Welcome And A Big Legal Week

SPEAKER_05 0:11

Welcome, welcome, welcome. This is this week in Cannabis Live where based on current viewership numbers, we've officially outdrawn the Republican midterm convection convention. I'd like to thank you for setting the bar so high that we could clear it without even uh without even trying. Uh see, I told everybody before we went on I was gonna start with a bad joke. I actually think it's so good.

AnnaRae Grabstein 0:34

So good.

SPEAKER_05 0:34

That was pretty solid, actually.

AnnaRae Grabstein 0:35

Yeah, I'm laughing.

SPEAKER_05 0:38

Um this week, uh it's a good thing we brought a lawyer to this show. I wouldn't normally say that, but there's lots of cannabis law, late-breaking stuff happening in the industry. I'm gonna show this tweet from Cure Leaf CEO Boris Jordan, and then um, Mark, you're gonna give us the context and what happened. But it said, please with the outcome of this case, which is consistent with the position we've maintained throughout. We remain committed to supporting cannabis

Sixth Circuit Shakes Cannabis Contracts

SPEAKER_05 1:05

reform and continued progress toward legalization. Mark, you don't have to comment on what Boris Jordan said, but comment on what is happening and what the Sixth Circuit said.

SPEAKER_02 1:17

Well, this is it's just so good. It's um basically there's been this fear among cannabis lawyers for, I mean, like a decade now, um, that because that that federal courts would not enforce cannabis contracts because cannabis is illegal. And there's this argument that, you know, there's a pretty well established and understandable precedent that you know, federal courts cannot enforce an illegal contract, um, which makes sense. Uh and you know, early on, you know, about a decade ago, there were a few cases where courts were reluctant, but then, you know, federal courts were enforcing it uh until this uh you we had this uh suit or Hello Farms in uh, I think it was Michigan. Is that right? Uh sued Curie for about $30 million uh in a jury trial in federal court. Uh I don't know why they sued them in federal court, but uh after the jury verdict, uh Cure Leaf moved for uh a directed verdict to and asked the courts, then asked the court to um to throw out the verdict because cannabis is legal. And the district court said, no, we're not gonna do that. So they then brought it to the appellate court. They hired uh probably one of the premier litigation firms in the country, genre and block, to argue the appeal. And the Sixth Circuit Court of Appeals agreed that with um with the argument because they were right, you know, that cannabis is illegal, and therefore this uh this jury verdict can't uh hold, which is uh, you know, is the uh the I believe the technical term is chutzpah, uh you know, to bring this argument. Hey, we're all acting illegally, you can't enforce this. Um, I mean, it's it's great. It's great because it just shows how dumb, uh, you know, and insane all of this is. Uh it's a huge problem for our industry. Uh, it's um it means that lawyers should never, ever, ever bring a case in federal court again and just stay to stay in state court. Um this is a real problem. Um, but it's you know, but it's just uh, you know, I it does as a lawyer, as as a um, as a law nerd, it doesn't get any better than this. Um good.

SPEAKER_05 3:48

Well, uh cannabis law nerd and a law nerd.

SPEAKER_02 3:53

That's fair.

SPEAKER_05 3:54

Uh Ben, I follow you on LinkedIn as everybody should. Um, you have some thoughts, and they they weren't even brief, but let's try to keep your thoughts brief on this subject, Ben, because anybody can find you on LinkedIn and read the read the full the full rant.

SPEAKER_04 4:08

Yeah, I I so I'm not a cannabis law nerd. I I I am incredibly passionate about this industry and have been working to legitimize it for the last decade. And I'm pissed. I I don't know. I I I I'm going to go on a uh an F-bomb rant if I let myself go too loose, but like seriously, like to to like I don't know how this doesn't trigger the demise of of care leaf. Like, who is going to want to do business with a company that is willing to call themselves illegal to get out of an obligation? And like if I'm any farm, like these are farmers, like I I operate on the hemp side, everyone knows. Like, like everyone wants to protect the farmers. Like, are all of a sudden cannabis growers not farmers? Like, how how are we treating them like this? And and how is this representative of anything that we want to be in this industry? Like, we're trying to to legalize, we're we're we're in schedule three conversations. Cure Leaf is on the board of the USCR, which is the most prominent voice in cannabis lobbying. Like, this it's shameful. And and I'm it like pisses me off because I know about the concept of guilty by association. It doesn't take a lawyer to know that. And we are now all guilty because fucking Cure Leaf uh decided that it was easier to get out of something by calling themselves illegal than just doing the right thing.

