Mike Curtis, Managing Partner, Parallax Ventures, Mohan Nair, Partner, Parallax Ventures, Terry Kulaga, CEO & Co-Founder, Weed Me and Jim Hallam, CFO, Hygrovest Limited (ASX:HGV) provide an update on the company's portfolio.Michael Curtis:So I think what we'd like to do today folks, is walk through a little bit of the macro and what we're seeing out there within the investment community. Mohan's going to chat briefly about how we plan to allocate our capital here over the next while. And then that will follow with Terry talking a bit about Weed Me, which is obviously one of our larger investments. And we'll wrap that up with Jim at the end, just to talk about the portfolio.
So as we look at what's happening in 2022, it's really starting to feel very much like 2008. You're seeing a lot of volatility out there. You're seeing a variety of different macro issues that are hitting investors. And you've seen a real sharp drop off in valuations, both in the equity bond markets, physicals, cryptos across the board. And it's a pretty serious pull of liquidity out of the environment.
The notable difference that we're seeing here is, the central banks around the world back in 2008 put a lot of things in place to maintain the liquidity within the system. So in 2008, we saw really short term investment vehicles like repos and other things, just basically freeze up. What we're seeing now is that's continuing to go. So, we're not so concerned about a black swan event or something substantial, other than just a consistent sell down.
Now, if we look at what we're seeing out there from, we'll call it the media and the big macro issues, the biggest one we're seeing, and probably what all of our investors are hearing about on a daily basis is inflation. We're starting to think that inflation probably peaked back in June, maybe even sooner.
The reason we're thinking that, is a variety of different items. The first being the physical commodities that you see out there. So generally, investors look to the three C's, whether it's referring to crude, copper and corn. All of them are down dramatically in the last 30 days. And in fact, you're seeing copper trading around the 2008 level almost, which was pre, right around the Lehman crash time. That's on the macro.
As we look a little bit tighter into the inflation environment, or sorry, interest rate environment, you're seeing central banks across the board, raising rates aggressively. We've seen the yield curve go inverted today. Basically, what that means is, the business community, the investor community, is starting to think that potentially the Central Bank actions are probably too aggressive and we wouldn't be surprised to see those almost flip or lessen dramatically as we come into the end of the year.
Lastly, you've got the consumer, they faced COVID, they're facing high gas prices, they're facing home prices going down. The consumer's not going to continue to drive inflation here. And if anything, we're probably going to see them pull back farther. What that means from an equity basis is, with the initial sell down we've seen, we've seen multiples pull back pretty well. The next shoe to drop is probably going to be an earnings revisions across the board. These companies are facing headwinds in all directions. And you're going to see a lot of choppy trading around that.
You saw it after the close today with a large technology company called Snap, with their numbers down dramatically, and the stock trading down 25% of the day. So it's going to take a little time, but that inflation trade is definitely lessening and it's going to become less of the issue.
The other really serious issue that we're facing, obviously, is on the geopolitical side with the Ukrainian-Russian war. We're reaching a point here where we believe that the two main markets, the United States and Europe are probably going to be facing a lot of pressures within the United States. They've got midterm elections coming up in November. The expectation is that the Republicans are going to take both the house and the Senate. That's going to be a big pullback as they've already signaled that they don't want to continue this significant funding of the war.
Then as you look to Europe, who've also been a big supporter. General countries have big problems, in terms of just feeding and clothing their population right now and keeping them warm. That's going to put a lot of pressure on policymakers and push for some sort of resolution, which at the same time, the ECP, while raising rates today, is faced with a dichotomy within their community with some of their countries such as Italy and Spain being very deathly. And so they can't continue to push rates higher, as you can probably see in the United States. So, we expect to see a lot of people pushing very aggressively for some sort of resolution there. And, obviously, that would be a massive positive for the market.
And then lastly, we're starting to see some of the results of, I would call them green policies, both within the food and energy side. On the food side, there's been a lot of pressure on developing countries out there to eliminate fertilisers. These policies clearly don't work. We're seeing the results now in Sri Lanka, as there's been a replacement of the government. We're starting to see that happen today, and a couple days before, in Ecuador. And within the Netherlands as well, you're starting to see a lot of pushback. And then as you look to it on the energy side, a lot of money's being spent, especially in Germany, over $500 billion on green solutions to things. They really only managed to take about 5% or 6% of the grid off hydrocarbons.
