Transkrip penuh untuk Unlocking Pennsylvania Cannabis: Politics, Policy & Adult-Use with Terrapin's Peter Marcus

for a federal law to take effect. 00:05:39.439 --> 00:05:42.160 That's what makes the story so interesting to me. 00:05:42.720 --> 00:05:48.160 Banks, payment processors, distributors, and retailers are all making their own risk calculations. 00:05:48.319 --> 00:05:54.800 And these decisions will fundamentally reshape the market before the federal deadline arrives in mid-December. 00:05:55.680 --> 00:06:00.399 But what happens when the infrastructure supporting these businesses starts disappearing? 00:06:00.639 --> 00:06:12.879 And if federal policy ultimately changes course and these products see a pathway past the December ban, how much of the infrastructure can realistically be rebuilt and how fast? 00:06:13.519 --> 00:06:23.279 This has been on my mind as I'm seeing uh brands get out of the space as well, and co-packers uh leave and fill their lines with other products. 00:06:23.600 --> 00:06:28.160 Rebuilding is not going to be as easy as some people might think. 00:06:28.399 --> 00:06:31.120 So those are two stories I'm watching today. 00:06:31.439 --> 00:06:35.600 And um, I'll keep you all updated as things progress. 00:06:36.959 --> 00:06:45.199 We want to give a huge shout out to one of our big sponsors for the High Spirits Morning Mixer in Las Vegas, Select Risk Captive. 00:06:45.360 --> 00:06:59.120 If you're managing cannabis risk, Select Risk Captive offers a smarter solution by allowing you to own part of your own insurance company, turning the premiums you already pay into an opportunity for profit, control, and stability. 00:06:59.279 --> 00:07:11.040 Up to 60% of premiums typically go to lost funds, and when claims are lower than expected, those unused funds plus investment income are returned to you rather than given to the insurance carriers. 00:07:11.279 --> 00:07:26.879 Select Risks Captive provides bespoke cannabis-specific coverages, including customized forms and broader coverage for general liability, product liability with product withdrawal, property, workers' compensation, and commercial auto. 00:07:27.120 --> 00:07:31.519 This is a best-in-class product for the premier operators in our industry. 00:07:31.680 --> 00:07:42.160 It's not a quoting mechanism for the best cheap rates, it's a qualifying mechanism for best-in-class operators who want to stop renting their insurance and start owning it. 00:07:42.319 --> 00:08:00.240 If you're an MSO, national brand, or vertically integrated operator with a strong belief in culture, safety, and accountability, and you pay a premium of$350,000 or more annually, you should definitely reach out to see if you qualify for this exclusive opportunity. 00:08:00.399 --> 00:08:04.879 Visit JPSquareConsulting.net for more information. 00:08:05.120 --> 00:08:07.600 Contact information is in the show notes. 00:08:07.759 --> 00:08:14.240 Thank you to Select a Risk Captive for supporting this year's High Spirits Morning Mixer in Las Vegas. 00:08:14.399 --> 00:08:15.600 We'll see you there. 00:08:16.959 --> 00:08:22.000 We are now going to jump into our time with our amazing guest today. 00:08:22.160 --> 00:08:30.639 Peter Marcus is the VP of External Affairs at Terrapin, one of Pennsylvania's original medical cannabis growers and processors. 00:08:30.800 --> 00:08:39.519 Today, Terrapin runs a 180,000 square foot cultivation facility in Clinton County with about 250 employees. 00:08:39.759 --> 00:08:46.960 Its products are on the shelf in almost every dispensary in Pennsylvania, and it operates three stores of its own in Central PA. 00:08:47.200 --> 00:08:55.600 Peter leads Terrapin's communications, government affairs, and community impact work, which means he spends a lot of time lobbying in Harrisburg. 00:08:56.000 --> 00:09:07.679 Before joining Terrapin in 2017, he spent more than a decade as a political journalist, most recently a senior State House reporter for the Colorado Springs Gazette and Coloradopolitics.com. 00:09:08.080 --> 00:09:13.679 Washington Post twice named him one of the nation's top state-based political reporters. 00:09:13.840 --> 00:09:16.080 And Peter, welcome to High Spirits. 00:09:16.159 --> 00:09:17.600 So happy to have you here. 00:09:18.320 --> 00:09:19.360 Hi, it's a pleasure. 00:09:19.440 --> 00:09:20.480 I've been looking forward. 00:09:20.799 --> 00:09:21.120 Yeah. 00:09:21.279 --> 00:09:22.879 How's it going this morning? 00:09:23.200 --> 00:09:23.759 It's going. 00:09:23.840 --> 00:09:28.000 It's always awkward to hear your bio read out loud, but I really appreciate it. 00:09:28.480 --> 00:09:29.679 Absolutely. 00:09:30.000 --> 00:09:30.960 For sure. 00:09:31.360 --> 00:09:38.720 Well, so Pennsylvania is a near$2 billion medical market surrounded by adult use legal states. 00:09:38.960 --> 00:09:47.840 And um, as I've gotten to know you, I've learned that Terrapin story really tracks every part of it from the onset. 00:09:48.080 --> 00:09:56.240 So why don't you tell us a little bit about how Terrapin entered Pennsylvania and um and where you guys are today? 00:09:56.720 --> 00:10:05.039 Yeah, so um Pennsylvania was actually um one of our um early expansion projects out of Colorado. 00:10:05.360 --> 00:10:14.320 2017, though we really started having the conversations there in like 2016, test the waters, see you know what it was gonna be like. 00:10:14.559 --> 00:10:30.240 Uh we wanted to find knowing how these programs go, that it's about economic development, bringing jobs, you know, um revenue, you know, especially Pennsylvania was still wrapping its brain around whether medical marijuana was gonna work for the state. 00:10:30.480 --> 00:10:35.519 Um, we chose central rural Pennsylvania where we could really have an impact. 00:10:35.600 --> 00:10:37.840 So we're based out of Clinton County. 00:10:38.000 --> 00:10:49.440 Uh when we first had those discussions with like the local chambers and leaders and stuff, like really hard for them to wrap their brain around, you know, like you're gonna do

