This transcript has been auto generated
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[Applause]
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welcome I'm your host Hilary Brickin and
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this is the Cannabis law Now podcast
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where we regularly discuss issues
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related to the Cannabis industry
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including investment day-to-day
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operational issues and potential reform
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on the horizon that will impact all
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cannabis businesses and investors in the
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United States
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and on today's episode of the Cannabis
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law Now podcast I'm so happy to have
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with me HH Jane who is the founder of
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aunda strategy hsh how you doing I'm
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doing great so great to be here Hillary
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thanks good good I'm glad to have you
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now if you haven't heard of anunda
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strategy and hirs you may have been
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living under a rock because hirs is one
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of these guys that I think really has
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the pulse nationally of what's happening
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in the Cannabis industry and not just in
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the United States but probably even
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globally we're very lucky to have him
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today what are you up to these days with
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anunda we're lucky enough to be working
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on a lot of exciting projects you know
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on behalf of plant touching operators on
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behalf of ancillary businesses even on
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behalf of nonprofits and you know I'll
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give you a few examples of those you
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know we're lucky to represent many of
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the leading retail chains in California
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and so we've helped these businesses
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open you know what we believe will be
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some of the most successful stores in
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the state and so those are stores like
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airfields new store in Redwood City a
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project I was lucky enough to work with
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you on you know Airfield has long been
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one of the most successful dispensaries
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in the state and we think their new
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store will be no exception uh wheelhouse
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we help them open their store and
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Ventura that was the official dispensary
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of Hall of flowers that just happened
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last week so really proud of that the
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Artistry is about to open a store in
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lagona woods and we help them entitle
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that store so that's something that
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we're really passionate about helping
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establish really strong retail
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businesses to help the legal Market get
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an upper hand also happy to work with a
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bunch of great Brands uh just to give
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you one example you know one of our
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clients is Mammoth distribution which
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has Heavy Hitters and alur and you know
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just added Papa and Barkley and so
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helping them think about who to go
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deeper with in California and how to
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move into new States and you know just a
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few more examples that I'll give because
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I think it reflects how interested at
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least I am in every part of the space
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I'm on the board of SC labs and I know
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testing labs are less sexy to some
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people but it's really important that
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they function properly in order for the
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legal Market to have integrity and
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obviously I'm biased but I think SE Labs
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more than any other operator leads with
