Cannabis Is A Long-Term Play

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Editors’ Note: This is the transcript version of the podcast we posted last Wednesday. Please note that due to time and audio constraints, transcription may not be perfect. We encourage you to listen to the podcast embedded below if you need any clarification.

Rena Sherbill: Hi, again, everybody. Welcome back to the show. Welcome to 2023. Welcome to the first podcast of the New Year. Ted Waller is joining us again. He is a fantastic author on Seeking Alpha. He writes about cannabis stocks there. He’s written a lot about, you know, kind of the anxiety that has befallen us investors. Certainly, cannabis investors are not unique. It’s investing across all sectors that’s seen a lot of bad news. Some good news in there too. And some good place to be made, but I think everyone can understand that it’s been a difficult year and definitely some are feeling it more than others.

I hope all of you are experiencing the lessons that we all need to learn as we become better investors. I know a lot of people listening here are much more experienced and savior investors, and a lot of people are just starting out on their journey. I know that I am definitely closer to the beginning of my journey and learning a ton along the way. And guests like Ted help me figure it out, and I hope he helps you figure it out as well as you contemplate what to put in and what to leave out and what to remain convicted about in terms of our holdings.

Why his top holdings may be no surprise, also get some good perspective on the global picture and what stocks he likes? What he thinks about ETFs? What he thinks about all the legislation and political machinations that have been going on and how we should be thinking about those things if not focusing on them as investors. We recorded this a little bit before the New Year. I hope everybody is enjoying their New Year. I hope all those celebrating the holiday season enjoyed. And if not, at least enjoyed some time off, some quiet, some winter reflections. Hope you enjoy this conversation.

Ted, happy holidays, almost Happy New Year. Thanks for making the time during this holiday season. I really appreciate it, and thanks for coming back on the show.

Ted Waller: Sure. Glad to be here again. 2022, what a year. There’s a lot to talk about.

RS: There’s a lot to talk about. This is going to be published as the first one of 2023, so that’s a very auspicious beginning. And you’re a great person to get us started. You just wrote a great article about, kind of cannabis investing, what investors can take away, what they would do well to kind of shirk-off a little bit and what they can look forward to?

Maybe without, you know, necessarily echoing everything that you echo there, but in general, how are you looking at it, coming at as an investor this industry where we’ve seen a, you know, a lot of pain just like just like the rest of the market, but also stuff that’s unique to cannabis? How are you thinking about it as we’re heading into a New Year?

TW: First of all, I’m a long-term investor. You know, I love Warren Buffett saying that his ideal holding period is forever. And I think that one of the things that I become much more aware of over the last year or two, and that I’m really trying to communicate to my readers is to take as much of a long-term view as they can to have – just one thing to have a rational understanding about the long-term saying, yeah, yeah, I know long-term. But there’s another deeper level of comprehension that I’m trying to get across.

And so that when people think about investing, in cannabis particularly, their first thoughts are about the long-term, not the short term. And I think there are a couple of really important long-term trends that are affecting cannabis. One, is that as I wrote in my previous article, cannabis legalization is in an [indiscernible] moment for social change. And it’s going to happen one way or another. This is the way of all big social movements, but it’s a long-term process. It goes in fits and starts.

And as we saw with the recent safe saga, it can look like it’s jumping forward and then falls back. And the other very large trend is that cannabis is probably the inevitable path of any emerging growth industry, and understanding where cannabis is on its path gives some crucial insights about its future. And I’d go to that more if you want.

And as part of that trend, I think that I’d like people to recognize that the most money is made in the long-term as the industry consolidates changes. It consolidates around size, strength, and we’ll get there, but we’re not there yet. We’re more on kind of the growth things.

RS: I think also just speaking for a second. I mean, really both of your last two articles speak to this. And something I like that you made a point of mentioning is, just that the investors that have been invested since the boom or that look or that added to their positions in the boom and are looking to get that back, like, that’s probably not going to happen, but that doesn’t mean that still not a good long-term investment. There’s just been some unforeseen hurdles or deeper, deeper kind of challenges than we may have expected as investors in this space, but that doesn’t take away from the optimism moving forward, I guess.

TW: Right. And I think there’s certainly lessons to be learned not only from the boom a couple of years ago, but also to the previous boom. And also flow from the recent mini boom from the where some stocks went up as much as 50%. During December when SAFE was being actively discussed. And one of the lessons that I look to take from all of this is, you got – there will be challenges. There are going to be challenges. We may not know exactly what they are, but we know that they’re coming.

