created returns for those investors. And on paper we actually have more money than the entire funds aum off of one deal. And we have seven deals in the first fund. So yeah, I'm looking at these things. Very pragmatic. But what does that mean? That passion can be. What does that mean for our industry? What does that mean for, you know, showing, demonstrating to investors that there's something real here that they can look at this and have expectations and get excited. I think, you know, so many people are sideline to put money to work here because they can't get over the fact that they're putting money to work with people that don't have track records.

Speaker 1: An industry that's brand new in something that's federally illegal and there's all these hoops and there's these nuances and to be able to actually have proof to say, look at works, look at the money working, um, you know, it's not just a madmen thing. This is an industry thing, you know, high tide raises, like, you know, I'm, I'm about the high tide, right? Rising tide lifts all boats. I think the fun one, I'm excited about what that, what that will do. It's already started to do it and I've seen it, but what that can do, um, to, you know, continuing to grow our industry here stateside. So we launched the second fund, we're looking at it, you know, the in the exact same way and we've already made some really incredible investments that I'm, I feel great about. And tell us anything there yet or no?

Speaker 1: Uh, no. Okay. But I can say that we launched the fund a few months ago. I've had a couple closes. We're raising money at a quicker speed. Then we raised money in the first fund, which I would hope would happen. Being that we can say, hey, look what we did recently. Um, but, uh, we're excited about it. So on the buckets of money side, what's going on in our world is we love the constellation brands thing. We love the fact that we can say mad men had a fund that done so well in such a short period of time. Look, marijuana is a good place to put money to work, right? Um, so that's one bucket. Good markets was the next bucket. And we're talking about Canada already. They're allowed, if you will, to import and export as they see fit. I spoke to [inaudible] from bedrock and proper and he's importing and exporting, mostly exporting as much as he possibly can. What are your thoughts on global markets as we speak? You know the answer. You just love to get controversy. That's why I do this show. I love you. I love you too. Hi, look, I, I think that's all

Speaker 1: part of a maturing global industry. And so in that

Speaker 1: respect, it's great. Um, you know, we've meet with my med men hat on. I paid little attention to it. Okay. The US North America is the largest marijuana market in the world. The US is the largest marijuana market, marijuana market from a country perspective in the world. California is the largest marijuana market from a state perspective in the world. The city of Los Angeles is the largest marijuana market from a city perspective in the world or anywhere else. If you want to go talk to me about Germany and Austria and the Czech Republic, like I think that is important as we build a legitimate industry. And I think that, you know, there's nothing taking away from it. I, we have a big investment in company that does that right and looks to expand that. But for me, with my med Manhattan got to stay focused. And so Kudos to everybody that is, you know, carrying the torch in that regard.

Speaker 1: But we are looking at and focused on developing the marijuana market in the United States. Um, you know, continuing to change the rules to open, you know, open markets to make this mainstream eventually leading to the end of prohibition here in the U. S, um, and you know, that's, we just, we can't do it all and so that's where our focus lies. And so then let's see if we're in the market conversation. Let's talk about Los Angeles. How many shops do you have now? Southern California. We're at six. Okay. Alright. And how are we doing with those? Right. I feel like you are now focused on retail more than I thought she would have been maybe three years ago. I don't know why I think that. Do you know why I think that maybe you were ill informed. Okay, fair enough. So talk about retail in southern California. How's it going and what are we looking at as we get into 2018? The first true year of regulation. I'm just anxious about it from an excited perspective. Okay. Ken, biggest marijuana market in the world from a city's perspective, it is transitioning with a snap of a finger to gray mf from a gray market to completely legitimate and that's it. Uh, and we find ourselves really at the forefront as the leader from a retail perspective in southern California, you know? Um, and man, that's makes me anxious, you know, what are we going to do with that, with that perspective, what are we going to do being in that position? Uh, and we're putting a lot of time, energy, money, focus on, you know, doing two things. One is

Speaker 1: making sure that those, that currently participate in our medical marijuana program in the city of Los Angeles have a seamless transition to be able to come into medmined stores and buy

Speaker 1: cannabis as adults, whether they continue to update their medical recommendations or they forgo those to just buy recreational weed, if you want to call it that, I don't but go on, but you, you, you may call it whatever you wish. But first and foremost, how do we create a seamless transition for those folks so that they can continue to have access to cannabis lawfully? Yeah. Being that you're going to have a, you know, cramming down here of the, you know, you've got w, whatever the number is, 1500, 2000 dispensaries in Los Angeles, there are going to be less than 200 of them that are lawfully able to operate as a January one. Where do you get that? Because we're the regulations coming out now. They, everybody can apply for their temporary license. No, why? Why not a well, because only people that are considered property compliant in the city of Los Angeles are able to go apply at this point in time.