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integrity and you know that's why either
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the official testing partner of the
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emerald cup and of the California State
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Fair so really proud of that work also
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help investors you know get a sense of
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what the state and federal and evil even
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Global landscape is and I'm sure we'll
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talk about that to some extent on on the
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show and you know finally I'll just note
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really proud to do a lot of pro bono
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nonprofit advocacy work so I'm on the
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board of Cal normal and in recent years
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we've done things like passing emplo
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employment Rights bill help pass Scout
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Wiener's bill that requires uh medical
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cannabis patients to have access to
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cannabis delivery and so yeah th those
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are are just some examples and maybe the
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final thing I'll say is you know I think
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the common threat here is understanding
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the legal and Regulatory landscape
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across the country and across the world
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that's something I'm really fascinated
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by seeing the state experiments take
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shape and you know I'll just mention
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prior to working in cannabis I worked at
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Airbnb for many years building out their
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policy team and helping legalize you
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know short-term rentals around the world
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and I bring that up because it was that
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experience of understanding how policy
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manifests itself in different
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geographies on an issue that I you know
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I'm very passionate about travel it's
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kind of the same thing that animates me
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uh here in canvas yeah I have no doubt
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and it's funny that the two would kind
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of make interesting bedfellows with all
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the localized issues and issues around
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diverse laws multi-state Patchwork quilt
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of Regulation that Airbnb is faced
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domestically and internationally and so
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is cannabis and I was lucky enough to
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get to know you through that Airfield
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competitive licensing process in
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Northern California and I was super
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impressed with your level of work and
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dedication and understanding of the
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local politics and really the reason why
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we have you on today is because of an
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exciting development actually in my home
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state which is the state of Florida I
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was born and raised there I'm a Miami
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Hurricane that's where I went to law
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school and the first question I want to
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ask you because obviously you're active
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there you're helping stakeholders there
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what's the current status of cannabis in
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the sunshine state I think people are
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confused about whether it's a low THC
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Pro CBD Market a true medical cannabis
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market and some of that might be by
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Florida's design which can typically
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take an opaque shape I have litigated
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there administratively Believe It or Not
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years ago over some of the initial
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licensing that was issued and it was
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complex and it was fast and furious um
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unlike California or any of the western
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states that I've been in so what's
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what's the current status there yeah
