E163 - Hot Hemp

[00:00:00] Welcome to the High Rise podcast presented by Headset, the leading data and analytics company for the cannabis industry.

[00:00:07] Welcome back to the High Rise, a laid back, data backed conversation where we talk all things cannabis from US MSOs to Canadian LPs, products and market analysis through the lens of data.

[00:00:18] My name is Cy Scott with Headset and I am joined as always by Emily Paxia of Poseidon.

[00:00:23] Hi, everyone. Welcome to the High Rise.

[00:00:26] All right. We're back again one week later. That's not bad, right? Beats five months.

[00:00:34] We're back, baby.

[00:00:35] We're back. We're doing this. It's great. It's great and exciting and always stuff to talk about.

[00:00:43] So at the High Rise, we always want to focus on data and we want to focus on, you know, what's happening today in this cannabis industry.

[00:00:52] And I think we have both, but let's start with really what's happening today because it's kind of big news.

[00:00:59] Yeah.

[00:00:59] It has to do with the Farm Bill.

[00:01:01] That's right. And last week, for those who missed it, you can go on HighRise.fm to see the episode or listen to the episode.

[00:01:08] But we did we were talking about some of the trends of the Q3 earnings results for the top MSOs, as well as some of the product category data via headset.

[00:01:18] And one of the things we were talking about was the potential impact of these intoxicating hemp products in the markets and whether or not we were seeing that impacting the legal regulated market.

[00:01:32] So this morning, actually, apparently there was an update coming out of the Senate where Senate Democrats, Democrat, Democrat, Democrat, Democrat, Senate Democrats introduced language to try to close what has been referred to as this loophole in the Farm Bill that has allowed for intoxicating hemp to basically be nationally available.

[00:01:56] Unless the states have closed it off like California or Missouri and Ohio, we know, is trying to do this.

[00:02:02] New Jersey is limited it.

[00:02:03] Tennessee is putting forth language on this.

[00:02:06] And it's really interesting because I've been hearing that this is coming up and in other places.

[00:02:13] The general consensus is that the language in the Farm Bill is a mistake.

[00:02:17] The Farm Bill was designed to allow for industrial hemp products to exist, and they were trying not to get hung up on what was called hot hemp at the time where hot hemp, which I really I needed to.

[00:02:31] I had not heard that before.

[00:02:32] Yeah.

[00:02:33] Hot hemp.

[00:02:33] Hot hemp.

[00:02:34] Why?

[00:02:35] Why?

[00:02:35] Where does that come from?

[00:02:36] Because it's like overheated on its THC, baby.

[00:02:41] No, I don't.

[00:02:43] That's a good reason, I guess.

[00:02:45] That's my take on it.

[00:02:46] But what happened was that did not happen.

[00:02:51] And the language, it really, people have referred to it as a clerical error in the Farm Bill.

[00:02:57] Unfortunately, revisions to bills are anything but linear and quick.

[00:03:03] And as we all know, they've been kicking the can on the Farm Bill along with every other legislative act for the last two years plus.

[00:03:10] And so now we're looking to see what is going to happen in the revisionist language on this Farm Bill.

[00:03:17] Again, put forward by Senate Democrats in the Senate.

[00:03:23] We know that, you know, if anybody watched Schoolhouse Rock, we know these things have to go to both houses and then for the change to be implemented.

[00:03:32] But basically, what it sounds like it will do is it changes the definition of hemp to include total THC removing delta-9.

[00:03:43] And as we talked about, you know, that's delta-9 is, you know, the active component that gives you kind of that intoxicating effect.

[00:03:49] Edibles and drinks would be okay as they could stay under the 0.3% THC threshold.

[00:03:57] And I guess this is by weight.

[00:04:00] And so that's kind of a big differentiator.

[00:04:06] THCA flour would be nixed from this.

[00:04:09] So this would, you know, basically the language from Marijuana Moment, this new draft would also create specific definition for industrial hemp, coming back to what I was saying at the beginning, which includes fiber, stocks, grains, oils, seeds, and other components that will not be used in manufacturing or synthesis of natural or synthetic cannabinoid products.

[00:04:29] And so that's a very important distinction because I'm a huge believer in the benefits of industrial hemp for the purposes of replacing plastics or using petroleum.

[00:04:40] It also could bring manufacturing back stakeside instead of allowing for kind of, we call it like dirty hemp, hemp that's grown in kind of dirty places in China.

[00:04:52] It could bring kind of the seed to sown movement back to the United States and support our auto manufacturers, other manufacturing facilities and fabrics and textiles.

[00:05:03] So I think this is a nice tidy way to do this because the other thing we've been saying is then if you're not going to do this, then you should have similar regulatory framework around the hemp industry for consumption so that we're sure it's safe and not getting in the hands of kids.

[00:05:22] I would say there's an important thing to know.

[00:05:26] Which I do think our counterparts in the Bev Elk space may be behind trying to clean some of this up, especially with the call out around beverage.

[00:05:37] I don't know, Si, if you noticed when Governor Newsom signed the piece of legislation to close the market here in California, one of the first groups to step forward to laud his efforts on that was a alcohol distributor company.

[00:05:56] I thought that was interesting.

[00:05:58] I think, you know, as a group that's been watching our category grow while theirs is declining, I think that they'd love to be able to take ownership through their distribution manufacturing channels.

[00:06:11] And this would allow just that to happen.

[00:06:13] That's pure speculation on my side.

[00:06:15] But it's, you know, when you spend a lot of time studying up on both categories as analogs to one another, you start to see things show up.

[00:06:25] And we know that money moving in D.C. has to be big for things to actually move.

[00:06:32] So I would think we may have to have a counterpart on getting this cleaned up.

[00:06:37] Interesting. So a lot there.

[00:06:41] So as far as you mentioned beverage and edible, so that would remain relatively unchanged per this kind of draft that's come forward.

[00:06:54] But it obviously wouldn't change like what happened in California with Newsom.

[00:06:59] No, I mean, I think this then goes back to that each state will have their own regulatory framework, just like they do around other products and things like that.

[00:07:08] Like we, I think we talked about it once.

[00:07:11] Like we don't have, I think we don't have Skittles anymore here because of the dye and the food, which is poisonous.

[00:07:17] That's right.

[00:07:18] I mean, like that could cut both ways.

[00:07:21] I mean, you know, I'm not pounding Skittles, but I wouldn't mind from now and then.

[00:07:25] But, you know, it's just a different it's a different take on it.