Speaker 1: Perfect. Uh, and there are less than 200 of them that are okay. Uh, and so, so that's the base we're starting from. That's where we're starting now, you know, if you're buying, you know, legal weed and in Los Angeles under the medical program and there are 2000 places from which you can buy this product. And then overnight, um, you know, that will go down by 90 percent, you know, how do you make sure that those people are educated, informed and don't have a gap. Uh, so that's one thing we're focusing on and then we are spending a ton of energy. Yeah, I'm focusing on the fact that there will be a five to 10 x, uh, expansion in what we look at as our potential market with adult use. And as such, these are people that are interested, but I've never walked into a pot shop before, right?

Speaker 1: They're interested, but they may not have smoked weed in 30 years. They're interested, but their last experience may have been buying something from some person that came to their home and dropped off a Ziploc bag of something, right. Um, or what's even more exciting for me is they've never been interested before and they're happy with their PROZAC or they're happy with their ambien and they're going to start getting into discussions in the community that they live from friends and family that, you know, uh, revolve around access to legal cannabis. And for the very first time, they may now be interested in learning more. And how do you go expose, you know, legal cannabis, how do we expose madman to those folks? And how do we make sure that they know there's a place they can go and how do we make sure that that place that they're going is staffed with informed, you know, a helpful customer service that can take the time and you know, this is their first experience and that experience will dictate in large part what happens next.

Speaker 1: And I think, you know, we take a lot of pride in responsibility as the leaders in La, um, you know, in making that effort. And so we've launched a big marketing campaign and ad campaign. I mean it's crazy stuff. Stuff we would never contemplated a year ago, two years ago, five years ago. But you know, this is that third bucket that you're talking about is kind of unveiling cannabis for what it should be. So in terms of, I don't want to get into the weeds on that, but as far as the marketing and the advertising, what is the messaging? What are you saying to, to Mr and Mrs Prozac, what we're starting by saying, hi Mr Mr Prozac. And that doesn't go very well, right? We'll start by being less demeaning. Fair enough. And just calling them general American public right person that has a huge pharmaceutical problem. Right? An opiod crisis, if you will.

Speaker 2: Yeah. And uh,

Speaker 1: what are we doing? We are, you know, our monitors were mainstreaming marijuana, right? So I think the thing that we can do that we believe will have the most impact is less about, here's the address of our store on Robertson Boulevard. Here's the address of our store in Venice. Here's the address of our store in downtown La next to la live. It's more of cannabis is going to be legal and you can access it and feel good. You can access it and heal. You can access it and sleep. You can access it and take a deep breath and let a load off and deal with your anxiety. You can access it at the end of the day as you transitioned into family time. Like how can legal cannabis become a part of your day to day routine in a way that feels. And I'll use it again, mainstream, right? It doesn't feel edgy, it doesn't feel rebellious.

Speaker 1: It feels mainstream and acceptable. And, you know, all of the marketing and advertising we're doing now, whether it's on the web or whether it's outdoor stuff, it's that message. And it's really cannabis first. It's not mad men first. It's cannabis first. Obviously promoting ourselves. It's going to be men, men at the bottom share. Um, but, you know, in all honesty, I'm happy if those people, you know, go ahead and find a store that's operating lawfully that's not madmen. If amendments on, in their neighborhood, I hope, um, I really do hope that when they walk into that store, they have that great first time experience regardless of whether it's Med mal has that experience has had as your path. Because look, we're building an industry. Um, and so I think, yeah, a lot of that is for us, but it's about the industry because the industry makes us. So I want to just dive in on your brain a little bit, right? I think we might have discussed this before, but I want to reinvestigate because you make no bones about the fact that money can be made here and you're very happy to make that money. And that is one of your internal drivers without question, right? No bones about that.

Speaker 1: Cannabis as medicine, cannabis as a plant can. You said you don't care if they want to identify as adult use or identify as, as medical. And I think what you're saying is we're going to make sure that the supply chain is pure and they can make that decision beyond the financial benefit to Mr Beerman, why do you care about cannabis? Why this market? So I just said this for the first time the other day,

Speaker 2: uh,

Speaker 1: at a dinner we hosted, my communications director gets upset at me because he wants me to write down notes of what I'm going to say so we can vet it first and then he bugs me about it and then I just don't get back to him. So I stand up and I just speak candidly and in my candidate a little speech, I'm on the spot. It just hit me that there are three things that drive me. Okay? First is my family. I'm secondarily is building med men, building the empire and as important and as a result of the second thing, ending prohibition. Okay. Um, and so I think I would be passionate. I think I would be driven if we were in any other space to do items one and two, build a business, build the empire, but not before making sure that it's about my family first because we all have a very short time on this earth and the rest of it really doesn't matter, you know, it's all second to that.

