Vollständiges Transkript von This Week in Cannabis Live: Glass House Craters, OGI–Aurora Deal Heat, and the Nvidia Fallout

you are sort of treated like a politician or even a rock star, you know, by many people. 29 00:05:24.780 --> 00:05:32.160 And so what you say matters, what you do matters. It matters for the global economy, and it matters for your sector too. Uh, and, and we see that in cannabis a lot. 30 00:05:32.200 --> 00:05:39.000 I mean, people really do pay attention to MSO and LP CEOs, you know, their, their tone, what they're saying, what they're looking at. 31 00:05:39.240 --> 00:05:43.980 Um, and that is reflected in the stock price, especially, you know, with a retail-heavy base. 32 00:05:44.020 --> 00:05:57.040 And so, uh, you know, all that is to say, like, you know, we, we, we cover companies like Glasshouse and, uh, Curaleaf and Organigram, and, and these are all sort of functions of what's going on in the C-suite for better or worse. 33 00:05:57.200 --> 00:06:08.276 And I think that's really, really applicable in any emerging market, uh, you know, cannabis at a small scale, but, uh, you know, chips, [laughs] AI chips at a very, very large scale. [laughs]Yeah. Yeah. 34 00:06:08.676 --> 00:06:13.916 Now, and I, the, I think you're, you know, this, th- for ever since they, you know, the US, 35 00:06:14.996 --> 00:06:31.016 uh, emissaries started trading on the Canadian Stock Exchange, um, the, or, or, you know, US operators I should say, the, this has been the, the investor base, the retail investor base for cannabis, because it's fairly small- Yeah... 36 00:06:31.096 --> 00:06:44.196 is very online. Um, it, you know, it was sort of a, a meme stock-ish before meme stocks were a thing in the t- in the sense that it was, it was a very highly connected, you know, deeply sort of online investor base. 37 00:06:44.336 --> 00:06:56.776 And I think a lot of the companies, you know, a lot of the CEOs have sort of glommed onto that. Yeah. And so you have a lot of very online CEOs, um- Yeah... which, you know, works until it doesn't. 38 00:06:56.956 --> 00:06:59.236 And I, you know, so it, it, it... 39 00:06:59.756 --> 00:07:10.956 I think that also adds to, there's a zillion reasons for the, you know, the outsized volatility of the stocks in this, in this industry, and I think the, the, the online nature of- Yeah... 40 00:07:11.096 --> 00:07:13.656 of connectedness is one of them. Well, 41 00:07:14.936 --> 00:07:25.276 a-and we, we've seen it come to a head this week, not to bring everybody down from the Jensen Huang story, but, um- [laughs] This was, this is our newsletter today, uh, Glasshouse is down- Yeah... 42 00:07:25.676 --> 00:07:29.976 80% from New York Stock Exchange debut. Jeremy, I wanna, y-you wrote this, but, um- Yeah, yeah... 43 00:07:29.996 --> 00:07:44.176 I wanna talk about that, but I also wanna broaden it a bit to talk about what it might mean for the sector that one of the first two companies listed on the New York Stock Exchange is, um, not having a good couple of months or weeks or days. 44 00:07:44.596 --> 00:07:45.296 You pick. Yeah. 45 00:07:45.996 --> 00:08:01.496 Um, yeah, you know, look, look, I, y- there are a number of things going on here, and a lot of them are specific to Glasshouse and specific to the way, you know, the, the, the shareholder base and, and, you know, accusations against the CEO, which, which, you know, I haven't independently confirmed, so I wanna be careful there. 46 00:08:01.956 --> 00:08:13.736 Um, but, but look, Jay, to, to your point, you know, the stock is down 90% since June 30th when it first, uh, bifurcated its medical business from its recreational business to list on the New York Stock Exchange. 47 00:08:14.196 --> 00:08:30.476 You know, this was supposed to be a m- a moment, I think, for the cannabis industry to show like, "Hey, look, we're ready and mature enough for the big boards," and, uh, you know, there's all this sort of latent, I think, you know, shareholder interest or institutional interest, uh, you know, once we can get the stock listed. 