We’ve had a couple of them. And it creates a lot of volatility, but it’s to no one’s advantage to chase that volatility up, and every everybody who’s [invested it] knows that it has not worked out. I understand the trading mentality. I’m not a trader myself at all for various reasons. But, you know, looking back over my many decades of investing and knowing people in the business, I know very few people that have made a lot of money, made their wealth through trading. I know one or two.

RS: I wanted to question – ask you a question about one point that you made about the mini boom. I like that phrase. The mini boom that we saw from the SAFE kind of shenanigans brouhaha, a roller coaster ride. How do you think of that just as the fact that the cannabis stocks trade on catalysts, but how do you view which go up and which go down? And I also know that there were a lot of questions by people that really follow the industry. Like, why is this certain name down? Is it always, like, very even sometimes in a niche way catalyst driven?

TW: I think we’re finally reaching the point where we can differentiate between the stocks. A couple years ago, I know I wrote an early article about ETFs saying, we don’t really know which companies are going to be successful, which are. We just don’t know. And there’s no way to know. So, why not invest in some ETFs to cover the waterfront so to speak? But we’re moving out of that space and especially as the flood of easy money has disappeared, companies – weaker companies, purely can’t depend on being able to get funding anymore from that.

So, you know, in good times, and there have been good times in recent years for cannabis. Everybody’s happy, everybody does well. It’s the times of crisis or weakness that calls out with weaker companies. And I think it’s really important to note that that’s where we are now. The weaker companies are not going to make it. And so, I think that the market is recognizing that, and that’s why you now see some stuff going down so much.

It’s, you know, all of the factors that are traded the negative conditions over past years, so, you know, they’re kind of crashing down [indiscernible] all at once. And this is when you have to be particularly careful, when you really have to know you’re investing in the companies [that are going to] [ph] survive.

So you have something like, you know, Ayr Wellness (OTCQX:AYRWF), for example, which has really took a dive over the past several months and people say, well, why and what’s changed? And I believe that it’s because the investment community is recognizing that they are relatively a weak. They put a huge amount of money into growth. And we just don’t know what’s going to pay off.

RS: What’s your thought or do you feel like that they had a better strategy, kind of at the outset than how they’ve been able to execute or what would you put your money on in terms of Ayr specifically?

TW: Well, they had a strategy to begin with. It was kind of a – they were relatively conservative. They were slowly investing in a couple of states and they were particular with states they invested in, they had an interesting approach of acquiring companies for a combination of shares, cash, and the seller notes for debt.

So, you know, now these seller notes have been coming due. This one expense they’re going to have, but they changed a lot. They really went to a hyper growth mode, and I think they lost they, they did not adhere to their original strategy.

They’re one of the biggest growth companies in the field. In terms of their size. So, as they expanded rapidly, I think we may over stretch – over extended themselves. Now, they’re doing great in New Jersey. Good for them. But the success of our operations, I think, is a little bit shaky, and I think that’s what’s happening.

RS: And what do you think of their investment in Florida with the whole Liberty Health deal?

TW: Yeah. You know, I don’t know, I haven’t looked at that closely, but it’s obviously, Florida is one of the best environments that we continue to be, but, of course, if everybody is trying to get into Florida, And I just don’t know about that. It’s kind of a gamble, but it’s kind of contrary. That’s one example that’s kind of contrary to their original strategy, which is going into new states with limited licenses and limited competition. That’s the exact opposite of what’s going on in Florida.

RS: Although they even got in a while ago, I mean, you would – I feel like they – something better could have happened there or maybe it’s still to come. I don’t know or maybe it’s not going to happen. I don’t know.

TW: I don’t know. I think it’s still a question mark in my mind.

RS: So, another question I wanted to ask is you mentioned ETFs. I know that you have a buy on MSOS, at least in the last article you wrote on them. Do you – and even though you said kind of a little bit ago describing how we’re at a different point in the cycle that maybe now you can as an investor, even a retail investor, look at the stocks instead of the basket of stocks in an ETF. A, how would you couch or a, I guess, would you paint all ETFs with the same brush stroke? And how do you – how are you advising investors in terms of ETFs in general right now?

TW: Yeah. Well, not all ETFs are equal. And if you look at the performance, compared to performance, some of them, oddly have done worse than the others. I would stay away from levered ETFs. I think that’s just, you know, dynamite ready to be lit. I mean, there’s so much volatility in cannabis as it is, why do you need to double the risk, double the volatility. It’s got for me, it seems to me it has enough in it as it is.