AnnaRae Grabstein 5:37

Yeah, we we we have a lot of of mountains to climb as as the cannabis industry of destigmatizing and conf convincing people that we are not a black market and that we are running compliant businesses. And this just makes everybody look really bad. It it's it's really embarrassing. And Charlie should pay their bills and everyone should put them on COD today.

SPEAKER_02 6:02

I mean, there was, yeah, I think it for these exact sort of like internal policy reasons. There was sort of, uh, you know, I I can't say this for sure, but to me, there was sort of this this understanding of mutually assured destruction that no one would raise this defense. You sort of saw it pop up here and there, you know, med men raised it once with one of their um with one of their landlords, uh, though it never really sort of got adjudicated. You know, but it really wasn't raised much, um, you know, partly because contracts would include this language saying they wouldn't raise the defense. But, you know, but I guess this was a large enough verdict that the lawyers said, fuck it.

Trust, Credit, And Paying Your Bills

SPEAKER_05 6:42

Um, can we talk about the sort of downstream effects of this, Mark? Um, like what does it all mean?

SPEAKER_02 6:51

Um well, I mean, from a legal perspective, it means that within the Sixth Circuit, the the courts that are within the Sixth Circuit, which is Michigan, um, I'm forgetting the others. I meant to look it up earlier. I apologize, but uh, you know, federal courts, you know, you basically can't bring this case in uh this kind of case in federal court. You're really gonna have to go back to state court. Um so it doesn't mean the contracts are all unenforceable, it just means uh, you know, that that you've got this uh this jurisdiction problem. But I, you know, I I mean I think Anna Ray and Ben just nailed it on the head. I think it's more of a you know a policy perspective, you know, of of how are, you know, how is this going to affect uh you know how people do business in this space?

SPEAKER_04 7:36

Well, yeah, it it will affect how people do business in this space. And and yes, everyone should follow Mark's advice. You should go through all your contracts, pay special attention to the jurisdiction clauses, don't take things to federal court. And if you're a business that cares about this industry, like ours, um I posted in our Slack today. It's like, I didn't think I would have to state this, but Vertosa will not be doing business with people that use that we're illegal as a defense to get out of a contract. Like that should be a downstream effect.

SPEAKER_05 8:08

How realistic is that, considering cure leaf size?

SPEAKER_04 8:10

I don't well, yeah, it's tough, right? Like I admit, like the the built environment that that regulators and policymakers have put us in makes that near impossible in some some some states. Like the like that's why this limited license system that we all operate in is so broken. Like it creates gatekeepers, and you could be as bad of an actor as you want, and people still need to work with you. And that's messed up.

AnnaRae Grabstein 8:35

There's there's a lot of conversations in the industry right now about creditworthiness of businesses and and how much kind of our continued federal illegality and lack of access to conventional banking and credit ratings and all of those things is making the business environment more challenging. And as more states are coming on, you're just seeing the same patterns repeat that have happened in more mature markets where certain companies have just stopped paying their bills and then it creates this whole downstream effect. And um, when we look at the way that the three-tier system was created in alcohol, um you know, there's there were reasons for that. And a lot of it had to do with payment terms and ensuring things that got paid in a timely way. And in many of the states that cannabis has legalized, those types of protections haven't gone into place to ensure that bills got paid in a timely way. And and even if some states might have done something, it hasn't been enforced in in a very proactive way. So this is the another kind of nail in that coffin of like, oh, geez, it's just hard to do business in this space. And and how can businesses look out and protect themselves if if a contract is meaningless?

SPEAKER_05 9:52

Um yes. And uh two things. The Sixth Circuit is Michigan, Ohio, Kentucky, and Tennessee, just for clarification purposes, but it wasn't the only court thing we heard about this week. Uh the

Rescheduling Case And Court Signals

SPEAKER_05 10:06

uh Mark, you want to take the rescheduling one too, and then we'll go from there because it seems like uh the federal court said that rescheduling could go forward sending a blow to MMJ Enterprise. What is it called? MMJ Enterprise calls?

SPEAKER_03 10:21

Yeah, international.

SPEAKER_05 10:22

Right.

