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Ep. 419: Adam Bierman, MedMen

Cannabis Economy Podcast
Ep. 419: Adam Bierman, MedMen

Ep. 419: Adam Bierman, MedMen

Adam Biermann returns, sharing the changes and retail developments of what he calls the “industry of our lifetime.” This is because the cannabis industry is being born as we live, with growing support on all sides giving it momentum for progress. He emphasizes that this momentum is what matters most, rather than fixating on single events. Cannabis companies face unique struggles in the emerging retail market, including arduous zoning restrictions, legal matters, public perception, research, and investment strategies. But those are all just small parts of the growing snowball leading to an avalanche of business in the space.

Transcript:

Seth Adler: Adam Biermann returns. Welcome to Cannabis Economy. I'm your host Seth Adler download episodes on canneconomy.com. That's two Ns and the word economy. This interview was recorded at the NCIA Seed to Sale Show. It was the opening keynote at that show a little while back. Very much appreciate Adams time as usual. First a word from one of Wana Brands and then Adam Biermann. Want to know with Wana Brands, Nancy state expansion, Arizona.

Nancy: Yes, Arizona is our latest state. Our products are doing really, really well. We're very, very pleased. Arizona is an interesting state because it is just medical. But it's quite a liberal state in terms of allowable conditions, who can prescribe. So in some ways it has more of a characteristic of an adult use market, and it probably will go wreck some times soon, so it's important for us to get a toehold in there now.

Seth Adler: Keep it going for the very long walk to the stage CEO Adam Biermann. There you go. Okay, here we are, again. It's good to see you. I started in the cannabis industry 2012, when Colorado and Washington voted in adult use.

Adam Biermann: We're really close right now.

Seth Adler: We're very close.

Adam Biermann: I'm gonna do this.

Seth Adler: This is [crosstalk 00:01:28] oh okay. We should be further apart. Okay. We've almost, nearly. 2013 would have been the first time I spoke to you. We've spoken many times since. 2019 is a different year than 2013 for legal cannabis, would you say?

Adam Biermann: I would say, yeah.

Seth Adler: One key indicator would be the fact that we are, well we're here in Massachusetts, so is cannabis. We've gotten New York, we've gotten New Jersey, we've got Florida. 2019 it seems like is ... a brand new focus on this side of the country. I know you guys have a big focus on this side of the country. What are your thoughts on that?

Adam Biermann: There's never been a more exciting time to be in the cannabis industry than 2019. And there won't be a more exciting time to be in the cannabis industry than 2020 when we get there as well. This industry as you have witnessed is being born as we live. This will be the industry of our lifetime. And so every year-

Seth Adler: Every day is day one almost right?

Adam Biermann: And every day is dog years, and we all ... everybody in this industry talks about that. I don't know, it seems like we met 25 years ago,.

Seth Adler: It's, well doing the math, it's actually even longer.

Adam Biermann: It would work for you because I think you're old enough for that, but for me I'm way too young, so it wouldn't have been 25 years go.

Seth Adler: Of course, you were so much older then, you're younger than that now.

Adam Biermann: But yeah, I mean, we're here in 2019 look over 75% of Congress represents a constituency that is in favor of legal cannabis. That is probably the most important thing going on in 2019 is we got rid of Pete Sessions, and we have a congress in favor of protecting states rights and legal cannabis. That is the biggest thing. As a consequence of that momentum you have all the other movement you're talking about. There's a vigorous debate going on in New York, there's a promise that's been made in New Jersey. There's a promise that's been made by the new Governor of Illinois. I think in 2019, you'll see some very important markets flip to rec. I think in 2019 we'll get a ton of progress at the federal level.
I think also in 2019, you have a couple other really big things going on. One is you will see more institutional participation on the capital side directly into US cannabis. And I think in 2019, you'll see a very big push of Canada coming down to the US. There's been a lot of talk about how are these Canadian LPs with these monster market caps going to play the US. 2019 is a year that you'll start to see that unfold.

Seth Adler: Adam Biermann returns. Welcome to Cannabis Economy. I'm your host Seth Adler download episodes on canneconomy.com. That's two Ns and the word economy. This interview was recorded at the NCIA Seed to Sale Show. It was the opening keynote at that show a little while back. Very much appreciate Adams time as usual. First a word from one of Wana Brands and then Adam Biermann. Want to know with Wana Brands, Nancy state expansion, Arizona.

Nancy: Yes, Arizona is our latest state. Our products are doing really, really well. We're very, very pleased. Arizona is an interesting state because it is just medical. But it's quite a liberal state in terms of allowable conditions, who can prescribe. So in some ways it has more of a characteristic of an adult use market, and it probably will go wreck some times soon, so it's important for us to get a toehold in there now.

Seth Adler: Keep it going for the very long walk to the stage CEO Adam Biermann. There you go. Okay, here we are, again. It's good to see you. I started in the cannabis industry 2012, when Colorado and Washington voted in adult use.

Adam Biermann: We're really close right now.

Seth Adler: We're very close.

Adam Biermann: I'm gonna do this.

Seth Adler: This is [crosstalk 00:01:28] oh okay. We should be further apart. Okay. We've almost, nearly. 2013 would have been the first time I spoke to you. We've spoken many times since. 2019 is a different year than 2013 for legal cannabis, would you say?

Adam Biermann: I would say, yeah.

Seth Adler: One key indicator would be the fact that we are, well we're here in Massachusetts, so is cannabis. We've gotten New York, we've gotten New Jersey, we've got Florida. 2019 it seems like is ... a brand new focus on this side of the country. I know you guys have a big focus on this side of the country. What are your thoughts on that?

Adam Biermann: There's never been a more exciting time to be in the cannabis industry than 2019. And there won't be a more exciting time to be in the cannabis industry than 2020 when we get there as well. This industry as you have witnessed is being born as we live. This will be the industry of our lifetime. And so every year-

Seth Adler: Every day is day one almost right?

Adam Biermann: And every day is dog years, and we all ... everybody in this industry talks about that. I don't know, it seems like we met 25 years ago,.

Seth Adler: It's, well doing the math, it's actually even longer.

Adam Biermann: It would work for you because I think you're old enough for that, but for me I'm way too young, so it wouldn't have been 25 years go.

Seth Adler: Of course, you were so much older then, you're younger than that now.

