Welcome And The Week’s Big Moves

SPEAKER_04 0:10

Welcome everybody to this week in Cannabis Live, a joint initiative of High Spirits, Cannabis Musings, and us here at Cultivated. I am Jay Rosenthal. That is Jeremy Burke, Anna Ray Grabstein, and Mark Hauser. Welcome, everybody.

AnnaRae Grabstein 0:23

Hello. Good to be here.

SPEAKER_04 0:26

We are uh summer is upon us and things are spicy. That's how I'm describing things in the cannabis industry. Or I'm trying to to make this show interesting, but there actually is interesting stuff happening.

Glasshouse’s NYSE Listing Strategy

SPEAKER_04 0:39

Anna Ray, I want to go to you because you've had the most recent conversation with the folks at Glasshouse. They are listing, I don't know what day the 30th is, but is it Tuesday on the New York Stock Exchange, a fast follow of TrueLeave? What do we know and what are people saying? Because this is California-based.

AnnaRae Grabstein 0:57

Yeah, I I talked to Graham on Tuesday. Folks can listen to the full hour-long interview. He's the president and chief cannabis officer at Glasshouse. And they did something called deconsolidation of their of their medical and adult use business. And the way that he described it is that they separated everything that comes up supply chain before retail. And so retail is no longer a part of this new um NYSE listed business. And that because they converted their cultivation license in California to a medical license, and California doesn't delineate if a product is medical or adult use till the point of retail, that the interpretation is that all of their cultivation, biomass, and distribution business is medical. And um when I spoke to him on Tuesday, they had only put in for the listing. But since then it was approved. So I guess the New York Stock Exchange is buying this interpretation uh of medical. So uh good good on them, I guess.

SPEAKER_04 2:09

Well, you say buying, Mark. Is that they're not their lawyers are buying it, not uh like it seems like well, let me ask you, does it seem like True Leave did a little bit more than Glasshouse in this respect? Am I reading that wrong?

SPEAKER_03 2:23

Well, it's um I mean, first up, yeah, I think it's more that um the law firm that issued the uh legal opinions of the exchange blessing this, you know, it's probably their legal, their their opinion committee actually bought off on the structure, is fundamentally probably what happened. But um, yeah, I mean, you know, they they filed Glasshouse filed all of the deconsolidation documents. Uh, and you know, it was a little vague as to what actually was being sold off. Um, you know, it was it True Leave made it slightly more clear in their documents about what they sold off. But you know, it's interesting, it is different because um basically TrueLeave just separated out all the mixed-use assets just totally, at least from what I understood. You know, it's an interesting um interpretation that uh Henry, if I'm understanding it correctly, that what they're doing is they're is that they're taking the uh point that if they once they that they could sell it as medical to a to a retailer, and that's okay, but if the retail, but I guess what I'm interested in is can they sell to a non-registered retailer? I I guess that's something I don't know. I haven't really thought about that, but it's an interesting again, it's they stuff on it.

SPEAKER_04 3:46

So it comes back to the registration with the DEA again. Like, what is a yeah, registered medical dispensary?

SPEAKER_03 3:52

Yeah, well, I guess it I guess if black probably what they did is the glasshouse retailers all filed for registration as well, and so therefore they're selling to a registered it's registered to register, that's all that's allowed. I it's creative, a lot, you know, more power to them.

AnnaRae Grabstein 4:10

It's creative, and I I saw it as a progressive interpretation um by the New York Stock Exchange to accept this medical until the point of retail. And if that becomes broadly accepted, I think it's a big opportunity for many other businesses that are up supply chain to broadly interpret their business as medical until the point of retail. Not all of the state markets have this adult use medical license structure that California does that allows for um the product to stay as both until retail. Some states you have to designate something as a medical product at the time of delivery to the dispensary. Um, but this certainly is a unique pathway and one that others might choose to follow. But you're right, Mark. When it comes to comparing this to True Leave, I think that True Leave has a much deeper medical business and has for a long time because of how much of their revenue is derived from their Florida business, which is 100% medical. Yeah.