Speaker 1: But, um, what an amazing position we are in, to be in an industry where we are changing lives. We are shifting, our communities were changing national rhetoric, Internet. We have the ability to make our world a safer, healthier, happier place. Um, and so I think that you can have both. I think that you can be driven to create returns for your investors. You can be driven to build an empire while simultaneously being excited about the fact that you can tie that into making the world a safer, healthier, happier place. And we're doing that. And, you know, I, I have these discussions all the time internally, what is our plan from a nonprofit perspective? There are these nonprofits we should donate to. Maybe we should launch something internally. And I always come back to the same answer. That is a distraction. It's a distraction because it's not real and it's not authentic.

Speaker 1: We would be doing it for show. Okay. And I cannot stand people that do stuff for show. Um, and I have, you know, an issue with people that donate money to universities and put their names on the buildings. You donate money to a university so that the future, the youth can get educated and make the world a better place. You don't need your name on it. You know, when we go ahead and we put our money to work, to change local laws and we put our money to work, to change state laws. We put our money and energy and resources to work, to change the federal laws. We're making the world a better place. We are reversing, starting to reverse, you know, the atrocities that have fallen upon these communities that have been disproportionately impacted by the failed war on drugs. We are taking our best shot at the biggest epidemic that this country currently faces, which is the opiate epidemic.

Speaker 1: Yep. Um, we are, you know, taking our direct shot at this horrific prison system that we have. Um, you know, we are doing all that and I don't think the right way to do that is to be able to wave our hand and say we wrote a $50,000 check to this nonprofit that wants to reform, have prison reform. The way we do that is to say this is the makeup of Congress and we can go influence that makeup of Congress to be more favorable to cannabis and by doing that, x, Y and z takes place. The rest happens because of that. But I should bring up, I mean, MPP, you're very involved, or at least you war with MPP. That's a nonprofit. Where am I missing? You know, why? Why did you do so much with Mpp when you did it? Well, I think in 2017 we're their single biggest donor to marijuana policy project.

Speaker 1: I think it's safe to say in 2017 we are the single biggest contributor spender of money, resources, time of changing laws across the United States because they are changing laws as opposed to some other kinds of charity that isn't, it's not just a charity. Right. At MPP has been active. We, we worked with MPP to legalize medical marijuana in the state of Ohio. What an important state. And Oh, by the way, it wasn't that state pretty important in our presidential presidential election. So like what an important place to change the law. And we went and did it. Right. You know, so I just, you've mentioned nonprofit, so I wanted to make sure that we had that up. I'm just making the line of you can go do it for the reasons, both reasons at the same time. And now there's a very big discussion going on amongst this industry about social justice.

Speaker 1: Okay. Uh, and you know, we have from the beginning, I have been excited about the fact that I can again build the empire. While making the world a better place, right? Social justice is part of that. Now you see communities, you see cities, you see states talking about social justice, needing to be a part of the regulations, a part of the laws. It can all happen and it should happen, but it cannot happen in a vacuum. You cannot write a check to a nonprofit and say that will make the world a better place for mechanic [inaudible] perspective. You cannot go ahead and, you know, change a law and then have a local lawmaker or state regulators say social justice, so everybody of a certain ethnicity backgrounds, socioeconomic position in life gets a license. That in a vacuum, none of those things work. You have to create sensible regulations that will create a commercially viable program and you have to be conscientious while you create that program.

Speaker 1: That program should feed into these communities, should help rebuild some of these neighborhoods and communities that have been ravaged by this, you know, failed war on drugs. You can do all of those things, but I believe it's commercial first because at the end of the day, without money, nothing happens. That's our society and if people don't like it, they should move to Finland. Right. But, but on that. Yeah. Right. As far as a Berkeley or an Oakland who put into their regulations, you know, hey, we've got to have x percentage of. I know that you don't like it, but you know, I've got friends that very much appreciate that based on the fact that, you know, I wouldn't have had a chance at this license if this wasn't part of the staff. Let's play it out. Okay. Here's I say it. I can say on your podcast, I'm allowed to use all types of foul language, restrain myself.