So, you don’t need that leverage. Although I understand why they ETF companies put them out because it tracks money. Anyway, each – my recommendation for MSOS, as I recall, is based somewhat on the idea that they would be big beneficiaries of SAFE to pass. So, I said, well, you know, it’s a good vehicle for taking advantage of the, you know, SAFE Banking. I don’t think it has – well, another characteristic of MSOS is that they’re really very heavily weighted towards the top companies in the sector. The top five or six companies.

So, I can’t recall exactly, but I think that was 76% of their assets in Top 5 companies. So, in essence, you’re buying the Top 5 companies by MSOS. It’s very interesting. And so, I think ETFs in general have a role for certain people. Certain people don’t want to monitor the individual stocks or maybe don’t feel like they have yet achieved the level of expertise in cannabis so that they really have confidence in what they’re doing.

It’s okay. I mean, I think it’s legitimate, and I own some MSOS myself as a matter of fact. So, it’s kind of a holdover from earlier days. Actually, when it was first – first came out. I guess that’s all really all I can say about an ETF. I don’t look down on people who invest in them. I think they play a legitimate role.

RS: Yeah. Well, we both have hold over positions in MSOS. Would you – do you have an opinion on the other U.S. focused ones, anything that you would say about them?

TW: You know, I don’t want to say too much because I don’t follow others ETFs closely.

RS: Fair enough.

TW: I – although cannabis is in a small sector, I can’t follow everything. And I’m just putting my time and attention elsewhere.

RS: Fair enough. So, can we talk for a second about SAFE Banking not coming to fruition. How are you thinking about the role of policy and legislation and what we may or may not see in terms of federal progress? Are there thoughts that you have about that?

TW: Yeah, sure. Everybody has thoughts on that. As a matter of fact, in my latest article, I had it, I felt compelled to include a special note on SAFE Banking. I didn’t think I could write an article without talking about that. But the way I look at is, I go back again for the long-term. And we had to recognize, first of all that 2022 was the, by far, the best year for cannabis in terms of moving by the federal government, at least since the Controlled Substances Act in 1970.

I mean, we had Biden with his word for expungement and the Cannabis Research Act and we had the proposal for SAFE, which changed never so close to [passing] [ph]. It didn’t pass. It was disappointing. Everybody kind of inspected it. But I think as part of the – as I said, an inexorable path of cannabis as an emerging growth industry and a wealth of social change, we will get, say, we will get equalization. We will get equalization. But that’s really long-term, which is why I think long-term.

One reason why I think long-term is only way to approach this industry. You know, I do want to say, I believe, that the senators on both sides were sincere and were operating voting on their principles. A lot of people are very cynical about politics in general. But I really believe that Cory Booker was sincere in his imports he attached to social equity. I believe that Charles Schumer was, and he – and that he was sincere by trying to get SAFE passed. And I think that it will happen. We just have to be patient.

RS: And so you would say on the other side, Mitch McConnell felt truly that he didn’t want to pass it? Would you just…

TW: Oh, well. You caught me there. I think he was sincere that he did not [want it to pass] [ph], but I think I was kind of attributing that as much to – but I know he’s opposed to personally, but I think I attribute it more to his Tennessee to try to be obstructionists for the democrats in every single way he can. But he was the one that said after Obama was elected the first time when he was asked, what is your primary goal as a leader of the senate? My primary goal is to prevent Obama from being re-elected. You know? That’s pretty bad. So…

RS: So, sincerity all across the board.

TW: Yeah. At least he was open about it.

RS: Hey. You know. The other thing I wanted to ask you about was in terms of, you know, kind of looking at the states. And as we’re grappling with how fast or how slow federal change is going to help all these companies, and, you know, thereby investors maybe. Your thoughts on, like, Trulieve (OTCQX:TCNNF) for instance, or kind of the top companies, like, Trulieve just announced that it got alone at a really good deal.

How are you looking about or how do you look at the top players? A, do you think those are only MSOs? And B, how do you think that they survive in this kind of as we weight out federal legalization and getting rid of things like the 280E tax, which just makes things really hard and whatever, the various regulations that make it really difficult to be a cannabis operator?

TW: Sure, Rena. Yeah, we have to assume that we’re going to be operating in pretty much the existing in the environment we have now for the foreseeable future. There’s no telling whether if any move on the federal level is going to happen and I don’t think anyone should make that a big part of their investment thesis unless, except for the very long-term. But in terms of the performance of the companies, in the near term, in the next couple of years, we’re going to have the same environment [do now] [ph].

