Transkrip penuh untuk What Comes Next for Rescheduling: Hempapalooza, the M&A Slowdown & Lawsuit Landmines

nothing. There's actually something. Yeah. Yeah, Rae, you want to talk? 15 00:02:27.340 --> 00:02:40.720 Um, I always have something to say. Yeah, so it's a bipartisan bill, uh, sponsored by Representative Barr, Republican from Kentucky, and, um, Representative Craig, Democrat from Minnesota. 16 00:02:41.300 --> 00:03:00.720 And, um, it is a hemp regulation bill that creates a framework for consumable hemp versus industrial hemp, creates caps on, um, product potency, uh, creates some quality standards, directs the FDA to do a whole bunch of stuff. 17 00:03:00.820 --> 00:03:10.940 And, um, it is a big win for the hemp industry that is trying to figure out a path past the November 12th ban. 18 00:03:11.560 --> 00:03:28.160 Um, and you've also got the, um, the big marijuana lobby attach coming out strong, saying that this is a path to legalizing synthetic drugs. Which, I will say, by my read, d- doesn't seem like the truth. 19 00:03:28.280 --> 00:03:39.060 It actually explicitly, um, says that the, the intoxicating cannabinoids need to be naturally derived, meaning not synthetic. 20 00:03:39.520 --> 00:03:57.440 But, uh, interestingly, I think that this just adds to a long list of, of hemp bills and language that has been proposed, but this is, shows the most coordinated attempt by the hemp industry to bring everyone together, um, in a bar- in a bipartisan way. 21 00:03:57.920 --> 00:04:11.270 And, um, notably, Andy Barr has had a lot of support from President Trump. Uh, when the Mitch McConnell, you know, maybe dead, maybe not dead debate- [laughs]... 22 00:04:11.270 --> 00:04:15.600 was going on, uh- I think it's still going on Okay, still going on. 23 00:04:15.720 --> 00:04:31.760 Uh, Andy Barr has been someone that, that people look to and think of as a potential Mitch McConnell replacement, and that is something, um, some- something that, that President Trump has, has said publicly, that he likes Andy Barr, so. 24 00:04:31.960 --> 00:04:42.190 Yeah. Ju- just a note, we invited, uh, Mitch McConnell onto this stream, but he- [laughs]... he's yet to respond. Um, Mark- [laughs]... you wrote a little bit about this in your Cannabis Musings this week. 25 00:04:43.100 --> 00:04:46.560 Is this something we should anticipate actually having to discuss? 26 00:04:46.620 --> 00:04:56.540 Like, is it gonna pass, or is this, like, a nice placeholder, maybe in an omnibus, maybe just making nice with hemp farmers in Tennessee and Kentucky and Minnesota? 27 00:04:56.620 --> 00:05:04.660 I, I, you know, I actually have zero insight as to the, um, i- into, into the, the, the likelihood of this passing. 28 00:05:05.200 --> 00:05:13.620 Um, it's something I've been trying to dig for, uh, but it's, th- nobody really has great information as to what kind of support this actually has. 29 00:05:14.300 --> 00:05:28.630 Um, you know, I think that one, one of the things that surprised me in there, in that draft, was that, and this was noted also in a Marijuana Moment sort

of, uh, posting, was that it includes, it, it allows for inhalables, 30 00:05:29.540 --> 00:05:32.840 which was a little surprising to me. Um- Yeah... 31 00:05:32.880 --> 00:05:50.140 and, uh, you know, 'cause that's a lot closer to the, um, you know, to, to flower, which I know, you know, it was more of an issue in the, you know, the so-called, you know, gas station weed, uh, issue that was, you know, more of the public health concern. 32 00:05:50.840 --> 00:06:00.700 So, you know, i- if there were some, some back and forth, I could see that getting tightened up, uh, so that it really is more focused on the beverages. 33 00:06:00.740 --> 00:06:07.700 But, um- You know, I, I, I, it, it's, I, I said this in my Musings, I've said this a number of times. I, 34 00:06:08.860 --> 00:06:21.540 I think this is good because you, i- i- it's, if the industry's gonna build, it needs to build on affirmative regulation and legislation. It can't be- you know, it can't build on a loophole. 35 00:06:21.920 --> 00:06:30.680 You can't build an industry on a loophole, 'cause it could go away like that. Which, which it did. Yeah. It's about to. Yeah. And so, yeah. So, so to me, you know, it, it, 36 00:06:32.080 --> 00:06:39.060 it, you know, it, it, there is, there does seem to be this sort of co- you know, compromise that sort of plays well with licensed cannabis. 