Adam Biermann: But yeah, I mean, we're here in 2019 look over 75% of Congress represents a constituency that is in favor of legal cannabis. That is probably the most important thing going on in 2019 is we got rid of Pete Sessions, and we have a congress in favor of protecting states rights and legal cannabis. That is the biggest thing. As a consequence of that momentum you have all the other movement you're talking about. There's a vigorous debate going on in New York, there's a promise that's been made in New Jersey. There's a promise that's been made by the new Governor of Illinois. I think in 2019, you'll see some very important markets flip to rec. I think in 2019 we'll get a ton of progress at the federal level.
I think also in 2019, you have a couple other really big things going on. One is you will see more institutional participation on the capital side directly into US cannabis. And I think in 2019, you'll see a very big push of Canada coming down to the US. There's been a lot of talk about how are these Canadian LPs with these monster market caps going to play the US. 2019 is a year that you'll start to see that unfold.

Seth Adler: Right. One of those answers is hemp, we already saw at least a little bit of that. yOU mentioned federal legislation, Aaron Smith also mentioned that, of course. The state's act is kind of on the table, it's not actually on the table. It's been introduced. I get the sense from the industry that we're maybe a little too bullish on the state's act passing in 2019. In other words, when I speak with folks, it's almost as though it's already past. Do you have thoughts on that? Or where we are with legislation? We mentioned the hearing tomorrow on banking.

Adam Biermann: I think people get too fixated on individual events or milestones. It's about momentum and progress. The fact that the discussion is happening, that there's a real viable path for something like the states act to pass, that's progress. 2018, nobody real was talking about the state's act passing because it wasn't even going to get to the floor. I'm less fixated and I think for the for the entire time that we've been in this industry almost 10 years now, we haven't been fixated on a single event. Go back a couple years now, the Cole memo. Everybody was fixated on the Cole memo as a positive, and then everybody was fixated on Jeff Sessions and his commentary about the Cole memo. It didn't really do much. It's really about like a temperature check on where we are in our progress to end prohibition and regulate and tax marijuana like alcohol.

Seth Adler: Cole memo were ascended by Attorney General Sessions then, Attorney General Sessions at the beginning of last year, and there were many folks that were nail biting and thinking, "Oh, my God, what's going to happen?" And it actually did birth the state's act. His act could be ... and that's what Corey Gardner said, that that act alone is probably the biggest momentum shift for legal cannabis. [crosstalk 00:06:08] negative.

Adam Biermann: Again fixated on a single event. People in this room have become aware of the cannabis industry at all different times. Going back however long to recently as maybe this is your first time learning or being a part of something like this. For those of us that have been around I see Andrew right there, a man [crosstalk 00:06:29] who deserves a lot of credit in our journey. But, you have the D'Angelo brothers that have done so much for decades. Rob [Campy 00:06:38] is not here, but I always have to give Rob a shout out. Marijuana Policy Project 25 years ago decided that marijuana prohibition should end. This is an evolution not ... This is evolutionary not revolutionary. This is iterative. It's not ... I don't get fixated on one thing. So you say the single biggest thing that happened is this, I would say, no. I would say that this is about pushing a boulder or creating, we're in snow, right?
This is creating a snowball that's got so much momentum that it's going to knock the house down when it gets down the hill.

Seth Adler: Not focused on one thing, but you on the podcast the last question is always on the soundtrack of your life, one track one song that's got to be on there, and your song is always lose yourself, because you only get one shot right? Eminem. And so you do focus on the fact, maybe it's a little bit bigger picture, but you do focus on one shot right? Would that still be your song today?

Adam Biermann: Yes, that is the soundtrack to my life.

Seth Adler: Okay.

Adam Biermann: So yes Seth, you can ask me that question every time I meet you, and it'll be the same answer. That's how I've always lived my life. On the video, which I thought was really cool. It's the first time I've seen that full new video. But we talked about why not? It's actually core value number one in MedMen, is why not? We wake up every day we ask why not? If you don't give me a good enough answer, then let's go. It is about one shot. I think I look at my life as I have one shot my life to do something profound, and this is it. We all have one shot to end prohibition and right the wrongs, and create a safer, healthier, happier world. We have one shot and let's not take it for granted. I'd say lately there's another Eminem ... Well, I don't know how personal we're going to get. These are all my closest friends. So ...
Lately, for those that have watched 8 Mile, which is one of my favorite movies, I'm obviously an Eminem guy. The last scene in 8 Mile, he starts the battle. And he starts it with something like, "I am white, I do live in a trailer park with my mom." By the time he was done, the guy had nothing to say. I think that yes, it is that, but I got a little bit more of this going on lately, and I think that's a consequence of what we asked for it right? We said we were going to be first, we said we were going to be the boldest. And we have been and I think that's what our place in history is to wake people up and say pay attention, this is real. But in so doing it I haven't avoided flak along the way. I'm now getting to a place where in more and more instances, I want to say, "Yeah, I am all those things. What else do you have to say?" So yes, maybe two songs.

Seth Adler: Okay, but you're speaking of a spotlight that clearly is on MedMen. You're speaking of flack that you are getting there ... I think pretty much every single person in the room is aware that there are a couple lawsuits. What should we take from that? What are your thoughts on those things as they come up? How do you deal with those things?

Adam Biermann: Lots of cannabis.

Seth Adler: That's good solution. It's good, that was Adam Biermann. No, I mean you've got folks that, that ...

Adam Biermann: Yeah, I get the question. You don't have to be so nice. All right. On one hand this is what I signed up for. We've known each other for however many years.

Seth Adler: Five or six, yep.

Adam Biermann: I remember ... Well, was an NCIA event, one of the first conferences I ever spoke at, and it was even before we met. And basically, if the crowd had tomatoes, or whatever, they would have been thrown at my head, right? Because I stood up there and said, "This is a real industry. If people want to be involved in the future, then make yourself, create utility for yourself in the future, which looks more corporate, which looks more institutional, that's actually good, because that creates permanence around an industry that has been gray market, mom and pop and not defensible. We've got to be highly regulated." And that wasn't the popular thing to say back then.

Seth Adler: No, right. Not everybody, but many people still dragging their feed into the reality.