48 00:08:30.516 --> 00:08:39.276 And I think, you know, uh, unfortunately, Glasshouse's story proved that wasn't the case. It didn't really get institutions lining up to invest in it. 49 00:08:39.376 --> 00:08:44.176 Um, and if it did, you know, the stock price would be a little bit more supported than it, than it is right now. 50 00:08:44.436 --> 00:09:03.816 Um, you know, the other part of that is, is there are, you know, o-on the, um, in the shareholder base, I mean, Marc Cohodes is a pretty infamous short seller, uh, and he is, was, was very long on Glasshouse and now appears to have lost confidence in the CEO and is very public about it, to Marc's point, on, uh, on X.com. 51 00:09:03.856 --> 00:09:07.136 And so, you know, we are seeing that reflected i-in the share price too. 52 00:09:07.176 --> 00:09:17.316 And, and look, look, even Glasshouse releasing numbers early and doing these things can't really seem to get it above and support, you know, uh, uh, the value that they're trying to create. 53 00:09:17.336 --> 00:09:27.676 And so I think, you know, it, there's a real risk right now that the stock could become delisted if it sinks below a dollar a share for a long time, and I think it's at, like, $1.14 as of this morning. 54 00:09:27.716 --> 00:09:37.496 And so, uh, yeah, I think it's, it's not a great moment to show, you know, the institutional maturity of the sector. That being said, right, uh, you know, there are good people at Glasshouse. 55 00:09:37.536 --> 00:09:39.516 I mean, we've had Graham Farer on the show a lot. 56 00:09:39.576 --> 00:09:47.856 I think, you know, uh, you know, my hope is that the team can sort of figure this out and, and get through it, but, uh, you know, the early returns are, are definitely not good. 57 00:09:48.696 --> 00:09:59.236 Anna Ray, this is really important in California. Yes, and [laughs] I, I think that- [laughs]... that the, the business is different from the stock price. Yeah. 58 00:09:59.296 --> 00:10:12.716 And so what's, what's important to

California cannabis is, is, is the jobs and, and that everyone is compliant, and that the product is staying in the legal market, and, and all these things. 59 00:10:12.996 --> 00:10:30.316 Uh, I, I would caution us from using this as this signal to what all cannabis companies might do if they uplist or to even draw lines to all of the rest of the public stocks, be them, um, on an American exchange or on a Canadian one. 60 00:10:30.736 --> 00:10:41.876 Um, Glasshouse is a substantively different company than most of the other public cannabis companies. Um, it is not vertically integrated. It operates in one state. 61 00:10:42.416 --> 00:10:53.136 Um, it's just very, very different in terms of the structure, the what it's, where it's competing, how it's competing, and, um, and what its vision for, for growth is all about. 62 00:10:53.616 --> 00:11:17.156 Um, also, its vi-vision for growth has a lot to do with interstate commerce and being able to supply cannabis outside of the borders of California, and I think there's a lot of questions about if, um, Glasshouse's hypothesis around what the DEA Schedule III registration would actually allow them to do, if that's going to come to fruition, especially now that the DEA has gotten a little bit more active in, 63 00:11:18.476 --> 00:11:26.996 in rejecting, um, registrations from applicants in states that have dual use programs, which California does. So 64 00:11:28.116 --> 00:11:40.356 yes, this is important, but is it really that important to people outside of Glasshouse and outside of Glasshouse shareholders? Hmm, I don't, I don't know. Yeah. I don't, I don't know the answer to that. 65 00:11:40.436 --> 00:11:42.376 But- But Marc, I guess o-one other question 66 00:11:43.476 --> 00:11:57.036 is not so much that this has leakage to other publicly traded cannabis companies, but my, the, the real question I think longer term is what this does to places like the New York Stock Exchange and Nasdaq saying yes to cannabis companies listing there. 67 00:11:57.436 --> 00:12:05.196 Right. They, if they weren't skittish before, and they were skittish before, this, this doesn't bode necessarily well. Maybe I'm reading too much into it. What do you think? 68 00:12:06.536 --> 00:12:13.184 Yeah, I, you know, it's, it's always hard to guess what the exchanges are thinking. Um- Right. 69 00:12:13.304 --> 00:12:33.264 And, uh, you know, it, I think the, the, the, the thing that hasn't panned out, um, which was what the hope was, um, and I will pat myself on the back, I kind of called this, I-- when this happened, was that the, you know, the industry is still not investable from an institutional perspective. 