37 00:06:39.680 --> 00:06:52.800 And, you know, and, and to me, you also, you know, the hemp flower is where that, that battle comes in. But, you know, there is this sort of middle ground and, you know, y- it sort of seems to be getting there. 38 00:06:53.660 --> 00:06:59.200 Yeah, absolutely. I'm trying to see if there's Calshi, uh, data, but I don't see anything related to hemp on Calshi. 39 00:06:59.360 --> 00:07:09.370 [laughs] Maybe, maybe it will be by next week now that Jeremy's got me obsessed with, uh, checking Calshi as a- Yeah. Oh, it's- As an indicator. So you're just as much of a sucker as, as the rest of them then, huh? Okay. 40 00:07:09.380 --> 00:07:20.460 Yes. Oh, to- well, I'm not as, I just- He doesn't put money, but, but watches it. I mean, yeah. We're gonna, we're gonna put all the, the, all the savings of Cultivated's profits this year onto, uh, rescheduling by 2028. 41 00:07:20.880 --> 00:07:28.520 Although, that seems, that's one that pays the least. Um,- [laughs] Uh- I think it relates to the, the viability of the bill or likelihood of it going forward. 42 00:07:28.980 --> 00:07:45.180 Again, I also don't have inside information, but I will say that, that it seems like with the people who are boots on the ground in DC, the bill represents a formal, um, introduction of language and a process to get a conversation started. 43 00:07:45.360 --> 00:07:58.220 I don't think that anyone necessarily sees a standalone bill moving, but that it could get included in a continuing resolution, um, in the coming- Yeah... couple months, and that that, that's what people are looking for. 44 00:07:58.540 --> 00:08:10.899 And I think you're spot on, Mark, in highlighting the, um, the elephant in the room, so to speak, about inhalables, and that that could definitely be something that ends up on the chalking, chopping block from my perspective. 45 00:08:11.000 --> 00:08:26.740 But it's also one of the ways that the hemp industry was able to unify behind this bill, because there has been so much division from the businesses that are selling those inhalable products, getting in the way of things like beverage-only bills. 46 00:08:26.840 --> 00:08:36.100 And, um, everybody needed to come together and, and show one unified perspective in order for anyone to pay attention in DC, I think. Yeah. 47 00:08:36.180 --> 00:08:45.580 Um, when we, uh, were ending last year, going into this year, maybe it was January, we did, uh, some predictions or some look-aheads about what 2026 would hold. 48 00:08:45.620 --> 00:08:52.730 We knew that there was gonna be, you know, some rescheduling stuff. But we talked about, I think we probably all agreed that there was gonna be some deal-making. There was early in the year. Mm-hmm. 49 00:08:53.120 --> 00:09:03.100 And now, I don't know if we're in a pause, but it seems like only one company's doing [laughs] deals right now, and that's Verio. Um, uh, so I'm, I'm calling this question mark year of M&A. 50 00:09:03.550 --> 00:09:14.850 And if you- [laughs] That, that emoji con- the emoji there is, like, a merge, like two roads merging. Oh. Yeah. Sorry, it's not a great one. [laughs] Um, emojis, like, they're- [laughs]... 51 00:09:14.860 --> 00:09:16.570 they're limited in what they can and will do. 52 00:09:17.040 --> 00:09:24.940 Um, but Jeremy, what, what's been going on, on sort of the deal and merger front that is interesting or maybe not interesting that, uh, that you're taking, you're, you're watching? 53 00:09:25.900 --> 00:09:37.020 Yeah, no, I mean, I, I think, um, it, it's, it's picking at the bones of the cannabis, right? I mean, that's kind of the most, uh, interesting detail. It's all, all the Minnesota assets, um, are part of a recent deal. 54 00:09:37.300 --> 00:09:40.140 Um, you know, Fluid divesting from Florida. 55 00:09:40.220 --> 00:09:49.559 Like, it's, you know, it's putting the pieces together on the map, so I think it's interesting and it's one of the few, um, you know, I guess you'd call it MSO, that, that is expanding right now. 56 00:09:49.960 --> 00:09:59.020 Um, you know, we hear a lot about, and, and many of you watching this, like, there are a lot of layoffs in the industry. There's a lot of retrenchment. So, you know, on, on the one front it's, um, 57 00:09:59.940 --> 00:10:06.220 uh, I wouldn't say heartwarming, but it's positive to see them expand a little bit and to see some life and some juice. 58 00:10:06.460 --> 00:10:16.020 Um, not quite reflected, uh, you know, in the stock price, but, um, you know, that's, that's a sector problem, not a them problem. Yeah. So, you know.