Adam Biermann: Well, and there was also a lot of pride from those advocates that had worked tirelessly, which is why it's not one moment to create even the opportunity for me to be on that stage. I think I signed up for it. That has been our premise, mainstreaming cannabis. And now I think you've got this situation where it's a self-fulfilling prophecy, we are the brand in the world of cannabis. I mean, there are companies that have bigger market caps, and there are companies that have this or that, but, MedMen is the brand. And we're really proud of that, we've worked really hard to do that. I think that with that comes a spotlight. I think what people have to remember is, we're all public startups. The public marijuana companies that exists today, these are not public companies, the way people are used to public companies. These are not mature businesses that have been through life cycles and gone from day one to a very mature, buttoned up institution that then goes public through Goldman Sachs on the New York Stock Exchange.
All the marijuana companies that are public today are public because they had to be, we had to go public. And I felt, again, being bold I felt like there needed to be a US marijuana company that went up to Canada and said, "Yeah, if these guys are all worth billions of dollars, then so are we. Our industry down here is more real than that industry up there, pay attention." And we did it, we broke down that wall when that was a deal nobody thought could get done. And since then many others have walked through that door, and I take a lot of pride in that. But because we were the ones that kick the door down there's that spotlight. And so yeah, I mean, you say lawsuit, like, first of all, all public companies have more than two or three lawsuits. We have 1400 employees now with PharmaChem we're 12 states, that's part of the deal.
Unfortunately, because we're a public startup it cost us more. It costs us more in time, energy and reputation. Amazon's not getting crushed today, because there's a scandal with their CEO, because Amazon, everybody understands the business fundamentals because they're mature public company.

Seth Adler: Yeah, this isn't 1998.

Adam Biermann: Right. This is not... Amazon wouldn't have been public in 1998. And so I think we've been forced to be public too early all of us have, and we're trying to build these businesses while we build an industry while we're public companies. And so with us and the target you mentioned, I mean, we ... Great you can and bring it up. I mean, we were recently sued by our ex-CFO who couldn't grow with the business, and as opposed to just quitting and walking away, he quits and sues, and although it's a labor dispute he adds all this salacious stuff about me, I'm a homophobe, I'm a racist, and I'm a misogynist. Like, way to hit all three buckets, buddy. Now, in the real world, for the mature business, nobody pays attention to that. As you know my business partners, gay. We are probably one of the most diverse companies in the world if you just walk into our office, and nobody's ever called me any of those things before. But now I have to deal with that. Now I have to go home and I have to explain to my Latino wife and my Spanish speaking kids, why I'm being called a racist at work. Right?
And to everybody here, it's absurd, or I have to talk to my very openly gay business partner about us being called homophobes. But that's just what this is. That's the noise and you know what? Just like we had to break down that barrier, that wall in Canada, like, we're going to have to be the company that steps up and sets the tone for how this is going to work for everybody. Because you think we're the ... I'm the only CEO of any of these big companies that is going to be accused of complete garbage as a way to try to extort and capita- like, that's going to happen. So yeah, I think the spotlight is double edged, this is what we asked for, I only get one shot, I'm not going to leave it up to anybody else. All the people in this room and everybody that I've come up with, and the people that we know, like, we can't get there without all of us. But I'm not going to be able to take a vacation, just assume we're going to get there without me.
And so I take a lot of pride in that. And with that comes the spotlight. And with the spotlight comes all this new stuff that I'm learning how to deal with, and we'll get through it. Because at the end of the day, look, cannabis makes the world a safer, healthier, happier place.

Seth Adler: Yeah that's ... Sure, true things.

Adam Biermann: And at the end of the day, this cannabis industry, the leaders of this industry are going to come from the United States of America. We can talk about that.

Seth Adler: Yeah.

Adam Biermann: Okay great. And somebody's got to put their foot down and say pay attention, because this is real, and this is going nowhere. I don't care about the Cole memo, it can be in place or not be in place. The United Nations has said for however many years 50 plus billion dollars a year is being spent on cannabis in this country when it's unlawful. Most people aren't willing to break the law to access goods and services.

Seth Adler: Right, the federal law, right.

Adam Biermann: So to the tune of 50 plus billion people have been willing because cannabis is that powerful. So as cannabis becomes accessible legally Cowen's now 80 billion, I've said like, this is going to be the biggest marijuana market place in the world. So, yeah-

Seth Adler: That's consumers, right? And so let's dive in on that whole, does America rule the world? And if you ask some people, they would say yes. And if you ask others, they would say no. That's the wonderful thing about people. But with the amount of money that is in the Canadian market, and with Canada coming in, albeit through hemp at least to begin with, we are still federally illegal, who knows what's going to happen. Yes, don't focus on one piece of legislation, but as a federally illegal industry, how could the US come out after 2019 if it's still federally illegal with Europe coming on board in every way, and Canada continuing to plow on with Israel having export, all of these things. I mean, these are real things that are happening. I feel like you're disappointed in the question.

Adam Biermann: First of all, I have all the respect in the world for Canopy and Bruce Linton. The truth is, we wouldn't be on the stage without him.

Seth Adler: How do you mean?

Adam Biermann: Because Bruce Linton figured out how to access to bring the public markets to understand that there was investability in cannabis. And as a consequence being first, they've been able to build a market cap, and they have $4 billion of cash, all of us would love to have $4 billion of cash in our bank account. I don't know how that works. But it works for them. And so they deserve all the credit for that. Now, when we're talking about how do these Canadians come down to the US and play. You saw the announcement from Terrascend a day or two ago. And for those that don't know Terrascend is essentially the proxy vehicle for Canopy to come play the US and they bought-

Seth Adler: In upstate New York, yeah.

Adam Biermann: No, stop about the hemp stuff okay? The hemp stuff is a [crosstalk 00:18:12] is a distraction.

Seth Adler: It's a distraction?

Adam Biermann: Sure, we can get into that if we have enough time.

Seth Adler: All right, fair enough.

Adam Biermann: But enough through Terrascend what did they do? They came down to the bay and they bought Apothtecarium. The bay in Vegas. You know what Apothtecarium is? They're a retail store.

Seth Adler: Yes, they are.

Adam Biermann: Great segue. So, at the end if-

Seth Adler: Do you want to talk about retail? Is that-

Adam Biermann: Well no, but it is interesting right? Canopy didn't come down and they have their first purchase be somebody who had four different grow facilities in four different states. They came down and they bought one of the retailers in the bay that has the biggest market share in prime locations. And so I think, if you're going to talk about how they're going to come down and play, and we could talk about who wins if you want, and I'm happy to predict it. But for them to come down and play, retail is the only defensible piece of this market. There's a lot of discussion and conversation around the commoditization of the plant. I don't have to take a stance one way or the other. I have my feelings, I'll keep them to myself.
But it doesn't matter who's right or wrong. At the end of the day, the retailer is the choking point of this industry, unlike alcohol. And people get caught up in alcohol, alcohol is a three tiered model cannabis is not. At the end of the day, we have limited licenses at retail.