It's unlikely that these policies are going to be sustainable in what's becoming a pretty quickly capital constrained environment. You'll see lots of coal coming back online. You'll see nuclear coming back online. Again, this will help, in general, with the inflation and getting things back to normal. But I think the bigger thing you're going to see, and you've already seen it, is governments that are putting these policies in place, they're getting removed. So whether they're getting removed through elections, that you're going to see with the Democrats. And so with Macron in France, you're seeing it through political dialogue, with Boris Johnson in the UK. Now you've got Draghi in Italy.
And then more importantly, and probably a little bit scary, is you're starting to see it with just good old fashion revolutions. And Sri Lanka, looks like Ecuador is following. So I think today's average person is more focused on the economic realities and just common sense policies. So, we think you're going to continue to see that transition. And while it's playing out in the media, you're going to start to see probably less dollars going in there, to a certain extent.
So as a general perspective, we're expecting to see a lot of short cycles over the next two quarters. It's going to be highlighted by macro events and lots of volatility. Thankfully, we're pretty well positioned. We've upped our cash position to $6 million. And we're feeling pretty comfortable about that. We've seen a decline of equities, about 35%. In general bear markets, we're down about 20% now. So, we're starting to think it's good to become a little bit more proactive and selective as we pick away at good names out there.
I think now would probably a good time to segue to Mohan. He's going to talk a little bit about how we're going to deploy that capital and the strategies we're going to use to really operate and keep our liquidity, and what is going to be a continued challenging environment over the next two quarters.
Mohan Nair:I'll start by talking about some of the sectors we'll be targeting going forward, which is on the slides you see there. Our historical mandate of only investing in cannabis, and mostly through private equity placements, had severely limited our growth. As that industry, as Mike mentioned, has been in a secular decline over the last several years. Despite that though, our stock and our net tangible asset values have actually outperformed most of the broader cannabis indices and ETFs. So we're pretty happy and proud about that, but ultimately, absolute returns are more important than just outperforming the sector.
So we're grateful to the shareholders, to you all, for approving a broadening of our mandate to diversify out of cannabis this year. This move finally gave us the ability to diversify to high growth sectors, Hygrovest, and aggressively look for liquidity from some of our existing cannabis portfolio. As a case in point, and you may have seen it on Mike's slide, we recently negotiated an exit from our Entourage Health convertible note position at nearly a 60% premium to where those notes were trading in the public market. And that generated significant capital for us to make some of these new investments. And we're working hard to generate similar outcomes for our other cannabis portfolio holdings. We're aiming to exit most of our cannabis investments over, call it the next 12 to 16 months, with some specific exceptions, like Weed Me, which I'll get to later. But we would caution that control positions and private company status for some of the names can be a mediating factor in how fast we can accomplish this. But the goal remains over the next 12 to 16 months.
In either case, as and when we get liquidity from most of the remaining cannabis names, we're channeling those proceeds into the following sectors that you see on the slide, technology, healthcare, consumer discretionary, commodities, and others on a selective basis. To be clear though, we won't be completely exiting cannabis. It's just that cannabis will become a much smaller part of the portfolio. We'll only hold on to best of breed companies, like Weed Me, who you'll see later on in that sector.
So why do we pick these sectors? So tech, healthcare and consumer discretionary have on average been the best performing sectors annually on the S&P 500 for the last 20 years. So focusing on these sectors keeps our aim for high growth opportunities intact.
Commodities are not as consistent in terms of returns as the other three, because of their inherently cyclical nature. However, there can be tremendous upside during an upcycle, or smaller micro-cap names become mid-cap and large-cap names, just due to the performance of the underlying commodity. So we're selectively looking at commodities as well. And we'll also look at other sectors. We'll look at things like ESG, which have a lot of regulatory and social tailwinds behind them. But again, we'll be more selective there. Really, where we want to be is in information technology, healthcare and consumer discretionary, and then everyone else on a selective basis. Next slide please.
So while targeting the right business sectors to invest in is crucial for setting return expectations. The method and structure of the investment is just as important a decision to make. We want to invest in our target business sectors, but through using a basket of uncorrelated and partially head strategies, including, as you see on the list one, isolation, merger arbitrage, sector, long, short, running quantitative screens, looking at capital structure arbitrage opportunities, in addition to making private investments. Historically, we could only do privates and some public long only investments in the cannabis space.