[00:07:30] So good.

[00:07:31] Good question.

[00:07:33] Yeah.

[00:07:33] So this was proposed by Senate Democrats.

[00:07:37] What does that mean these days?

[00:07:40] What is it?

[00:07:41] I think any listener would know my thoughts on the legislative process of the United States government.

[00:07:47] I think it's interesting that it was put forth.

[00:07:50] I think it will be interesting to see, like, you know, how like it's put forth.

[00:07:57] Right.

[00:07:57] And so now let's see how it even if it gets anywhere and if it gets anywhere, how it ends up, like what the final product is and in the revisionist language.

[00:08:07] So we'll see.

[00:08:08] I don't know for me, for me, the big the big takeaway is that, like you said, that a lot of us thought that this was kind of a or there's a lot of perception around this being like an accident.

[00:08:22] You know, what has happened based on the reading of the hemp bill and, you know, subsequent readings of people investing in this category because it was like accidentally opened up.

[00:08:34] Uh, and, uh, this seems like a pretty straightforward acknowledgement of like this industry does.

[00:08:40] There is something here and, um, you know, we're going to write it into the bill now because the previous bill didn't have any mention of drinks.

[00:08:49] No, good point.

[00:08:51] Yeah.

[00:08:51] No, I think they're going to probably handle it by THC, by weight or by volume.

[00:08:55] And that's probably how it'll get handled.

[00:08:58] And then it'll be up to the form factor to fit whether or not it's legal.

[00:09:02] Does that make sense?

[00:09:03] Yeah.

[00:09:04] So they're not going to add like categories to it.

[00:09:06] They're just, it's still kind of the by weight percentage.

[00:09:10] It's just that this draft, these changes still allow for that, which has been shown time and time again in multiple jurisdictions that this is federally legal, uh, these types of products.

[00:09:22] Right.

[00:09:23] Yeah.

[00:09:23] I mean, they keep challenging it, uh, whenever a state puts up a, a ban on it.

[00:09:28] So, you know, it's, it's an interesting time in, in these United States.

[00:09:34] Yes.

[00:09:35] And then they, yeah, that's, that's for sure.

[00:09:37] That's a whole nother podcast, but this is a total THC removing Delta nine.

[00:09:42] So they were, they explicit call explicitly called out Delta nine in the, in the previous one.

[00:09:46] Uh, I don't think they did.

[00:09:50] And don't quote me on that.

[00:09:52] Um, I don't, I'm, I'm no expert either.

[00:09:56] No.

[00:09:56] I mean, it's like a category, you know, at headset, we're not tracking this hemp category currently.

[00:10:02] So it's not that close to it, but yeah.

[00:10:05] I think the important thing is there it's including total THC.

[00:10:09] Total THC.

[00:10:10] So I think that, you know, trying to make it so that, you know, people can't be like, oh, this is just one piece of the total sum of the parts, you know, um, to pull it apart.

[00:10:21] Uh, so I don't know.

[00:10:23] This is, this is a quick read.

[00:10:24] It's new news.

[00:10:26] Um, today.

[00:10:27] And I've, as you know, I was heads down cause we had some meetings today, but, um, but when I got spun up on it pretty quickly, this is some of the steps I saw being taken around it.

[00:10:38] Yeah.

[00:10:39] Yeah.

[00:10:40] Well, it'll be interesting.

[00:10:41] Do you know, I mean, with this kind of stuff getting drafted, does that mean that, I mean, the farm bills come in now?

[00:10:50] Who knows?

[00:10:51] Yeah.

[00:10:52] I mean, same thing.

[00:10:53] I, I, I mean, I honestly can't believe they kicked it this far and this long.

[00:10:57] Yeah.

[00:10:58] I know, you know, it is kind of the, the point I think we were talking about it last week about, uh, some people say, okay, well, if it's a red house or a blue house, you know, if it's a red, uh, Congress or a blue Congress, then they don't do anything for a minute.

[00:11:12] But I don't know if this party ran on that, they would do something.

[00:11:17] So, I mean, not like politicians always deliver on their promises or ever.

[00:11:22] Um, but you know, I, I, I do think if they're trying to position themselves as the action party, then, then I hope they do something soon on this just because the farm bill needs to be addressed.

[00:11:32] And then I do wonder if again, like my take on it is not maybe that it's maybe that maybe that a red or a blue house wouldn't, or Congress wouldn't do anything, but maybe nothing was getting done because we are, it was pretty divided.

[00:11:47] Um, and everyone was just sitting, sticking in their corners on, on these issues.

[00:11:53] So nothing got done for the last two years.

[00:11:56] I don't know.

[00:11:57] Yeah.

[00:11:57] Um, I don't know.

[00:11:59] I don't know.

[00:12:00] God, who knows?

[00:12:01] Uh, yeah, I I'm with you.

[00:12:04] It seems like it's been dragging out a long time.

[00:12:05] It seems like it's time to, to make something happen.

[00:12:08] We've been through an election cycle now, so maybe the dust is going to settle.

[00:12:12] Things can happen, but, um, I don't know who knows anymore.

[00:12:16] I mean, I know this farm bill encompasses more than just, you know, hemp.

[00:12:21] Right.

[00:12:21] So there's, there's certainly a big broad reason to tackle it.

[00:12:26] Right.

[00:12:27] Yes.

[00:12:28] I mean, and I don't know, doge exists now.

[00:12:31] So there's like two ways to think about government efficiency.

[00:12:34] It's like, how many people does it take to screw in a light bulb up there?

[00:12:38] But also what's the work product they're putting out?

[00:12:41] I mean, the guy who walked into Twitter with a kitchen sink, I can't imagine that if he

[00:12:45] looked at the legislative action coming out of our government for the last two years would

[00:12:50] give that a high efficiency score.

[00:12:52] Right.

[00:12:53] Right.

[00:12:53] Yeah.

[00:12:54] Good point.

[00:12:55] We'll see if they, uh, they deliver.

[00:12:59] Time will tell.

[00:13:00] We'll see.

[00:13:02] That's.

[00:13:11] To witness, you know, because, um, I don't know.

[00:13:16] We'll see what happens next.

[00:13:18] Yeah.

[00:13:19] Yeah.

[00:13:19] At the, at the very least, let's hope something happens.

[00:13:22] Is that so it's kind of felt like at the federal level, whether it's rescheduling farm bill,

[00:13:28] all this stuff just completely deadlocked.