70 00:12:33.644 --> 00:12:41.204 Right. Uh, you know, fr- w- You know, fundamentally. And that's the part that this industry still needs to convince people of. 71 00:12:41.924 --> 00:12:53.984 And, you know, and, and, uh, you know, as far as I know, the other one that hasn't, you know, Trulieve as well, they, you know, their, their stock has been s- has, has done better, but I don't- Yeah... 72 00:12:54.044 --> 00:13:06.724 I'm not aware of them re- you know, real- And I could be wrong, uh, but I'm not aware of them really being, having brought in, you know, material institutional capital since they've uplisted. Sorry, since they've listed. 73 00:13:07.224 --> 00:13:14.944 Uh, you know, the same thing happened when, um, when companies uplisted from the CSE to the Toronto Stock Exchange. 74 00:13:15.524 --> 00:13:23.784 Uh, you know, it's the same, you know, which, you know, which required a lot of finagling and moving things around and, and costs. 75 00:13:24.364 --> 00:13:37.124 Um, and you know, as impressive as these structures are, uh, you know, I think, I think it's gonna give companies, you know, other companies pause in trying to pursue this until the, the, it's proven out more. 76 00:13:37.564 --> 00:13:51.424 But yeah, you know, I, I think the, the exchanges, uh, you know, particularly a- as the DEA is, um, being a lot more, uh, squirrely about issuing these licenses, um, we... 77 00:13:51.464 --> 00:14:00.384 Or, you know, they're probably gonna be asking a few more questions like, "Is this really gonna work?" So I don't, I don't think it helps, that's for sure. 78 00:14:00.724 --> 00:14:09.244 But- I, I think, um, you know, a- and I think also to clarify the point, I think, you know, I, I think Glasshouse and Trulieve, like, part of it was a sentiment play, right? 79 00:14:09.324 --> 00:14:14.804 To show that there may be, you know, this latent institutional demand. I mean, I think, don't think that really materialized. Yeah. 80 00:14:14.804 --> 00:14:23.344 And I think, you know, Andre, to your point, like, very well taken that each cannabis company, you know, when you look at it and its balance sheet and its operations, like should be held differently. 81 00:14:23.423 --> 00:14:29.584 I'm just not sure that, you know, the long-only institutional investors that they're trying to attract are seeing that nuance yet, right? 82 00:14:29.664 --> 00:14:34.624 They just see, you know, a cannabis listing and see it fall flat, and they're like, "Eh, like I don't wanna do the research." 83 00:14:34.684 --> 00:14:50.064 So, you know, I don't know how much, um, that permeates to, you know, whoever is, you know, making a purchasing decision for, you know, CPBIB in Canada or, you know, the big mutual funds in Boston that, like they, you know, the sector really sorely needs by listing on the big board. 84 00:14:50.124 --> 00:14:55.044 So, you know, all this to say, like, again, that's, uh, uh, not reporting. That's my opinion, right? 85 00:14:55.304 --> 00:15:12.024 Um, but I, I, I do think that there is a risk there that, you know, watching the way these stocks moved all summer and the way this is playing out is sort of, uh, not gonna really, uh, uh, solicit any more interest and solicit those good questions and that nuance, Andre, that you s- that you

spoke to. 86 00:15:12.224 --> 00:15:23.484 Um, and, and the other thing I'll say on that is, is, you know, I listen to, uh, I always listen to Green Thumb Industries earnings calls just 'cause Ben Kovler, uh, is, is, uh, you know, he says what's on his mind, for better or worse. 87 00:15:23.524 --> 00:15:31.644 And, you know, I-- One thing that stuck out to me, he said, like, he's like: "Look, like there are no buyers. Like we are not getting inst- interesting questions. Like this is not happening." 88 00:15:31.884 --> 00:15:42.684 Um, and you know, every other cannabis executive is kind of trying to say the opposite, and maybe, you know, I don't know who to believe, but, uh, you know, Ben Kovler can be pretty honest, and that was a pretty stark comment, I thought. 89 00:15:43.344 --> 00:15:55.304 Um, that-- You're good at the segues, Jer, because we had on, um, Organigram's CEO, uh, this week. Uh, we're gonna have Aurora's on in a couple of weeks. Um, we also had on Canopy's CEO. 90 00:15:55.804 --> 00:16:07.144 Uh, we also had on, um, Cronos Group's CEO this week. There is a buyer, uh, in this case- [laughs] That's true... for Organigram, it's actually BAT. Uh, it's a, it's a tobacco company. We had them on this week. 91 00:16:07.524 --> 00:16:18.924 Um, I'm not sure if their, this project took interesting turns this week, but they're-- we did get, uh, James talking about, uh, a counter from Curaleaf. You wrote about it to our, uh, members- Mm-hmm... uh, this week. 92 00:16:19.204 --> 00:16:28.564 Talk a little bit about that 'cause I, it was a big week to have on CEOs on Cultivated, but it- Yeah I don't know if there's any sort of long threads we could pull, uh, from what they were all saying or maybe some of them. 93 00:16:29.343 --> 00:16:34.864 Um, I, I'll try to land the plane on the transition. I, I, I don't, I don't know if I can, but I, I think, you know, two, two things. 