what, where, you know. 00:10:49.600 --> 00:10:58.000 Um, but they got to know us, they got to know our owner and CEO, uh Chris Woods, who's actually a Pennsylvania native, Bucks County boy. 00:10:58.240 --> 00:11:06.480 Um, and um yeah, they you know took a gamble, uh, took a you know, leap of faith with us, went through the licensing. 00:11:06.639 --> 00:11:11.519 We were one of the first two uh producers to get licensed out there. 00:11:11.759 --> 00:11:25.039 You know, now, like you said, you know, between three stores also in central Pennsylvania, the Grow, about 250 employees, small towns, everybody knows everybody's name when you go into the local diner kind of thing. 00:11:25.200 --> 00:11:29.519 We've really been embraced by the community and it's really been a success story. 00:11:29.840 --> 00:11:36.240 I think they refer to us now as a quote, challenger brand, uh, because you know, we're kind of pushing the limits. 00:11:36.399 --> 00:11:39.039 We're, you know, it's a market with a lot of MSOs. 00:11:39.200 --> 00:11:53.840 Um, and we're a rare story where we stayed independent, family owned, um, never changed ownership, never, you know, never really changed, didn't have shareholder boards and things like that, kind of marched to our own drumbeat. 00:11:54.000 --> 00:11:57.759 So it's been a fun story and it's been an exciting success, you know. 00:11:58.080 --> 00:12:02.639 It's interesting that you that you talked about economic development. 00:12:02.799 --> 00:12:06.559 Um, it reminded me, I think it was 2017 or 2018. 00:12:06.639 --> 00:12:10.399 It probably must have been right around then since Pennsylvania was turning on. 00:12:10.639 --> 00:12:25.840 There was a roadshow of legislatures that came to California, and there was someone, I wish I remembered his name, who was an elected from Pennsylvania who was touring around and learning about uh licensed cannabis businesses. 00:12:26.000 --> 00:12:43.039 And I happened to be in a room with one of them, and I always remembered that his sentiment was a hundred percent about jobs in the community, especially in manufacturing towns that had lost coal plants or other types of factories that used to really power the towns. 00:12:43.279 --> 00:12:51.600 And he seemingly had absolutely no interest in cannabis at all, but but saw this as this engine potentially to bring jobs into the community. 00:12:51.759 --> 00:12:57.679 And it sounds like that um has been a big part of the narrative uh in Pennsylvania. 00:12:58.080 --> 00:13:00.159 Yeah, you know, we're pretty good at what we do. 00:13:00.240 --> 00:13:03.759 You know, we know what the narrative is around these things, you know. 00:13:03.840 --> 00:13:07.360 For us, you know, it's about the plant, you know, it's our love for the plant. 00:13:07.519 --> 00:13:14.639 And, you know, you we we started as a company in 2009, back to the days before licensing. 00:13:14.799 --> 00:13:29.039 So, like, you know, we got into it because we're passionate about what we do, but we also know what works in terms of getting it done in a new market and then getting the licensing and uh you know being embraced by the community. 00:13:29.200 --> 00:13:31.120 And so, yeah, it you know, to us. 00:13:31.519 --> 00:13:46.000 On a more personal level, you were a reporter for all these years, and so I'm curious like how the life of a journalist um translated into speaking now to legislatures uh in the the in the way that they want to hear it. 00:13:46.399 --> 00:13:48.000 It's a weird transition. 00:13:48.399 --> 00:14:13.919 So, you know, as a reporter, uh everyone's wrong until they're right, you know, you gotta you gotta run it all down, you know, you know, excuse me, but everyone's full of it on a certain level, you know, on the lobbying side, going into the government affairs side, you know, it's more, you know, how am I gonna gain access for my purpose, for what I'm trying to achieve and accomplish. 00:14:14.000 --> 00:14:16.159 You know, it's a it's a different skill set. 00:14:16.399 --> 00:14:20.480 However, they merged together by, you know, I had all the background. 00:14:20.559 --> 00:14:42.399 I know how legislatures work, I knew the cannabis industry since the inception, you know, having, you know, I I think I joked to you once that um I was actually the first reporter to show up at a legalization press conference in Colorado, going back to 2006 when the movement was called Safer, Safer Alternative for Enjoyable Recreation. 00:14:42.799 --> 00:14:56.080 Um, and like my friends Mason DeVert and Christian Cinderberg, you know, the guys who really pushed it over, Steve Fox, um, you know, who really pushed it over the edge, you know, they were still coming into their own. 00:14:56.240 --> 00:15:00.399 So it's been so fun to watch it just develop over the years, you know. 00:15:00.720 --> 00:15:01.440 Amazing. 00:15:01.679 --> 00:15:09.200 Well, I think that the most interesting, newsworthy story about Pennsylvania is to really dive into the politics. 00:15:09.360 --> 00:15:13.519 We're in this place, it's October, we're getting close to the midterm elections. 00:15:13.679 --> 00:15:18.480 Uh, there is so much writing on elections all over this country. 00:15:18.799 --> 00:15:25.200 And for years, I've always really questioned like, is there an actual cannabis voter out there? 00:15:25.440 --> 00:15:29.200 There are definitely issues that bring single issue voters to the ballot. 00:15:29.360 --> 00:15:36.639 The first ones that come to mind relate to like pro-choice or pro-life voters often come with single issues. 00:15:36.720 --> 00:15:40.720 They're going to vote for the candidate that is going to support them on that issue. 00:15:41.039 --> 00:15:54.960 And over the many years that I've been following elections, I've kind of come to this conclusion that there isn't actually a cannabis voter, that the cannabis voter might have a position on a cannabis issue, but that there's a lot of

other things going on. 00:15:55.279 --> 00:15:59.519 But this election cycle is starting to make me question if that's still the case. 00:15:59.679 --> 00:16:07.600 We're seeing cannabis come to the forefront of messaging in the Texas election, both for Senate and for Lieutenant Governor. 00:16:07.759 --> 00:16:11.840 And then what's going on in Pennsylvania is starting to get real here. 00:16:12.159 --> 00:16:28.240 Um, you know, you guys have had this really interesting stalemate for years going on, um, where you've had a Democrat in the governor's chair, um, but the rest of the trifecta has been fighting. 00:16:28.480 --> 00:16:42.320 And um, I'd love for you to give us some insight into how you see what's going on in Pennsylvania, some history of where it's been and um where this is all going, and if there's a chance for adult use to come to the state. 00:16:42.639 --> 00:16:46.799 Yeah, so this is where my reporter stuff intersects with the government affairs stuff. 00:16:46.960 --> 00:16:50.399 Pennsylvania, I nerd out just on the politics of it. 00:16:50.559 --> 00:16:51.600 So yeah, you're right. 00:16:51.759 --> 00:16:59.679 Um, it's been 30 plus years since repo uh Democrats have control over the Senate in Pennsylvania. 00:16:59.840 --> 00:17:01.759 Um, they've had control in the House. 00:17:01.919 --> 00:17:04.160 They currently have a one-seat majority. 