[00:13:31] Right.

[00:13:32] So the very least let's see something, but yeah, this, this is the thing, uh, thing in

[00:13:36] the right direction makes sense.

[00:13:38] Um, yeah, I think it, it balances everything in, in states like California, you know, are

[00:13:44] choosing to regulate it the way they're choosing to regulate it, which is just like the regulated

[00:13:49] market the way it should be.

[00:13:50] So, uh, and alcohol and alcohol state has different laws on that.

[00:13:55] And within each state, each County.

[00:13:58] So, um, that's right.

[00:14:00] Yeah.

[00:14:00] I know I've met the business end of not being able to buy something before noon too many

[00:14:04] times.

[00:14:10] That's pretty good.

[00:14:11] I, my, my experience was, um, I think it was in Connecticut.

[00:14:16] Uh, and you know, I'm from the West coast and, uh, and yeah, trying to buy, I was at

[00:14:22] like a whole foods and groceries and I had like a six pack and yeah, they were like, what

[00:14:26] are you doing?

[00:14:27] And I'm like, what do you mean?

[00:14:28] What am I doing?

[00:14:29] You can't buy this.

[00:14:30] Yeah.

[00:14:31] Yeah.

[00:14:31] I was pretty eyeopening.

[00:14:32] Right.

[00:14:32] Just with your groceries.

[00:14:33] Yeah.

[00:14:34] Or, uh, in Utah on Sunday, you can't buy, um, any high alcohol, uh, product line, any

[00:14:42] like IPAs.

[00:14:44] Wow.

[00:14:44] So you really got to do, you got to take down some volume if you want to get anywhere

[00:14:50] with it.

[00:14:51] Yeah.

[00:14:51] It's, it's not, I talk about efficiency.

[00:14:55] No, it won't, it won't work.

[00:14:57] Rule of thumb stock up on Saturday.

[00:14:59] That's right.

[00:15:00] That's right.

[00:15:01] Yeah.

[00:15:02] It works as long as after a 12 PM, I guess.

[00:15:06] That's right.

[00:15:06] Yeah.

[00:15:07] Okay.

[00:15:08] Well, we'll watch this.

[00:15:09] Uh, today I learned about hot hemp and I learned about a dirty hemp.

[00:15:14] Those are two new, uh, hot and dirty hemp.

[00:15:17] Oh my God.

[00:15:18] It has an only fans page.

[00:15:20] This is podcast is definitely 18 plus.

[00:15:24] Not safe for work.

[00:15:27] Um, okay.

[00:15:29] Well, we'll, we'll keep, we'll keep our eye on that.

[00:15:31] I think, yeah, that news dropped today, uh, and we're recording this live.

[00:15:35] So there's going to be a lot more to come.

[00:15:37] Um, but yeah, it's something, it's something finally.

[00:15:41] Yeah.

[00:15:42] Yeah.

[00:15:42] And, um, I know you wanted to talk about one of the States that's, um, reviewing, implementing

[00:15:47] regulations on hemp as well.

[00:15:50] Yeah.

[00:15:51] Yeah.

[00:15:51] So last week, uh, kind of, we looked at October numbers and, uh, the different growth rates

[00:15:57] for different markets.

[00:15:58] And if you recall, uh, I excluded Ohio from the charts, um, on the growth because it's

[00:16:05] so out of band, uh, with growth because Ohio recently legalized, um, maybe not all of that

[00:16:12] recently legalized, but recently opened the markets recently, you know, started issuing

[00:16:17] the dual licenses for the medical and the adult use, uh, cannabis operators just in the last

[00:16:22] few months.

[00:16:23] And so I thought we could kind of talk through, you know, what's going on in Ohio.

[00:16:27] Um, you know, what's top line looks like just a few data points that I thought were kind

[00:16:33] of interesting.

[00:16:34] Um, so I do have, I have some visuals to share.

[00:16:38] And if you're listening to this, uh, later, uh, in your favorite podcast app, uh, check

[00:16:44] the link below in the description.

[00:16:45] I will link to this presentation, or if you want to see two really good looking podcast

[00:16:51] hosts, you can jump onto YouTube and, uh, and watch it there.

[00:16:55] Um, or, you know, jump, jump in live.

[00:16:58] Uh, but let me, let me share my screen.

[00:17:02] Um, here we go.

[00:17:06] Speaking of us, there we are.

[00:17:07] Okay.

[00:17:08] Um, so Ohio cannabis sales, what's going on?

[00:17:14] Um, well, October, uh, $77 million in sales.

[00:17:18] So, you know, extrapolating that out, it's about a billion dollar market right now, which

[00:17:22] is pretty good.

[00:17:23] I don't have population.

[00:17:25] I don't want to, I don't want to try, uh, but, but billion dollars, pretty good.

[00:17:30] I have a feeling Ohio's population probably could support a larger market than that, but

[00:17:34] this is brand new, right?

[00:17:35] And these are, you know, early stage, uh, first issued, um, licenses that went to the

[00:17:41] medical holders and, uh, year over year growth, the markets doubled and we see different

[00:17:45] spikes depending on, um, on what, what the market is.

[00:17:49] But right now, uh, it's doubled.

[00:17:52] Okay.

[00:17:52] I have a population update.

[00:17:54] It's the seventh most populated state in the U S and its capital is the most populated,

[00:18:01] which is Columbus.

[00:18:03] Um, but we should not, uh, you know, shouldn't shrug off Cleveland, Cincinnati, Dayton, Akron

[00:18:08] and Toledo.

[00:18:10] Um, the population is probably, it's around 11.8 million.

[00:18:16] Um, and unfortunately for Ohio, it sounds like their population is set to decline, but I guess

[00:18:22] that's declining.

[00:18:23] Yeah.

[00:18:24] I guess that's now with legal cannabis, it's going to go the other way.

[00:18:27] People are going to be pouring in, uh, to this dynamic markets.

[00:18:31] Um, but yeah, that's pretty good.

[00:18:34] That's pretty good.

[00:18:35] So it should be more than a billion dollar market.

[00:18:36] I feel like, but this is kind of the current, current run rate.

[00:18:40] So here we go, uh, looking at the last six months, uh, and it's pretty clear to see the

[00:18:45] double, uh, in, in sales.

[00:18:48] So just doubled sales, uh, you know, Ohio is near Michigan, which is a very big market,

[00:18:55] a very, um, uh, cost effective market, so to speak, right?

[00:19:01] Average item price is very low in Michigan.