Will Uplisting Actually Move Valuations

SPEAKER_04 5:20

Um more power to them and creative. Um I guess the other question is does does this I mean the other question is does it I mean, does it work? I guess that's a weird question, but like as Mark you talked about before, it doesn't actually raise net new capital necessarily. Um it may provide more liquidity for the people that actually own shares. But um, Jeremy, you you've looked at the sort of, I mean, there wasn't a you know 300-fold run-up for True Leave once they listed on the New York Stock Exchange. I don't know if that'll happen for Glasshouse. Like, does that put a limiter on who's willing to do this? Or is this like everybody sort of testing the waters to see what happens, Jer?

SPEAKER_02 6:01

Um I I I think Jay, what you said is is both both are right. I think they're both testing their waters and there is a limit on who is willing to do this for a number of reasons. Uh, one, I think the real tell is how these stocks will be received once they do trade on the New York Stock Exchange. And, you know, TrueLeave is down, right? I mean, that has probably more to do with the macro conditions that we discuss around cannabis than TrueLeave itself. But um, I think it started trading around $12, it's below nine right now. So um clearly there wasn't that sort of inflow of capital, you know, that people might have thought or expected to see. Um, you know, some of that is insider selling too. I know, you know, Kim Rivers did sell some shares, and that that affects the stock price um as well. But you know, we'll we'll see with glasshouse. I think it's it's very clever the way they've been able to list, as Anna Ray said. Um, it's something they should definitely do. Getting access to Net Stock Exchange does give them, you know, broad access to retail investors, to institutions potentially. Um, so they absolutely should try it. But the real tell is gonna be five days after trading. You know, where is the stock price fitting? What is the news we're getting out of the uh rescheduling hearings, which will be ongoing um when Glass Test starts trading? So look, you know, interesting. I think you know, if I was in their seat, I absolutely would test the waters. I think it's a smart idea. That being said, it's a test of the waters. And you know, when you test the waters, you don't know how things are gonna go. So that's part of it.

AnnaRae Grabstein 7:24

Right. I have a question for Mark about the difference between the New York Stock Exchange and the NASDAQ and why you think folks are choosing one or the other.

SPEAKER_03 7:34

Well, I, you know, I mean, uh traditionally, the New York Stock Exchange is more prestigious. Uh, you know, I that that distinction probably means a lot less these days than it did 25 years ago. Um, but I think that there is still something to that. Uh, you know, the the listing standards are a little higher. You tend to, you know, you don't get really small cap stocks or penny stocks on the NASDAQ or sorry, on the New York Stock Exchange. So I think it is, you know, uh to me, it's more of a um prior to seriousness. Uh and uh that's you know, that would probably be you could be more attractive to capital. So I think that's the difference. Interesting. Um one last thing I'll just toss in, you know, and and I haven't dug into this because I'm not a finance person, but I, you know, I was thinking about this is that you know, Glasshouse and Truly both filed when they did this deconsolidations, these pro forma financial statements, which showed sort of like the effects of the deconsolidated assets being removed from the financials. And, you know, one thing to keep an eye on and think about is you know, one of the risks is that you're you're you're sort of transferring off these revenue generating assets, you know. And I if I read the finance financials in on the glasshouse ones in particular, these are assets who are actually generating positive debt income. And so, but the debt's still the same, you know. So so you're you're sort of lower dropping the asset base, you know, but you still have debt to pay. And, you know, I guess in theory, your your tax situation has improved. So I don't know, you know, I'm sure they're thinking about that, but it's something to just keep an eye on. That, you know, is it what are the financial implications of the shorter term of getting rid of the you know, revenue generating assets?

SPEAKER_04 9:25

Well, even as much as deconsolidating, they're deconsolidating to get listed, but the finance, but but other companies may be doing a similar thing, not to get listed, but to understand their tax burden and lessen it, right? Yes, um, yes,

Deconsolidation Risks And Balance Sheet Reality

SPEAKER_04 9:38

which is interesting. Um, speaking of that, um, there is a hearing that starts on Monday. Um, uh we'll talk about the hearing at the DEA, but Jeremy, we are uh, I don't know, party to someone we want to get it streamed so we know what's happening. Give us a bit of that. I used a little term here. See, can we hear the hearing?