Well, good segue. We're, we're watching it. 59 00:10:16.060 --> 00:10:22.620 Good segue, 'cause Mark, you wrote in your Cannabis Musings about, uh, the cannabis companies that have reached the big board on the New York Stock Exchange. 60 00:10:23.219 --> 00:10:34.540 It hasn't brought a flood of, well, maybe new money, but certainly not stock, uh, prices- No... up in any way. Like, it's, uh, re- i- is everybody waiting for a catalyst, or is this just the way it's gonna be? 61 00:10:35.520 --> 00:10:46.160 I, you know, I, you took away my, my loser for the winners and losers this week. You spoiled it. Sorry. Um, but I, uh, you don't even have to play the graphic. But I, um, 62 00:10:47.260 --> 00:10:54.340 no, I, you know, I mean, cannabis price, stock prices, I wrote about this, like, about a year and a half ago, have always reacted this way, you know? 63 00:10:54.860 --> 00:11:04.200 It's just the nature of the investors, it's the nature of the illiquidity, um, and just the, the sort of weirdness of cannabis stock prices. 64 00:11:04.300 --> 00:11:26.700 But they pop based upon a rumor, and then they just sort of settle back to the mean or regress to the mean because they, they just ca- there isn't enough to sus- uh, of good news [laughs] to sustain because, you know, uh, fundamentally, you know, the, a lot of these companies are still, you know, they're, they're still tough businesses, uh, you know, financially. 65 00:11:27.400 --> 00:11:39.870 Um, so yeah. So it doesn't surprise me too much. And yeah, well, I, it's still really early, as I noted. You know, we could, I'm sure these companies are working on trying to raise capital. I'm sure that's a fact. Right. 66 00:11:39.900 --> 00:11:47.020 But, but we just haven't seen it yet. They didn't have it teed up, you know, ready for the uplisting. Yeah. Yeah. I think- All right... 67 00:11:47.080 --> 00:12:03.620 one of, one of the more kind of macro perspectives on the public companies is what's happening even more broadly as we look at what's happening in the tech space in the public companies, and that there's just less reason to go public than there used to be because- Right... 68 00:12:03.630 --> 00:12:23.152 good companies have access to plenty of money in the private market, uh, because there are these, these, this cohort of billionaires and multimillionaires with large family offices that are comfortable making private investments in a different way than was the case 50 years ago. 69 00:12:23.232 --> 00:12:31.772 And, um, when investors are looking for liquidity, they don't need to go to the public markets in the same way that they once did. 70 00:12:31.852 --> 00:12:39.052 And I think that this plays into this whole question about what is going on with M&A and cannabis because there are... 71 00:12:39.992 --> 00:12:49.532 Maybe not as many deals are closing right away, or there's not as many press releases, but there are deals getting done. And maybe they're more small deals, or they're just between private companies. 72 00:12:49.672 --> 00:12:56.552 But there is, there is less of a reason for more companies to be going public that aren't public already. 73 00:12:56.592 --> 00:13:07.072 Like, we don't see any news about companies that are great, successful, private cannabis companies trying to access the public markets. Because if you look at what's happened to everyone that's gone public, 74 00:13:08.101 --> 00:13:17.461 they've just eroded in value. I mean, they're lucky if they've only lost 50%- [laughs]... in value. [laughs] They've generally lost, like, 90% in value from peaks. 75 00:13:17.912 --> 00:13:36.252 So it's, it doesn't provide a, a very exciting path for investors at this point, and companies that are profitable are able to access capital, I think s- in a much, um, more fluid way than the industry likes to talk about. 76 00:13:36.412 --> 00:13:46.712 But if you have a strong balance sheet and you are profitable, you can get debt, you can get private investment, you can have, like, big, huge commercial banks that will come in and support you, all of those things. 