Seth Adler: In most states.

Adam Biermann: Yes, you're trying to tee me up, but I'm not going to take the bait.

Seth Adler: No, I know that you don't play in Colorado and Oregon and you know.

Adam Biermann: Yeah so limited licenses in the markets that matter the most, arduous zoning restrictions, the most arduous that exists in retail. In Boston you can't be within 1000 feet of a sensitive use or another marijuana store. Try to figure out how to be in prime retail and not be within 1000 feet of a school, park, church, library or competitor.

Seth Adler: I mean, Berkeley Patients Group could tell you that from, a bunch of years ago in California, so yeah.

Adam Biermann: Sure.

Seth Adler: It's all about zoning.

Adam Biermann: You have limited licenses, you have the zoning that makes you defensible, at the end of the day you have first mover advantage underneath all that, which is you're building brand equity. When Canada comes down or anybody for that matter comes to play the US, they've got to play it through retail. So what does that mean, they can't create new licenses for themselves, they'll have to buy licenses, which is what Terrascend just did. And unless they buy groups like MedMen, they'll be in second tier locations, because of the zoning the prime locations are going to be gone in the prime markets.
Think about it, by the time they can come down California, Nevada, New York and Florida are done. Now, it doesn't mean they can't go to a place like Arkansas, and maybe get a prime location. But that's not where the 50 or 100 billion dollar companies of the world build their brands. They build their brands in the place I just mentioned, and by the time Terrascend comes or anybody else they come down to play they're either going to buy the MedMen's of the world, or they're gonna have to settle for second tier locations. I don't care if you have $4 billion, what does that mean? What are you going to spend it on? And as a consequence, you've seen these Canadian companies spend it on places like all over the country, all over the world, countries in Africa, I've never heard of. All of a sudden their licenses are worth $400 million because they have nowhere else to spend their money. The US players will win. And they will win-

Seth Adler: In the US-

Adam Biermann: They will win globally. I think when you talk about the partnerships, Altria and Cronos, amazing partnership. Canopy, Constellation, awesome. Those are validators. Those aren't threats. What better validation is there in the world that big alcohol understands that if they don't get a piece of the cannabis pie, their businesses are going to suffer irreparable harm? It's not that big alcohol believes they can come to Beverly Hills and run our stores for us. Big Tobacco certainly doesn't believe they can come to Massachusetts and run our factories, and our stores, and our ... They don't have any skills, they don't have any infrastructure to do that. What they do understand is they better own some economics in this deal, because it's going to go ahead, it's going to cannibalize their business. That's validation.

Seth Adler: Yeah, totally. The other big players that got involved InBev and Novartis got involved with Tilray, who's run by Brennan Kennedy, who we were on stage with a while back. Just before we get to that though, do you have any thoughts on Novartis? I know it's just distribution, but that is super interesting to me. Okay, fine. Altria, okay, fine beer, but actual pharma coming in a somewhat real way, is that a difference to you than the other two or it's all the same.

Adam Biermann: Big pharma, big tobacco, big alcohol.

Seth Adler: So all the same to you.

Adam Biermann: Well, as far as them partnering now, with the cannabis companies that exists today, it's all the same. Now, if we wanted to have a conversation about pharma, I might have a contrarian view to a lot of people.

Seth Adler: Like what?

Adam Biermann: We believe that actual ... If you look at the people that access cannabis in our country today, we believe about 90% of them access it for what we described as wellness. 10% of them access it for what we as Western society and culture would describe as, pharma medical needs, right. That's my grandma who has some type of horrible disease or those are the CannaMoms from Florida who have kids that have horrible diseases, and cannabis is the only potential opportunity they have to live regular lives, right. And that's the GW pharmaceutical stuff and all the other big pharma companies coming in. And I believe that there is a very real place for Big Pharma in cannabis. I believe it represents less than 10% of the opportunities, so it's not a threat. But I'll tell you right now, if my eight year old ... and I have two boys, and I hate even putting this out there, but if one of them had some horrible disease, and only a cannabis derived drug could help them. I wouldn't want MedMen to be the one producing it.
We're not qualified. I don't have my $8 billion R&D budget. I don't have my R&D facility staffed with the greatest science minds in the world working on this. That's what Big Pharma does. Let them do what they do, and let's not be threatened by them. Let's welcome them in because if you're talking about mainstreaming cannabis, that means mainstreaming cannabis for the kid with Dravets or for the 45 year old who can't sleep, there should be a cannabis derived product for everybody.

Seth Adler: But the kid with Dravets is Paige Figi's daughter Charlotte. Charlotte Figi has Dravets. She's just using, our cannabis right off the shelf, high CBD, low THC. And she's what was it, not dead. You know what I mean?

Adam Biermann: I do.

Seth Adler: She's seizure free.

Adam Biermann: [crosstalk 00:24:56] That's the power, and that's the power of cannabis.

Seth Adler: That's the power of cannabis.

Adam Biermann: Now let's harness, let's optimize the power of cannabis. Do you believe for one second that my really good friends at Stanley Brothers who are absolute pioneers in this space are the most qualified people to make medicine for a 10 year old kid? You're out of your mind?

Seth Adler: I think she's alive.

Adam Biermann: Of course she is. Of course she is. And then there's all the stories of all the other kids, the CannaMoms from Florida who moved to Colorado to access the same medicine and it didn't work for their kid.

Seth Adler: Medical refugees, and yeah. I think that probably we're not best suited for that conversation, but it's an interesting point, and an interesting point of view from you, so I appreciate that. Getting back to Brendan Kennedy [crosstalk 00:25:38]. So Brendan Kennedy, he's with you and me on stage. He says, within five years, about two years ago, now Cannabis will be available in Costco.

Adam Biermann: He did say that.

Seth Adler: And what was your reaction to that?

Adam Biermann: I can't wait to see him after this. I'll call him later and tell him you brought it up. I mean it's as absurd today as it was two years ago, when he said it on that stage.

Seth Adler: You still don't think so?

Adam Biermann: I mean, that's an insane idea.

Seth Adler: Three years?