SPEAKER_04 10:22

And then and those guys, those guys keep comment commenting on everything. I was like, who are these people? Like Big Pharma has entered the chat.

SPEAKER_02 10:31

Little Pharma has entered the chat. Little Pharma has entered the chat. Lowercase this one's a lot simpler. Basically, what the court said is that the court was the DC circuit, the appellate court, was not going to temporarily put a stay on medical uh rescheduling pending the hearing, you know, briefing and oral argument. Um, you know, so they they hadn't rate they hadn't sort of met the standard. So it doesn't mean that the court has um, you know, blessed medical cannabis. Uh, you know, it's a good sign, but I wouldn't hang my hat on it. Uh, you know, so it's just it just kicks it down the road. What was really interesting, what was interesting to me is that the the case was filed in June, I think it was June or July. I mean, that's a long time for this, you know, the court to wait on, you know, on a sort of an emergency basis, you know, not emergency, but uh, you know, an expedited basis to put a stay into place. Uh, whereas um the DC Circuit in the uh in the in the case regarding medical, I'm sorry, Medicare, Medicaid covering hemp, uh, they, you know, they they uh set up a briefing schedule immediately. So it was a little odd that it took them this long to basically say, no, you know, we're gonna wait.

unknown 12:00

Yeah.

SPEAKER_03 12:01

Mark, can you read the re read the tea leaves a little bit? Like, is there is there anything we can understand about how the court is looking at rescheduling because of this? Or is that uh, you know, too much reading into what is just sort of a pause?

SPEAKER_02 12:18

I I'm not an expert in in this in this area of you know sort of litigation and the like. So I don't want to uh, you know, so take my my uh my viewpoint as sort of with a bit of a grain of salt there. Uh but uh or here, but I you know, I I mean I think it bodes well that it there was nothing sort of patently obvious on its face that that that caused this. Um there may be a little bit of deference to a to a government agency here as well. Um but you know, but I I think that there is, you know, the where I and I think it shows that the the issue is complicated enough uh that that the court really wants to dig into it. Um you know, so I think the chances of it succeeding got slightly better, uh, but it's you know, but it's still not zero. I'm sorry, succeeding as in um, I should say, as in uh medical continue, you know, medical win in this case, not uh, you know, not it getting uh kicked out, kicked down. So yeah.

SPEAKER_05 13:25

Um Ben and Anna Ray, what what are people on the ground saying? Because Ben, you obviously have your ear on the ground at DC. Any any update as this as it pertains to this?

AnnaRae Grabstein 13:36

It's no. People are like are waiting on the ALJ stuff. Yeah, there's just so much that's happening with rescheduling and nothing at all. So everyone is waiting, but also just can trying to continue to operate their business as per usual. I will say that I think it's kind of hilarious that a drug testing company um is is trying to say that that they need to get in the way of rescheduling because if drugs are legal, then they won't have as much drug testing to do and they will be experiencing harm. And it's like, yeah, no shit, Sherlock.

SPEAKER_02 14:11

Uh so it sounds like the illegality defense.

SPEAKER_04 14:17

I was just gonna say, yeah, it's about as around somebody fighting for legalization.

SPEAKER_05 14:23

Um can we

Virginia Draft Rules And Conversion Fee

SPEAKER_05 14:24

shift for a second? Because uh something caught my eye. Uh the uh new we're gonna shift to Virginia because new, I guess, draft regulations came out. Virginia's cannabis control board released draft regulations for its recreational market. This was on Wednesday, under which the state's existing medical operators must pay a $10 million conversion fee payable over three years, or shut down while everyone else goes through a lottery for 350 retail licenses. Um, this was interesting on several fronts, even in those few sentences. Um, one, Jeremy, you're gonna correct me wrong. I think this is the it might have lifted language from the New York model where um one of the RAs had to pay $10 million to transfer over to the adult use market. And the other part, and Anna Ray, I want you to talk about it, is the sheer number of dispensaries they want to have in Virginia. Those two things struck me. Um uh, Jeremy, talk a little bit about that because this sort of held up and there was lawsuits, and very angry Boris Jordan came on our show and talked about it. Um he didn't say they were illegal at the time, but he did not like the fee they were gonna have to pay in New York.