00:17:04.319 --> 00:17:12.079 Actually, I think they have more because of a special election that happened, but we're talking razor-thin majority in the House for Democrats. 00:17:12.240 --> 00:17:16.160 You know, uh Republicans have been in firm control of the Senate. 00:17:16.400 --> 00:17:22.319 Yeah, they're Democrats are feeling like this is their year in Pennsylvania to flip the Senate. 00:17:22.480 --> 00:17:29.279 They only need three seats in the Senate to have uh control of the Senate, two seats for a tie. 00:17:29.519 --> 00:17:32.720 Um, they're hoping to pick up like three to eight seats in the House. 00:17:32.880 --> 00:17:46.799 There's kind of like four target races, four or five very, you know, targeted races in the House, and then you know, four Senate races that are really targeting with the hope of picking up three seats for Democrats. 00:17:47.039 --> 00:17:49.759 Uh, you mentioned, is there a cannabis voter? 00:17:49.839 --> 00:17:59.680 I should mention I previously sat on the board of the cannabis voter project, which was which was a sub uh sub-project of headcount. 00:17:59.920 --> 00:18:04.880 I don't know if you're familiar with headcount, they uh get folks registered to vote. 00:18:04.960 --> 00:18:12.480 They kind of tied into the live music world a lot, show up at concerts, try to target like young folks to get them to vote. 00:18:12.640 --> 00:18:16.160 Our thesis is the was there is a cannabis voter. 00:18:16.319 --> 00:18:24.319 Um, and like we were trying to, you know, empower them to use their voice, not just about weed. 00:18:24.480 --> 00:18:36.079

It was about like if you can drive folks to the poll because they're interested in the topic of cannabis and legalization, then you can also affect a lot of other change. 00:18:36.319 --> 00:18:41.119 I think the Democrats have latched on to that in Pennsylvania. 00:18:41.359 --> 00:18:47.759 Um, I don't think that they or anyone believes is a single issue by any means. 00:18:47.920 --> 00:18:56.640 Like it's not going to, it's not what's going to settle the election, you know, and give anyone control, but they know it's potentially a motivator. 00:18:56.880 --> 00:19:08.799 And so, you know, you've seen recently Democratic leaders in the House and the Senate, um, uh Jordan Harris in the House and uh Senator Street um, you know, in the Senate. 00:19:08.960 --> 00:19:17.920 Recently were talking about, hey guys, we will legalize marijuana if we just get these three seats in the Senate. 00:19:18.400 --> 00:19:23.680 Oddly, the you know, Republicans are not taking the beat. 00:19:23.759 --> 00:19:26.240 Um, they're staying firm through the election. 00:19:26.400 --> 00:19:38.480 I don't think, I think facing this monumental historic change potentially, they're not ready yet to like embrace, you know, super fringe topics potentially. 00:19:38.720 --> 00:19:44.240 So they're sticking to their guns and saying, we need more direction from the feds. 00:19:44.640 --> 00:19:55.759 You know, we need uh, we're not sure that our state can run a successful marijuana program because the Department of Health hasn't done a great job with medical. 00:19:55.920 --> 00:19:59.279 This is all just political pandering type of stuff. 00:19:59.599 --> 00:20:02.000 Well, so you know all these people pretty well. 00:20:02.079 --> 00:20:12.640 And and maybe I should add the context for those that aren't the a policy wonk like Peter and don't know Pennsylvania quite as well, is that Pennsylvania is one of the states that doesn't have ballot initiatives. 00:20:12.720 --> 00:20:25.599 And and states that have ballot initiatives have been the first states to bring adult use cannabis online because it is such a wildly popular um uh topic for voters. 00:20:25.759 --> 00:20:37.440 And I think you mentioned that that it's it's like potentially polls as high as 70% in in Pennsylvania, but it doesn't actually matter because the voters don't get to vote on that issue. 00:20:37.599 --> 00:20:40.240 They're gonna be voting for these candidates. 00:20:40.480 --> 00:20:47.440 And you you know these folks, the Democrats are saying, vote for us, if we take the Senate, we're gonna push adult use forward. 00:20:47.599 --> 00:21:02.960 But if that doesn't happen and the Republicans are able to hold on to their seat, do you have confidence that even within a Republican Senate majority, that there is a future pathway for adult use in Pennsylvania? 00:21:03.279 --> 00:21:04.640 Yeah, it's a great question. 00:21:04.880 --> 00:21:08.799 I am optimistic because I know what, and you're right. 00:21:08.880 --> 00:21:13.200 So there's the ballot initiative thing, we would have gotten this done years ago. 00:21:13.279 --> 00:21:16.079 It polled like 68% on the high end. 00:21:16.160 --> 00:21:23.759 We've even pulled in Republican, like strong Republican districts, and it polls over 50% in most of those districts. 00:21:24.000 --> 00:21:25.599 This would have been done, you know. 00:21:25.759 --> 00:21:32.000 Um, yeah, I think that the problem is Pennsylvania is facing a seven billion dollar budget shortfall. 00:21:32.240 --> 00:21:40.799 Uh, there's no money, there's only one other revenue stream that they're currently targeting, which is uh called what they call skilled games. 00:21:41.119 --> 00:21:48.240 Um, it's like video poker and things like that that you find in like VFW halls and bars and things like that. 00:21:48.400 --> 00:21:50.400 There's a whole Supreme Court case. 00:21:50.559 --> 00:21:53.119 The state has to take action around that. 00:21:53.279 --> 00:21:58.880 But my point being is that there's very limited revenue streams to close the shortfall. 00:21:59.119 --> 00:22:11.119 I think that's Republicans are playing it really safe this election by not wanting to take up the issue of cannabis in case it you know might impact some of their members. 00:22:11.359 --> 00:22:12.319 I disagree. 00:22:12.480 --> 00:22:13.920 I think they should embrace it. 00:22:14.160 --> 00:22:23.279 I think that Pennsylvania voters want to just see a party that can lead, and all they see right now is punting in Harrisburg. 00:22:23.519 --> 00:22:26.640 But whatever, that's the talking point is they're going with. 00:22:26.799 --> 00:22:33.519 I think once the election is over and wraps up, they get to budgeting, there's a path forward. 00:22:33.839 --> 00:22:34.240 Yeah. 00:22:34.480 --> 00:22:36.799 Well, so let's talk about what the path forward is. 00:22:36.960 --> 00:22:44.799 Over the past few years, I've certainly been paying attention as Governor Josh Shapiro has put legalization into a number of budgets. 00:22:45.039 --> 00:22:53.119 And when you're a policy wonk, one of the greatest ways to have insights into what policymakers are thinking about doing is to watch a budget. 00:22:53.200 --> 00:22:56.720 It ends up being like a like a roadmap to their plan. 00:22:56.880 --> 00:23:13.759 And so every time legalization ended in that budget, the industry noticed, the headlines responded, um, the MSOs that are that are heavily invested into Pennsylvania got excited, acquisitions started happening, all the things, and then nothing. 00:23:14.000 --> 00:23:20.880 And uh, and most recently, Shapiro actually pulled legalization from the budget, is is my understanding. 00:23:21.039 --> 00:23:26.880 Um it's uh it's a line item in the moment. 00:23:27.200 --> 00:23:28.400 It's a line item, great. 00:23:28.559 --> 00:23:33.839 Um, but there is kind of a there's a few different pathways that folks are talking about. 00:23:34.000 --> 00:23:40.000