Adam Biermann: In three years, there won't be cannabis in Costco in five years or 10 years unless it's in their pharmacy. I do think that we'll get cannabis derived pharmaceutical drugs, and they have pharmacies in Costco, sure. But on the nutraceutical wellness side, absolutely not. There's a lot of narrative that's being pushed, I think, and it's being pushed, which makes sense by those that benefit most by a certain narrative. And a lot of it really stems from up north in Canada. So cheers hats off to NCIA and Aaron Smith for having like an American focus discussion around this. But the narrative from the Canadians is, "Oh, all the walls will be broken down, interstate commerce will be, just what it is. And, we're going to have the same thing we have in Canada, millions of square feet of cannabis grow somewhere in an optimal growing ... and we're going to distributed around the country."
First of all, we're 85 years after the end of alcohol prohibition, and you can't do that for alcohol. What? The other thing is, that you have to really understand is that the end of alcohol prohibition, there was no state sanctioned cannabis. I mean, state sanctioned alcohol. So they started from scratch. At the end of federal prohibition against marijuana. We're not starting from scratch. We have multibillion dollar state sanctioned programs that have generated jobs, and they've created taxes. What governor is going to stand on a podium and say, what, we did this great thing to legalize cannabis, and we've created 100,000 jobs, $2 billion a year of revenue and $300 million in taxes. And we decided we're going to break down these walls, it's only going to cost us 5000 jobs. It's only going to cost us quarter billion dollars of economic activity. But I'm in the state of Massachusetts, and we want our weed coming from Oregon.
It just, it's nonsense to me. It's as nonsense to me as it was when Brendan said it on the stage, now to Brendan's credit and Brendan's winning right now. He's got the $10 billion market cap, and our stocks under attack because I'm a homophobe. But that's just part of this fleshing itself out. I think that the world just needs to get smarter, the investment world needs to get smarter on what's going on. And I think it's not just about understanding the regulatory environment today but understanding where it's going to go in the future and why. And then comments like it's going to be in Costco in three years just seem absurd to people.

Seth Adler: The way that I took that comment or when I revisited it, maybe he was talking about ... and I know you don't want to talk about it, but you said we could ...

Adam Biermann: Sure.

Seth Adler: Hemp. Why don't you care about this market where-

Adam Biermann: Who said I don't care about hemp, I didn't say that [crosstalk 00:28:45] I said it's a distraction [crosstalk 00:28:46] and back to narratives-

Seth Adler: Why is it a distraction?

Adam Biermann: Great, it's a distraction because of this, back to narratives. Two weeks ago Canopy announces they're coming to New York with a hemp license. Every one of the 10 of us that have a license in New York was contacted by the governor's office and asked to participate in the hemp program. Okay?

Seth Adler: Okay.

Adam Biermann: MedMen included. Now, there is a ton of utility for hemp and the fact that hemp has been ... It is nonsensical, that's a whole nother discussion. We're talking about full spectrum marijuana, full spectrum cannabis. That's the business we are in. Now understand everybody here has been to a GNC and everybody here has been to a Whole Foods. You could have been buying hemp oil, CBD oil for a very long time. So why wasn't it huge business back then? It's huge business now because of the marketing around it, and people are really excited because they are confusing hemp derived oil, hemp derived CBD oil, hemp oil with full spectrum cannabis. And then you have Canopy saying they're going to put $100 million into their hemp farm in New York, and their stock runs, and they are somehow worth an extra billion dollars tomorrow. That's absurd, it's a distraction, it's a narrative that's being pushed and nobody's asking questions.

Seth Adler: That's interesting. Go on in hemp, but I feel like I'll do that with someone else. What you just said, though is interesting because I've heard that you can manage a company and you can manage a stock, and it feels like what you're talking about with narratives ... whenever we hear something we should be aware, maybe I'm mischaracterizing what you're saying. We should be aware that what you the news that you're reading is to manage the stock not to manage the company.

Adam Biermann: Well, and you asked about spotlight.

Seth Adler: Yeah.

Adam Biermann: The one thing we've always been you can attest to this is we've been real. We've been authentic.

Seth Adler: There's no doubt about that. I will give you that 100%.

Adam Biermann: And the one thing we've never done is managed the stock, because that would be inauthentic. I think we suffer as a consequence right now. I think that I'm willing to bank on the belief that this will become a regular industry that is treated as such an analyzed as such. And when that happens, fundamentals will prevail. After we announced our unaudited last quarter revenue, we have more revenue than any public marijuana company on the planet, on the planet. And I think we have like the fourth biggest market cap in the United States. So yes, we could go manage the stock, and we could go ahead and we could create a narrative that benefits us, but I'm just not interested in that. But you are right, that is what's happening. Bruce is managing his stock when he's talking about how his entry into the US is hemp farm in the state of New York. But maybe I'm wrong. Look at what happened. He got a billion dollar lift in his market cap the next day.
Maybe I'm not right on this one. I guess history will tell ... time will tell, but checking in 10 years, and I'm sure we'll still be having this discussion.

Seth Adler: Well, that gets into personality leadership and everybody does it a different way. Do you look inside the industry and see other leaders that you appreciate what they're doing? Do you look outside of the industry? And, who do you look to for inspiration, both inside and outside the industry, as far as the way that they run things? If we're starting to talk about the size of these companies coming to form.

Adam Biermann: Well inside the industry. I mean, I mentioned it earlier, you won't be surprised by this, but some people might. My inspiration are the Legacy, the people before. I really have tons of respect for Brendan, saw him the other day hug kiss, made him uncomfortable with the kiss, tried to go for the mouth got cheek-

Seth Adler: Every time.

Adam Biermann: ... now because it's all good. All the respect ... Now Bruce Lipton's done incredible stuff, like the CEOs of today's, visionaries, [inaudible 00:32:55] you know visionaries but they're not inspirational for me, like literally, I sit here and look at Andrew sitting there, like inspiration. We talk about CannaMoms, and we talk about medicine, like, I don't know how many years ago was that Andrew, that you guys raised your hand and partnered and did that, was that five, six years ago?

Andrew: Five, six years.

Seth Adler: Five, six years ago.