SPEAKER_03 15:23

Yeah, look, I I I believe the New York fee was actually a little bit higher. It was 15 million, and there was a there was a payout period. Um but look, I mean, I you know, I think two things are true here, right? One is that it is a high fee for access to the market, and and cannabis companies are generally pretty cash-trapped, but if you can pay it, it is a market of 9 million people, you can immediately entrench your position. Um, these medical operators have their supply chain set up. So look, like, you know, if I was a CEO and I had the ability to do it, I would pay it, and I would rather just pay it than than fight it out in court, right? Um that being said, I'm not a CEO probably for that reason. At the same time, you know, I do think like this is a huge market. Um we were talking before the show, it's it's nine million people. Uh, you know, it it's really useful to have that first mover advantage, especially because they're awarding 350 million three sorry, 350 licenses for those nine million people, which is a lot of licenses. So it will be a competitive market. It's good to get in early. Um, and I think you know, the fee, I you know, it's not for me to judge if it's reasonable, but like there is a real business case for paying it. And you could think about, you know, the cash flow calculation, like there's a reason why it would make sense. Um, you know, I see why the regulators had it in there. You know, 10 million is high. Um, but at the same time, if you can pay it, pay it.

SPEAKER_05 16:43

Anna Ray, what about the sheer number of dispensaries? Is that a lot, a little, somewhere in between? Or it's too early to tell?

AnnaRae Grabstein 16:50

Yeah, I I just ran some numbers comparing it to states close by. So at 350 dispensaries, uh, Virginia will be at more about more than four dispensaries per 100,000 people. And um, compared to Maryland, which is considered one of the best markets for dispensaries in the state because the average dispensary is doing over $10 million per door, they have less than two dispensaries per 100,000 um uh population. And in Virginia, it's not just 350. The rules do um are tied to a 2028 cap that isn't permanent. So in 2028, it's supposed to be revisited, and maybe more licenses couldn't come online at that time. So they are looking to create a market that has a hot much higher density of stores, which is not always great for the market. You look at um Massachusetts also on the East Coast, and Massachusetts is closer to about five dispensaries per hundred thousand, so more than Virginia, and they're really struggling there. It's a tough market.

SPEAKER_04 18:01

If the metric is the success of the dispensary, right? And I I think as an industry, if we're going to survive and if we're going to reach the promised land, we need to start working away from the importance of measuring our success by the success of the dispensary. No offense to anyone that owns a dispensary or a chain.

AnnaRae Grabstein 18:23

They have to stay in business too.

SPEAKER_04 18:25

True, but like we need maybe need to like there's so much that needs to change, right? It's like when when we started thinking about what the future of the cannabis industry looked like like 10 years ago, like the majority of dispensaries were gonna be more akin to your corner liquor store. They weren't gonna be these massive like entities, and like there's only so many Starbucks, Pete's, that kind of stuff, right? Like it's like we we have everyone gunning to be the Veranos, the Virios, the the Keroleafs of the world, GTIs. Like we like the the the importance, like the the stability of a of an industry, yes, you need to have retailers, but we need to open up retail. Like we need to create more access, we need more consumers consuming cannabis and at a reasonable price point that isn't getting taxed to high health. And so I there's there's a whole lot baked in there, but like it just pains me that every time we talk about the health of a of a of a marketplace, we're talking about the the dispensary revenue. And that pains me because there's a lot of there's a lot of other operators in the supply chain.

SPEAKER_05 19:32

I would even argue a different point, Ben, but I think similar, and that is if the government's goal, and we had this in Canada, and and the only thing that the only thing you can point to is the more, the easier the access for consumers, the faster the the illicit market goes down, at least it has in Ontario, right? And if if the faster it goes down, it's giving people more access, it actually means more dispensaries

Dispensary Density And Licensing Fairness

SPEAKER_05 19:55

on more corners, as Ben, you're talking about. So if the government's policy goal is to drive down the illicit market, more dispensaries, maybe the answer to that, even though it's tough for each of those dispensaries. And then there is, of course, a cycle of opening and then closing. And we've had it in Ontario where we had massive proliferation, and now, you know, a very painful right-sizing of that. And yes, dispensaries go out of business and big ones get bigger because they have more longevity or can spend money, you know, they're they're operating more efficiently, whatever it is. But I identifying the policy goals of government is really important to your point, Ben, because the policy goal may be inconsistent with the business goals of more dispensaries.