Um, and when we say legalization, it's important that there is medical legalization in Pennsylvania. 00:23:40.079 --> 00:23:41.920 Um, but it's super restricted. 00:23:42.079 --> 00:23:54.319 I was so surprised yesterday when you and I caught up to just be reminded that gummies and beverages and joints are not allowed in dispensaries in Pennsylvania. 00:23:54.480 --> 00:24:09.359 Um, so the fact that the market has gotten as big as it is with the restrictions, both the requirement to be a patient and then the form factor restrictions, just shows that there is a lot of weed-loving people in Pennsylvania that are going to be very excited about adult use. 00:24:09.519 --> 00:24:21.839 So talk to me about what that might look like and some of the push and pull with the issues that are really being debated about what adult use transition for existing operators might cost and things like that, which I know is sticky. 00:24:22.400 --> 00:24:36.160 And just to clarify, you're right, the budget this year didn't end up with weed in it, but Shapiro keeps continuously putting it in as a line item because you know that that's his goal. 00:24:36.400 --> 00:24:37.599 Um, yeah. 00:24:37.920 --> 00:24:42.640 So um there's a lot, a lot of silliness in the medical program. 00:24:42.880 --> 00:24:47.920 You know, you did mention no smoking, um, yet flowers being sold. 00:24:48.000 --> 00:24:52.240 So ostensibly, those folks are going home and vaping, no edibles, things like that. 00:24:52.400 --> 00:24:54.640 That all goes away with legalization. 00:24:54.720 --> 00:25:16.000 You know, there's a uh not just intoxicating ham, you know, everybody always talks about intoxicating him, but there's smoke shops and vape shops and um gas stations in Pennsylvania that are just selling straight up marijuana, quite frankly, um, without um, you know, use taking cover with the loophole, you know. 00:25:16.240 --> 00:25:20.400 Um that all that those are focuses for lawmakers. 00:25:20.480 --> 00:25:26.720 They want to see that stuff go away, they want the revenue, and they want a bright line when it comes to legalization. 00:25:27.039 --> 00:25:41.920 We have a lot of lessons we've learned um from the past about markets that have crashed, what legalization can do to get it done, but also have the unintended consequences that come with it, price compression, things like that. 00:25:42.160 --> 00:25:53.839 So taking all those lessons from other states, you know, we have a program that, you know, will have 30 grand in the legislation that we're currently seeing, and all of this is subject to change. 00:25:54.079 --> 00:26:11.920 You can see, you know, you're talking about normal possession limits, like 30 grams, 1,000 milligrams for edibles infused per packet, uh, five gram concentrate possessions, you know, uh taxes have uh in the legislation currently have been really totally fair. 00:26:12.079 --> 00:26:16.160 You're talking 6% sales tax, 8% excise tax. 00:26:16.480 --> 00:26:20.319 The fees are another conversation in the legislation. 00:26:20.480 --> 00:26:23.519 We've seen conversion fees that are great. 00:26:23.599 --> 00:26:30.880 You know, you're talking$250,000 for an operator to convert,$100,000 for a dispensary to convert. 00:26:31.039 --> 00:26:37.119 We've seen proposals from the governor's office as high as$20 plus million dollars to convert. 00:26:37.279 --> 00:26:39.599 So we'll have to figure out where that stands. 00:26:39.759 --> 00:26:41.119 It's not sustainable. 00:26:41.279 --> 00:26:47.119 You'll see a lot of operators that just can't pay those kinds of high licensing fees. 00:26:47.359 --> 00:26:54.160 Um moves the program out of the Department of Health by creating an independent cannabis control board. 00:26:54.400 --> 00:27:03.359 Um, and when we talk about learning lessons from the past, we want to see market analysis when we're handing out licenses. 00:27:03.599 --> 00:27:11.440 We've discussed when the program starts in the legislation, you're looking at like a couple dozen new dispensaries, you know, a few new grows. 00:27:11.759 --> 00:27:16.720 But then to go beyond that, what does the market, you know, what can the market withstand? 00:27:16.880 --> 00:27:18.319 What's the supply demand? 00:27:18.400 --> 00:27:28.720 So talking about independent market analysis, there's no point of handing out um licenses to new folks if a few years down the line the market crashes. 00:27:28.960 --> 00:27:32.880 So, you know, just trying to understand that through the legislation. 00:27:33.119 --> 00:27:41.759 There's some great equity provisions in there around auto expungement, handing out, you know, 15 or so equity licenses right away. 00:27:41.920 --> 00:27:45.359 It really has considered everything. 00:27:45.599 --> 00:27:52.960 Um, two bipartisan bills in both chambers, the House and the Senate, ready to go. 00:27:53.200 --> 00:27:54.799 You know, let's go. 00:27:55.119 --> 00:27:55.680 Yeah. 00:27:55.920 --> 00:27:59.279 Um, it's it's interesting that you're talking about these conversion fees. 00:27:59.359 --> 00:28:09.680 And this is something that um some of the the early mature markets really didn't have to address because they had they had no license limitations at all. 00:28:09.759 --> 00:28:13.759 It just everyone got a license, um, everybody converted. 00:28:13.920 --> 00:28:26.000 Um, but you're right, the the environment itself became really challenging, both from an oversupply, from a saturation, all kinds of things, be it too many dispensaries or too much weed. 00:28:26.240 --> 00:28:39.119 Um, and then we started to see um newer markets, much much more commonly in the Northeast, start looking at controlling the conversion from medical to adult use um in more thoughtful ways. 00:28:39.440 --> 00:28:42.880 That has been um a big part of the conversation in New York. 00:28:43.039 --> 00:28:45.599 Right now it's it's unfolding in Virginia. 00:28:45.759 --> 00:28:49.519 Um, New