SPEAKER_02 9:55

Get that um we do. So so um marijuana moment had initially tried to ask the ALJ judge to get this the um the hearing live streamed. That request was denied, and so um we are doing the follow-up um with lawyer David Holland. Uh we're asking the DEA administrator, Terrence Cole, to direct the ALJ judge uh to open up the hearing to live streaming. And and we we believe the reason is twofold. One, um they're the uh the folks provided to provide testimony in the hearing are all on one side of the issue. Now uh they are the aggrieved parties, that's the way this hearing is set up, but it is groups like Smart Approaches to Marijuana Um and some you know medical researchers and doctors who are very much opposed to cannabis reform. So, you know, we do believe the broader public and the media has an interest uh in hearing what they have to say. Uh, this is one of the most consequential hearings on federal drug policy reform uh in a number of decades since the 1970s. And so uh, you know, we do believe that the public has interest. Um, and two, I think, you know, on a more um uh you know funny level, I think uh going to Arlington around the 4th of July weekend is not what anyone has in mind, and it is hard to get into these hearings. And so um, we do believe that uh because there is no live stream that constrains the audience, um, you know, we will not be able to be there. Many other journalists will not be able to be there to wake up at dawn and uh pay for accommodations and get into the room. And so uh we believe the live stream makes sense um and should be live streamed. So, you know, we'll see what happens. The letter was sent this morning. Um, you know, we we expect to get a response, you know, hopefully by the end of the day.

SPEAKER_04 11:36

Wouldn't it be ironic that the letter sending in the effort to get it live stream actually delays the hearing? Um just kidding. I hope that doesn't happen. But the irony would be rich. Um, the irony would really anything, uh Mark and Anna Ray that you're looking for from the hearings, whether they stream or not, which will be interesting to hear, or is this, you know, an ALJ hearing like all of them that are kind of dry?

AnnaRae Grabstein 12:00

No, this is incredibly consequential. And it's an important segue, actually, as we are talking about these uplisting events, because all of this deconsolidation would potentially be um inconsequential and unimportant if these hearings brought adult use into schedule three, which would then make it so that a company like Glasshouse did not need to deconsolidate their business because adult use would be schedule three. Uh so if adult use gets brought into this new schedule three landscape, it's it's a massive, massive shift from this scurrying that folks are doing right now to understand the difference between their medical and their adult use businesses. So I think it's a huge deal. Uh and I really am glad to hear that you guys are advocating for the live stream. I stumbled upon realizing that there was no live screen stream, but also that there's no recording allowed, even for folks that do attend in person and no pictures. And so what's allowed right now is only for people to take old-fashioned notes and courtroom drawings. I mean, it's like we're back back in the olden days, and I did a call out to find out who was actually going because I want to be able to bring someone on and talk to them and learn myself about what's happening. And I've gotten basically nothing. Um, turns out it sounds like uh Laura Fogelman, the chief of staff at PAX, is going to be in Arlington and can attend the first day. So shout out to her. She might be able to give us some insight of what happens for opening statements, but pass that. I mean, this is a multi-day. It's I think it's gonna be 14 days altogether. So it's it's pretty unreasonable uh to be closing these hearings in this way.

SPEAKER_04 13:51

Yes. And um I want to go back to the other point. If these hearings go swimmingly and at some point the DEA reschedules, I guess this is the this is why you'd want to be on the New York Stock Exchange on that day, right? Because there will be a renewed interest in what is gonna happen to the valuations of True Leave and of Glasshouse and whoever else is there. Like I think that would be a good day to be already listed in the New York Stock Exchange, have that all set up. I think that's the sort of thought and foundation you want to build, whether it's a month, two, or 10 from now. Uh that's sort of why you'd want to be there. But also, there's gonna be a renewed interest on those particular days when that announcement's made. Mark, anything you're looking at, have you ever been party to or interested in or following an ALJ hearing? No, I hate litigation.