So, if you look at what’s going on now, that’s what the companies have to deal with. Now that being said, you know, there are a lot of factors that are causing the current poor conditions, and those eventually will all resolve or most of the – many of them. Whereas in terms of the economic conditions, you know, inflation will resolve.

And supply chain probably will resolve and we look within the industry, you have this overproduction as I highlighted in my latest article situation in Michigan where I think they said the price of cannabis had dropped 75% over the past year to, which is, I’m sure making every producer in the state. But so, you have margin compression over production, over competition, those will all sort themselves out. And the things initially would be better there.

So, we can expect that. And I think that I focus on the larger companies. I focus on the MSOs. I think they have the best chance of success for various reasons. And so, I’m especially going to be in the next month’s and which ones are actually showing the best level of performance and execution. You know, some of them may still end up without a net profit, but by these various financial metrics, we can see which ones are performing the best.

So, it was Trulieve, Green Thumb (OTCQX:GTBIF), and I put Verano (OTCQX:VRNOF) in that category in Curaleaf (OTCPK:CURLF), and a couple others. I have – I’m pinning a lot of my hopes on them. And I’m kind of, as far as my own investments, I’m kind of, if I have money to put in, I’m putting them in those current leaders. I’m not sure if I answered your question or not.

RS: No. No. I think that’s – I think that’s right. Those are your, like MSOs are your main pick. In terms of Verano, I know that you were, kind of a little hesitant when the Goodness deal broke down. What are your thoughts now?

TW: Yeah. Well…

RS: Even though not much changed really.

TW: Well, I think my – that article of Verano was, I didn’t communicate my thoughts well based on the response it got. I was just trying to say, well, let’s, you know, remember it was probably going to be okay, but, you know, there’s been enough hiccups there for the company that you know, give them a little extra attention and see how they do in the months to come. Because as I’ve said for a long time, the quality of management is the number one thing in terms of importance to a company’s success, and they were – there’s just a little evidence I felt that maybe they weren’t as on top of them, so they could be.

Now, since that time, you know, obviously, well not obviously, but if in my mind, terminating the Goodness Growth (OTCQX:GDNSF) merger was a really good idea. It was hard for them to do. We never want to get you wrong for one thing, but I think it was definitely the right thing to do. So, you got to get them credit for that, and I think it did [wonderful] [ph]. But and also, their financials are actually among the better in the industry. In terms of debt to equity and cash flow and so forth. So, I’m more positive now on them than it may have appeared at the time the article’s written.

RS: Do you think they do another acquisition like soon-ish?

TW: I think they might, but most acquisitions in the sector are a relatively small operators. You know, something like 2 or 5 or 10 stores. We’ve, you know, the large ones get the attention, but for every large acquisition [indiscernible] set for probably 10 small ones that no one hears about. So, yeah, I wouldn’t be surprised if they do some of that.

RS: I noticed that you didn’t include Cresco (OTCQX:CRLBF) on the list of MSOs that you do like, do you have an opinion on them or the deal that they have going with Columbia Care (OTCQX:CCHWF) and, you know, Diddy is involved with that also in that deal?

TW: I’ve got a pretty firm opinion on that. I thought from the beginning it was a bad idea. It seemed like they were, kind of reaching or grasping for some solutions to success or a road to success. They recognize that their strategy at the time, you know, wholesale and so forth was not working. It looked like it would not be working. So, they – and they weren’t as big as the other top companies. So, I think it is – so that was one of a solution.

So, they went ahead and did the deal. You know, I don’t know many times when, you know, merger/acquisition you take two money losing companies, put them together, and somehow magically get a profit making company. You know, the theory is good, but I just rarely have ever seen that happen. So, I don’t like [to stand here] [ph]. But the other thing about Cresco merger or acquisition was that at the time, they seem very kind of vague about how the size of the benefits from the merger what the final company would look like.

It was, like, well, we never have to sell off a lot of assets on exactly what they are now. We’ll have a gift for them, but we’ll do that, and then we’ll have a company at the other end of it. It didn’t seem well thought out. So, as you can tell, I have a pretty different feeling about it. About Cresco.

RS: Do you feel like, is your issue with their strategy in general?

TW: No. Not necessarily. I don’t think this is an issue with strategy as much as an issue with the way the formulation of the strategy, the way that’s been executed.

RS: In terms of just, you know, kind of not adhering to all the smaller details, let’s say?