Jersey was was definitely one to watch on this. 00:28:49.680 --> 00:28:59.279 So you definitely have some good data points to think about in terms of how how people are doing it and and what what worked and what didn't. 00:28:59.519 --> 00:29:03.279 Certainly, like Connecticut had some insanely high fee. 00:29:03.359 --> 00:29:07.519 I think it was like$3 million a conversion fee. 00:29:07.680 --> 00:29:14.640 New York was very high, and and some of the existing registered operators took the state to court over it. 00:29:15.039 --> 00:29:30.640 But it is it is important to kind of understand what the dynamic is within the market and and how a state can make those decisions and figure out what these golden tickets are that they're gonna get people, give people in order to be able to operate right when adult use turns on. 00:29:30.799 --> 00:29:42.720 Um, the market in in Pennsylvania is not dissimilar to looking at the kind of the tier one and tier two public companies list in cannabis. 00:29:42.960 --> 00:29:48.400 Um I I pulled some some data from BDSA leading up to this conversation. 00:29:48.720 --> 00:29:53.920 And uh it looks like Cresco has the most dispensaries in the state. 00:29:54.079 --> 00:30:06.079 Um, they have 27, of which nine they just acquired in a big deal from Vera Life that I think was valued around$50 million for those nine stores. 00:30:06.400 --> 00:30:17.039 And um, while that is less than stores used to be valued for in Pennsylvania a couple years ago, it's actually a very high value for a dispensary compared to lots of other markets. 00:30:17.200 --> 00:30:24.559 So clearly, a company like Cresco um sees tremendous value in expanding its footprint there with 27 stores. 00:30:24.799 --> 00:30:41.599 True Leave has 22, GTI has 20, um, Juci has 20, CuroLeaf has 19, Verano has 18, and then we've got a bunch of independent operators that have um have a lot less than those big folks. 00:30:41.839 --> 00:30:45.200 Um and and you guys uh have three. 00:30:45.440 --> 00:30:47.759 And yeah, well, there's history there. 00:30:48.000 --> 00:30:53.920 And yeah, and I want to talk about that because people think of Pennsylvania as a vertical market. 00:30:54.079 --> 00:31:03.119 All those groups that I just said with those 20 or more dispensaries also own production, but that isn't actually how the law was set up. 00:31:03.359 --> 00:31:15.759 Um and let's let's talk about what happened and how you were involved in in making it possible for there to be more vertical um integration uh and how that unfolded. 00:31:16.319 --> 00:31:20.720 Again, there was some silliness in the program to launch it. 00:31:20.960 --> 00:31:26.240 So yeah, when you first had got license in Pennsylvania and you had to pick a lane. 00:31:26.319 --> 00:31:31.839 You were either an uh producer, uh retailer, and you know, that was that. 00:31:32.000 --> 00:31:38.000 But what they didn't stop was your ability to purchase licenses to become vertical. 00:31:38.160

--> 00:31:47.839 So what happened is you know, the MSOs just came in and started, if they had a production operation, then they just bought their way into the dispensaries and now they're vertical. 00:31:48.000 --> 00:31:59.279 So we had to spend a couple of if we actually had to change the law to allow us as an independent producer, they call us independent, um, because we weren't vertical. 00:31:59.440 --> 00:32:06.880 Uh we had to go spend two years lobbying Pennsylvania um legislature to just let us open those stores. 00:32:07.119 --> 00:32:14.480 Um, and the compromise that we came up with was so Pennsylvania is weird, they go by permits. 00:32:15.039 --> 00:32:17.440 One permit is three. 00:32:17.920 --> 00:32:23.279 So, like a permit to have dispensaries gives you three stores. 00:32:23.519 --> 00:32:30.480 So the compromise was that we as independents could have one permit at three stores. 00:32:31.839 --> 00:32:44.720 But it doesn't really make sense that so you could have purchased an existing permit that already had dispensaries, you just couldn't apply for one yourself organically, correct. 00:32:44.880 --> 00:32:50.240 Yeah, no, it was it was um nonsensical, very nonsensical, you know. 00:32:50.400 --> 00:32:58.319 Um, again, it nobody thought everybody agreed that this was ridiculous when we were lobbying the legislature around it. 00:32:58.559 --> 00:33:09.359 Harrisburg is just a grid-locked place, so everything takes a while, you know, but like there was no good reason not to at that point. 00:33:09.680 --> 00:33:13.920 Um, and what we kept telling folks is give us a shot. 00:33:14.079 --> 00:33:19.279 Like, we'll succeed at this, we will bring more jobs to these rural areas. 00:33:19.440 --> 00:33:24.720 Um, our goal again, there's you know, we we're not big into going where everyone is. 00:33:24.960 --> 00:33:28.319 We want to find where we can create more access. 00:33:28.640 --> 00:33:43.680 And so the dispensaries we opened in most uh in each case were in Belfont, Lewisburg, and Lockhaven is where the stores are in Pennsylvania, Central PA, more rural communities, though Lewisburg is a bit of a college town. 00:33:43.920 --> 00:33:50.960 Um it was like 10 miles in the minimum cases to another dispensary where we opened. 00:33:51.279 --> 00:33:54.319 So out of the gate, we opened up. 00:33:54.480 --> 00:33:57.039 We it's been a great story, you know. 00:33:57.119 --> 00:33:58.720 We've seen the great traffic. 00:33:58.880 --> 00:34:10.239 Um, it's really helped with our revenue and with our numbers, um, but really has also just added all this additional access for patients because we are talking about a medical program still. 00:34:10.400 --> 00:34:17.840 So we're talking about patients, you know, who are requiring access, in some cases, having to travel long distances. 00:34:18.079 --> 00:34:23.760 You know, we were welcomed with open arms in these communities, and we have a huge, we call it flower to the people. 00:34:24.000 --> 00:34:30.079 I don't know if you can see my my shirt, but um, we have a whole community impact program around it. 00:34:30.239 --> 00:34:39.920 Um, we we work with local nonprofits and we have all uh a board of employees who engage in volunteer programs and things like that. 00:34:40.000 --> 00:34:42.639 And it was just like a real handshake from the start. 00:34:42.960 --> 00:34:43.599 Yeah. 00:34:44.079 --> 00:34:53.280 Going back a little bit to the Act 63 effort to make it possible for a grower to apply for and get a dispensary permit. 00:34:53.760 --> 00:35:07.039 When you were working with the legislators, did they understand that there was already vertical integration taking place and that there was whether it was a loophole or a mistake or a pathway? 