SPEAKER_04 20:33

Well, it's it's it's just crazy because this this I I spend a lot of time thinking about prohibition, naturally, because I work in the beverage market, but like when we were coming out of prohibition, it wasn't like, oh, like how do we control this through certain liquor stores? Like, how valuable is total wine? It's like it was all about the products that were being sold and eliminating the the illicit market. And we s we have a legal alcohol industry today that is continuing to grow, and I think, um, well, continuing to try to grow and expand. And cannabis just is like trying to break through, but like we're being forced into this completely different paradigm and it and it really sucks for lack of better technical.

AnnaRae Grabstein 21:13

It's interesting, also, aside from the fight about retail access and what is right and wrong, what we have in in Virginia is this law that creates dispensaries and and how they've chosen to even grant those 350 dispensaries, because it is going to be a lottery. And there's basically three paths that states have taken when they are creating limited licenses. It's it's either something like a lottery, it would be some sort of merit-based process where there would be some kind of competitive application that is judged on the merits of the applicants. That could be another. And then the the third would be like a first come, first serve registration of who gets who gets there first. And um, and it is considered to be the most fair, equitable, sort of blind to go with this water. Model. But that doesn't always mean that the folks that win those licenses are the most qualified. And so it becomes this kind of interesting also policy intention question when the regulators are making choices to dole out licenses in one of these three paths. Yeah.

SPEAKER_04 22:21

Yeah. I would like to address uh one of our commenters throughout the show. So thank thank you for watching. And and absolutely devoid in all these conversations are those that are being arrested still. And so like when you have people representing the industry and trying to pull us into legalization, like it's important that they aren't doing it just for profits, that we have a much larger duty on our shoulders.

SPEAKER_05 22:49

Amen. Pacific time. I do like I like this Ben a lot. Um this is uh cold brew

Winners, Losers, And Market Oddities

SPEAKER_05 23:04

uh uh Ben with a with an extra shot in there. But I want to shift to everybody's favorite part of the show, which is there's already been some booing on the show. So um Jeremy, we're gonna go to you. Winners, losers, what do you got?

SPEAKER_03 23:23

Sure. Um quick winner for me. Um, we reported a lot on the uh per tag cost for metric, uh, the track and trace provider in New York. Um a lot of dispensaries uh told Chris, one of our reporters, that uh this could add millions to their costs and could actually push some of them out of business, add a lot of supply chain chaos. New York will now pick up the tab for those tags. Um, I think that's a good policy. It's only for 12 months. Um, however, you know, hopefully it's sustainable long term and can actually inject some uh uh you know goodwill into the track and trace system because there's a lot of problems with the rollout. Um more of a fun loser. You know, football started. Patriots had an absolute meltdown. I'm sorry, Jay. Um, you know, if I was a Patriots fan, that would be horrible to watch.

SPEAKER_05 24:11

Well, it's their it's their second game in a row with a meltdown of the same team. Just one happen to be the Super Bowl.

SPEAKER_03 24:16

Yeah, yeah. And AJ Brown, and you know, there's a lot, not there's a lot not to like about that. But uh that's that'll be my loser for the week.

SPEAKER_05 24:23

On the metrics stuff, we actually have a webinar coming up on the 24th. It's called uh Metrics Here Now What? It's with our partners at Littlelerts. We got some people coming on to talk about how to make track and trace work for your cannabis business in New York. You can find that on our LinkedIn page. Ben, winners losers.

SPEAKER_04 24:38

Ooh, uh I'm gonna leave our previous discussions out of this. Um, yeah, winner, uh Anna Ray and I interviewed John Lafata from Big Oil Company earlier this week, and really impressed with their company. He's been a longtime operator, Prop 215 on through now, never raised a dime, and has grown his company consistently in a challenging California market, and in the last couple years has even doubled his business. Um, and so just really impressed with how he is stuck to his guns and running a an operationally efficient uh company and just as a symbol of of what you can do in a in a challenging market. And on a loser, um sorry, Mark, I I preferred uh the Grateful Dead background, and I don't know, you got all professional on this.

SPEAKER_05 25:27

He's got artwork and what is this?

SPEAKER_04 25:30

What is this guy? What about Sonoma?

SPEAKER_05 25:33

Wow.