So going forward, the diversity and sectors and strategies will create a portfolio with a more, call it a more consistent return characteristic, rather than our historical legacy portfolio, which was highly levered to just one strategy, which was long only, and one sector, which was cannabis. And so like our liquidity efforts that I was talking about, and Mike mentioned as well, and we've already begun this transition and we'll deploy more money into these strategies and sectors as the capital becomes available. Next slide please.
So having said all that about the future, investing in new sectors, new strategies, I do want to say that we want to be very responsible and thoughtful in how we transition out of cannabis. We don't want to just carelessly divest assets when they may be experiencing a cyclical low, only to regret that sale a few months later. While we're aggressively looking to exit some positions, we're not looking for quick sales. The price is very important to us still. This is particularly important because the underlying businesses in our portfolio are actually much stronger than where they were a few years ago. Many of the companies, and I think Mike touched on this, many of the companies now have steady growing sales, cash burn rates are much lower, management teams are far more focused on core business execution.
In the past, management teams in cannabis would spend time on M&A and new business lines, and all these other things because the capital markets allowed them to do so. And we saw that particularly in publicly listed companies, not as much in private companies, all of you saw a little bit of it. And which you've seen over the last three years, actually a significant outperformance by some of the private companies, including some of the ones that we own, versus where the public market com trade. Going off that, I want to call your attention to the collapse in the publicly traded cannabis names, which were, they were trading it 4.2 times, as you see on that slide there at the beginning of the year. And now they're at 1.9 times. These are revenue multiples I'm talking about.
So, cannabis had already gotten hit the year before, over the last two years. And then for there to be this further decline over the last six months, this type of selloff is typical in a capitulation phase of an industry cycle. We've seen it in other sectors like tech, housing, commodities. So we don't want to be conducting quick sales at the capitulation lows, especially when the companies themselves are performing so much better. So it would be like selling oil and gas stocks in 2018, after having held them through the crash from the peak in 2012 and 2014. It would be like selling tech companies in 2004, after having lived through the crash of 2001, 2002 and 2003, or like selling us financials and housing in 2011 after having suffered through '08, '09 and '10.
So we don't want to carelessly dispose of assets, at what are likely to be historical low multiples. We have to be more strategic and thoughtful like we were with Weed Me and negotiate attractive terms for our exit. And so that leads me to another point, which is that, ironically, as we base our company valuations off public market comps, we've had to mark down our portfolio, despite what are actually strengthening fundamentals of the company level. And so that's something to think about. So, in summary, what I'd say is, we're committed to transitioning out of cannabis and into higher growth sectors and diversified investment strategies. And that's the plan for the next 12 to 16 months, absolutely. But we'll always be thoughtful about the manner in which we do that, in order to maximize shareholder return for you.
And that brings me to Weed Me, which is our largest portfolio holding and most embodies the dichotomy that we've been talking about, between public company valuations and private company performance. Weed Me is a textbook example of a company that has used the market downturn to dominate against larger competitors and cease market share. They've become a market leader in the space. Terry will tell you more details. I think it's probably top three in Canada now, through innovative products, execution on production and logistics, and just sheer hard work and belief in themselves and their products. And we're very proud to be an investor in them and to support them.
And so, what I'll summarise with is saying that, our target sector composition and our strategy going forward will mean that cannabis is a much smaller part of the portfolio. No question about that. We will be far more diversified, but there will always be a place for incredible stories, like Weed Me. And so with that, I'd like to pass it over to Terry from Weed Me, tell you more about his company and his story. Take it away, Terry.
Terry Kulaga:I'll just start off with I'm Terry Kulaga. I'm the founder and CEO of Weed Me. Hygrovest has always been supportive of us. They were our original seed investor, way back in the beginning. And with your support, it was definitely a integral part of our success. So, your support has been appreciated. I'm going to go through our investor presentation. It will give you a lot of colour as to what we do and how we do things. And I hope that you find it informative. If we could start flipping through the slides, please, Adrian. Let's go to the next one.
So our vision of Weed Me is to become the most recognized cannabis brand in the world, to enhance people's lives, body and spirit. And our mission is to be a brand that's synonymous with quality and value in a socially conscious inclusive environment. I think we've been very successful doing that. It's always been about simple teamwork, quality products and remaining innovative at all times. Next slide, Adrian.