[00:19:03] And it is definitely not the case in Ohio just yet.

[00:19:06] Um, and as far as like licenses getting issued and so on, I think there's still a lot of

[00:19:11] room, uh, yet on that.

[00:19:14] So, so, you know, this should continue to grow, I think, uh, but still, you know, a good,

[00:19:19] a good jump.

[00:19:19] You can see that first month of adult use sales summertime, big spike kind of falls off into

[00:19:25] September, but kind of rebounding, uh, a little bit in October.

[00:19:31] Um, yeah, October has one extra day, right?

[00:19:35] Uh, versus September.

[00:19:37] So, you know, that impacts it a little bit, although that day is Halloween and, um, you

[00:19:43] know, I don't know how much that, that matters, but still an extra day.

[00:19:46] Sometimes that influences it.

[00:19:48] But so pricing, uh, pricing is getting competitive, but honestly, like pricing, I feel like for

[00:19:54] a market that, um, has, has grown the way it has.

[00:19:58] So, so quickly, um, I know it's holding all right.

[00:20:02] You know, this is the common thread, right?

[00:20:04] A new market, uh, comes online and, and pricing.

[00:20:07] This is, you know, medical before, right?

[00:20:09] Before August.

[00:20:10] So medical just historically has higher prices, uh, than adult use.

[00:20:15] And I think that a lot of that has to do with just a lack of competition in the market

[00:20:18] for most markets.

[00:20:20] Um, and, and, and it is what it is there.

[00:20:23] And so usually you see this decline, uh, it is about 12% off of the high back in August.

[00:20:30] It held in August.

[00:20:31] And I'm sure that's because it's new, um, held the pricing, you know, now it's not as

[00:20:36] new starting to get more competitive.

[00:20:38] Pricing comes down natural, but you know, like every market, uh, this is pretty common.

[00:20:43] And, uh, unfortunately it just continues to go for a long time on this downward slope,

[00:20:50] obviously impacted by a whole host of factors, including, you know, who are the operators?

[00:20:54] What's the consumer, um, consumer preference?

[00:20:58] You know, what, what does the consumer look like?

[00:20:59] Things like that.

[00:21:00] But, uh, generally, you know, pricing will just continue to decline.

[00:21:05] So here's the, the, the, the heyday of where pricing was, uh, and this is where it's going.

[00:21:10] Then I thought, you know, what, who, who are the operators?

[00:21:13] Um, what are the names?

[00:21:14] What do they look like?

[00:21:15] And you may well recognize some of these when we talk about US MSOs, uh, including rhythm,

[00:21:22] uh, green thumb or GTI brand.

[00:21:24] I see ozone on here, um, which is an ascend wellness brand.

[00:21:29] And I see seed and strain, which is a Columbia care, uh, brand.

[00:21:33] That's right.

[00:21:34] Um, yeah.

[00:21:35] So that's pretty interesting to see.

[00:21:36] I know they've had, you know, a footprint in Ohio for some time.

[00:21:40] Yeah.

[00:21:40] And that, uh, yeah, they have been, uh, out there.

[00:21:44] Um, you know, the, the stores for some of these operators are in awesome locations because

[00:21:50] of being a little bit closer to markets that do not have legal cannabis.

[00:21:54] So that's probably helpful on a vertical sell through basis.

[00:21:57] But, um, you know, it is cool to see that the number one here is clutch cannabis because

[00:22:03] clutch cannabis is a pretty impressive, large, uh, single state operator in Ohio.

[00:22:09] And I do, I do love to see, you know, some familiar brands showing up, but also local

[00:22:14] brands, um, really having a resonance with their own population.

[00:22:18] So kudos to them for digging in there.

[00:22:22] Yeah, I agree.

[00:22:23] And this list, as you can see on the left side of rankings, um, it is not, um, the top

[00:22:30] six it's, uh, kind of a mix of, of, of brands that I chose basically on who moved the most

[00:22:38] year over year.

[00:22:40] Yeah.

[00:22:40] As long as they're in the top 10, um, you know, there may be others.

[00:22:45] Yeah.

[00:22:46] Yeah, definitely.

[00:22:46] So I'll read it for our listeners.

[00:22:48] So number one coming in, number one, clutch cannabis, uh, Ohio native single store or single

[00:22:56] state, as Emily mentioned, uh, 7.8 or 7.9, uh, million in October sales.

[00:23:03] And they moved up two positions, uh, year over year.

[00:23:07] So, you know, they are obviously a big operator in the medical continue to be and continue to

[00:23:11] gain places all the way to number one, uh, rank number two, we've got rhythm, uh, from

[00:23:16] GTI about 7.6 million in October sales, and they moved up five positions.

[00:23:21] So some big gains there moving them into the second position in October Riviera Creek.

[00:23:27] Also, I believe local to Ohio comes in at number three, 5.4 million.

[00:23:31] They moved up three positions, moved up three into number three.

[00:23:35] And then we've got ozone, uh, moved up six into number six, uh, 2.8 or 2.9 million, let's

[00:23:41] say.

[00:23:41] Uh, and then below that, uh, number eight, again, this is not like the top six.

[00:23:47] This is just within the top 10, the biggest movers, uh, seed and strain, uh, 2.6 million.

[00:23:53] They've moved up two positions and then, uh, rounding out the list.

[00:23:57] I had never heard of these guys.

[00:23:58] Uh, but I want to know these guys cause I love the name.

[00:24:01] It's, uh, neighbor goods, like neighborhoods, but goods, um, at 2.1 million, uh, rank number

[00:24:09] 10, they've moved up 22 positions year over year.

[00:24:12] So I didn't really dig too much in the neighbor goods.

[00:24:15] Uh, could be a couple of factors.

[00:24:17] They could just be crushing it.

[00:24:18] They might've just started a year ago, uh, and we're just, you know, very small, uh, regardless,

[00:24:23] they've moved up quite a bit into the top 10 in a year.

[00:24:28] So yeah, pretty cool list.

[00:24:30] And you can find a lot of these brands on our website, headset.io, just search them.

[00:24:35] You'll see, you can learn a little bit more about them.

[00:24:37] Uh, so long as they're, you know, in the top lists, uh, generally in these markets.

[00:24:41] You know, I think this is one, one important call out is because I get to see this and you

[00:24:46] get to see this and we have talked about it on prior high rise episodes.