SPEAKER_03 14:35

That's why I always a transactional lawyer. Um, I'm a lover, not a fighter. But everybody says that I I I've I've not I've watched some administrative hearings before, but I've not seen a DEA one. I mean, they're pretty rare. Um, but no, I what I'd be inter what I'm interested in is seeing what kind of um defense the DEA puts up. You know, they announced their their witnesses this morning, and I think it was a doctor and um and a researcher to basically talk about the say about safety, you know, which on the one hand is is you know, it I I don't know enough about those those witnesses to know what you know what how forceful they'll be. Uh, you know, and the the testimony period is or time slots are very tight. The big question is what kind of, you know, how deeply are they gonna be um cross-examining these witnesses, you know, to challenge, you know, or the witnesses of the um uh of the of the defendant, or I guess the the the the challengers here uh to see, you know, because this is all about making a record. Because again, you know, the the judge isn't gonna uh there isn't like a final decision. It's basically a recommendation, it's a finding a factor recommendation. So how much of a record is the DEA really, you know, are they really gonna be putting out there to boost the support for this? And also, you know, make a record that that will survive, allow you know, any sort of positive decision to survive the inevitable court challenge that will be filed, you know, immediately after that's you know, it's it's issued? Yeah. So because you got that's really the key.

SPEAKER_04 16:24

Yeah. Um go ahead, go ahead.

AnnaRae Grabstein 16:27

The undertone, I think, of what Mark and what Jeremy I hear you saying as it relates to the DEA bringing in these aggrieved parties as the witnesses or to testify and then their own witnesses is does the industry really believe that the DEA is gonna stick up for cannabis because that's the position that they're in, and that's their role in this, is to defend it and to defend schedule three. And and I think that we all are bringing some some skepticism to that of is that really gonna happen? Because historically that has not been the role of the DEA um in the drug war and in drug policy broadly. So it's it's another reason why I think we're also interested to be able to follow along, is to see if this is if this is a real hearing or if this is some performative prohibitionist theater.

SPEAKER_04 17:19

Wow, that's a good turn of phrase. Yeah, clip that. That's what you yell if you you can clip it and the technology does it for you. Um

DEA Schedule III Hearing And Transparency Fight

SPEAKER_04 17:28

uh I want to move ahead because we have we have a bunch more to get through, but one note, and um, I'm not saying this is foreshadowing what might happen in the US, but um the Canadian cannabis lobby group, the CCC, which I think is the Canadian, the Cannabis Council of Canada. I never get the right C in the right order, but they've been around a very long time. Shut its doors this week, citing a number of factors, but one being the strong illicit market, which is not nearly as strong as it is in the US and most places, but they're shutting down. So the industry lobby group is shutting its doors in Canada. And we're like, I don't know, a long time into legalization and adult use and sort of normalized banking, if you will. Um, so the road is not always easy past legalization or adult use in that respect either. Just so farewell to all the good folks that uh have put in time with the CCC, many of which sort of follow along here and have found other jobs as well. So just a note on that, Jeremy, you've you saw this, you're Canadian. This uh this actually didn't surprise me because they haven't been the most effective group usually anyway.

SPEAKER_02 18:29

Yeah, I I didn't say that. Um I know I don't want to miss that. I said that. Sorry, sorry, you said that, Jay. I don't want to miss Step in any uh in any way here, but I think I think it's two things. One, um, you know, I felt like blaming the illicit market is is a little bit coy um because you know Canada has made a lot of inroads into stamping out the illicit market. Um you know, eight years into legalization, this is probably what the proportion is gonna look like. Um, I mean, maybe there'll be a few more percentage points taken from the illicit market, but I think uh this is kind of the status quo. Um, I think it's also just a function of you know how unfortunately or fortunately normal cannabis is in Canada. Uh the government has other priorities. Canadian cannabis companies aren't sort of so engaged on policy every single day. There's certain movements of advocacy around, you know, taxes and stamps and things like that that come up every so often. Um but you know, they're just sort of companies functioning like companies. And so, you know, do they want to pay all these dues to a lobbying group uh to get you know regulations formed in their way? I'm not sure that's the best use of their capital and time. Um so I think it's part of that as well.