94 00:16:34.884 --> 00:16:49.024 Like one is James Yamanaka is a very sober and serious CEO, and I think, you know, that, that's, uh, uh, as evidenced by Organigram's communications and, uh, certainly the way, you know, uh, you know, they dealt with us throughout the reporting, right? 95 00:16:49.084 --> 00:16:58.544 Like every, every company, you know, has its own way of dealing with reporters. Some yell and scream, and some sort of give you the information carefully and correctly, and I think, you know, this is the latter case. 96 00:16:58.624 --> 00:17:10.484 And, uh, so, so we appreciate that. But no, I think, Jay, to, to the point, like, um, one of the biggest takeaways out of the interview was that, uh, they feel that the bid will get done. 97 00:17:10.524 --> 00:17:19.784 They do feel that Aurora shareholders are going to accept this deal. Uh, it's about seven eighty per share above what Curaleaf offered at six dollars per share. 98 00:17:20.064 --> 00:17:31.984 Um, you know, I, I, I think two things from that is, is one, I sort of pressed, uh, James on whether

the deal would be accretive, and because that's exactly what Boris was attacking on a per share basis. 99 00:17:32.024 --> 00:17:41.644 And the, the short answer is, is, is no, it's not on a per share basis. But his, his, his theory and, and his solution was that growth will take care of that over time, and the proof will be in the pudding, right? 100 00:17:41.744 --> 00:17:48.204 That's up to Aurora shareholders to decide if they wanna take, you know, Organigram paper, right? And so I thought that was interesting. 101 00:17:48.584 --> 00:17:55.784 I think the second part that was interesting was that he does not seem concerned, uh, very much at all with, with Curaleaf coming in with another offer. 102 00:17:55.844 --> 00:18:14.276 And, uh, you know, I, I'm, I'm sure that there's conversations going on behind the scenes where, you know, maybe Aurora's confident in its shareholder base Uh, uh, that they wouldn't accept another Curaleaf offer, or ver- the very simple fact that Boris Jordan on the earnings call, uh, you know, did say that they wouldn't come up with another offer without diligence access. 103 00:18:14.336 --> 00:18:21.456 And, you know, maybe Aurora never plans to, to give them that. Like I, I, I don't know. Um, but he seemed pretty confident the deal's gonna go through. 104 00:18:21.856 --> 00:18:29.956 He likes the deal, and I think, uh, you know, to your point, Jay, about buyers, um, yeah, BAT is a big buyer. They're putting in 190 million. 105 00:18:30.356 --> 00:18:39.376 Uh, you know, they are the backstop that makes these sort of mega, I, I guess within cannabis, these sort of mega transactions work. Uh, and so, you know, we'll see. 106 00:18:39.476 --> 00:18:45.216 Uh, you know, I think Curaleaf has, you know, a couple more weeks to, uh, come up with a bid if they want. 107 00:18:45.256 --> 00:18:54.376 And so, uh, you know, what I say now might not be true next week, but, um, you know, I think they seem pretty confident that the, this will close. I'm gonna, I'm gonna come to you, Mark, and you, Anna Ray, as well. 108 00:18:54.396 --> 00:19:06.176 But just to underscore what Jeremy said, um, James is certainly in his quarter zip era, uh- [laughs]... as a serious, sober, uh, CEO. He's, he's squarely in the quarter zip era of his, uh, of his tenure there. 109 00:19:06.276 --> 00:19:09.036 So, I just wanted to make sure we all knew that. 110 00:19:09.075 --> 00:19:20.076 For those listening, I just showed a picture of him on, on Cultivated Live, and he, uh, is literally wearing a quarter zip, so I'm, uh, I just like, I just like talking what the kids talk, or at least more last year, the quarter zip era. 111 00:19:20.616 --> 00:19:29.376 Anna Ray, thoughts about, uh, where OGI, Aurora, Curaleaf is right now, and any other impacts- Yeah... to the industry? I, I haven't spoken to James. 