00:35:07.199 --> 00:35:18.000 I don't think we could debate what it was, but that it was already actualized in the market with the existing operators and that people had well beyond the three stores. 00:35:18.320 --> 00:35:19.599 No, they didn't. 00:35:20.800 --> 00:35:23.519 Uh no, is the short answer. 00:35:23.599 --> 00:35:28.079 I mean, it was kind of like a um, it was educated. 00:35:28.239 --> 00:35:30.320 There was a lot of education that was needed. 00:35:30.639 --> 00:35:38.880 Harrisburg is kind of disconnected from following it closely, you know. 00:35:39.199 --> 00:35:45.519 Um, they it as far as they knew there was a program and the program is underway. 00:35:45.840 --> 00:35:50.239 Everything else about it took like bringing them up to speed, you know. 00:35:50.480 --> 00:35:53.599 So yeah, I mean, that's why I said it wasn't a hard sell. 00:35:53.840 --> 00:36:02.559 Once we really brought folks up to speed, that hey, this is already what the marketplace looks like, and we're not knocking anybody. 00:36:02.719 --> 00:36:16.000 By the way, everybody always talks about the controversies in the cannabis industry, you know, that's always the focus, like you know, MSOs and the small guys, and we're in the fights, and everybody's trying to box everybody out, kind of thing. 00:36:16.239 --> 00:36:21.199 We didn't see much resistance from the MSOs when we were trying to open stores. 00:36:21.440 --> 00:36:33.280 We've developed these incredible relationships with all of um, you know, the operators in Pennsylvania because we started as a wholesale operation and people love our product. 00:36:33.440 --> 00:36:36.880 Like you mentioned, we're in every dispensary in Pennsylvania. 00:36:37.119 --> 00:36:39.920 Patients are, you know, asking for it. 00:36:40.079 --> 00:36:47.760 So we've already had these great relationships with, you know, the the bigger guys and through the wholesale operation. 00:36:48.000 --> 00:36:59.840 So it just there was nothing that was really standing in the way of this happening other than Harrisburg itself as a government, you know. 00:37:00.159 --> 00:37:02.159 I I like where you're taking this. 00:37:02.320 --> 00:37:05.280 Let's talk about

the dynamics between the operators. 00:37:05.519 --> 00:37:13.440 Uh, so we talked about these six MSOs that that control it's about 60% of the stores in the state overall. 00:37:13.760 --> 00:37:23.360 Uh, and and that the over so there's the six that control 60%, and then you've got another about 20 that have a bunch of different stores, different small amounts. 00:37:23.599 --> 00:37:49.199 And um, in other states, when you have so much concentrated retail control, there's been a lot of problems with shelf swapping that has made it really challenging for companies that don't have as broad of a retail footprint to compete on a wholesale level because everyone's trying to move through their inventory and make sure that they have outlets beyond their own doors. 00:37:49.360 --> 00:38:00.400 And there it's gone so far that there has been uh lawsuits in Ohio and Arizona and Missouri that have touched on this issue in in kind of in many different ways. 00:38:00.639 --> 00:38:05.679 Um, and I'm surprised to hear that you're in all the stores. 00:38:05.920 --> 00:38:14.559 I'm wondering if you've seen not always at every not always all the time, but at one time or another, we're in every story. 00:38:14.639 --> 00:38:14.880 Yes. 00:38:15.119 --> 00:38:17.280 Well, just like talk to me about the vibe. 00:38:17.440 --> 00:38:21.280 Is there an openness to transact with each other? 00:38:21.519 --> 00:38:25.440 Is there issues around shelf swapping and shelf control? 00:38:26.000 --> 00:38:27.920 Look, let's let's get real here. 00:38:28.320 --> 00:38:32.639 Yeah, you know, I'll be honest, I haven't personally heard too many stories. 00:38:32.719 --> 00:38:36.400 I know, I know the cases you're talking about and the examples you're giving. 00:38:36.639 --> 00:38:41.519 I I haven't seen that um myself with the shelf swapping in Pennsylvania. 00:38:41.679 --> 00:38:44.880 I wouldn't be surprised if there's some of that going on. 00:38:45.039 --> 00:38:48.480 But generally, to survive, again, different market. 00:38:48.559 --> 00:38:50.159 You're talking about a medical market. 00:38:50.480 --> 00:38:58.960 There's 440,000 registered patients um in Pennsylvania in a state of 13 million people, you know? 00:38:59.280 --> 00:39:08.000 So you're really having to target, and medical patients are different than your average adult use consumer, right? 00:39:08.159 --> 00:39:11.519 These are folks who are very brand loyal. 00:39:11.760 --> 00:39:20.639 Um, they find products that really work for ailments and conditions, you know, some stuff works better than others. 00:39:20.800 --> 00:39:22.800 There's a sense of loyalty. 00:39:23.119 --> 00:39:30.800 Our patient base is so significantly loyal to us that, and it's what we've seen as soon as we open the stores. 00:39:31.519 --> 00:39:35.039 We had, you know, I oversee our customer care department as well. 00:39:35.360 --> 00:39:40.960 We have my great employee Blake, who handles all the customer input and whatnot.

00:39:41.199 --> 00:39:49.599 They were so thrilled to see us open stores because they were like, finally, you know, I don't have to drive all this way to this dispensary to get your product. 00:39:49.840 --> 00:39:56.639 The folks who we work with, the MSOs you mentioned who have that 60% of the market or whatever, they know that. 00:39:57.039 --> 00:40:14.960 Um, they also needed additional product at times, you know, and so I just think truly organically, um, it's been, I don't want to say kumbaya because uh stuff comes up, you know, and there's business interests at hand. 00:40:15.199 --> 00:40:21.519 But just through the market demands itself, it necessitated this working together. 00:40:21.840 --> 00:40:29.199 And we all have a common goal right now, which is to see adult use, you know, for the most part, a common goal. 00:40:29.440 --> 00:40:41.679 A lot of these MSOs have dispensaries that are on the borders now, um, which in some cases can be complicated for them because they can also have dispensaries in Ohio or another state or whatnot. 00:40:41.840 --> 00:40:46.239 But generally speaking, there's a unified sentiment. 00:40:46.639 --> 00:40:49.840 We have a coalition, it's called Responsible PA. 00:40:50.000 --> 00:40:56.639 That's kind of like our arm to go out there and you know, state the case for legalization. 00:40:56.960 --> 00:41:03.280 You know, we had weekly calls, and everybody seemed like, how can we work together to get this done? 00:41:03.440 --> 00:41:11.199 So I've operated Terrapin was licensed in seven states at one point, operated in five states at one point. 