SPEAKER_04 19:39

They don't think so either. I think we've even seen this on the more local level in markets like California and and other places, like the industry groups so far seem like uh in other sectors, the industry needs to mature more before these things actually take hold in a real way because they're it's pretty fractured right now. Like not every company sees the industry the same way, even in Canada.

AnnaRae Grabstein 20:02

Trade associations are a rough business. They really are. And and it's and it's hard in cannabis because what happens that I have seen is that in the the associations that try to serve everyone, there's actually really different desires in terms of different supply chain positions, like the retailers want something different than the brands who want something different than the distributors. And so then people break off and create a distributors trade association or a retailers' trade association, and then you just have a smaller pool of people to be paying you dues, and and it ends up just being a business like any other. And if you can't get enough members, can't get enough dollars, then you're gonna go away. I question if it's the illicit market, it's it's more, it seems like what Jeremy says is a normalization of business function and people needing to do less activism in order to just keep their businesses open and maybe choosing to invest in other things instead of uh lobbying.

SPEAKER_04 20:58

I think that's right. I want to move ahead to the favorites section of this show.

Canada’s Lobby Group Shuts Down

SPEAKER_04 21:08

I gave you all six seconds to come up with winners and losers of the week. Who wants to go first?

SPEAKER_03 21:14

Oh, I'll go first.

SPEAKER_04 21:16

Mark, you go first.

SPEAKER_03 21:17

Cannabis Musings is the winner because uh we get to write about safe banking being filed again. This is this is what the tenth time. The tenth time that's the 10th, yes. It's amazing. I mean, it's like it's like a it's like the gift that keeps on giving.

SPEAKER_04 21:33

Uh I I swear I hosted a webinar in a previous role in my life, and it was probably five years ago, in a lame duck section of Congress that there was real momentum for safe banking to pass in the lame duck session.

SPEAKER_03 21:45

Yeah. I mean, look again, I it would be great to have it. Um, but it's you know, it's like the whereas, you know, when when this was first filed, it was one of the big, big problems for licensed. Cannabis. Now it's like problem number 23. Um, it's still real. I'm not, you know, I'm not trying to, but it it's it's a lot less of an issue than it used to be.

SPEAKER_04 22:10

Yeah. So Congress's timing is quite good, is what you're saying. Oh, yeah. Yeah. 10 years late, uh, day late and a dollar short. Um uh any any uh I guess that's a winner.

AnnaRae Grabstein 22:21

Uh any losers, Mark? I'll bring another winner to the table. Uh and this is on the back of what we've been talking about. We just said that the lobbyists are losing in in Canada, but um, my winner this week is the Washington lobbyists, because I have never seen so much cannabis action in in Washington than we are seeing right now between all of the different hemp bills that are being introduced and um discussed on the daily, the um the safe banking stuff, the schedule three work. There is so much action in DC. These lobbyists are getting more money from cannabis than they ever have. Um, and then the lawyers right behind them are also winning. So the winners for me this week are the lobbyists and the lawyers um focused on federal policy.

SPEAKER_03 23:12

There's no winners, there's only everyone.

AnnaRae Grabstein 23:14

Oh, everyone wins.

SPEAKER_04 23:16

NRA, as you said, there's no winners or losers, there's only legal legal case.

AnnaRae Grabstein 23:20

Yeah. Um, Jeremy, winners losers. There's no justice only legal case.

SPEAKER_02 23:25

Um I my my winner was actually uh I I um it was gonna be similar to NRA's. Um, but I think I think you know, Adam Rosenberg at the NCIA has done a really good job um coming out of lobbying day, especially. Um look, like we can all kind of turn up our nose at the Safe Banking Act that has been introduced 10 times, it has passed the House nine times, but getting lawmakers um, you know, like Senator Elizabeth Warren to back the effort is is still a huge coup right now because it kind of is a losing effort. And so the fact that there is any sort of momentum coming out of DC on it, I think is important. Uh my second winner is simple. It's it's glasshouse, I think. They're they figured out a novel strategy, they're doing what they should be doing. Um, I'm excited to see it trade starting on June 30th. So we'll see what happens.