77 00:13:46.772 --> 00:13:58.642 So the, the private, the private-to-public dynamic, I think, is, is getting wider, and there's even some companies that are starting to be the same size as our, the largest public companies- Well-... 78 00:13:58.672 --> 00:14:04.772 um, in the private market. Well, that's a good segue. Jeremy, you spoke with Rove this week, Paul Jacobson. Yeah. What did we learn? 79 00:14:04.832 --> 00:14:12.092 I have a little bit of a clip, but, but what was your takeaway from that conversation, which was, by the way, I thought so interesting. Yeah, no, it, it, it was, it was super interesting. 80 00:14:12.132 --> 00:14:17.052 I mean, I think Paul has done a really good job building a company. And, and, you know, I was surprised. 81 00:14:17.092 --> 00:14:26.912 Like, I, I, I didn't know Rove was, before I was doing my little, you know, background research, that Rove was doing $100 million in revenue. I mean, for, for a cannabis company, that's gigantic. 82 00:14:27.092 --> 00:14:40.592 And certainly, um, you know, I asked him the question about, um, does he want to be a public company, and he said, you know, "I probably don't want to be a public company CEO, but if that's the right, uh, if that's the right pathway for Rove to grow, then certainly we would be open to it." 83 00:14:40.632 --> 00:14:44.972 So, you know, I did ask him the question point-blank. Um, but I thought it was a really interesting entrepreneurship story. 84 00:14:45.032 --> 00:15:02.272 I mean, just to, to build the business to that scale, 16 states, $100 million of revenue, um, you know, with all the challenges that we talk about every single day, whether it's price compression, regulatory, uh, you know, just talent, getting talent in these businesses, that's a hard thing to do. 85 00:15:02.372 --> 00:15:09.152 Um, so, you know, kudos to him. Um, and also, you

know, he, he did, he did it with a sibling, which I think is even more fascinating. 86 00:15:09.232 --> 00:15:17.812 He, his younger sister is, like, is a co-founder, and so I think, uh, it was a fun kind of entrepreneurship story, for sure. So you and your brother aren't incorporating a business right now, Jer? 87 00:15:18.992 --> 00:15:29.841 [laughs] I don't think so. [laughs] I've been trying to get my brother to go into business with me for years. [laughs] And he keeps rejecting me, and I really take it personally. [laughs] What's, what- Like-... 88 00:15:29.852 --> 00:15:39.902 what, what business? [laughs] It's more like I'm trying to get him to buy real estate with me. Uh, he doesn't want to, but I- I, I, I would do that with my brother. I don't know. Uh- [laughs]... 89 00:15:39.932 --> 00:15:50.772 I still can't, like, walk correctly, and I'm, I'm 34 years old, and he's 37. So, you know, I, I, I couldn't imagine what doing a business challenge would be like, uh, with him. But- Fair enough... 90 00:15:50.912 --> 00:16:00.512 I love him to death, so. [laughs] Fair enough. Fair enough. Fair enough. Um, uh, one thing that I did want to ask, especially you, Mark, because you weren't with us last week, I don't think. 91 00:16:00.572 --> 00:16:08.712 Like, is there any ti- any way we're gonna know what's going on with... Like, when are we gonna know what we know- Nope... or not know? Nope. No, no idea. Nope. 92 00:16:08.752 --> 00:16:20.302 Unless you, unless you, uh, unless you s- unless you're talking to the judge directly and they spill some beans, but no, we really won't. Yeah. I have a prediction. It's gonna be- Go for it... 93 00:16:20.322 --> 00:16:30.332 the Friday before Labor Day. [laughs] When no one is paying attention. When no one's paying attention. [laughs] No, that's sort of the- Interesting... that's the MO of this, of this particular- Yeah... hearing. 94 00:16:30.412 --> 00:16:39.732 Um- Yeah... I, I would choose a Friday. If I had to choose any Friday, I would choose the Friday before Labor Day, when nobody's paying attention. Any other guesses? We betting? Calshi? 