112 00:19:29.656 --> 00:19:41.696 Um, but I will shout out Frank Colombo, who put out some really interesting analysis yesterday, just comparing the amount of cash on the balance sheet- Mm... um, of BAT and a bunch of other, um- Yeah... 113 00:19:41.756 --> 00:19:46.976 large tobacco companies to the total market cap of the largest cannabis companies in the world. 114 00:19:47.396 --> 00:20:01.576 And I think, um, for James to express confidence makes a lot of sense when he has BAT on his, on his shoulder because BAT has more cash than the entire market value of Curaleaf in general. 115 00:20:01.576 --> 00:20:11.196 [laughs] So, um, they can flex as much as they want, um, right now. And if they wanna buy Curaleaf, they can do that too. 116 00:20:11.196 --> 00:20:23.156 [laughs] Um, so I, I think that th- this will play out as it's gonna play out, but if, if BAT wants to win, I think that they are in a position to win. Um, yeah. 117 00:20:25.376 --> 00:20:35.856 Uh, uh, the, the other thing, uh, we also had on the CEO of, um, Yes, and, uh, another company with loads of cash is, um, Cronos Group. We had on Mike Gorenstein this week. Yeah. 118 00:20:35.896 --> 00:20:44.296 And one thing he said, which I thought was interesting and maybe a, I don't know if it's a fresh perspective, but he actually puts, they have, like, 800 plus billion doll- you know, million dollars on the... 119 00:20:44.416 --> 00:20:50.856 Sorry, not billion- Million, not billion... $800 million on the books. [laughs] A lot of cash to have. Here's what he said. I don't know if you guys caught this. Here we go. 120 00:20:51.096 --> 00:21:04.216 More about who's buying our product than buying our stock. Yeah. He said he cares more about who's buying his product than buying his stock, which is seems to be a, an okay strategy for him thus far, and for them. Um, 121 00:21:05.276 --> 00:21:15.676 I believe it when he says it. I, I, Mike has been a CEO of a cannabis company longer than maybe anybody. He's- Yeah... he's a young guy, but he's been around maybe a decade. 122 00:21:16.836 --> 00:21:27.956 Hey, it, it behooves every company to focus on their consumers, so that's a good thing to hear from him. Yeah. They have the number one edible brand in Canada. Um, you know, um, they have brands all over the place. 123 00:21:27.996 --> 00:21:28.956 We talked a lot about Germany. 124 00:21:29.296 --> 00:21:40.716 I recommend everybody sort of watch that interview because I think he's got a pretty interesting perspective on, uh, Aurora and Organigram, about what's going on in Germany, about other international markets, and even about the US. 125 00:21:40.776 --> 00:21:53.036 He, he chimed in a bit there as well about, I don't think he hinted at a strategy, but if he were to do things in the US, what it might look like in terms of- Yeah... operations and, and brands. Yeah? Yeah. 126 00:21:53.096 --> 00:21:59.656 I don't, I'm not, yeah, he said it. I'm not saying. I'm just paraphrasing. Yeah. No, no, I, I, I think, yeah, I, I, you know, I, I always, I always like talking to Mike. 127 00:21:59.716 --> 00:22:05.676 I think he's, you

know, like you said, he's, he's a, he's a survivor as a CEO of, of a Canadian cannabis firm especially. 128 00:22:05.756 --> 00:22:14.776 And I think, you know, out of the early, you know, late 2010s days, there were certainly a lot of cowboys, uh, i- in the industry, and Mike was not one of them. He was building for the long term. 129 00:22:15.256 --> 00:22:26.195 Um, and look, like, I, you know, Jay, to your point, like, they, they do have $800 million, uh, of cash on their balance sheet. Uh, you know, the Aurora acquisition closed for I think, uh, what was it? 130 00:22:26.236 --> 00:22:38.336 Like 395 American at, at the current exchange rates. And so, um, when you think of the scale of what they're able to do and what they're looking at, uh, you know, they, they could be another, another buyer for things. 