SPEAKER_04 24:13

I like it. I like it. I have a couple here because I uh taking the liberty of uh grabbing graphics before we come

Winners And Losers Across Federal Policy

SPEAKER_04 24:20

on. Um my first winner, I'm gonna go winner and loser quick quick session. My first winner is FIFA. Well, sorry, the World Cup, not FIFA in particular, but the World Cup. Jeremy, you were at a game. Everybody's watching. We have games here in Toronto. There are games in San Francisco, games in New York. It's amazing. And I pulled the numbers of the 16 host cities, eight of them have legal weed. And as Jeremy mentioned, his previous sort of uh sports-related cannabis uh opportunity. I want to see the sales data from these eight cities: Toronto, Vancouver, Boston, Kansas City, LA, New York, New Jersey, San Francisco, and Seattle uh around the games because it is a long time to have a lot of different people in your city, and a lot of them like to smoke weed. Um, this we know, and so we'll see the data coming out of that. So kudos to the World Cup and those cities for having legal weed. Um uh uh a loser on the same front is that this bong was at a uh local dispenser here in uh Toronto, uh Cosmic Charlie's. It is a FIFA World Cup bong, which uh not only did they have to take it off the shelves, they got a really serious cease and desist letter from FIFA that made them the last recommendation was that they destroy them all and send a picture of the bongs destroyed. Uh, it was all over the news. So this bong, unfortunately, this one is in Brazil colors. You won't be able to find uh other than this picture and uh maybe one or two at Cosmic Charlie's uh in the back room. Uh but that is the winner is World Cup, the loser is FIFA for cracking down literally on that bong.

SPEAKER_03 25:48

Um, that bong's like the Onus Wagner baseball card.

SPEAKER_04 25:52

Yeah, it's it's pretty cool, right? Um I have another loser. This one is so obscure that nobody cares, but um, the DA is a hearing next week. We wrote about the DEA in our newsletter. I wanted to find an image for the DEA, and I went on their website to see what kind of imagery they have. This is the image they have on their website of the DEA. Like, in what world are you laughing and smiling on duty? Right? That's a DEA intelligence officer, presumably. Like that picture is so fake.

SPEAKER_02 26:20

It's like a stock photo of like people at an office, you know, donut hour.

SPEAKER_04 26:24

Yeah, it's like what like in a in a bulletproof vest, laughing and giggling, presumably at like a drug bust. I don't know. But this this photo hit me wrong. Uh, so of course I posted our newsletter and want to talk about as a loser here today. Isn't that shocking?

SPEAKER_03 26:41

So, what you're saying is is that um we'll make America great again with it by funding the DEA's branding efforts.

SPEAKER_04 26:49

Well, it won't make it worse. As soon as we get done with the reflecting pool, we'll work on the DEA's uh clip art. There you go. Um, I guess maybe these are the people that'll be at the hearing, the ALJ hearing. That's why they don't want cameras and streaming in there.

SPEAKER_01 27:02

That's how fun it'll be. Yeah, it'll be just laughing like that.

SPEAKER_04 27:05

Yeah, those people are actually planning the ALJ hearing.

SPEAKER_03 27:09

Cannabis is safe.

AnnaRae Grabstein 27:11

Yeah, yeah.

SPEAKER_03 27:12

That'll be the testimony of the doctor.