95 00:16:39.812 --> 00:16:48.272 Actually, Calshi does say something about it. Hold on one sec. I'll show you. Yeah. Well, and- Yeah, they do... I mean, remember, you know, all we're gonna get is just sort of a factual finding. Right. Right, right. 96 00:16:48.312 --> 00:17:00.192 We're not gonna get any decisions on the law. We're not gonna get any decisions on whether it's... I mean, we're not supposed to on whether, you know, the, the, the test is proper itself, all that. 97 00:17:00.232 --> 00:17:09.612 You know, it purely is, does it meet, you know... That's where, all, that's why all the real action's gonna be in the lawsuits afterwards. It looks like- Yeah... 98 00:17:09.622 --> 00:17:24.162 the, the Calshi money, well, obviously before January 20th. So the, the, it seems to be the betting market thinks it's gonna be in sometime in 2027. I mean, the problem

is, is this, this question is so ambiguous. Yeah. 99 00:17:24.192 --> 00:17:31.952 What is res- what is rescheduled marijuana? You already won money. What is rescheduled? You know, I mean, i- it's... 100 00:17:32.012 --> 00:17:38.782 Hey, Mark, will you talk us through, you said the, the big, the big news is gonna be about the lawsuits after. Can you- Oh, yeah... 101 00:17:38.782 --> 00:17:55.292 explain what, what that process is going to be like, and is there, is it absolutely going to stop rescheduling in its tracks while the lawsuits happen, or is there a path for rescheduling to move forward and then for a lawsuit to change the outcome? 102 00:17:55.872 --> 00:18:05.922 Can you just give us some insight there? Yeah. So, uh, the, uh, you know, we're, we're seeing this already playing out on the rescheduling of medical. 103 00:18:06.692 --> 00:18:15.832 Uh, you know, where they, where the, the final order was, um, challenged by various groups in the DC Circuit, which is a federal appellate court. 104 00:18:16.312 --> 00:18:22.552 Uh, it goes directly to the appeals court in this process, um, because of the nature of, of it. 105 00:18:23.212 --> 00:18:41.144 Um- And it's, it's challenging the legality of, of various things that were done in the order such as, you know, one of the challenges is that, is that, uh, the sort of notice and comment process that's, that's required by, uh, regulation wasn't followed. 106 00:18:41.644 --> 00:18:53.494 Um, I, you know, I expect that, uh, they have t- you know, that, that it's... These lawsuits are probably teed up, uh, by these, you know, by these companies by this point. 107 00:18:53.494 --> 00:19:02.393 But, but functionally what you just explained, like that lawsuit exists and really- Oh, I'm sorry. I should-... but it hasn't stopped the DEA from- Yes... registering people. So it seems like- Well-... 108 00:19:02.464 --> 00:19:14.664 things are moving in parallel. Well, s- well, the DEA hasn't actually re- issued any licenses yet to my knowledge. It's accepted the applications, but I don't know that they've actually issued any registrations. 109 00:19:15.024 --> 00:19:27.444 But it hasn't stopped that process, but the, the plaintiffs have asked for the judge or the DC Circuit to stay that process. That's pending. So it could, we just... 110 00:19:27.464 --> 00:19:40.764 And what they're gonna- what they've done is they've asked for an injunction to hold that off until it c- you know, the full sort of process is played out in the court. We'll see if the court issues that injunction. 111 00:19:40.844 --> 00:19:43.284 That's... I'm sorry. I didn't answer that question that you asked. 112 00:19:43.884 --> 00:20:19.394 Um, we should, uh, and we'll probably see a similar request, you know, when, you know, if the f- if the judge in the ALJ, if the ALJ, um, issues a, a finding, um, that, you know, that there is a medical use for adult, uh, which is generally what's, you know, this process, this court case is,