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absolutely and so Hillary I would say
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that Florida is a robust medical
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cannabis Market the most robust medical
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cannabis Market in the country and so
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just a little bit of History here in
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2016 Florida passed a medical cannabis
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ballot initiative so that was in
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November uh 2016 and that initiative
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passed by 72% of the vote which is the
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most votes that any ballot measure in
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Florida history has ever gotten going
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back 150 years so I think it's notable
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that way back in 2016 eight years ago
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Florida overwhelmingly passed this
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medical cannabis ballot measure um that
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measure sort of implicated a very
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restrictive limited license framework so
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I I think that's the other thing to know
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about Florida is that it's Medical but
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it's also very limited license and not
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only is vertical integration required
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it's what I would call a strict vertical
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integration requirement in that there is
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no wholesale Market everything that I
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sell in my stores in Florida I myself
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have to uh produce and so Florida
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initially issued 22 licenses and so
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there's been a lot of commentary about
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how you know that's a very limited
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license market right given the size of
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the State of Florida and so you know
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there have been charges that the mo the
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sort of model there is you know a little
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bit oligopolistic and so that's sort of
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the the framework in Florida Sal started
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in in mid 2017 but I think it's
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important to note that sales didn't
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really start taking off in Florida until
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2019 early 2019 and that's when you know
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Ronda santis and one of his first acts
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of Governor allowed flour into the
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medical cannabis program in Florida so
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in short they had a program since 2017
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in 2019 the program really started to
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accelerate once flour was added to the
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medical program which is something we've
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seen in many states and you know we can
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talk more in a second about how the
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market has performed but you know over
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over the past four years there's been
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there's been really steady growth you
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know in Florida there's almost 900,000
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medical cannabis patients registered in
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Florida which is more than 4% of the
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population getting on 5% and so I think
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it's safe to say it's a very robust uh
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Medical Market as measured by patient
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count or also as measured by sales which
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we can get into that is wild and I do
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recall and I haven't looked at the
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Florida Statutes in a long time but
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going back to 2016 there was or is a
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requirement at least that these had to
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be generational firm
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in Florida I think because the
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litigation that I handled on the
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administrative side of the Department of
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Health was a battle by an existing
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farmer in Orlando who I think didn't
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secure licensing for his particular
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region because there were only so many
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of them as you mentioned um is that