So, myself and Benny Presman started this company back in 2016. We are a federally licensed cannabis company. We do cultivate products, but we also curate products in a large way. We are one of Canada's largest buyers of products now. And through that, we're able to curate the highest quality products in the marketplace. We also employ quite a few people. We've got over 200 people at the facility on a daily basis, and we are an all inclusive working environment that does not discriminate against anyone. We have quite a colorful team. The team is really what makes us shine. We have people that have been with us since the beginning, and we just continue growing. The motto at Weed Me is, it has to be great. And we really stick to that motto for all of our products. And that's where we get the brand recognition and the consumers coming back over and over again. Next slide.
Here are some snapshots of what Weed Me has accomplished. We've had over $130 million of retail consumer dollars spent on our products. Over 10 million pre-rolls sold, over half a million vapes sold. We currently have access to over 37 million people in the territories that we sell in. Over 200 plus SKUs, across four product categories. Over 5 million individual branded products sold. We just finished our sixth quarter of being EBITDA positive. And we are the second highest selling brand for pre-rolls in Canada, exclusive of Quebec. If you include Quebec, we would be the third highest selling. Quebec is a territory that we are just entering into now in the upcoming quarter. We do have access to over 3,100 stores and we have a high focus in the convenience category. So that's pre-rolls and vapes, and we're the fourth highest selling brand in Canada across that category. Next slide.
Here's a graph of the consumer retail dollars spent on our products. You can see continuous growth, right up until the last month. Consumer awareness of the Weed Me brand continues to expand. We are entering into new market segments now, and we do have a strategy to continue our growth in a large way. Through our product demand, we've had over $91 million of branded product has been sold in the last 12 months. Next slide.
So our distribution spans through the majority of Canada, through the most populous provinces, for sure. And also, on the right, you'll see a network of growers through this, a visual representation. We have access to hundreds of growers. We work predominantly with about 50 of them currently. And this is where we source the majority of the products we sell. It's through curating our products that we're able to innovate continually. And we're also able to ensure the highest quality standards of our products. Thee fact of the matter is, that when a product arrives at our door, if it doesn't meet spec, we don't accept it. So we're never in a position where we're stuck to sell whatever products we happen to have cultivated, which is one of the pitfalls of many large scale cultivators producing substandard products and then being hooped to try and sell it. Next slide.
Here's a snapshot, to give a bit of colour as to the products we sell. We won't go into too much detail, but this is some of the flower products we sell in packages. You can see that there's a tremendous variety down the left side. And then on the right side, you can see in which provinces we're selling these SKUs. Next slide.
The following is the higher quality product of Weed Me limited batch, which is sold in jars. This is all three and a half grand packages sold in various provinces. Next slide.
Here's some of our pre-rolled products. These include some variety packs. We've started to do a number of different formats. So here we have some value packages, in terms of 10.35 gram joints. We have six half gram joints that are a variety of joints in a package, which is very popular. And we have larger one gram joints.0
If you go to the next slide, here we've got a list of, what we started with was three half gram joints in a tube. This was our bread and butter. We've been selling this for years. A very, very popular product. You can see that nearly all of them are listed in quite a few of the provinces. The pre-rolls make up about 65% to 70% of our revenues. We do sell them in a big way, and we're on track to be the largest pre-rolled brand in Canada. The lower part of the slide here shows some newer products, infused pre-rolls that we sell. So these are pre-rolls that are infused with items like THC diamonds or distillate or keif or hash and everything under the sun to make them more potent. Next slide.
The 2.0 category consists of gummies, vapes and chocolates. We do sell these. Again, you can see through here, one of the newest launches we're doing is chocolate truffles. It's a very, very popular product that's being transitioned into the current market that we're selling into. The vape category as well, we sell one format, the 510 threaded cart, which is all one gram vapes. And we've recently moved into a 1.2 gram as well, launched, as you can see here, it's only in Alberta. We've always been very selective with how we launch products, and we gauge what the demand's going to be. If it turns out to be a popular product, we will start pushing it coast to coast very rapidly. And conversely, if we find that a product's a poor performer or the consumer is getting tired of the same product, we quickly swap it out to maintain the velocity of our sales. Next slide.