or sorry, the ALJ process is about, then we'll want to s- then we'll probably then see a final order rescheduling adult use, and then we'll see the lawsuit. 113 00:20:19.644 --> 00:20:21.194 I think that's how it will play out. 114 00:20:21.684 --> 00:20:40.003 And the t- and the plaintiffs will similarly ask for the, uh, um, federal, uh, the, the DC Circuit to stay the, um, you know, an injunction, uh, to stay the, the process until it, until it's fully heard and adjudicated by the court. 115 00:20:40.704 --> 00:20:47.184 Um, the, the court could also say, "No, we're not gonna stay it, but we're still gonna hear it." Um, 116 00:20:48.144 --> 00:20:58.504 I, you know, so right now the decision though at the, on the medical side is do they h- do they issue this injunction pending full decision? Mm-hmm. Does that sort of answer your question? 117 00:20:58.544 --> 00:21:13.304 And then there'll be a parallel track on the other one, adult use. Yeah. Yes. Yeah, you, I mean, there is 100% chance that that lawsuit will be filed if there is a final order rescheduling for adult use. 118 00:21:14.624 --> 00:21:29.764 But how likely is it that that is going to do something and change the outcome? Or is it just s- gonna slow- Well, I think-... down and create lots of administrative obstacles? It, well, it would, um, it, it, you know, 119 00:21:31.264 --> 00:21:43.764 it, it, it, if the likelihood of the court, um, staying the process, I mean, it's, that, that I honestly don't know. I mean, but, but there are... Ugh. 120 00:21:44.344 --> 00:21:53.504 I mean, I'm trying to be a little careful because I don't want to have anything that, you know, has a legal opinion that then gets used in court. Not that anybody listens to me. 121 00:21:53.564 --> 00:21:59.834 But I- A lot of people watch this show, by the way. But look, you know, I- We have like 600 views plus on, uh- Oh, nice. [laughs] Yeah, enough people do. Yeah. 122 00:21:59.844 --> 00:22:08.224 You know, look, I, I think, I think the arguments being made in the medical, um, in the medical suit are, are there's some valid arguments being made there. 123 00:22:08.944 --> 00:22:20.244 Um, I, you know, there's a lawyer, I'm blanking on his name and I apologize to him for not remembering his name. There's a lawyer at Harris Seloffsky who did a nice job of summarizing it all. Jason. And- Yeah. 124 00:22:20.254 --> 00:22:21.434 Jason, thank you. Yeah, yeah. 125 00:22:21.484 --> 00:22:34.324 And, um, you know, and he, he poi- he does a good job and I, you know, and I, it, it points out that particularly the, the notice in, uh, the, the public notice and, and, uh, comment period issue is a real issue. 126 00:22:34.904 --> 00:22:41.944 Um, you know, and there's some other stuff in there, and I think that the adult use will have even more issues because, you know, the- Yeah... 127 00:22:41.984 --> 00:23:04.004 if you, if you read the, the biggest challenge here is that if you read the fi- if you really sort of read

the final order for medical rescheduling holistically, it's really tied to fitting it into the single convention, which is about, which is the UN convention that on, you know, on trafficking and narcotics. 128 00:23:04.424 --> 00:23:25.944 And it's, it, they created this wh- the DEA created this FAKCTA buy and sell process where you are selling your drugs to the DEA and they're buy, and then you're buying it back from them in order to basically, you know, launder your drugs to then be able to sell, and that fits within the single convention as p- you know, as a medical use. 129 00:23:26.524 --> 00:23:41.504 And I don't know how you do that for rec. And so, you know, so I think that that's a lot of where the challenge will come, too, is how do you come up with a final order that does that that then is acceptable? You know? 130 00:23:42.044 --> 00:23:52.744 But then again, y- y- y- Canada did it and then nobody cared up there. But, you know, but again, they also, I don't think that Canada also had groups like SMART- It reminds me-... challenging all of this. 131 00:23:52.844 --> 00:24:03.264 I'm gonna, this is gonna be a good reference for your cannabis music. It reminds me during Passover when you're, when you sell your bread, um- Yes... to, [laughs] to, to make your house kosher. You sell the hametz. Yeah. 132 00:24:03.284 --> 00:24:11.224 [laughs] It's the same thing. You don't sell it to the DEA necessarily, but, you know. That's right. Yeah. Maybe you- By the way, Henry, did that answer your question enough? 