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still the case today I know there's been
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litigation over that subsequently yes so
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that that is still the case for the
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initial licenses that were issued I
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think two other things to note is the
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state later issued a couple of licenses
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called p fer licenses which relate to
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you know historical discrimination that
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farmers in Florida have suffered as a
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result of the Department of Agriculture
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so those 22 licenses became 24 and I
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think the other thing to note is that
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the you know Florida recently had a
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licensing process and will be issuing a
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couple dozen more licenses this summer
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and so that's an effort to steadily
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diversify the the market and to move
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away from that requirement of being
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generational farmers and so yes there's
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been an effort to diversify that
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landscape but I'll just say some of
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these operators that have had presence
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in the state are so far ahead that these
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other lenses are going to have a really
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difficult time catching up in terms of
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locations in terms of capital and so
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that's how things are are going moving
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forward I believe that um and I'm
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licensed to practice in Florida and I
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remember when that legislation took
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shape having come from Western cannabis
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markets that were totally entrenched
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since the mid to late 90s people thought
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are there even Farmers out there that
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have been in existence for that long and
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in Florida the answer is absolutely yes
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it's a big a state with a focus on
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Citrus so it was not I don't think it
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was tough to find these generational
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farming families and businesses that
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were interested that already had this
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infrastructure and to your point they
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probably Leaps and Bounds ahead of any
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future lies so how has the medical
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Market performed and when I say
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performed I mean by comparison with
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other medical markets you and I both
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know this at least in the West Coast
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Medical seemed to be a stepping stone
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into adult use and then medical kind of
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receded depending on really access and
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geography local control in the state how
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has it gone down in Florida FL yeah I
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mean I would say the performance of the
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medical Market in Florida has been very
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strong you know I mentioned the patient
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count before if you have between four to
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5% of of residents in the state
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00:09:08,519 --> 00:09:12,240
registered as a patient that reflects
277
00:09:10,440 --> 00:09:13,880
that the program is healthy so that's
278
00:09:12,240 --> 00:09:16,000
one way to measure it I think another
279
00:09:13,880 --> 00:09:18,720
way to measure it is sales so Florida
280
00:09:16,000 --> 00:09:20,680
routinely generates about $200 million
281
00:09:18,720 --> 00:09:22,880
in sales each month that makes it about
282
00:09:20,680 --> 00:09:24,720
A2 and a half billion dollar market and
283
00:09:22,880 --> 00:09:26,360
so that makes Florida you know the third
284
00:09:24,720 --> 00:09:28,320
biggest Market in the country you know
285
00:09:26,360 --> 00:09:30,200
behind California and behind Michigan
286
00:09:28,320 --> 00:09:31,920
which are both adult youed St so it's
287
00:09:30,200 --> 00:09:33,440
pretty remarkable that obviously Florida
288
00:09:31,920 --> 00:09:35,519
is a big state but it's a medical only
289
00:09:33,440 --> 00:09:37,200
market and it's the third biggest Market
290
00:09:35,519 --> 00:09:38,480
in in the country and I think the
291
00:09:37,200 --> 00:09:40,959
reasons for that are actually quite
292
00:09:38,480 --> 00:09:43,040