Adam Biermann: Five six years ago we brought the CannaMoms up to Harbor Side and they lived there for a week and a half or two weeks in a motel down the street, while we tried to get them access to medicine that would help them live. My inspiration are folks like that. I'm not inspired by the new crop of investor. I mean, what you really have is you have people that were investors first, that have aggregated assets, and now run marijuana companies. There's not much inspiration there for me, like driving me at my core. The inspiration is that. The inspiration is Rob. The inspiration are the people that actually make this opportunity available, and that's why you get one shot, I'm not going to screw it up. On the outside, I think it's really interesting living in LA and having the business we have, I've spent a lot of time talking to a lot of people that, how have made it, that have built companies of this size and larger. That are giving me advice. That are shareholders in Madmen and they're happy to give me their advice. I think what's interesting is, we're coming up in a brand new age.
You mentioned this absolutely silly and disgusting CFO, lawsuit when-

Seth Adler: Your words not mine but-

Adam Biermann: My words. When Elon Musk was building PayPal, when Jeff Bezos was building Amazon, we didn't live in a world where you put your cell phone on the table just to do an interview. We didn't live in a world where people read social media and believe it's true, until it's proven that it's not, even if it's proven that it's not, you just assume that it was anyways. The concept of a new cycle. We're just in a different world now where people can say whatever they want, there's very little recourse. And you have to make a decision. Is that the cost of doing business? Or do you want to live by a different set of ... You want to live by some moral or ethical code. I made a decision, I'll live by an ethical code, this guy wants to blackmail me and wants all this money. I say, "Sue me." And then he puts in all this incendiary stuff, and I have to deal with it.
I don't think, that the Bezoses of the world had to deal with that when they were building their companies. Again, we are a public startup one, so us nor anybody else in marijuana should be public to start. And then on top of it, we're coming up in this age of fake news, Twitter, and, all the rest of the nonsense, and people aren't asking questions, and people don't really care about the truth. So they give me their advice, and the best advice they give me is, stay above it. I had a conversation with a guy the other day who I'm friendly with. He said, "Look, man, you don't understand. I was in Bordeaux, France, on a vineyard with these people." And these are the A-list people of the world, both celebrity and business. And goes, "And we're sitting there drinking wine, and they were talking about MedMen. Do you understand what you guys are doing to the world? So stay above all this stuff, man." I'm like, "Hey, easy for you. You made your bones eight years ago-

Seth Adler: You're already done.

Adam Biermann: ... before Seth needed his cell phone to do an interview, right? So that'll be a really interesting thing to see how this all flushes out. But I'll tell you, you know me well enough that we're not going to put things out that are just to manage the stock or the narrative, and we're not going to do things inauthentic, and we're certainly not going to be ... We're not going to chalk up paying people off that want to threaten to say nasty things about us, we're not going to pay them off as a cost of doing it.

Seth Adler: Here's what I'll add to what you were saying for my own life. And considering just general news, I read as much as I can from all the way left to all the way right, just to make up my own mind about what actually is happening. So, rising above it, and taking it in stride certainly makes sense. I think that that's what we all have to do. You did say that nobody cares about the truth. Do you think that's true? Or-

Adam Biermann: I don't know. I don't know. I think as a society I think that's a really interesting question. I think do people care about the truth or do they care about the version of the story that-

Seth Adler: Is convenient.

Adam Biermann: Is most convenient for them? I don't know. But I can't live in a world, I won't participate in that world. And so if this company needs a different CEO that can participate in that world, and those are the rules they want to live by then that's cool, I'll go spend more time with my kids.

Seth Adler: Okay. All right. How are you feeling?

Adam Biermann: I love talking to you.

Seth Adler: Will do ... why not? Right? Absolutely. They're going to run us off the stage in a little bit here. Usually we do the three final questions, we've already talked about one of them. Outside of cannabis coming into cannabis, what do you see as ... You see them as indicators, big tobacco, big pharma, big alcohol coming in, anything else that you're seeing on the horizon come ... whether it's in 2019 or 2020, that you're paying attention to that maybe you haven't heard other folks talk about just yet?

Adam Biermann: I think it's just more on the mainstream side. I think that the InBevs of the world partnering with Brendan, like I think for the investor group that's interesting, but for the general public, it's really not. I think that what I'm looking at are things that I know are happening that have to do with actual mainstream culture globally, attaching itself to this industry and this cause.

Seth Adler: What do you mean?

Adam Biermann: You'll have to just see what we have going on the next month or so.

Seth Adler: Oh I see.

Adam Biermann: But it's not just us, it will happen. These either individuals or companies that you just associate as just normal, mainstream, part of my life ... InBev isn't really part of your life. Maybe you're a Budweiser drinker but InBev on the R&D side it's not really your life. But I think in the next year we're going to see a lot of normal mainstream participation in this industry that will really put that stamp of validity on this industry and on this product as something that is certainly not going anywhere, and we'll start to see a shift where as opposed to you and me being shamed for being cannabis users, I think you will start seeing a shift of people being shamed for shaming cannabis users.

Seth Adler: Well, you say that, sure, absolutely. This group is great for that. But you say that and, I brought up last year in January AG Sessions rescinds the Cole memo. This year January, you had a New York Times writer in the Wall Street Journal, echoed by Malcolm Gladwell, in the New Yorker I think, talking about is cannabis safe, and there hasn't been testing done. Of course, neither writer really actually hit on the truth, there were some of the scientists that were cited that hit back at that original Wall Street Journal article and said, "Actually, that's not the conclusion that we came to." But here we have a new paradigm where every, whereas every story used to be positive about cannabis, now here comes well is ... We've got big cannabis, is cannabis safe? We've got a new narrative to deal with. You don't see that coming?

Adam Biermann: Well, first of all, there were four people in the world that read that stuff. And you were three of the four of them. Because you read the whole spectrum. You read it with your right brain and your left brain.

Seth Adler: That's fair, I did. It's true, yeah.

Adam Biermann: It's just noise man. On one hand it is validation that this is so real, [crosstalk 00:40:58] that it is creating an entire spectrum of people that want to comment on it, awesome. And those people want to go on the news and be talking heads, and talk about their different viewpoints, cool. But they're talking about it. What I'm talking about, and this is not what I'm speaking of, but this is a small version of it. Yesterday, Barneys comes out and says, they want to have weed stores inside Barneys. That's fine. The newspaper writer can write whatever they want, or Malcolm Gladwell can question whatever they want. But when it's inside Barneys and Nordstrom, I don't think that most people care about what that's being said. It is a reflection, it's an indication of how permanent this is.
It's that point of no return. Maybe there was a point of return when you were running Cannabis Economy stuff around and there were 20 of us talking about what could be. When this isn't Barneys and Nordstrom is nobody's going to be talking about the Cole memo anymore. And if they are, like, it'll just fall on deaf ears as an academic exercise. Because the truth is, it's in my life, I see it. I think we will see that in 2019. And we will boldly take the lead on that as we have. And look, I think we'll get a lot of credit for it and I think we'll also take flak for it. But underlying all of it and we talked about the CannaMoms is like, but who cares? Who cares? I love Malcolm Gladwell, but who cares about his article? Like, who cares about any of it? You know what matters? What matters is that those CannaMoms brought their kids to Andrew's dispensary and they're able to live again. What matters is that cannabis saved my marriage.
What matters is that cannabis allows people to get a actual full night's sleep when they haven't slept in decades. The rest is all noise, man. If it takes people like myself and others to stand up and put their foot down and say that as boldly as I just said it, then so be it. But that's what it's going to take to change the world and make it a better place, let's go.