133 00:24:11.284 --> 00:24:22.084 I mean, there's, there's endless questions here and they're- Yeah. Yeah... unanswerable, but, but thank you for trying. [laughs] Um, you all ready for the favorite, everybody's favorite segment of the week? Here we go. 134 00:24:22.604 --> 00:24:40.240 [cheering]It's time for winners and losers. Uh, I, I, I've only stepped on one person so far, so Anna Rae- [laughs]... you're gonna go first. I'll, I've got one. Um, my winner is the California State Fair. 135 00:24:40.860 --> 00:24:55.370 Um, the California State Fair this year is in its fifth year of hosting a very large cannabis activation, um, in its regular multi-week state fair, uh, 136 00:24:56.600 --> 00:25:04.900 kind of big party that happens in Sacramento. Um, the cannabis area is, it's something like 100,000 square feet or something. 137 00:25:04.980 --> 00:25:17.040 I mean, it's this massive area that is right next to the 4H cows and pigs and sheep, and next to the carnival rides and all the things. It's a 21 plus area. 138 00:25:17.240 --> 00:25:38.110 I went on Saturday for the awards ceremony as well, where, um, products from licensed cannabis companies were celebrated and awarded the Golden Bear, which is the same award that people win for having the best cow or making the best quilt or whatever happens at this, the regular- Sure... 139 00:25:38.140 --> 00:25:52.840 state fair. Um, and they even had this year, for the first time, a home growers competition as well. Um, there was public consumption. They had the World Cup, um, up on a screen outside. It was really fun. 140 00:25:53.060 --> 00:25:54.220 It was really normal. 141 00:25:54.640 --> 00:26:11.840 Um, and I recommend everyone to go and I recommend every state to incorporate, um, cannabis into their state fair as a true part of the agricultural heritage of our country and of the type of products that, um, people love. 142 00:26:12.380 --> 00:26:18.350 So. Love it. Nice. That's a good winner. Love it. Yeah. Mark? Um, I've got a loser. Unfortunately, the losers- [laughs]... 143 00:26:18.380 --> 00:26:31.640 this week are, um, the, uh, some of the employees of CannaCraft, March & Ash and, um, and NorCal Cannabis, uh, here in California who were lay- recently laid off in mass. 144 00:26:31.780 --> 00:26:50.919 And, um, you know, they, these are two companies that are, uh, you know, some of the early big California players and, you know, and it's, it's, you know, it, it sucks that we're, these companies y- continue to sort of pare back, uh, not just in California but elsewhere. 145 00:26:50.940 --> 00:27:03.660 And, you know, just the best of luck to those employees in finding, uh, you know, other jobs either in the industry or outside. It sucks. It does suck. I, I have to make a comment on that. 146 00:27:03.760 --> 00:27:09.300 Um, I was a founder of NorCal Cannabis- Yeah... and haven't been with the company for five years. Oh, that's right. Yeah. 147 00:27:09.340 --> 00:27:16.580 My heart, my heart goes out to all the people that, that were there and that are going through this. It's been a rough few years for sure. Um- Yeah... 148 00:27:16.660 --> 00:27:32.160 and, uh, yeah, Santa Rosa is, has been, uh, an area that's been really hard hit by the, the struggles in California. Yep. Jeremy, winner, loser? Um, yeah. My winner, uh, reps Andy Barr and Angie Craig. 149 00:27:32.220 --> 00:27:43.930 Like, at least they took a second to think about a thoughtful bipartisan way, albeit imperfectly of course. We can all criticize the bill, but they took the time to think about it and deliver a bill. 150 00:27:44.020 --> 00:27:55.360 I mean, the shot clock i- is getting late and so it's a good starting point and, you know, a- as someone who's covered the space for a long time, I'm honestly happy when I see any sitting representative do anything. 151 00:27:55.660 --> 00:28:08.420 Um, whether it's, you know, uh, regardless of whether this bill will hit the floor, regardless of what happens, like, any time you can get elected officials to pay attention, to do things in a bipartisan way, to care a little bit, I think that's a big win. 152 00:28:08.980 --> 00:28:22.560 Um, my other winner of the week is right now the Philadelphia 76ers. They just got LeBron James, unfortunately. Really? So, um- That's today's news... yeah. Today's news. Uh, y- uh, like about eight minutes ago. 153 00:28:22.660 --> 00:28:33.150 Uh [laughs] so- Did you, you