simple one you have really robust access
293
00:09:40,959 --> 00:09:45,040
to cannabis there are more than 600
294
00:09:43,040 --> 00:09:46,800
dispensaries in Florida and so even
295
00:09:45,040 --> 00:09:48,279
though Florida is a big state if you
296
00:09:46,800 --> 00:09:50,480
look at the map of dispensaries in
297
00:09:48,279 --> 00:09:51,880
Florida there is pretty robust coverage
298
00:09:50,480 --> 00:09:54,040
and that you know stands in stark
299
00:09:51,880 --> 00:09:56,040
contrast to a place like California that
300
00:09:54,040 --> 00:09:57,920
still has huge swats of the state the
301
00:09:56,040 --> 00:09:59,640
lack cannabis access so part of it is
302
00:09:57,920 --> 00:10:01,120
like hey it's really accessible to buy
303
00:09:59,640 --> 00:10:02,519
cannabis legally even though you need a
304
00:10:01,120 --> 00:10:04,399
card I think the second reason the
305
00:10:02,519 --> 00:10:06,240
market has performed well is low taxes
306
00:10:04,399 --> 00:10:08,160
Florida does does not have a medical
307
00:10:06,240 --> 00:10:10,760
cannabis tax which is remarkable I mean
308
00:10:08,160 --> 00:10:12,240
it has the regular 6% sales tax that
309
00:10:10,760 --> 00:10:14,079
these medical cannabis purchases are
310
00:10:12,240 --> 00:10:16,640
subject to but it's not subject to an
311
00:10:14,079 --> 00:10:18,600
additional tax and so Florida stands out
312
00:10:16,640 --> 00:10:20,279
when it comes to other markets and
313
00:10:18,600 --> 00:10:22,480
thirdly you know Florida just in general
314
00:10:20,279 --> 00:10:24,320
has cheap pricing you know it is often
315
00:10:22,480 --> 00:10:26,279
the case that you can go into a medical
316
00:10:24,320 --> 00:10:28,160
cannabis dispensary in Florida and for
317
00:10:26,279 --> 00:10:30,360
less than $20 out the door you can get
318
00:10:28,160 --> 00:10:32,680
an eigh even if it's a lower quality one
319
00:10:30,360 --> 00:10:34,360
so I'd say the Florida Medical Market
320
00:10:32,680 --> 00:10:36,760
has performed very well for those kind
321
00:10:34,360 --> 00:10:38,920
of obvious reasons access kind of
322
00:10:36,760 --> 00:10:40,440
pricing and Taxation and you know
323
00:10:38,920 --> 00:10:42,480
perhaps just the other thing to note is
324
00:10:40,440 --> 00:10:44,880
just by virtue of its license structure
325
00:10:42,480 --> 00:10:46,959
those gains have accured to a very small
326
00:10:44,880 --> 00:10:48,920
number of operators so you know there's
327
00:10:46,959 --> 00:10:51,000
four operators that account for half of
328
00:10:48,920 --> 00:10:52,040
those 600 dispensaries in the state
329
00:10:51,000 --> 00:10:54,680
those are you know names that are
330
00:10:52,040 --> 00:10:56,519
probably familiar to people TR Le air
331
00:10:54,680 --> 00:10:58,200
verono and curleaf some of the largest
332
00:10:56,519 --> 00:11:00,040
cannabis companies out there so if
333
00:10:58,200 --> 00:11:01,600
there's any criticism to be leveraged of
334
00:11:00,040 --> 00:11:02,880
the program it's that the program is
335
00:11:01,600 --> 00:11:04,639
doing well but that there are four
336
00:11:02,880 --> 00:11:06,240
companies that you know account for half
337
00:11:04,639 --> 00:11:07,920
of the dispensaries and and likely more
338
00:11:06,240 --> 00:11:10,680
than half the sales in the state yeah
339
00:11:07,920 --> 00:11:12,560
the the price point is fascinating again
340
00:11:10,680 --> 00:11:14,079
we're both coming from the West Coast
341
00:11:12,560 --> 00:11:17,320
where it's heavily saturated and it's
342
00:11:14,079 --> 00:11:18,720
eras to the bottom those caps on the
343
00:11:17,320 --> 00:11:20,040
number of operators that are allowed
344
00:11:18,720 --> 00:11:21,680
despite the number of dispensaries that
345
00:11:20,040 --> 00:11:23,680
have proliferated because there's only
346
00:11:21,680 --> 00:11:25,639
so many of them I imagine that that's
347
00:11:23,680 --> 00:11:27,279
helped prop up that lower price
348
00:11:25,639 --> 00:11:28,519
structure and kind of an unfair question
349
00:11:27,279 --> 00:11:29,800
if you don't know you don't know does
350
00:11:28,519 --> 00:11:32,160
Florida allow
351
00:11:29,800 --> 00:11:34,279
sungrown cannabis at these existing
352
00:11:32,160 --> 00:11:36,040
Farms or is it mostly indoor I you know
353
00:11:34,279 --> 00:11:38,480
I've never heard of sungrown cannabis in
354
00:11:36,040 --> 00:11:40,160
Florida I believe it's mostly indor I'm
355
00:11:38,480 --> 00:11:41,639
not sure whether they allow it or not
356
00:11:40,160 --> 00:11:43,839
but even if they do I don't think it's
357
00:11:41,639 --> 00:11:45,000
very prominent in the state understood
358
00:11:43,839 --> 00:11:47,639
yeah I was just thinking about some of
359
00:11:45,000 --> 00:11:49,440
those huge fields and right kind of
360
00:11:47,639 --> 00:11:51,079
Plantation style growing that's used for
361
00:11:49,440 --> 00:11:52,480
citrus with quanset Huts if they would
362
00:11:51,079 --> 00:11:54,760
just put their crops their cannabis
363
00:11:52,480 --> 00:11:56,200
crops alongside their orchids or their
364
00:11:54,760 --> 00:11:58,639
oranges whatever they're growing
365
00:11:56,200 --> 00:12:01,200
probably not I'm no farmer so what is
366
00:11:58,639 --> 00:12:04,079
also happening with adult youth that
367
00:12:01,200 --> 00:12:06,720
seems to be a huge initiative in Florida
368
00:12:04,079 --> 00:12:08,720
after many many years of trying and
369
00:12:06,720 --> 00:12:11,000
failing to get an initiative on the
370
00:12:08,720 --> 00:12:12,399
ballot it's happened right yeah
371
00:12:11,000 --> 00:12:13,920
absolutely so I mean I think this is
372
00:12:12,399 --> 00:12:16,040
really exciting I think this could be
373
00:12:13,920 --> 00:12:18,040
the most exciting event of 20124 maybe
374
00:12:16,040 --> 00:12:20,160
along with rescheduling to talk through
375
00:12:18,040 --> 00:12:22,440
the mechanics here right now the Florida
376
00:12:20,160 --> 00:12:24,320
Supreme Court is still reviewing the
377
00:12:22,440 --> 00:12:25,920
constitutionality of the ballot measure
378
00:12:24,320 --> 00:12:27,440
that has gotten enough signatures and
379
00:12:25,920 --> 00:12:29,480
this is worth bringing up because in the
380
00:12:27,440 --> 00:12:31,279
previous two election Cycles the Florida
381
00:12:29,480 --> 00:12:33,320
Supreme Court has deemed the initiatives
382
00:12:31,279 --> 00:12:35,160
unconstitutional for reasons that we can