Seth Adler: Alright, so we'll do three final questions for returning guests, right? How are you doing? How are you feeling? Is everything good? Are you going to make it through? Are you happy? That's one question.

Adam Biermann: I am good because this is my, this is my purpose on this planet. And so I'm going to build an organization that's going to outlive me, we're going to employ 10s of thousands of people, and we are going to change the way people look at living their life. So I'm more than good and I'm happy to deal with whatever it is I have to deal with along the way.

Seth Adler: You mentioned people that work for the organization a few times, it was featured in the video as well. I know that those people are important to you, what do you look for in employees, in management across the board? What's the thread?

Adam Biermann: [crosstalk 00:43:53] and there's such an easy answer to it. We call it wearing the red jacket. We have the red MedMen hoodies that everybody gets when they come work for us. We look for people that want to wear the jacket. We look for people that ask why not? It's amazing, we talk about not just creating retail for cannabis, but recreating retail. Everybody down to the people that are sweeping the floors have equity in the company. We are the only multi-state unionized marijuana business in the country. we compensate everybody handsomely because the flip side is I'm going to ask everything with you. And if you're willing to give us everything, then this will be the last job you'll ever have. But you better willing to give us everything. When I say us, I mean us MedMen, the concept the mainstream in cannabis, and just the plant itself. So when somebody walks into one of our stores ... This is how I think about it.
When somebody walks into one of our stores, there's a likelihood that is the first time they're walking into a store to buy legal cannabis. And there's a high likelihood that it took ... it was a process for them to get comfortable to do that. That's their first interaction, we'll never get that again. And we look at Whole Foods when we talk about this, or I talk about this. I remember growing up when if you ... Back to Hemp. If you wanted that hemp oil you'd go to that health food store with the hippie that hadn't showered in a while, and the dreads, and that person will be slinging it right? And nobody wants to shop at a health food store. So you didn't buy your hemp oil, you also didn't buy your coconut water, and you certainly didn't have your almond milk. And then Whole Foods came around, and Whole Foods said, "Hey, guess what? This is a healthier way to live, we understand the stigma around it. So we are going to make it feel mainstream, and we are going to invest heavily in the people that work in these stores, because they are the stewards for, they are the shepherd's into tomorrow."
And then what happened? Our entire country takes for granted the fact that, healthy eating is something that is expected. Right? You talk about shaming the shapers, like, "Hey, healthy eating used to be something ... some hippie dude that-

Seth Adler: Health nut.

Adam Biermann: Now it's like, "You're going to eat that." Think about how that might ... I would say that Whole Foods has had a significant role in that. And I look at MedMen the same way. So when you talk about the 1400 plus people that work for MedMen now, they all wear that jacket, they all understand that and they all take pride in that.

Seth Adler: Another similarity you always draw and you might even say Apple, I know that you've got maybe an executive or two that are from Apple that have served time and apple. The future of retail is upon us, and it comes in concert with the retail apocalypse. Folks in retail are extremely scared of what's happening to retail. I just saw a comment from Ron Johnson, who built Apple stores, then went to JC Penney didn't necessarily have as much success, but just pointed out that, "Hey, look at same store sales from Amazon, they're not growing as much as they should. Whereas Walmart online is growing gangbusters." When somebody like that says something like that about retail, which is your specialty. What do you think?

Adam Biermann: Well, you brought up Amazon.

Seth Adler: Sure.

Adam Biermann: If retail was really something that no longer mattered to the public Amazon does not buy Whole Foods for $16 billion. Amazon can deliver your bananas to your front door Seth, wherever you live these days, they can get there. You can order it online. Why did they feel the need to spend $16 billion or whatever on Whole Foods? It's because Whole Foods had the loyalty of those customers, that said to Whole Foods at some point in their life, "I defer to you. You know what? You've introduced me to kombucha and, I love GT's kombucha which is a company you essentially built. But you know what Whole Foods? If tomorrow, you have Seth Adler, kombucha on your shelf, I'm buying it.

Seth Adler: I'll try yeah.

Adam Biermann: Because I believe in you. The brand is the retailer, not underneath. And so we just had an example of this. So retail is dead? I don't believe it. Also no retail is the same. There's no other retail that exists in America, where you have the zoning restrictions, the limited licenses, and the lack of Interstate, you can't use the mail. And you can't cross state lines with it. So, people talk about delivery, they say, "Yeah, but then retail will die and it'll all just be delivery." Well then why is it that alcohol delivery doesn't work in this country? Nobody ever talks about that. Again, back to narratives, right? The narrative because there are a lot of these marijuana delivery companies that are raising money is, "Oh, it'll all go to delivery." And they show you a bunch of stats of people that order on Postmates or whatever. But they're not willing to show you the stats, oh, there's this side of the room, hey.
They're not willing to show you the stats of alcohol delivery in this country. Any investors in the room have ever seen a pitch by a marijuana delivery company comparing themselves to alcohol delivery? Has never happened. You know why? Because then nobody would give them money. Because alcohol delivery represents less than 5% of alcohol sales in our country.

Seth Adler: Still.

Adam Biermann: Still, after billions has been poured into it. And why is that? Well, [inaudible 00:49:39] is here somewhere has his own thesis who, he's one of the smartest people at MedMen. His thesis is people buy cannabis about as much as they buy alcohol, one and a half to two times a month. You go ahead and order lunch every day. When people have something that they want, that they do one or two times a month they still want that experience. And think about alcohol. You already know what alcohol drinker you are, you're a Budweiser or you're a Jim Beam guy or whatever it is. You don't need the experience. In cannabis you still need it and you will for a while. Because people don't know what people they are. I'm a this kind of vape pen girl, or I'm a this kind of flower guy. I mean, there's such a multitude of options out there and they're changing and they're evolving every day, you still want to go in and have that experience.
So, retail is that choking point in cannabis for the industry. Retail is where the brand's will be built. You want to get me going on brands, you have these us weed companies running around talking about a narrative and their narrative ism "No we're a brand. We make brands." It's like, okay, can we look up the definition of a brand? A brand is not a product, a brand is something that has equity with the consumer, something where I will talk with my feet and if you don't have GT's kombucha at Whole Foods. I'm on my way to Trader Joe's, and then I'm going to go to Vons and I'm gonna find it, because I got stickiness to that brand.