[00:24:49] Uh, but these local single state operators that are like, I always talk about our industry,

[00:24:56] like an iceberg where there's the public companies, that's the tip of the iceberg that people can

[00:25:00] see because they're public.

[00:25:01] But then below the waterline is a big industry of diverse and interesting operators who have

[00:25:08] really interesting businesses.

[00:25:09] And I think, you know, I hear some people saying, okay, well, the MSOs didn't post great

[00:25:14] quarters per se, not all of them.

[00:25:16] Uh, but you know what?

[00:25:18] Some of these companies probably did.

[00:25:19] And I think that's what gets me excited about our industry is nobody's won this game yet.

[00:25:24] And there's a lot of interesting and smart people who are trying to push this forward.

[00:25:28] So I love when we do these state big dives and, uh, try to understand that there's a

[00:25:34] lot more in motion in cannabis than just what people can easily see in the public markets.

[00:25:39] Well, it's such a good call out.

[00:25:41] And I know we spend a lot of time, um, talking about top line market sales like last week,

[00:25:48] you know, looking at markets like Arizona that have declined year over year, California

[00:25:52] declined year over year.

[00:25:53] And, um, within those markets, we do see a lot of operators gaining position, driving

[00:26:00] more sales.

[00:26:01] So they're like completely outperforming the market where the market may be down X percentage.

[00:26:06] They're up, you know, Y percentage, right within that market.

[00:26:10] So they're already, uh, and this is from like a dollar perspective, not as like share of market,

[00:26:15] but just pure dollars.

[00:26:16] They're just making more money in these markets that are, are contracting as well.

[00:26:20] So, uh, you're right.

[00:26:21] The story hasn't been written and there's all sorts of, of cool stuff.

[00:26:24] When you look like one layer below, which I, it's just so it's hard to do because it's

[00:26:28] when people don't have, um, the kind of information, you know, handy.

[00:26:33] And, and a lot of places will publish like, oh, state reported tax revenue numbers and it's

[00:26:38] down or whatever.

[00:26:39] Right.

[00:26:40] And that's where the story ends for just an article and that gets sent around and that

[00:26:43] becomes a sentiment.

[00:26:44] And then you just think, well, everything's down, but it's not the case.

[00:26:47] A lot of stuff is up.

[00:26:48] This, this market is growing, uh, for sure.

[00:26:51] Everything's, but these brands don't necessarily need to move up positions in a growing market.

[00:26:55] They could stay, you know, where they're at, but yet these, this group here in this top

[00:26:59] 10 have moved significantly.

[00:27:01] Each one of these, uh, that I called out, it's, it's a lot, right?

[00:27:04] Six out of the top 10 have moved into the, or within the top 10 have moved.

[00:27:09] Uh, many have moved into it and some within it.

[00:27:11] Right.

[00:27:11] But that's a lot of movement, uh, even for, for a growing market.

[00:27:17] Okay.

[00:27:19] Um, this I thought was interesting.

[00:27:21] Uh, so I wanted to talk about moratoriums and, uh, you know, every market again, peeling

[00:27:26] back the layers, right.

[00:27:28] Is different just because Ohio legalized doesn't mean, you know, depending on where you're at,

[00:27:31] you can go into a store and, and, and buy something.

[00:27:35] You may be better off, you know, driving into, into Michigan, um, depending on where you're

[00:27:40] at.

[00:27:41] Right.

[00:27:41] Uh, so this, uh, graphic here, uh, it was from the Moritz college of law, Ohio state university.

[00:27:47] And so, um, they're reporting that as of October, 2024, 112 jurisdictions have moratoriums making

[00:27:56] up over just over 5% of Ohio's municipalities and townships.

[00:28:02] So jurisdictions.

[00:28:04] So towns, municipalities that have bands, um, 112 of them, this map kind of shows you

[00:28:10] where they're at.

[00:28:12] And I thought, you know, okay, well, I'm no expert on, um, geography in Ohio, believe it

[00:28:17] or not.

[00:28:18] So I thought it'd be good to kind of see what that looks like from a population, uh,

[00:28:23] perspective.

[00:28:24] So I have another slide here again, this, this, uh, information, uh, is available to you if

[00:28:29] you're listening, but you can see on this slide, it'll show a population per square mile.

[00:28:35] So the, the red color here is where people are living, right?

[00:28:40] So you can see these, uh, these dots.

[00:28:42] So up on the top right kind of corner is, um, Akron, Akron, what is it?

[00:28:50] Top right?

[00:28:50] Cleveland.

[00:28:51] Well, Cleveland's right on the, on the coast of Lake Erie there.

[00:28:54] Cleveland.

[00:28:55] Yes.

[00:28:56] Yeah.

[00:28:57] Uh, so Cleveland, obviously big population center in the center.

[00:29:01] There is Columbus, right?

[00:29:03] Columbus, Ohio, uh, which you mentioned is the most populous capital or the most populous

[00:29:10] city in Ohio.

[00:29:12] So yeah.

[00:29:12] City in Ohio.

[00:29:13] Okay.

[00:29:13] So that's where everybody's at mostly.

[00:29:15] Uh, and then you got on the, on the Southwest side, uh, you've got Cincinnati.

[00:29:21] Correct.

[00:29:22] Okay.

[00:29:22] I'm kind of, I'm kind of guessing.

[00:29:24] So, and I think right above Cincinnati, you've got, um, uh, Dayton, Dayton, Ohio.

[00:29:32] Yeah.

[00:29:33] Right.

[00:29:33] Okay.

[00:29:33] So this is where the magic happens.

[00:29:36] I merge the slides together as best I could.

[00:29:40] Yeah.

[00:29:40] Look at that.

[00:29:41] Data man.

[00:29:42] It should have animated, but, uh, I can only do so much here.

[00:29:46] Okay.

[00:29:46] So, so this, um, this shows you kind of the, where the, where the bands are, the moratoriums

[00:29:55] are, where the population is.

[00:29:57] And I don't know what, what do you, do you notice anything?

[00:30:01] Uh, the green dots are the moratoriums.

[00:30:04] The red is where people live.

[00:30:06] It feels like it's in the suburbs, it feels like it's in the suburbs, just outside of the,

[00:30:09] the dense city centers.

[00:30:12] That's right.

[00:30:13] Definitely.

[00:30:14] I think a couple of things I noticed.

[00:30:16] What's that?

[00:30:17] Is this NIMBY coming at you?

[00:30:19] Yeah.

[00:30:20] I think so.

[00:30:21] I think, well, like one, look at Columbus.