So the grind products, Weed Me Grind is a sub-brand that we've created. It's more of a value brand. Here, you have milled product. It effectively is in two buckets, either sativa or indica. It comes in a few variations, 20% THC or higher, 30% THC or higher, as well as higher volume packages of pre-rolls. So there's 10.35 gram joints, and there's also 20.4 gram joints. These listings and SKUs have become very, very popular in the territories that we're selling them, and are quickly becoming some of the best sellers. We're able to significantly leverage the product that we're selling, because these SKUs are not specific to any one strain. So we can be very opportunistic with the product that we acquire, increasing our margins. Next slide.
So for opportunities for growth through the success of Weed Me, through 2021, the entirety of our sales were Weed Me branded product. We took a step back and looked at our portfolio and our brand image, and we identified a few opportunities for us to further continue our rapid growth. They were gimmick branding, French language focused branding for the Quebec region, ultra luxury product for enthusiasts, social initiative, environmental impact, as well as CBD focused health and wellness products.
What we did was, we decided to fill these gaps in various ways. Some of them, we organically created new brands, in house, and some of them, we acquired brands most recently of previous brands that have been selling in the marketplace that just happened to fit. Ideally, these niches that we found, that we could grow into very rapidly. Let's go to the next slide.
So for gimmick branding, we launched a new brand called Babysitter. These products have started selling in Alberta in June, and they'll be going into Ontario in the fall. This is focused, these products are focused more for a consumer that's new to cannabis, to some degree, and just wants to have a fun time. And they can be quite influenced by the Budtenders that are selling the products. The products themselves range from high THC products, to CBD products, to blended products. As an example, Spa Day, on the second from the left is a CBD product, very, very fitting product to take to the spa and utilise there. You'll be extremely relaxed without having a psychoactive effect, and very complimentary to the experience, in a spa that one would have. We'll go to the next slide.
For the French language focus brand, we've created Clair de Lune. This brand has been accepted into Quebec. It will be launching October on the outside. Some of our PO's are for as early as August into September. We have 24 SKUs launching there under Clair de Lune, and a handful of Weed Me SKUs have been accepted into that region as well. There's about a population of 8 million people there. The interesting thing about that region is that there's a fewer than 25 producers selling into that region. So it's a very competitive landscape to get into, but not as competitive once you're inside of it. To put that into context, there's 400 to 500 producers selling into Ontario or BC and other comparable provinces. Let's go to the next slide.
For the ultra luxury product enthusiast, WINK is a brand that we acquired recently. This brand has been selling for the last few years. It does have a brand recognition with the ultra premium enthusiast. The slogan for this product is, "Ultra premium weed for those who know." And the idea behind that is that, it provides information about the product itself, the breeder, the strain, the lineage, the C of A which is the certificate of authenticity, the terpene profile. It truly gives a lot of information behind the product. A lot of it's available on the website. So when people get the product, they can do a little bit of research and really find out a lot more information about the product. These are high end, ultra luxury premium products, at a higher price point. The margins are quite reasonable. The product that we source here are from extremely well educated growers that are very, very experienced with what they grow. So, truly hands above any other competitors that are selling similar products in the marketplace. Next slide.
For social initiative and environmental impact, we acquired the Thumbs Up brand. The slogan is, "Feel good and saved the planet." The packaging of these products is recycled, biodegradable packaging materials, as well as there is a social initiative for reforestation for the product sold. So there's a component of the revenues that goes towards planting trees through Canada, and this product, again, has been selling in the marketplace for the last few years. Very, very complimentary, in terms of what we'd like to do at Weed Me, in terms of social impact. Next slide, please.
Blissed is yet another brand that we acquired, and all of these acquisitions came as of late during this opportunistic period of time, as Mohan had mentioned in terms of the multiples that a lot of companies are transacting at and trading at, have come down significantly to one or two times, revenue or something significantly lower than that in some cases. So we acquired Blissed, this is a CBD focused brand for health and wellness. It's oils and creams and tinctures for people looking to microdose with CBD products, to make sure that we cover that product gamut. Let's go to the next slide.
It really, it comes down to the team behind Weed Me, that's the success. So I'm Terry Kulaga, the founder and CEO, and Benny Presman was my co-founder and chief commercial officer. Beyond ourselves and starting this company six years ago, Maor Shayit and Jennielee Tabujara, our chief operating officer and director of quality assurance have been with us since day one. The remainder of the people on this slide have also been, since the beginning, not since day one, because on day one, it was just the four of us, but these people joined. And the culture at Weed Me is really what sets us apart from our peers.