Speaker 1: It is absolutely unbelievable intentions. The intentions are so righteous. The execution is so piss poor. Got It. How can we improve the, the execution in ensuring some sort of, you know, social equity. Exactly. You can do it. Okay. The program has to be commercially viable first. It can not be the inverse. It cannot be. These people in these communities are going to get licenses and then it'll work out. It has to be, here's a program that is commercially viable. First and foremost example, your friends that are appreciative of the efforts that have been made by some municipalities to say we are essentially going to have affirmative action for licensure. Okay. Without wanting to say it. Okay, okay. Where is said license holder now going to receive the capital? They need to start said business where it said license holder going to now have the support that they need to be compliant in a hyper compliant industry.

Speaker 1: Right. These aren't questions that people are asking. They're just saying, oh, affirmative action. Let's split it up this way. Then if we attack that, how do we. How do we go to that first, create a commercially viable program, allow big business and big money to come in and loan these people money. Just like I should be able to loan money. I should be able to lend money in to a marijuana business in Los Angeles. Whether it is owned by rich white person or a minority that is, you know, that is not as well off. I should be colorblind. I don't care. I should be able to lend money in. Of course not. I'm not. I'm restricted. There are, there are, there are restrictions, there are, you know, there are issues with our ability to go buy these businesses, invest in these businesses, loan to these businesses because we're restricted by caps in la.

Speaker 1: They want to have a cap that I only can be involved with three different businesses. So okay, well if they're going to issue 50 licenses to social equity participants, guess what? I'm already involved with my three businesses. I'm restricted. So now what's happening, right? So again, getting back to commercial first, why would you have a cap on ownership? Why would you go with the, with so with so few dollars available in this industry right now in this industry and being an operating this industry being so capitally intensive. Yeah. When there are dollars out there, why would you restrict them from flowing into this space? But again, righteous intentions, anti-monopoly listic total total. We are not in a position to use the word monopoly. When we have an industry that has no capital, that's fine. We need enough stores to be run well enough and in a compliant fashion, so that, I think you call it, you were the derogatory term Xanac Mr.

Speaker 1: Xanax and Ms Dot Rosen, Mr. whatever. Mr Prozac. So Mr. Prozac can walk in and participate in this program and as a consequence, the black market goes away because they're buying from a store instead of their guy. And furthermore, now the city and the state have what they need to go shut down the black market because it's black and white. You're either a licensed operator or you're not, but you know, you taught me this, that it's your first in or you're not. And so if we're saying, you know, we don't, we don't have enough money to be monopoly. We don't even have enough money in the space. We don't, we can't worry about that because we've got to do this first. How do we do it in a real way that really, truly does allow for, you know, uh, you know, a social equity participants. Let's do it in a way that that person doesn't have, you know, access to $500,000 from whatever you know, because they went to that school or whatever. How do you do it? Yeah.

Speaker 1: First of all, I don't believe ultimately that you are creating a social equity program by setting up a one time transfer of wealth to a few individuals. I'm here. I'm right there with you. So if you're going to issue 50 licenses to people of color or people from a certain socioeconomic position, that is not social equity to me. Got It. Social equity is saying, here are the communities in Los Angeles were primarily young men of color, from socioeconomic backgrounds on the low side of things have been arrested, have been put on their record that they are a criminal, have not gone to school, have not been able to get a job. How do you go into those communities and help those communities with the money that will now be coming in based on the fact this is a legitimate licensed industry. I'm, I raised my hand.

Speaker 1: I'll be the first person. Let's create a fund in Los Angeles and what happens is one percent of all the revenue from your licensed facility goes into this fund and then the city goes ahead and uses the fund to go put into schools in the neighborhoods that we can easily go figure out, have been hit the hardest by the failed war on drugs. I got that social equity. There we go. Giving a person from that area a license to go sell pot to people in their community or social life. Don't force ownership is your point. Let's actually figure out a way to literally invest in the community. That's what it is. And that's not right. Again, righteous, you know, intention. Of course, of course. Poor execution. I gotcha. I, you know, we could sit here all day but we don't have that kind of time because you've got gotta roll your way to somewhere else.

Speaker 1: Fair enough, right in these days and times. So I'll ask you the three final questions for returning guests. These are new and uh, then we'll take it from there. So I'll tell you what they are and then I'll ask you them in order. What would you change about yourself? If anything might be something you're already working on, what would you change about anything else, if anything? And then on the soundtrack of your life, one track, one song that's always, that's got to be on there. That's always the last question. So first things first, what would you change about yourself? If anything might be something you're already working.

Speaker 1: I'm already working on this. Stay at a lower level. Longer stay said energy wise. A aggressiveness wise. Yeah. Anxiety. Wine just stayed a lower level longer. Um, you know, I'm in a position where my job is to make prudent, emotionless decisions and you know, I think you can get excited, you can get passionate and you should. And I would never change that about myself. I think that's one of the reasons we are where we are. Yup. But when you know, filtering and information and reacting to that information, good or bad, stay at a lower level longer. Allowing myself to process it in a more neutral fashion to try to get to the best decision. I love it because we talked about earlier, we talked earlier about the fact that you were speaking in a dispassionate way, but I don't think anyone in this room or otherwise would call you a dispassionate yourself.