[00:30:24] It's like no real moratoriums.

[00:30:27] I mean, on the outskirts of Columbus.

[00:30:28] Yeah.

[00:30:29] Yeah.

[00:30:29] There's a few green, but compared to in between Columbus and Cleveland, look at that stretch

[00:30:35] of moratoriums, right?

[00:30:36] That I think is, is kind of the rural areas, right?

[00:30:41] Maybe just not dense population city centers.

[00:30:44] It's obviously not in the big ones.

[00:30:45] It's not Dayton.

[00:30:46] It's not Cleveland.

[00:30:46] It's not Cincinnati.

[00:30:47] It's not Columbus.

[00:30:48] Um, but that's where all the moratoriums are mostly like as far as volume.

[00:30:53] Um, and then as far as overlapping with like population centers, I feel like Dayton, it seems

[00:30:59] to be a little more overlapped with than compared to others, even though, um, Cleveland

[00:31:04] seems to have a fair amount where Cincinnati or Columbus, I feel like is, um, pretty well,

[00:31:12] no moratoriums more or less.

[00:31:13] Yeah.

[00:31:15] It's interesting.

[00:31:16] That's a, this is a really interesting exercise.

[00:31:18] I mean, for example, like I know sometimes, um, like right here, San Francisco, Marin County

[00:31:25] has very, uh, few, uh, dispensaries that have been allowed.

[00:31:30] It's an interesting kind of like affluent, uh, urban suburban neighborhood.

[00:31:35] It's on that, you know, on the edge of it.

[00:31:37] And I do feel like we've seen this a little bit over the years in different markets.

[00:31:43] Um, just kind of that, like, uh, the uninformed perspective that it's going to like bring,

[00:31:49] bring the kids to the drugs and vice versa.

[00:31:51] But, um, that's, that's just an interesting, that's more anecdotal of my observation where

[00:31:56] I see the moratoriums.

[00:31:58] But this also reminds me, um, I know you did this and we did it with Hirsch too, the weed

[00:32:03] deserts in California.

[00:32:05] And those do tend to show up in the more, um, rural areas of the state.

[00:32:10] So, um, I don't know, but yeah, I mean, I've driven through a lot of Ohio in my time because,

[00:32:17] you know, Buffalo's on the, on the edge of, uh, Ohio or, you know, we're neighbors essentially.

[00:32:24] And you can get to Cleveland in about three and a half, four hours driving.

[00:32:27] But, um, by the way, go bills.

[00:32:31] Um, but anyway, um, yeah, that's a, this is an interesting overlay.

[00:32:37] And then how long did, did it say about the moratoriums?

[00:32:40] Like the nature of these?

[00:32:42] Yeah.

[00:32:42] Yeah.

[00:32:42] There, there, there's some that are like permanent, some that are, um, temporary and the temporary

[00:32:47] ones, they, it's like kind of a wait and see like what's going to happen, um, with this

[00:32:52] industry before they jump in.

[00:32:54] So it doesn't mean that they are permanent if you see a moratorium, uh, now for like context,

[00:33:01] right.

[00:33:01] Context is always helpful.

[00:33:03] This sounds like a lot, 112 jurisdictions, 5% of their municipalities and townships.

[00:33:08] Well, Michigan, um, which is a number two to California and like total sales of cannabis,

[00:33:17] 73% of municipalities have opted out of allowing adult use marijuana sales.

[00:33:22] So 73%, that's 1300 out of 1700, um, and 73 municipalities.

[00:33:30] So that's huge.

[00:33:32] Three quarters of the state.

[00:33:34] Um, and, uh, following that you've got New York, 50% of municipalities, 753 out of 1520.

[00:33:41] So 50%.

[00:33:42] So, um, yeah, it's, it's quite a, it's not as bad, right.

[00:33:48] As it, as these other markets, um, and it all goes back to, yeah, access and size of the

[00:33:54] market.

[00:33:55] And so this is good for Ohio.

[00:33:58] Um, obviously it'd be great if there were no moratoriums, even when a jurisdiction allows

[00:34:04] cannabis sales, you know, there's nuance to that.

[00:34:06] Like where do they allow them to be?

[00:34:09] It doesn't necessarily mean it's on main street, right?

[00:34:12] Very rarely is it on main street.

[00:34:14] Um, you know, it's, it's generally, you know, somewhere far away.

[00:34:19] Right.

[00:34:19] So, um, it's not, it's not a perfect measurement.

[00:34:22] Uh, even then it's like, you just got to keep digging layer after layer after layer

[00:34:27] to like uncover this stuff.

[00:34:29] But, um, yeah, so on, on paper, great reality.

[00:34:33] Like who knows?

[00:34:33] I, you know, I haven't gone to, uh, Columbus to see where these are at and, uh, maybe they're

[00:34:38] well positioned.

[00:34:39] Maybe, maybe they're not, but, um, at least the, the jurisdictions, there's just not as

[00:34:45] many, uh, with only 5% having some sort of moratorium.

[00:34:49] Another thing that they talked about is this, uh, host community fund, uh, 36% of recreational

[00:34:55] cannabis excise tax revenue goes to communities that host dispensaries.

[00:34:59] So if you don't, if you have a moratorium, you're not going to get, um, this revenue.

[00:35:04] So it's an incentive to, you know, bring it in, right?

[00:35:06] You gotta, you gotta pay to play.

[00:35:09] You gotta, if you want the money, you gotta participate in, in this.

[00:35:12] So, uh, that could hopefully bring some people in.

[00:35:15] Um, there's obviously, uh, you know, in the study that they did, they talked about employment.

[00:35:19] They cited 45,000 full-time cannabis industry jobs.

[00:35:22] Again, this is in the Moritz college of law at, uh, Ohio state university.

[00:35:28] Um, you know, so they're making the case that, you know, jobs could maybe help, um, with the

[00:35:34] moratoriums.

[00:35:36] So yeah, that's.

[00:35:37] Yeah.

[00:35:38] And just also the adjacent job creation and business stimulation that happens when a store

[00:35:43] is opened.

[00:35:44] Um, because you know, then coffee shops tend to do better because they're serving the

[00:35:49] employees.

[00:35:50] People are going to dispensaries as you know, it's just, it's one of those things that has,

[00:35:55] um, a halo effect around the community in a positive way.

[00:35:59] Uh, Verano has done a lot of work on that to help lawmakers understand the benefit of, uh,

[00:36:04] legalizing cannabis.