00:41:11.360 --> 00:41:15.280 Uh, I've seen the risks, I've been in the middle of them. 00:41:15.440 --> 00:41:24.880 Terrapin has not always been the favorite of some of these larger operators, politically, policy-wise, things like that. 00:41:25.119 --> 00:41:28.320 We just haven't had those kinds of fights in Pennsylvania. 00:41:28.559 --> 00:41:29.119 Mm-hmm. 00:41:30.000 --> 00:41:36.239 So I know that you guys got out of some of those other states by selling the assets, moving on. 00:41:36.400 --> 00:41:40.480 Um, potentially was a way that you could fund expansion in Pennsylvania. 00:41:40.639 --> 00:41:41.360 I don't know. 00:41:41.519 --> 00:41:43.679 Um, what is the what's the long tail vision? 00:41:43.760 --> 00:41:46.079 What are you trying to accomplish in Pennsylvania? 00:41:46.400 --> 00:41:50.719 And actually, so yeah, so we pulled, we are a Pennsylvania company now. 00:41:50.960 --> 00:41:53.679 We pulled out of every other market through sales. 00:41:53.840 --> 00:42:00.000 Um, it really wasn't to drive uh expansion plans in Pennsylvania, though that always helps, you know. 00:42:00.159 --> 00:42:09.119 Um, it was really more just our CEO um and owner, Chris Woods, is just a really insightful guy, can see market trends. 00:42:09.280 --> 00:42:12.960 He kind of gets in at the right time and gets out at the right time. 00:42:13.119 --> 00:42:17.280 Um, and also we we're at this nearly 20 years. 00:42:17.440 --> 00:42:24.000 There's like a kind of like been there, done that in aspect of things to a certain extent. 00:42:24.159 --> 00:42:26.159 Again, Chris is from Pennsylvania. 00:42:26.320 --> 00:42:32.559 His heart was in, you know, making this Pennsylvania operation as big as it could possibly be. 00:42:32.800 --> 00:42:40.559 Um, so yeah, like what are what's our hopes for the future right now in Pennsylvania is we already have a great brand. 00:42:40.639 --> 00:42:44.559 We're getting noticed, you know, our revenue is growing. 00:42:44.800 --> 00:42:53.760 Um, you know, uh it's if we can get adult yeast done, you know, it's um, you know, there's a lot more we can work with. 00:42:53.920 --> 00:43:00.239 We have that big facility that we can just turn, turn a switch and you know, be ready to go. 00:43:00.480 --> 00:43:06.159 Um, and you know, I don't it's kind of like paint our masterpiece kind of thing. 00:43:06.239 --> 00:43:20.559 Like all of the lessons that we learn from all these other markets and all the experience from nearly 20 years of doing this and watching everything evolve kind of just really hit it strong in Pennsylvania to close it out. 00:43:21.599 --> 00:43:40.639 I've I've been thinking a lot about this lack of access to diverse range of products for patients in the state and how exciting and challenging it will be to bring to market very quickly all of the new form factors that will be allowed. 00:43:40.800 --> 00:43:43.039 And we've seen this like in Ohio. 00:43:43.280 --> 00:43:46.000 Ohio didn't allow pre rolls, and then they did. 00:43:46.079 --> 00:43:52.079 And it took a long time for pre rolls to ramp up to a market share that looked like other markets. 00:43:52.159 --> 00:43:55.280 And I think it's still not there, even about a year later. 00:43:55.519 --> 00:44:01.199 Um, it looks like Terrapin's business is almost a 100% flour. 00:44:01.360 --> 00:44:08.639 I think my BDSA data showed something like 99% of the last 12 months of sales are flour. 00:44:08.800 --> 00:44:11.199 But I know that you guys are working on other things. 00:44:11.440 --> 00:44:20.400 And I'm curious of how you're thinking about innovation, both within the today's restrictions or in what you perceive to be what's coming in the future. 00:44:20.719 --> 00:44:22.639 Yeah, I don't know about that, stat. 00:44:22.880 --> 00:44:24.000 I can tell you that. 00:44:24.239 --> 00:44:29.599 Yeah, I mean, our vape and concentrate lines are it's called double bear. 00:44:29.679 --> 00:44:32.400 That's the vape and concentrate line of things. 00:44:32.639 --> 00:44:34.239 Um, really successful. 00:44:34.400 --> 00:44:35.679 People love those products. 00:44:35.760 --> 00:44:43.920 Yeah, flour is uh bread and butter for sure, um, but definitely have seen significant growth with that. 00:44:44.079 --> 00:44:46.719 Uh, we brought one of my friends' companies, Leafa. 00:44:46.800 -->

00:44:53.519 They were a Colorado-based company in their concentrate products, um, live rosin, stuff like that. 00:44:53.760 --> 00:44:56.559 Nice does really, really well. 00:44:56.719 --> 00:44:58.000 The patients love it. 00:44:58.159 --> 00:45:01.440 Um, we're constantly thinking about new brands we can bring in. 00:45:01.599 --> 00:45:06.800 We actually just started bringing in this company called Cushion K-S-H-N. 00:45:07.199 --> 00:45:12.559 Um, it's pouches, like think like a Zin pouch, but uh for cabin boosts. 00:45:12.800 --> 00:45:15.840 Um I mean, we're not trying to win an art. 00:45:16.239 --> 00:45:17.519 How are those being received? 00:45:17.840 --> 00:45:22.559 We just rolled them out, like literally within like the last couple weeks. 00:45:22.719 --> 00:45:26.960 Um, so far the reception has been, you know, interest, a lot of interest. 00:45:27.119 --> 00:45:28.719 We gotta grow it, you know. 00:45:28.960 --> 00:45:33.039 Um, so it's a little too early to tell. 00:45:33.199 --> 00:45:38.559 Um, but I think that it, you know, I think product diversity is a good thing. 00:45:38.719 --> 00:45:42.000 I think that patients have been asking for more diversity. 00:45:42.159 --> 00:45:44.639 Again, it's different because it's a medical market. 00:45:44.800 --> 00:45:48.320 So folks kind of just find the products they like and stick with it. 00:45:48.480 --> 00:45:54.480 But yeah, we're already thinking ahead to adult use when there will be edibles, when there will be pre-rolls. 00:45:54.800 --> 00:46:09.199 And yeah, sure, these things take time to spin up, but um, with the right marketing and the right interest, uh, I have no doubt that you will see some interest from a whole diverse new group of products on the market. 00:46:09.599 --> 00:46:10.639 Yeah, cool. 00:46:10.800 --> 00:46:16.400 And and I think that probably the reason my data pull was not good is just because I didn't pull on those other brands. 00:46:16.559 --> 00:46:18.880 I was just looking at the flower. 00:46:19.360 --> 00:46:20.880 Like that doesn't sound right. 00:46:21.119 --> 00:46:22.159 Yeah, totally. 00:46:22.320 --> 00:46:27.440 There's there's definitely some blind spots there, but but that that makes a ton of sense. 00:46:27.519 --> 00:46:30.000 Um, as if you have multiple brands. 00:46:30.239 --> 00:46:33.760 Uh okay, well, so we're getting closer to the end. 00:46:34.000 --> 00:46:40.239 I've I want to think about kind of what what the future of Pennsylvania holds if adult use doesn't go forward. 