Speaker 1: This is a passionate guy. I mean, that's fair. Right? That's just fair. Fair enough. I'll take some pride in that. Absolutely. What would you change about anything else if you could, if anything? Right now? My magic wand, and this is business only, it doesn't matter. You call, you can't do that because all I care about first and foremost is my kid, Sarah and my wife, so we don't want to hear about them. Got It. Okay. Okay. I could do anything I want. Yeah. This is easy. Involves a time machine. Okay. I would take every chief investment officer and everybody in the world. Okay. That thinks they might have an interest in investing in cannabis that has yet to do so, which is 99 point nine, nine percent of them. Right. I would put them in a time machine. I would set that time machine back for the early 19 seventies.

Speaker 1: Okay. When Steve, when came to Las Vegas, um, and at the time there was no institutional money in gaming. It was a, it was a dark, dark money only as they used to call it and Di Know Wall Street, you know, Bugsy Siegel and boys, all the rest of it. Right? And I would have that time machine show up in the meeting that took place, which, who knows what actually happened, but I'm sure there was a conversation when Michael Milken was speaking with Steve Wynn and they were talking about the fact that milken was going to go help when raise $100,000,000 when that seems insane, right? So that they could finish buying the golden nugget, go by the golden nugget and Atlantic city sell that thing, come back, raise billions of dollars, and really institutionalize and bring Wall Street, if you will, in quotes to the Las Vegas Strip and to gaming. Okay. And if I could have every investor in the world go back to that discussion, whatever, whenever that a discussion, those discussions took place because that's a real thing that happened, had to have and then bring them here to 2000 and say, are we still sitting here thinking about whether we should invest in cannabis?

Speaker 1: Are you still thinking about the fact that you have an opportunity to make an investment in the golden nugget or just in Steve Wynn in 1973 or the city of Las Vegas. Now you're in 2017. I think you probably did pretty well. That turned out pretty well. Exactly. That is the most analogous to what's happening right now. And just the fact that the world doesn't yet get it. It's frustrating, right? Like this is just, this is such a once in a lifetime thing and I just, I can't convey it to people, you know, strongly enough or illustrated enough for everybody to get it fast enough for me. So one thing I would change, give me my time machine, let's educate everybody in, in real world terms. And then with that context, bring them back and let's talk about, you know, filling up this industry with capital so we can go mainstream it, make it acceptable across Main Street USA and federal prohibition.

Speaker 1: That's, um, and then we get all the consequences that we talked about. Then we get the prison system reform. We get the opiate epidemic, you know, at least a big slug on that thing. You'll get all of those things out. But first you need the money to flow. All right. I like that answer. That's a big. It's a big and imaginative answer on the soundtrack of your life. Out of. You asked me this last time I did. That was the last question. It's always the last question. I will never not be the last. So just start this by saying, I know you said last time, has it changed? The answer is no. So it was, it was the m and m track. Oh, right. Yeah, sure. That's actually very good for you. I get one shot. Yeah. You only get one shot and that's it.

Speaker 1: Um, so I have one shot in my life in this form. You have one shot in your life as you work your 19 hours a day. This industry, you know, has one shot to be at this place where we are evolving from the gray to the legitimate and what are we going to do in that evolution? How are we going to be responsible? How are we going to deal with things like social equity? How are we going to deal with things like making it more easily available for money to flow in? What are we going to do with this opportunity? You got one shot at that opportunity and you know, I'm not going to miss it because somebody outworks me or out thinks me, um, you know, are our passions me, I'll miss it. Look, you know, we're not going to be perfect. We're not going to, you know, always do it right?

Speaker 1: But maybe I made the wrong call over here, but it's not because I didn't work my Taylor then learn from it and then go do better. But you got one shot in one day, you wake up and it's done. Um, and you don't want to wake up and look back and say, wow, if I had known that was my one shot, I would've done it differently. Adam Bierman, man, always good to see you. All right, thank you seth. My, my, my, my, my favorite podcaster, my favorite interview in the history of the world. Seth Adler. Thank you for having me again, my friend. You're too kind. Oh, right. And there you have Adam Bierman. I always appreciate sitting down with him. He's so forthright, yet somehow he's also holding his cards close to his chest. So, you know, he's a unique guy and, uh, appreciate his time. Appreciate Yours. 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.