131 00:22:38.376 --> 00:22:45.476 I think Mike was circumspect, uh, about that when we asked him, and we ask him that basically every quarter, and he's always circumspect, which he should be. 132 00:22:45.936 --> 00:22:56.316 Um, but you know, I'm, I'm sure, you know, he's a smart guy and he's evaluating deals, and so, uh, I think they're certainly one to watch. And again, like I, you know, their brands do sell really, really well. 133 00:22:56.676 --> 00:23:03.816 Uh, like they are always at the top of the charts in Canada, and so I think there's a real focus on the consumer. Um, at the same time, 134 00:23:04.956 --> 00:23:11.936 you know, I, uh, I- I the Canadian consumer market is small compared to the American market. And so what are they gonna do with all that cash on the balance sheet? I don't know. 135 00:23:12.016 --> 00:23:21.496 Um, but I imagine those conversations are being had. Yeah. He often talks about borderless brands too, which I quite like that, you know, use Canada as a platform to test and build and then- Mm-hmm... 136 00:23:21.716 --> 00:23:32.876 bring those brands to other places, which they have, they have done. Um, I wanna sh- Um, just- Yeah... uh, on, on Cronos Group, I, I also, I enjoyed the interview. I suggest everyone watch it. 137 00:23:33.176 --> 00:23:39.516 But just as we're talking about, um, tobacco companies, I think it is important to note that Cronos- Yeah... Group is backed by Altria. Mm-hmm. 138 00:23:39.576 --> 00:23:54.616 Um, I think that they own somewhere like 40% of, of Cronos Group, and that came from a, um, $2.4 billion investment in 2018. So, um, this is another example of, of a CEO that, that- Yeah... 139 00:23:54.656 --> 00:24:08.376 has the backing and the confidence of, of a large tobacco company that has a lot of cash and is able to flex to make decisions when they are ready for them. He, he is less- Yeah... quarter zipped than James, though. 140 00:24:08.876 --> 00:24:22.452 Uh- Absolutely. Absolutely... so thank you for that. I like James, I'm glad he came on Very serious guy. Mike, um, is a serious guy, but is also, um, uh, enjoys- But also wears fleece. He wears fleece. 141 00:24:22.472 --> 00:24:33.112 [laughs] He wears T-shirts. He was wearing a hat when we interviewed him. [laughs] Last time we talked, not maybe three-- a month ago, was actually in a Amsterdam cafe, uh, one that they purchased from the company. 142 00:24:33.152 --> 00:24:51.132 He was working from there that day. Like, he, he is of the product. Um, [laughs] my words, not his, but he will tell you the same thing. Um, we are shifting to winners and [crowd cheering] [crowd booing] 143 00:24:51.212 --> 00:24:59.092 Not that there's other stuff to talk about. We could talk about hemp, but we'll have a couple weeks to do that. Winners and losers. Mark, you look, you look nervous that I'm coming to you first. Yeah. 144 00:24:59.332 --> 00:25:05.312 No, I, I, I, I, I'd forgotten, but then I just remembered. You know, the losers here are, are, um, 145 00:25:06.652 --> 00:25:18.132 are, are I mean, just all of us for, um, thinking that the DEA might actually, you know, uh, uh, uh, be 146 00:25:19.172 --> 00:25:28.712 helpful, uh, in, you know, in, in, in lenience and, um, you know, and, and, and consistent at least. 147 00:25:28.892 --> 00:25:49.052 You know, the-- I mean, the, the fact that, that they are-- they basically are, at this point, really only registering companies that are in, um, purely medical-only states and, you know, and but then dinging, you know, companies in pretty much every other state, but for inconsistent reasons. 148 00:25:49.112 --> 00:26:03.212 Like, everybody's get-- There's not, like, one blanket reason, it seems. Uh, you know, I think, I think we, again, you know, o- once again, we all got our hopes up and the rug gets pulled. 149 00:26:03.792 --> 00:26:13.792 Um, it shouldn't come as a surprise. It's sort of like, you know, we keep-- It's like the, the, the, the classic, uh, um, Simpsons where Sideshow Bob keeps stepping on the rake. 150 00:26:13.852 --> 00:26:27.652 [laughs] Um, and you know, that, that's, that's the industry and, and the government is the rake. So yeah. Fair enough. I like that. That's a great episode. It's, it's the- It's the- Oh, my God...it's the classic. Yeah. 151 00:26:27.912 --> 00:26:37.472 Yeah. [laughs] Well, I wish I had-- I wish I'd have the, the GIF up or the JIF, um, of that, but maybe, maybe next time we'll, we'll bring it up whenever we feel like- Yeah...the DEA is doing their job. Yeah. 152 00:26:37.572 --> 00:26:47.812 Um, or feels like they are doing their job. I think it's pronounced GIF. I think it... Sorry, go ahead. GIF, GIF? I don't know. It came up in, uh- GIF, I think. Yeah...Ed Lasso too. Um, Anna Ray. 153 00:26:49.452 --> 00:27:01.652 Ugh, um, I'm gonna make a shameless plug. Uh, the winners are those that are gonna be joining me and my friends in Vegas at the High Spirits Morning Mixer. Go to highspiritspod.com/morningmixer. 154 00:27:02.072 --> 00:27:13.832 Come hang out with us in person. We're gonna have a great time. Coffee's on me. Oh. I don't know. I didn't know that part.