TW: Yeah. That’s part of it. They also, as you might recall, took a huge loss in California. They’re the ones that were seduced by the huge market in California and it just didn’t work at all. Now, through their credit, they did bail out relatively early, but that was another big mistake. So, you know, this – I want to focus on the companies that I think are doing the best and that’s just not all.

RS: So, speaking of companies that you think are doing the best, I’m always interested when somebody writes an article about an Israeli cannabis companies because I feel like there’s not a lot out of that – there’s not a lot out there about them. And you wrote one about InterCure (INCR) and that’s a company we’ve covered on the podcast in number of episodes. Can you share your thoughts about InterCure and maybe how you think about the global picture of cannabis?

TW: Yeah. I’m really excited about it. You know, it’s a small company. I wrote a number of articles on them and I know – as I recall, the stuff at the top of my head, you interviewed the company, one of the people in the studio was Ehud Barak. Is that correct?

RS: Yeah. That is correct.

TW: So, you know and what people who don’t know, Ehud Barak was a former, I think, Prime Minister. He was a general in the army, he’s kind of a national hero. At least that’s the way it looks some across the ocean [indiscernible] people in Israel might disagree. Yeah. But…

RS: I would say that’s right.

TW: But he is a major figure. He’s recognized around the world. And to have something like that as I think he’s Chairman of the Board of Directors. It’s just a huge thing to me. And, you know, it’s going to open doors all over the world. And InterCure is – wants to be a global company. So, he’s a really great asset to get people’s attention outside of Israel. So, but yeah – InterCure is the company I’m as excited about as any other industry interview. Alex Rabinovitch, I think his name, he’s the President of the company [indiscernible]. And he really impressed me. I saw…

RS: I’m losing you a little bit, Ted.

TW: Okay. I’m sorry. Sure. InterCure, people don’t know, is an Israeli company that focuses on the pharma cannabis market there, which is the only way people can buy it legally as far as I know. And they are one of the most successful cannabis companies in Israel. And they’re really executing well, but their goal is to become a global cannabis company.

Now, they say that they’re already the largest company although they’re small, they’re already the largest company in the area of pharmacological cannabis in the world in terms of sales. But as I say, they recognize that they can only get to be so big if they only operate in Israel, a country of about [8.9] million people. So, their goal is to become – is to a global presence. And they already have the relationships with global producers around the world.

I think they have a very well thought out strategy, and he discussed with me their U.S. strategy, their thinking. that far ahead to when pharma cannabis becomes legal in the United States. And, you know, I have to agree with them there. You know, I think that’s the route that federally cannabis will take, in a manner, it’ll be considered a pharmacological agent, and the drug companies will be the ones who benefit. But the drug companies are going to have to work with experienced players and [indiscernible] what we want. So, it’s hard to find international companies. I found it hard Rena, but this is one I found that I’m pretty excited about.

RS: Is it there, kind of do you feel strongest about, I guess, their management team and their strategy and their ability to execute? Is that how you would kind of sum up why you’re most bullish on them in terms of the [global future] [ph]?

TW: It’s all of those things and also the position that they’re in regarding – well related to Global Cannabis, because Global Cannabis, I mean, cannabis outside of North America is really just getting started. It’s like where America was. I mean, what North America was, like, 40 years ago or so. So, that’s maybe the most exciting thing. They’re right getting it right at the beginning. And they’re a company that they feel like they really have expertise in the pharma cannabis area. And the latest figures I saw were that the global market.

It’s something like $45 billion of which North America was $25 billion, but in four years, it was projected to grow to over a 100 billion. So, from 45 billion to 100 billion in four years. And, you know, Rena, somebody is going to make a lot of money in that period. It’s just impossible to see that people won’t. It’s hard – that may be hard for U.S. investors to believe because we’ve had such a difficult time here, but that’s just the truth. And if you if you look at the company, like InterCure.

A lot of the things that are holding American companies back, they don’t have to deal with. They don’t have those 280E taxes. And they don’t have 50 different potential state regulatory bodies to deal with. You know, they have to deal with each country, but then you have such a good EU, which has some, it’s going to have some regulation in common. And do a couple of other things. So, they’re free of all those things. So, you know, imagine if you took a company like, Trulieve and took away the 280E taxes they would be hugely profitable. And, no, go ahead.

RS: No. I was just going to say the fact that they trade on NASDAQ. I’m surprised that they don’t get a bit more love from the investing community in the States. Do you think it’s just because that they’re focused on the global picture right now and outside of the U.S.?