[00:36:06] But, um, just another thing I would add to that is I appreciate the more, the host community,

[00:36:12] um, requirement.

[00:36:14] We did that in California.

[00:36:15] Um, I know there's a lot of, uh, critics of proposition 64, but the, I, the idea there

[00:36:21] was to try to, uh, get the communities to want to do it because they would see the benefit

[00:36:26] from the taxes.

[00:36:27] But, um, if you don't, if you snooze, you lose.

[00:36:30] So here it is again.

[00:36:31] That's right.

[00:36:32] That's right.

[00:36:33] Um, and then last but not least on, uh, the data here, uh, they also reported, uh, on the

[00:36:38] moratorium by population size.

[00:36:41] And so most of the moratorium jurisdictions are very small population.

[00:36:46] 53 out of the 112, uh, are sub 10,000 people populations.

[00:36:52] Um, so yeah, quite small, quite small.

[00:36:55] So almost half, right?

[00:36:56] Half of the jurisdictions that, um, uh, impose some sort of moratorium or tiny towns.

[00:37:02] Mm-hmm.

[00:37:03] Six or 50,000 people or more.

[00:37:06] So yeah, it's really a small, small percentage.

[00:37:11] So this is great.

[00:37:12] I would love to see this, um, kind of research for every market and, you know, what it looks

[00:37:17] like.

[00:37:18] And, you know, if Michigan 73%, what, what is the coverage from a population, um, size?

[00:37:24] This is population of the, um, of the areas that these moratoriums are in, but it would

[00:37:31] be nice to also see just like total population.

[00:37:33] Right.

[00:37:34] In those buckets, there's 53 that are in the zero to 10,000.

[00:37:37] Are they all 1000 people towns?

[00:37:39] Um, villages.

[00:37:41] I don't know what, what's smaller than a village, like some, some little Hamlet or are they,

[00:37:46] um, you know, like that's right.

[00:37:49] Hamlets in Ohio.

[00:37:51] Um, are they like, you know, large cities when it's 50,000 or more?

[00:37:55] Are we talking, you know, really big cities?

[00:37:58] Are we talking like 50,001, um, which is still relatively small, small cities.

[00:38:03] Um, yeah.

[00:38:05] So interesting stuff.

[00:38:07] Uh, and yeah, just fun to talk about Ohio a little bit.

[00:38:10] We'll publish this out again in the show notes.

[00:38:12] Uh, so you could take a look at this and, uh, tons of Ohio data on the website.

[00:38:16] Uh, if you want to just kind of click around, dig a little deeper on this stuff.

[00:38:21] Yeah.

[00:38:22] Yeah.

[00:38:22] And I'm excited for this market.

[00:38:24] You know, the operators kind of lobbied to be able to open more stores and there was a

[00:38:28] lottery process on that.

[00:38:30] So there will be more stores opening.

[00:38:32] Um, hopefully the, uh, limitations on, um, form factors are going to open up.

[00:38:39] And.

[00:38:40] Oh, right.

[00:38:40] Yeah.

[00:38:41] I did not include category sales on here.

[00:38:43] Um, yeah.

[00:38:44] Good call.

[00:38:45] Cause like, yeah, you mentioned that last week, right?

[00:38:48] No pre-roll.

[00:38:48] Yeah.

[00:38:49] No pre-rolls, which is a bummer.

[00:38:51] Um, but you know, I think that, uh, but that's something, you know, we hope to see

[00:38:57] changing and, um, becoming available.

[00:39:00] Cause that is a big category.

[00:39:02] For people.

[00:39:03] Huge category.

[00:39:04] Yeah.

[00:39:04] I have the data.

[00:39:05] I just didn't include it.

[00:39:07] Oh, can only do so much again.

[00:39:09] Yeah.

[00:39:09] It was a busy day.

[00:39:10] But yeah, that too.

[00:39:12] Um, but, uh, you know, we, I don't know, we, we've talked about this in previous podcasts,

[00:39:18] but you remember Ohio has the per day, uh, limit.

[00:39:22] Yes.

[00:39:22] Package sizes.

[00:39:23] Yeah.

[00:39:24] So it's like, they sell like the number one units, the amount of units for flowers, 2.83

[00:39:29] grams or like, I think that's a whole day unit or a half day unit.

[00:39:33] I can't, I can't recall.

[00:39:35] Yeah.

[00:39:35] Yeah.

[00:39:35] Do you remember the whole day?

[00:39:36] Oh, of course.

[00:39:37] I remember the HDU.

[00:39:39] Yeah.

[00:39:39] Yeah.

[00:39:40] And WDU.

[00:39:41] W.

[00:39:42] Yeah, that's right.

[00:39:43] So there's still.

[00:39:45] There's been a hole in my head.

[00:39:47] No.

[00:39:47] Donut holes.

[00:39:48] Yeah.

[00:39:48] Um, yeah.

[00:39:49] So they're, they're, uh, selling it like that.

[00:39:52] Yeah.

[00:39:52] Um, it's still, it's crazy to me.

[00:39:54] Right.

[00:39:55] And the other thing that I noticed when I was digging up some of this data and I don't

[00:39:59] know, we could go on and on, but I don't, we got to wrap this up eventually here.

[00:40:03] So, um, what was it?

[00:40:05] It was vapor pen.

[00:40:07] I think, um, average item prices, uh, vapor pens are cheaper than flower just on a AIP in

[00:40:14] general, average item price, which is interesting.

[00:40:17] Usually it's the other way around, but that's because generally you have like single gram

[00:40:21] flower that's driving the average item price down.

[00:40:25] I think, I think that might be the nuance.

[00:40:27] So I looked up, um, average item price by, um, equivalized price, which is a per gram price.

[00:40:35] Um, so when you have 2.83, uh, grams, is there kind of baseline that that comes out to average

[00:40:44] equivalized price of $9 and 44 cents per gram?

[00:40:48] Um, but you're not, you can't buy like single grams.

[00:40:51] Right.

[00:40:51] Uh, so I think that that keeps the pricing higher, but I was surprised to see the average

[00:40:56] item price for flowers, just higher than average item price for, um, for a vapor pen.

[00:41:04] I wonder too.

[00:41:05] Well, it'll be interesting because sometimes in the, you know, when the market's open and

[00:41:09] they're trying to, and they've been, uh, you know, stocking inventory, you got to move it

[00:41:13] quickly.