SPEAKER_02 25:35

Wow. I did not expect that. I did not expect that. Uh Mark, winners losers. Well, I'm the loser, apparently. No, um I the loser here is Cookies, uh, with and the winners are the the PR firm that that convinced Gron and Red Tech to file a press release announcing their you know, they're their win against uh because this is cannabis, and you have to file a press release for everything. Um cookies lost state arbitration against Gron and Red Tech for 61 and a half million dollars. Uh it's a lot of money uh for um for you know apparently defrauding investors and uh destroying evidence. Uh that's you know, it's just like there's been so much in this cookie saga, and it's really kind of remarkable to have watched it over the years. Yeah. Um, you know, I mean, they you know, for one of the big, you know, one of the one of the what's interesting to me is the two two of the biggest sort of well-known branding companies in this industry were cookies and med men, you know, like that really had a a a name that everybody knew. And, you know, and the two biggest ones it turned out to, you know, fall apart.

SPEAKER_05 26:59

First mover advantage. Kidding.

AnnaRae Grabstein 27:01

Um Anna Ray, you're up. Um, yeah, I've got um a winner and a loser. Uh the winner, I wanted to call out um the state governments who are filling their tax coffers with cannabis dollars. Uh, you guys reported, I think we are at about three and a half billion dollars in 2026 direct to state governments and cannabis excise taxes. And as I was thinking about that number and the $30 plus billion dollar um market that that is coming from, um, I started really thinking too about the big loser in that being Visa and MasterCard that um would be very lucky to be also taking their piece of that market if they chose to participate and instead are staying on the sidelines. And uh even this week came out through some type of lobbying group and said that um schedule three will not be sufficient for them to be participating in payment processing in the space and that they will be looking towards federal legalization before they choose to participate um in cannabis transactions. So big loser visa and MasterCard. Um watch as the states reckon in.

SPEAKER_05 28:14

Yes, and I think their their their argument is fine.

AnnaRae Grabstein 28:18

I think that's their argument, is like uh that's another 2% on the rest of the economy. So okay.

SPEAKER_05 28:29

Okay, I have winners and losers this week. They all come from flushing queens, and that is the US Open. My loser of the week is um Arnia Sabalenka, who is quite a tennis player, who is complaining about cannabis smoke in hell uh at the US Open. And uh tennis players are such uh delicate flowers that they can't actually smoke weed and play tennis at the same time. In my mind, that's the only way to play tennis is to like smoke weed and play it. That aside, we did have on um Steven Gold this week and he works let me pause this. He he was working with Turprose, which is in Queens, and they set up a whole operation to sell weed to people going to the U.S. Open.

SPEAKER_01 29:09

Here's what he had to say mile away from the stadium, and we've been advertising online around the U.S. Open time because there's always people that come into LaGuardia JFK and hey, where's the closest shop? Come shop at Turpros, right? So we took advantage of that early on and did a play on serving it up for the US Open, but now this is a layup, right? We see it in the news, and so how do we leverage our products on the shelf to ensure that we're putting something fun together to make a play on it? So, sure, you smell weed, cool. What we're gonna do is we're gonna advertise edibles, right? Come up with some clever specials, like a single, a double, a love. And so we came up with a single, get 10% off edibles for the two weeks that the US opens here. A double, get two packs for 15% off, and a love where we're giving you a little something extra on top for damn near free.

SPEAKER_03 29:57

You know, let me let me uh let me say something. If the US Open would just offer a THC honey deuce, it would never smell like weed. So, you know, that's the that's the regulation change we need right now.

SPEAKER_05 30:08

Honey juice is like $23. Like it's outrageous.

SPEAKER_03 30:11

Uh some THC in it, five milligrams. Perfect.

SPEAKER_05 30:14

Because people are gonna do that anyway. So maybe next year you're gonna be in charge of lobbying. Uh uh stadium. Um, so those are my winners-losers week, all related to the U.S. Open, which the finals I think are this weekend or a Monday um or Sunday.

Final Thoughts And Next Week

SPEAKER_05 30:26

Uh, so that is the end of this week's This Week in Cannabis Live. Anna Ray, Mark, Ben, and Jeremy. Thanks for being here today. We'll be back next week, next Friday at noon Eastern, 9 Pacific. Um, hopefully, we'll have just as much legal stuff to talk about because that is so fun. Mark has something to say. Ben gets shot out of a cannon. Anna Ray, Jeremy, and I get to nod along and add our two cents. So we appreciate everybody. We'll see everybody next week. Have a good weekend.

SPEAKER_04 30:53

Bye bye.