see, did you see this? 'Cause I was just in Florida and apparently the Miami Heat- Yeah... like put up a, a, like a, uh, a YouTube event to have him on the 27th. They did. [laughs] Yeah. 154 00:28:33.160 --> 00:28:38.040 Thought there was gonna be- I did see that... a live press conference, but I guess that didn't happen. Um, I was, I, I mean, I don't know. 155 00:28:38.280 --> 00:28:52.220 I was 100% sure he was gonna go to Miami, and I just, one of my group chats just popped up at what, 12:21. It's 12:29. So, um, yeah. [laughs] It's very fresh news. Well, good for, good for f- uh, good for the 76ers. 156 00:28:52.460 --> 00:29:01.420 Um- Yeah. [laughs] I'm, I'm trying to think how that- I don't like them, but good for them... I'm trying to think how that alters the, uh, the Eastern Conference, but I guess we... That's a different day. 157 00:29:01.780 --> 00:29:09.570 I have a winner, and it's sports related as well. Uh, it's in our group chat on our thing, but this is the, um, this is- [laughs]... 158 00:29:09.570 --> 00:29:18.520 the Oakland Ballers, which I guess is a baseball team, like an independent league baseball team. They're changing their name, uh, for a day to the Oaksterdam Blazers. 159 00:29:18.980 --> 00:29:29.860 Uh, they're gonna be wearing Blazers uniforms, uh, in partnership with Oaksterdam University. Um, started as an April Fools joke and now it's a real thing. So they're gonna have a game, cannabis themed game. 160 00:29:29.940 --> 00:29:41.360 Um, I've never heard of them. I don't know, you Bay Area people, I don't know if you have, but I do l- like this idea and I do like the concept. That's amazing. Sports are- The, the Oakland Ballers are so cool. 161 00:29:41.400 --> 00:29:47.240 This is such a good call out, Jay. [laughs] I saw this yesterday. You're so awesome for bringing this up. 162 00:29:47.380 --> 00:30:01.300 Um, you know, the A's were Oakland's original baseball team, and they got sold to this kind of person that Oaklanders do not love who's taken them to Las Vegas and, um, Oakland is pissed about it. 163 00:30:01.820 --> 00:30:08.440 And then the B's are the Ballers, but they're called the B's. Kind of like the A's to the B's. 164 00:30:08.960 --> 00:30:21.000 And, um, they have a whole bunch of f- uh, founders and funders behind them that are like some people from Green Day, and old, old school rappers from Oakland have funded this. 165 00:30:21.070 --> 00:30:31.860 And the Ballers in general are just this real, like roots community effort in Oakland, and so to see them support cannabis like this and do this Blazers activation, so awesome. 166 00:30:31.960 --> 00:30:44.920 I would absolutely be there if I wasn't gonna be out of town. Um, people should go. And, and just, uh, uh, yes, and, um, I once worked 100 years ago on an effort to bring the A's to San Jose, which was like a big deal. 167 00:30:45.270 --> 00:30:45.270 Oh. 168 00:30:45.280 --> 00:31:00.070 And the San Francisco Giants would never let it happen, just so you know, that the A's event- orig- initially did wanna stay in the Bay Area, just not in Oakland, and they were gonna build a new stadium in San Jose, but the Giants wouldn't let them 'cause they have territorial rights 'cause Major League Baseball is a quasi monopoly. 169 00:31:00.560 --> 00:31:12.260 Um, all that said and done, good week overall. Absolutely. We will, uh, we'll see if there's more news next week when we come back for This Week in Cannabis live. I remembered the name. 170 00:31:12.740 --> 00:31:29.520 Um, thank you all, Anna Rae, Mark, Jeremy. Have a good, good and safe weekend, and we'll be back next Friday. All right. Bye, y'all. [upbeat music]