Great. Um, [laughs] We'll take you up on that, yeah. [laughs] Yeah. Seriously, I love coffee. 155 00:27:14.112 --> 00:27:23.532 I- Uh, Jeremy, what do you, what do you got? Oh, I mean, my- mine's just a non-- I mean, we talked about already. Mine's a non-cannabis one. Jensen Huang is, is [chuckles] my, my loser of the week. 156 00:27:23.812 --> 00:27:31.592 Uh, you know, what are you doing, man? Like, if that's how you wanna live your life, maybe you should've gotten divorced five years ago. Uh, but I, I digress. 157 00:27:31.652 --> 00:27:41.452 I mean, I, I do think it's, it's emblematic that, you know, we have these massive, massive swaths of the economy concentrated in one person's decisions. 158 00:27:41.532 --> 00:27:51.912 When that person exercises bad judgment in their personal life, uh, it, it does le- lead you to question what they're doing in their professional life and whether, you know, the circularity of AI financing is good. 159 00:27:52.052 --> 00:27:58.732 You know, certainly, uh, you know, my, my long-term financial future is wrapped up in it, and so is many of ours. 160 00:27:58.792 --> 00:28:08.312 And I think, uh, you know, it makes me upset when I see that type of behavior from people who are supposed to be leaders. Well, I would, I would say even further than that. 161 00:28:08.352 --> 00:28:15.532 Like, one is his pers- his family, certainly he's done them wrong. Second is the finances of the company. That's really bad. 162 00:28:15.792 --> 00:28:21.892 But there are serious national security implications here too- Yeah...which is probably the worst crime in, in all of this. 163 00:28:22.232 --> 00:28:30.332 Um, uh, I mean, more than HR and certainly mer- more than family is, um, uh- Yeah...that he put us all at risk potentially. 164 00:28:30.751 --> 00:28:41.952 Uh, and also the Trump administration seemed to know about it and didn't do anything about it or, um, sat on it. We're-- I think we're about to find out a lot more about all of these things. Um- Yeah. It could be, um... 165 00:28:42.072 --> 00:28:57.732 I, I mean, I, I just, you know, even, uh, Senate Republicans, like even Tim Scott is the one leading the charge to haul them in front of the Senate, and so maybe this is finally the end of, uh, you know, Trump and people linked to Trump getting away with anything they want. 166 00:28:58.332 --> 00:29:10.352 Yes. I've said that before. You know, I've been wrong before, so- [laughs] I, I also- We'll see. [laughs] I also, um, I, I, I don't like the leather jacket. I just don't like it. It's kinda cool. 167 00:29:10.592 --> 00:29:20.772 I, I, you know, I do, unfortunately. Um- I definitely go for the fact too. Yeah, I do. Yeah. I don't like- I also, you know, I also wasn't, uh, I wasn't a nerd in high school, so I didn't, you know, [laughs] 168 00:29:20.892 --> 00:29:32.232 so, so I didn't have to kinda... Yeah, so I don't know. [laughs] Uh, I have a, I have a, a, a winner. Well, it's, it's, it's a whole state is a winner, and that is Massachusetts. 169 00:29:32.652 --> 00:29:40.292 Um, they've-- Every-- So this, uh, this was pointed out on Twitter, but this is from the Massachusetts Cannabis Control, whatever the organization is, the agency. 170 00:29:40.972 --> 00:29:50.612 Of the 91 towns that voted no on legalization, all of them voted no to repeal legalization, if that makes sense. So they made up a lot of ground. 171 00:29:50.692 --> 00:29:57.112 Cannabis is now not widely popular in Massachusetts, but repealing it is wildly not popular. Uh, so this is the latest map. 172 00:29:57.552 --> 00:30:07.672 The orange there are, are communities that voted no on cannabis legalization, but they all flipped to reject, um, Sam efforts in this election. So that's quite interesting. 173 00:30:08.052 --> 00:30:16.368 For a while, it looked like Dover was the last holdout, but it looked like Dover flipped as votes got counted. So Kudos to my home state, Massachusetts. They are winners. 