00:46:40.400 --> 00:46:45.760 And it sounds like the business is pretty healthy there um on its own today. 00:46:45.920 --> 00:46:53.199 There have been so many deals in in looking at the Pennsylvania market over the past few years, like just a ton of MA. 00:46:53.440 --> 00:46:57.039 And um, and people have been ramping up their production. 00:46:57.199 --> 00:47:11.599 Uh, and at the same time, while that's been happening, the the wholesale price of flour and the price of flour to to um to patients at the dispensaries has gone down a lot um and has become much more affordable. 00:47:11.920 --> 00:47:17.280 And I would suspect that has that has to do with the amount of supply in the market. 00:47:17.519 --> 00:47:26.400 And some of that has been companies maybe getting in front of their skis a little bit on ramping up and then needing to move that product through. 00:47:27.199 --> 00:47:32.079 What do you think about kind of the state of supply in Pennsylvania right now? 00:47:32.400 --> 00:47:36.400 And is it oversupplied if we don't get adult use soon? 00:47:36.880 --> 00:47:38.800 Something is currently oversupplied. 00:47:39.039 --> 00:47:44.079 Yeah, you've seen um prices, the price go down gradually. 00:47:44.320 --> 00:47:48.159 Um, that's just the market maturity, you know. 00:47:48.400 --> 00:47:52.239 Um I think that the supply is meeting the demand right now. 00:47:52.480 --> 00:48:09.840 I think the I talked about it earlier, how lessons learned, how when we hand out new licenses in an adult use program, having an independent market analysis every year to determine what the market can withstand is going to be very important. 00:48:10.000 --> 00:48:25.199 I think that an argument could be made that current production in Pennsylvania will meet the demand in an adult use market when it rolls out, and then more product will be needed as the program matures. 00:48:25.679 --> 00:48:33.119 Um, you know, I think it's really on the production side that you really have to pay close attention to that. 00:48:33.360 --> 00:48:41.440 Um, we can handle more dispensaries, you know, they're going to, there's going to be more dispensaries in a recreational market. 00:48:41.840 --> 00:48:48.639 Um, it's just gonna be really important to study and know what the market can handle in in terms of production. 00:48:48.800 --> 00:49:10.880 It's not like we're calling for caps, it's not like we're calling for only um the current operators to be rolled into the production side of adult use, but let's at least know what's going on in the marketplace, all those things you just talked about when we're making decisions about what licenses should go out there. 00:49:11.199 --> 00:49:13.199 Yeah, that makes a ton of sense. 00:49:13.360 --> 00:49:14.480 Um, amazing. 00:49:14.639 --> 00:49:19.760 Well, so I think we're at the end of the hour, and it is time for our last call. 00:49:20.000 --> 00:49:26.800 So this is your opportunity to make a final message, call to action for our listeners. 00:49:26.880 --> 00:49:29.360 Uh, what would you like to leave them with? 00:49:30.320 --> 00:49:38.159 I would just like to leave folks with the fact that we're constantly talking about the fact that the cannabis industry is on a downswing. 00:49:38.239 --> 00:49:40.000 You know, I'm based in Colorado. 00:49:40.159 --> 00:49:41.920 It's literally all I hear about. 00:49:42.079 --> 00:49:46.880 Let's focus on what's coming, what's

positive, what we can be excited about. 00:49:47.039 --> 00:49:56.400 And I do think Pennsylvania, in many ways, should be viewed as the darling of the cannabis industry in terms of what the future holds. 00:49:56.559 --> 00:49:58.400 I'm not knocking the markets out there. 00:49:58.639 --> 00:50:03.679 California, Colorado, everybody out there, you know, we've got our markets already existing. 00:50:03.840 --> 00:50:12.079 But in terms of what to be excited about, we have an opportunity to create an incredible market in Pennsylvania to do it right, you know. 00:50:12.400 --> 00:50:16.239 And this is where voters, you know, you have a say. 00:50:16.400 --> 00:50:26.000 This election, you know, even if it's even if it does, even if the election isn't all Democrats or all Republicans or whatever, I'm not saying who to vote for. 00:50:26.159 --> 00:50:31.519 I'm just saying know that your voice matters, know that your vote should count, you know. 00:50:31.840 --> 00:50:43.599 And if you don't like the way Harrisburg is acting in terms of any issue, but especially cannabis, then you know, make your voices heard, get out there, make some noise, and we'll get it done. 00:50:44.079 --> 00:50:45.519 Yes, make some noise. 00:50:45.599 --> 00:50:48.639 And I love that you're bringing the high spirit to all of this. 00:50:48.800 --> 00:50:51.280 Um that's that's our vibe, too. 00:50:51.519 --> 00:50:57.280 So um, it's been a real pleasure learning about Pennsylvania, learning about some of your history, Peter. 00:50:57.360 --> 00:50:59.840 Um, you've got great stories and great insights. 00:50:59.920 --> 00:51:02.079 So thank you so much for joining us today. 00:51:02.400 --> 00:51:03.440 It was such a pleasure. 00:51:03.599 --> 00:51:04.320 Thank you so much. 00:51:04.480 --> 00:51:08.719 And also shout out to Adam Schroeder for connecting us, one of my besties. 00:51:08.880 --> 00:51:10.239 So really appreciate it there. 00:51:10.400 --> 00:51:10.559 Yeah. 00:51:10.719 --> 00:51:11.519 Thanks, Adam. 00:51:11.679 --> 00:51:12.880 Have a good one. 00:51:14.880 --> 00:51:16.480 Um, what do you think, folks? 00:51:16.639 --> 00:51:20.880 If you enjoyed this episode, do us a favor and follow us on YouTube. 00:51:21.119 --> 00:51:23.519 Just search up High Spirits Podcast. 00:51:23.679 --> 00:51:27.119 We're trying to hit 500 subscribers by the end of the year. 00:51:27.280 --> 00:51:29.519 We've really grown this whole thing on LinkedIn. 00:51:29.840 --> 00:51:34.960 We didn't pay attention to YouTube, and we realized that YouTube is where it's at. 00:51:35.199 --> 00:51:43.199 So please help us build our YouTube audience so that we can get the word out about our content and about what is happening in cannabis. 00:51:43.440 --> 00:51:48.400 Um, also, the link for our high spirits morning mixer in Vegas is live. 00:51:48.480 --> 00:51:50.320 It's in the episode's description. 00:51:50.559 --> 00:51:52.960 Request an invite and don't miss our party. 00:51:53.039 --> 00:51:54.480 It is going to be epic. 00:51:54.639 --> 00:51:57.519 Um, thank you as always for listening. 00:51:57.679 --> 00:52:04.960 Um, and stay curious, stay informed, and most importantly, keep your spirits high. 00:52:05.440 --> 00:52:06.559 That's our show.