TW: The global market is so new. It’s so small. And unknown and the InterCure is a very small company. And it’s hard for them to compete for attention with everything that’s going on in America. It just gets totally drowned out, but that’s to me that’s in a way a good day because eventually the awareness is going to grow, and as more investors become aware of it, the more people are going to buy into it. Yeah. And I am very, I really think people need to get into it now before that happens.

RS: So, let me ask you, you know, I recently released, like, a highlight clip of our MasterClass in cannabis investing, and a lot of people write-in in terms of, like, what metrics they should be looking at when they’re following cannabis stocks. And one of the big discussions there was not looking at adjusted EBITDA, but instead looking at cash flow. A, would you agree with that? I mean, I imagine you would especially in these times, but I’m happy to hear your thoughts. And also, how do you advise investors what they should be looking at? I mean, I know that we touched on a few points of that already throughout this conversation, but how would you synthesize kind of your metrics in the space?

TW: Yeah, that’s a great question, Rena. I agree. The adjusted EBITDA is not the best thing to go by or make investment decisions long that cash flow is extremely important. And, you know, you have to – you can’t make a profit unless you have more money coming in and going out, cash flow. You just can’t. You can’t. Eventually, you’re not going to make it. But I also – considering where we are right now in this kind of danger phase where all companies are going to be – are being even more stressed than usual. I want to look at other things like, how much cash they have on. What’s the debt to equity ratio? Do they have any profits at all? Gross profit.

The common things that indicate – that show the financial position of the company and their potential going forward, and this is one of the things I’m going to be concentrating on wants to come, right. I want to take a look at some of these things. See what people are. The one article I did on that, a while back, was about operating cash flow and Green Thumb came out way on top there. Also, on top, there’s a net profit. Green Thumb is emerging as one – as per to in my mind, one of the premier companies in the space and the name that we’re going to be hearing for a long time to come. So, yeah, that’s where I stand with those things.

RS: Do you have any hesitations on the kind of resignations and the hires with Green Thumb recently?

TW: No. I don’t.

RS: Okay. Do you feel like that’s just the growth of a company?

TW: Yeah. It is. And, you know, it’s going to happen time to time and some people tend to really jump on any kind of management hiccup. And get very alarmist about – I think you really have to give them some slack.

RS: Well, I think also that it was, like, a few at one time. I think that is, you know, somewhat anxiety inducing among investors maybe.

TW: Yeah. I know. And I think one of the rumors I heard was one of the things reason they resigned was they felt like the present CEO was smoking too much weed at work or something like that [indiscernible], but I will tell you what, you look at their performance, you know, there’s one thing to talk about management rumors I guess what happened, but it’s not you looked at financial performance and you can’t ignore it. They’re the best.

RS: Yeah. And they’ve been doing it a while. They’ve been – they’ve been [like that for while] [ph]. Yeah.

TW: They have. They’ve been around for much longer than most people you realize.

RS: Yeah. Do you feel like that that’s evident of a smart strategy of, despite how much weed he may or may not smoke, great management? What do you attribute that mostly to?

TW: Well, that’s a complicated issue. Management some ways is a black box. You know, we don’t – we can’t be inside and see how and get a way to see how they’re actually thinking, talking, making decisions. And I tend to rely a lot on performance over time as an indication of how good the management is. So, that’s where I am on that. I’m going to rely on their performance in this case.

RS: Whatever company walks the walk.

TW: Right. Exactly.

RS: Ted, I appreciate this conversation. Especially, I know during the holiday season, it’s not always easy to make time. I appreciate you coming on. Anything you want to leave investors with or share or how they can reach out to you?

TW: I just want to say once again, as I started off, you know, just you have to have long-term view of cannabis. You have to – and that’s the way to have is I titled one of my – one of my recent articles, anxiety free cannabis investing. It doesn’t have to be a hair-raising roller coaster ride if you have the right – if you have the right state of mind. And I am – in spite of 2022, I am just as confident that I have ever been that cannabis is a generational opportunity for investors.

RS: How often do you check your stock portfolio?

TW: Wait too often. Sometimes, I like to say, ideally, what I would like to do is check it and then not look at it for five years. But it’s more like five minutes.

RS: Yeah. Alright. Well, we’re all in the same boat. Sometimes we can’t help ourselves.

TW: Right.

RS: Yeah. Great stuff. Great stuff, Ted. I appreciate it. And long-term investing, I would definitely echo all the sentiments why that’s the way to go, especially in this industry.

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