174 00:30:16.748 --> 00:30:26.288 Uh, my loser is all of us, both financially, uh, because NVIDIA's taking a shit, and, um, and national security for the US, but also for everybody else. Um, 175 00:30:27.468 --> 00:30:36.388 and one more plug, 'cause Anna Ray got a plug for her stuff in Las Vegas. So we are also having breakfast before, uh, Wednesday, uh, December 2nd. 176 00:30:36.488 --> 00:30:44.188 We'll be there for subscribers only, so you have to get our newsletter to get into the door. But once you are a subscriber, you can get into our breakfast. Find it on our website. 177 00:30:44.208 --> 00:30:54.348 You go to cultivated.news, go to the Events page, you can sign up there. We'll have other stuff happening in Las Vegas as well, so we will see you, Anna Ray, and you, Mark Houser, and you, Jeremy Burk, in Las Vegas. 178 00:30:54.728 --> 00:31:00.788 I don't know if we'll be having a show that day, but it'll b- depend on everybody's schedule, but it would be fun to do one in, in person. 179 00:31:00.828 --> 00:31:08.988 I will be at your breakfast as well, and I will be letting you buy me coffee that morning, so [laughs]- Sure. Love it... that's great. Love it. Just don't know where yet. And any listeners can come chat with all of us. 180 00:31:09.128 --> 00:31:13.888 Yeah, it's gonna be great. I don't know where. So if I'm buying you coffee and you're buying me coffee, we're just really buying coffee for ourselves on different days. All right. 181 00:31:14.368 --> 00:31:23.608 If, if we're plugging- It's, it's like AI financing. Yeah. It's coffee circularity. Yeah. Uh, yes. Hopefully, there's gonna be more people at our events than just the four of us, um, do- [laughs] Yeah... 182 00:31:23.628 --> 00:31:30.868 supporting each other, but we'll, we'll see. Um [laughs] If not, then we'll have a good time anyway. Yeah. And if, if we're all plugging, um- Yeah... 183 00:31:31.128 --> 00:31:46.608 I, I'm not, I'm not hosting a breakfast, but, um, one, uh, my employer, Wiz Khalifa, is performing at NJBiz. So if you're going to the conference, do not miss Wiz. Uh, Mark, one question. Do, do we need tickets? 184 00:31:47.568 --> 00:31:56.288 Probably. I don't know yet, but let me figure it out. Okay. Get me one. If, if we do- I believe it's at the conference... I would love one, please. [laughs] I believe it's at the conference- Yeah... itself. So- Yeah. 185 00:31:56.908 --> 00:32:11.848 Mark, what is Wiz- But I will f- I will find out more... Mark, what does Wiz like in his coffee? Does he like a pumpkin- RSO oil... spice? Do you know what's funny? Pumpkin spice, maybe? [laughs] P.S.L. for Wiz? 186 00:32:12.048 --> 00:32:20.188 I, uh, that, well, you know, I, well, I, you know, that's actually, um... It's attorney-client confidences, so I, I, you know, I can't- Ah, it's part of the confidentiality. So, yeah. 187 00:32:20.828 --> 00:32:30.288 I will say, uh, this is-- Here's a free tip to anybody, um, who's going to the show, uh, in Las Vegas and will actually be in the trade show, which is kind of dwindling group. 188 00:32:30.708 --> 00:32:38.568 Um, if you had s- if you had something you wanna talk to everybody or hand out swag at the event, I would go to the Starbucks there, 'cause that line is also always endless. 189 00:32:38.888 --> 00:32:48.328 If you get something to everybody who's standing in line that day, you are way above everybody else in that respect. Um, that's it for this show. We're gonna sing you out with the Canadian National Anthem as well. 190 00:32:48.408 --> 00:32:57.328 But Anna Ray, Mark, Jeremy- [laughs]... me, uh, thanks everybody. We will see you next week, which is the week before Thanksgiving. We won't be there Thanksgiving week, and then we'll see everybody in Las Vegas. 191 00:32:57.408 --> 00:33:10.328 But for now, have a good Friday, a good weekend, and we'll see everybody later. [outro music]