Seth Adler: You're probably not gonna find it at Vons though.

Adam Biermann: I don't know.

Seth Adler: Right.

Adam Biermann: I'm a loyalist to Whole Foods, whatever they put on their shelf I buy. Sorry, you distracted me-

Seth Adler: I know, I totally did.

Adam Biermann: [crosstalk 00:51:09] get it going. Yeah, but back to the brand thing. But the brands talk about retail and how important retail is. The brands in this space will be built on the retail shelves. If you have access to retail shelf space in Beverly Hills, or Miami Beach or Manhattan, what you put on that shelf space is what these consumers of tomorrow will purchase. And over time, they will create an affinity towards, and there will be equity built. But just to wake up tomorrow, and we talk about this narrative and you got me going. To wake up tomorrow and run around and present on a stage like this and say, "We have a CPG brand. It's called BBBD, and here's how pretty the packaging looks." You don't have a brand, you're creating a product that you hope will become a brand for people. All of that will come from retail.

Seth Adler: The second final question has to do with signals because we talked a lot about noise, and I take your point that you see a lot of what you read and what we read as noise. But what are the signals? What are the things that you pay attention to? What are indicators for you?

Adam Biermann: For the industry or MedMen?

Seth Adler: For the industry, for Madmen, beyond what we've already discussed?

Adam Biermann: We had one of the ... one of the 10, how about that? We'll say that, so we don't ... One of the 10 largest banks in the United States fly out last Tuesday, and our conference room was filled with CEO of parent company, CEO of regional bank, head of credit, all the suits, I might have had sweatpants on I don't remember, probably. But they flew in with all the suits, and they said, "Hey, yesterday, we just had our board meeting, we got full approval to bank cannabis." And I said, "Well, that's fine. We have how many banks do we have?" And they're, "Oh we have nine different banking relationships [inaudible 00:52:56]. No, no, Adam, we got approval to provide banking services to cannabis." That stuff is really strong for me. And that's the stuff underneath that I think people don't see that's going off.

Seth Adler: Of course, they don't see it. No one's gonna talk that and thank you for doing so.

Adam Biermann: [crosstalk 00:53:13] I think for MedMen yeah. For MedMen it's just the fundamentals of the business, and that's why you don't see me freaking out, and you can freak out as a public startup because tomorrow our stock could be a 49%, and then the next day could be down 68%. And it's on no news, right. And so I can't pay attention to that. What I do pay attention to are the fundamentals of the business. I pay attention to the quality of the experience that people are getting. And, it's this path we're on where our revenues are going like this, our total transactions are going like this. Our expenses are going like this, as we open more stores. I think we have ... on a proforma basis, we have 30 stores open out of a little ... we have almost 80 licenses.

Seth Adler: Okay, less than half.

Adam Biermann: We only have 30 out of 80 open. So I'm paying attention to opening more stores, so that are our revenue can really do this, and then the expenses level out. And there's a point at which those two things intersect. I'm not interested in them intersecting tomorrow, I'm not running this company to be profitable today, I'm running this company to dominate. And at the end of the day, those two things will meet and surpass each other. But that's something that we check in on a monthly basis. How are we doing on that trajectory?

Seth Adler: Yeah. Speaking of trajectory, you mentioned the suits coming to visit you. This is a silly question. When we first started that event that you noted in Vancouver five years ago, you had a suit on nobody else did. Now everybody's got a suit on and you don't? Where was that inflection point?

Adam Biermann: That's a good question. How was the suit? Did I look good?

Seth Adler: [inaudible 00:54:42] amazing.

Adam Biermann: Okay.

Seth Adler: You spent more on that suit than I spend on rent.

Adam Biermann: Sorry to hear that. [crosstalk 00:54:52] for him not me, I never spent that much on a suit. I think that gets into the evolution of me as the CEO of this company. Five, six years ago, or seven years ago, when I first stood on stage and pounded and said, pay attention this is real, it's coming. I think that the way that I thought about gaining the most credibility possible was to be the only guy in the room with a suit. To say pay attention, suits are coming. Everybody here should participate, but you can't pretend like it's not. And I think that was probably why. I was also younger and dumber and less experienced, and whatever. And you age, and hopefully get smarter and more mature. I think now for me, it's really about, this is real. It's a statement, right? "This is real, so you know what? You should listen to what I have to say, not because of my fancy suit, you should listen to what I have to say because you should figure out for yourself that it makes sense. And you should ... Thank you.

Seth Adler: She likes it, yeah.

Adam Biermann: She is one out of 900 people who cares the truth. Remember you said [crosstalk 00:56:01] nobody cares about the truth, she does.

Seth Adler: Yeah.

Adam Biermann: There she is.

Seth Adler: [crosstalk 00:56:03] at least one of us.

Adam Biermann: She likes cannabis to I could tell, I love this lady. Hi.

Seth Adler: Customer.

Adam Biermann: But now what it's about is about like, let's get over the narratives. Let's stop getting tricked by the fancy suits explaining to us a narrative that self-serving for their stock. I want to come up here, bear and I want to talk about stuff and be judged on my commentary based on people using their rational judgment. Not, "Whoa, that's an impressive looking person with an expensive suit. He must really know what he's talking about." It's gotta make sense. This is the real me, and this is what you'll get from here on out.

Seth Adler: There we go. Here he is. The final question is on the soundtrack of your life, one track, one song that's gotta be on there. You already answered that. If you don't have another song, I'll give you a song. Because your song from Eminem was meant for the industry, was meant for yourself and is also meant for the industry. So I'll give the industry a song as well, unless you have a problem with that.

Adam Biermann: Are you gonna sing?

Seth Adler: Yeah, I'm gonna ... No, certainly not.

Adam Biermann: Go ahead.

Seth Adler: No, but it's Fearless by Pink Floyd off of the band Meddle, and I think that we should remain that way. Thank you to Adam Biermann.

Adam Biermann: Thanks Seth.

Seth Adler: Thank you to the NCIA, thank you for joining us, and we'll hand it over and let them do whatever they're going to do next. How about that? Alright?
And there you have Adam Biermann, very much appreciate his time, very much appreciate your time. 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.