AnnaRae Grabstein 27:14

Yeah. I've I've got another loser, I think,

Hemp Brand Whiplash And Farmer Fallout

AnnaRae Grabstein 27:17

for us. Or an a loser, which I think is um is hemp brands and the whiplash that everybody in hemp is feeling right now. I think that there has been some optimism actually this week with some new language introduced that might end up in a defense bill or in a continuing resolution that could save the industry. Again, another Hail Mary. But overall, um, these poor businesses, whether you support hemp or not, you have to feel for them in terms of just the daily whiplash of they're gonna, they're going to exist, they're not going to exist, they're going to exist, they're not going to exist. It's hard for anyone to plan or to just move forward in their lives because at this point they keep thinking that, oh my gosh, I was going to shut down in November, and now there's a new Hail Mary, and I might be able to continue on. So I hope that one day we can be pointing to these folks and calling them winners. Um, but for now I'm really feeling it for them in the midst of all this whiplash. And you guys covered this this week. Yeah. About some farmers um kind of spread all over the place in different states around the country that are all in really, really terrible, awkward positions with their businesses struggling.

SPEAKER_03 28:28

Yes, and this is the second time this happened with the you know, with the hemp uh with the hemp cultivators. I mean, the first time when, you know, in like 2018 to 2020, when they when they all overplanted, expecting the FDA to do something about CBD, which they didn't. Right.

SPEAKER_04 28:46

Yeah. Um, yes. Thank you, Anna

What’s Next And Upcoming Interviews

SPEAKER_04 28:49

Ray. That was important. And you can find cultivate.news. There's a story about it. Chris Kesaki wrote about a number of farmers who said prepping for November or what their plans are for November. Well, I appreciate all of you for making time today. I want to give one quick announcement. On Monday, we have an interview with um rah uh uh Ryan Crandall from MerriMed from our uh perch above the Canadian Securities Exchange above the CN Tower and all that. It's a great conversation about uh company and brand, a number of states, quite interesting with some really leading brands, certainly on the East Coast. So tone in for that. That's Monday at 10 a.m. Eastern on our LinkedIn and YouTube channels. Anyone else have announcements? Oh, I have one more. I don't think we're gonna be here next Friday. It's July 3rd. I think everybody's gonna be off. We have a holiday Wednesday. You guys have a holiday on the fourth, which is also which is Saturday, but third, I think everybody's celebrating on Friday. It's also my anniversary on the fourth, so there's that.

AnnaRae Grabstein 29:40

Oh, mine on the third. Oh really? Yeah, congrats. How many years? Oh gosh. Um, 2010, so 16.

SPEAKER_04 29:50

Okay.

AnnaRae Grabstein 29:51

Yeah.

SPEAKER_04 29:51

It's also it was Jeremy's anniversary this week.

SPEAKER_01 29:54

On the 22nd, yes.

SPEAKER_04 29:56

Uh how many years were you, Jay?

SPEAKER_01 29:58

Two years.

SPEAKER_04 29:59

Uh, if you add yours and Jeremy's together, it's still not enough. Uh, we've been married, I don't know, we got married in 2004. I can't even do the math. That's how long it's been. Uh two years? Does that sound right?

SPEAKER_01 30:11

22 years. Yeah.

SPEAKER_04 30:12

That sounds right. Yeah. Yeah. Um, but the irony is we got married on Independence Day. There's irony in that, I think. Um Independence Day.

AnnaRae Grabstein 30:20

What's what's this July 3rd holiday in Canada? Is it also Independence Day? No, it's just Canada Day.

SPEAKER_04 30:24

Our Canada Day is July 1st. Um July 1st, yeah, yeah. I think you guys have Friday off. Like, isn't Friday the holiday this year? Yeah. Yeah. So yeah.

AnnaRae Grabstein 30:32

I I work for myself. I work all days and no days. No.

SPEAKER_04 30:35

So Anna, Anna Ray, you and I will be on a show Friday at noon, uh, but nobody else will be watching. Yeah, we'll be back after the July 4th holiday. Um, Mark, Anna Ray, Jeremy, enjoy the long weekend next week. Enjoy the first, I don't know, first full week of July coming up. Um, yep. Thanks everybody for joining us, and we'll be back, I think it's July 10th. Excellent. Yeah, great. Looking forward. All right, everybody. Appreciate it. Thanks, everybody. Have a good weekend.

SPEAKER_03 31:00

Thank you.

SPEAKER_04 31:01

Later.