[00:41:13] Sometimes you blast it through just a distillate process so you can get it into like vape and

[00:41:18] get it out there.

[00:41:19] Um, there's a lot of, of interesting, you know, make, you know, what's it called?

[00:41:26] Like kind of factors in the early days of these markets, but, um,

[00:41:31] Totally.

[00:41:31] And then, um, when I was looking at, um, let me see if I can grab it real quick here, just,

[00:41:38] uh, like clutch.

[00:41:41] So I'm going to go to headsets.

[00:41:45] Ohio has cool branding too.

[00:41:47] They do.

[00:41:48] It's fun.

[00:41:49] They definitely do.

[00:41:50] Um, I go to flower and clutch number one product in, uh, the flower category is a clutch

[00:42:00] cannabis product.

[00:42:01] So top, top unit sales, orange 43, 2.83 grams, average price of $42 and 47.

[00:42:09] So pretty pricey, you know, pretty pricey.

[00:42:12] Um, but that's the number one selling, uh, by units.

[00:42:16] So people are here for it.

[00:42:18] People are here for it.

[00:42:19] Come get, come get the good stuff.

[00:42:22] That's right.

[00:42:23] So there's so much more I'm sure we can dig into, but, um, we will publish, uh, this out.

[00:42:30] Um, we up for another high rise next week.

[00:42:34] Let's do it.

[00:42:35] Thanksgiving.

[00:42:35] Let's do it.

[00:42:36] Yeah.

[00:42:37] Thanksgiving edition.

[00:42:37] That's right.

[00:42:38] Maybe we can figure out a theme there.

[00:42:40] Uh, and then the week after is MJ biz, I believe.

[00:42:44] Yeah.

[00:42:44] That one might be tricky.

[00:42:46] Yeah.

[00:42:46] It might be tricky.

[00:42:47] Might be tricky, but I'll be there.

[00:42:50] I'll be there for 23 hours.

[00:42:53] Interesting.

[00:42:53] Yeah.

[00:42:53] But we have a, um, I'm speaking on Tuesday on the third.

[00:42:58] Um, if anyone wants to come see me, um, are you speaking?

[00:43:03] No.

[00:43:03] Running around.

[00:43:04] Uh, well, sort of.

[00:43:07] Uh, so there's like a.

[00:43:09] With people.

[00:43:10] Yeah.

[00:43:10] Yeah.

[00:43:11] Yeah.

[00:43:11] I guess that's what it is.

[00:43:12] It's more like a panel.

[00:43:13] Um, it's, uh, related to the fact book.

[00:43:16] So MJ biz published as a fact book every year.

[00:43:19] They leverage headset data.

[00:43:21] Um, so I'm, I'm joining a, like a group of, uh, people that participate in the fact book

[00:43:29] different angles.

[00:43:29] So, you know, we, we brought in the retail sales.

[00:43:32] Um, so there's some, some event.

[00:43:34] If you're a subscriber to the fact book, you can come, uh, to my somewhat speaking engagement.

[00:43:40] So that's my long answer.

[00:43:41] No, I love that.

[00:43:42] The fact book was, um, you know, way back in 2012, 13.

[00:43:48] Yeah.

[00:43:48] I started, that was how I studied up.

[00:43:50] It was our first pitch book had a lot of, uh, fact book data in it.

[00:43:54] So.

[00:43:54] And now it's even better because yeah, it has headset data.

[00:43:57] It didn't have headset data back then.

[00:44:00] No, it was all self-report kind of, uh, and, and just updates on, you know, uh, reform

[00:44:05] and policy changes.

[00:44:07] So very, and, and kind of market estimates, like how big could the United States be market

[00:44:13] be, et cetera, et cetera.

[00:44:14] So that'd be interesting to look at some of those.

[00:44:16] Maybe we should do a podcast on that, like dust them off 10 years later.

[00:44:20] Where are we at?

[00:44:21] Yeah.

[00:44:21] I have some of them and they are hardcover books.

[00:44:24] And so, yes, they have dust on them, I'm sure in a cabinet somewhere, but yeah, I kept

[00:44:29] them because of that.

[00:44:30] I thought it would be a fun look back someday when I have time, but, um, on the heels of

[00:44:36] that week too, we have, uh, I'll have the, uh, coming out of, you know, the big, uh, first

[00:44:41] circuit hearing for the Supreme court, uh, case for the industry.

[00:44:44] So pretty exciting things there.

[00:44:47] I don't, did you see the, like the, you know, we've been saying government overreach,

[00:44:51] government overreach, government overreach for about a year now on this case.

[00:44:54] And now all of a sudden this whole theme of government overreach is like reigning supreme.

[00:44:59] And, um, justice Gorsuch just talked about it as it pertains to that, um, that sad little

[00:45:06] squirrel that they killed for what was it?

[00:45:08] Peanut.

[00:45:09] I hated that story.

[00:45:11] Oh yeah.

[00:45:12] I didn't, I didn't, I saw the headline, but, um, I couldn't even read it.

[00:45:16] I was so upset, but, um, I don't know.

[00:45:18] This guy had a domesticated, uh, squirrel and a raccoon and, um, the officials came and

[00:45:24] euthanized them.

[00:45:25] And anyway, let the people have cannabis.

[00:45:30] Let's see.

[00:45:32] So that's on December 5th.

[00:45:33] So yeah, lots of exciting things coming up, Si.

[00:45:35] So next week we'll do a gratitude episode maybe.

[00:45:38] Oh, I like that gratitude episode.

[00:45:40] And then, um, yeah, we'll figure out the week of MJ biz given your like 24 hour stint

[00:45:45] probably aren't going to be able to do something there, but I don't know.

[00:45:49] I don't get out there till Tuesday.

[00:45:50] I don't know.

[00:45:50] We will figure it out.

[00:45:51] We'll let everybody know, um, what's going on, but, uh, we're trying to do this, uh,

[00:45:57] I don't know, back on our regular weekly cadence.

[00:45:59] So more to come.

[00:46:01] Yeah.

[00:46:02] And we'll have green Wednesday.

[00:46:04] Oh yeah.

[00:46:04] Right.

[00:46:05] How could we forget?

[00:46:06] How can we forget?

[00:46:08] One of the highest holidays.

[00:46:09] That's right.

[00:46:10] Plenty of data coming.

[00:46:12] Well, thanks for joining everybody.

[00:46:14] Uh, thanks for listening to the high rise podcast presented by headset.

[00:46:22] For more information on headset, visit headset.io.