We set the tone for an inclusive environment to work in, where people are comfortable. They feel secure. We stayed open throughout the whole pandemic. People enjoyed the ability to continue working, and it was very unique for us to be able to continue working through the entire pandemic. And as a result, we have a very, very strong team that helps us to, not only be very efficient, but to maintain our growth, because we're not replacing people, we're just continually adding more new people. Let's go to the next slide.
In terms of our growth, this is year over year, from May '21 until April 2022. We've had the highest growth in terms of brand, out of all of our peers. Significant brand growth as we continue to evolve our product offerings and innovate our product portfolio. Our performance to date has been based solely on the Weed Me brand. So these other five brands that we're introducing now set the stage for tremendous growth into the following years. Next slide.
Here's a chart of our historical revenue growth. Hygrovest's investment into Weed Me predates this chart. We've got Q1 2019 on the left at $1.1 million. Our last quarter, we closed out just shy of $15 million. Prior to that was just shy of $12M and $11M and then $8M. It just continues to grow. For us, it's really a big growth story, as everything we seem to do works very well in the industry, and the consumers are showing that in terms of the dollar spent on the Weed Me brand, and soon to be on the other following brands that we've introduced. Next slide.
On this slide, it shows a little bit more accurately our calendar year earnings. So 2021, entirely Weed Me branded sales, just shy of $31 million gross sales. We are EBITDA positive, just shy of $2 million. And we have a rather comfortable margin at nearly 30%, compared to our peers. It's a business model that's very hard to replicate for others. And again, it goes back to our team, that we're able to do that. To demonstrate our growth. I did put in our unaudited figures for 2022. The first half of the year, we've already done $25.6 million in sales, which is very close to our entire previous year. So I expect that this growth is going to continue well into the future. And in fact, actually accelerate as more space in the industry opens up with companies that are having difficulty, particularly raising funds in the public market as they run at a high clip, burning money with negative gross margins in a lot of cases. We can go to the next slide.
I think that concludes... You can go to the last slide. I think that I'll just finish with, Mohan, you brought up a great point in terms of the multiples that companies are trading at. It's an incredibly opportunistic time to be supportive of the right companies that have the right business metrics. We are operating profitably. And this really does set us apart, in addition to us being able to continually increase our market share. With that, I think I'll leave it to Mike and Mo to continue, and any questions that you guys may have.
Jim Hallam:I just wanted to provide some highlights from the year just past. We released our unaudited results in mid July. We expect to provide boarded results by the end of August. In terms of FY22, whilst the year from the board's point of view was disappointing, we did achieve some of the objectives that we established at the start of the year. We sold at a significant asset, being Entourage notes, it's been mentioned before. And that's contributed to a cash balance, with a tax refund of about $7 million. We sold our position in Embark Health. It wasn't a good result for us, but we did achieve a liquidity event, and we made $2.5 million in non-cannabis investments in the healthcare space, which we think will provide good returns in the next 12 months.
In terms of the forthcoming year, we've given the transition that we went through in FY22, we've got a significant investment in Weed Me. You've heard the presentation, it's very positive. Weed Me is 40% of our portfolio. So we are well placed to get leverage on that growth that Terry's talked about. We've got $7 million worth of cash and tax refund that we are seeking to redeploy over the next 12 months, primarily, as Mohan said in the non-cannabis sector and in those sector opportunities that he provided a good presentation on.
We're continuing to focus on the realisation of what we call the legacy assets. Some of them are in escrow. Some of them are coming out of escrow. Some of them are listed. Some of them are unlisted. We're being opportunistic, Parallax are working hard, because obviously there's an incentive there to realise cash and put it to work in sectors that provide greater prospects. And I said, we're looking positively on the returns of the non cannabis investments that we've made in FY22.
We'll have another presentation, webinar, in October. And we'll provide the opportunity for one of our other investee, CEOs, to make a presentation. And I just, again, wanted to thank Terry for taking the time to put together his presentation, but also provide an insight into what's a terrific story against a backdrop where clearly he's, and this is objective, because it's a public market, the cannabis space in Canada, where he's clearly outperforming his peers in the listed space. Thanks very much.
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