383
00:12:33,320 --> 00:12:36,880
kind of get into and so that's the big
384
00:12:35,160 --> 00:12:38,440
thing that we're all watching right now
385
00:12:36,880 --> 00:12:40,600
and the Florida Supreme Court has an
386
00:12:38,440 --> 00:12:42,680
April 1 deadline to decide whether this
387
00:12:40,600 --> 00:12:44,600
initiative is constitutional or not so
388
00:12:42,680 --> 00:12:45,880
that's coming up really soon the other
389
00:12:44,600 --> 00:12:47,560
thing to note is that the Florida
390
00:12:45,880 --> 00:12:49,600
Supreme Court tends to release its
391
00:12:47,560 --> 00:12:51,040
decisions on Thursday mornings so as you
392
00:12:49,600 --> 00:12:52,680
and I are talking here today it's it's
393
00:12:51,040 --> 00:12:54,920
Monday March 18th there are two
394
00:12:52,680 --> 00:12:57,480
Thursdays left in March you know there's
395
00:12:54,920 --> 00:12:58,880
Thursday the 21st and Thursday the 28th
396
00:12:57,480 --> 00:13:00,320
and technically they could do nothing in
397
00:12:58,880 --> 00:13:02,160
the clock could run out and then it
398
00:13:00,320 --> 00:13:03,920
would be automatically approved but I
399
00:13:02,160 --> 00:13:05,959
believe they'll weigh in on this measure
400
00:13:03,920 --> 00:13:07,000
one way or another and so you know I
401
00:13:05,959 --> 00:13:08,560
although I don't no I'm just going to
402
00:13:07,000 --> 00:13:10,600
take a shot in the dark and I think
403
00:13:08,560 --> 00:13:12,880
maybe on Thursday the 21st the Supreme
404
00:13:10,600 --> 00:13:14,720
Court will will render their decision
405
00:13:12,880 --> 00:13:16,560
and this decision essentially touches on
406
00:13:14,720 --> 00:13:17,959
something called the single subject rule
407
00:13:16,560 --> 00:13:19,839
Florida says like hey you can put
408
00:13:17,959 --> 00:13:22,000
something on the ballot but it can only
409
00:13:19,839 --> 00:13:23,839
touch on a single subject and previous
410
00:13:22,000 --> 00:13:25,279
initiatives have been invalidated
411
00:13:23,839 --> 00:13:27,360
because they allegedly touched on
412
00:13:25,279 --> 00:13:29,800
multiple subjects and so this initiative
413
00:13:27,360 --> 00:13:32,560
has been drawn in a very narrow way to
414
00:13:29,800 --> 00:13:34,199
avoid that that issue and so just as an
415
00:13:32,560 --> 00:13:35,839
example if there were initiative that
416
00:13:34,199 --> 00:13:38,279
were to say hey we want to legalize
417
00:13:35,839 --> 00:13:39,800
cannabis and legalize hom grow that
418
00:13:38,279 --> 00:13:41,720
would be deemed invalid because it
419
00:13:39,800 --> 00:13:44,199
touches on multiple subjects which is
420
00:13:41,720 --> 00:13:46,120
why this has been drawn uh very very
421
00:13:44,199 --> 00:13:47,560
narrowly and so you know we could we
422
00:13:46,120 --> 00:13:49,000
could talk about this issue for a while
423
00:13:47,560 --> 00:13:50,560
so I'll just kind of summarize it
424
00:13:49,000 --> 00:13:52,320
quickly the Supreme Court's going to
425
00:13:50,560 --> 00:13:54,600
weigh in I believe this initiative has
426
00:13:52,320 --> 00:13:56,279
been drawn in a very narrow way to allow
427
00:13:54,600 --> 00:13:58,160
it to pass that requirement by the
428
00:13:56,279 --> 00:13:59,480
Supreme Court and those people who watch
429
00:13:58,160 --> 00:14:01,240
the oral arguments in front of the
430
00:13:59,480 --> 00:14:03,600
Supreme Court will say even the
431
00:14:01,240 --> 00:14:05,639
conservative justices on the court were
432
00:14:03,600 --> 00:14:07,720
skeptical of the state's claim that this
433
00:14:05,639 --> 00:14:09,079
was unconstitutional I'll also just note
434
00:14:07,720 --> 00:14:10,920
that there's been a lot of parsing of
435
00:14:09,079 --> 00:14:12,639
Governor desantis's comments in recent
436
00:14:10,920 --> 00:14:14,399
months some people have seized on a
437
00:14:12,639 --> 00:14:16,320
comment by him saying that he thinks
438
00:14:14,399 --> 00:14:18,279
that'll make the ballot as him signaling
439
00:14:16,320 --> 00:14:19,839
to you know the justices he appointed
440
00:14:18,279 --> 00:14:21,320
that they should approve it other people
441
00:14:19,839 --> 00:14:23,199
have seized on comments where he says he
442
00:14:21,320 --> 00:14:24,839
doesn't like the smell of cannabis as
443
00:14:23,199 --> 00:14:26,160
suggesting he's anti-cannabis I think
444
00:14:24,839 --> 00:14:27,560
there's a lot of back and forth there so
445
00:14:26,160 --> 00:14:30,639
we'll just kind of have to see how
446
00:14:27,560 --> 00:14:32,240
things unfold but ALS say that um I am
447
00:14:30,639 --> 00:14:34,160
I'm very optimistic it'll appear on the
448
00:14:32,240 --> 00:14:35,560
ballot and the other thing to note is
449
00:14:34,160 --> 00:14:38,720
that if it appears on the ballot it
450
00:14:35,560 --> 00:14:40,480
requires a 60% vote in November in order
451
00:14:38,720 --> 00:14:43,240
to pass it's the only state in the
452
00:14:40,480 --> 00:14:44,880
country that requires a 60% threshold
453
00:14:43,240 --> 00:14:46,320
rather than a simple majority and so
454
00:14:44,880 --> 00:14:49,079
even though there's strong support in
455
00:14:46,320 --> 00:14:51,000
Florida and polls show say like a 65% or
456
00:14:49,079 --> 00:14:53,560
higher approval rating that's one
457
00:14:51,000 --> 00:14:55,079
obstacle to sort of get past and then
458
00:14:53,560 --> 00:14:56,920
the the final things I'll note is that
459
00:14:55,079 --> 00:14:59,320
if it were to pass there's a strict
460
00:14:56,920 --> 00:15:01,440
six-month implementation period so the
461
00:14:59,320 --> 00:15:03,600
election is on November 5th so if this
462
00:15:01,440 --> 00:15:06,199
were to pass you know sales by law would
463
00:15:03,600 --> 00:15:07,880
have to start by Cinco Deo 2025 so that
464
00:15:06,199 --> 00:15:09,920
could be fun and in that intervening
465
00:15:07,880 --> 00:15:12,120
period the state legislature has some
466
00:15:09,920 --> 00:15:13,720
ability to tweak the initiative and I
467
00:15:12,120 --> 00:15:16,120
mention that because you know there may
468
00:15:13,720 --> 00:15:18,120
be an effort to restrict potency or or
469
00:15:16,120 --> 00:15:20,160
you know impose product restrictions or
470
00:15:18,120 --> 00:15:21,480
impose labeling restrictions and so
471
00:15:20,160 --> 00:15:23,720
that's the other thing we always have to
472
00:15:21,480 --> 00:15:25,600
watch for after an initiative is pass
473
00:15:23,720 --> 00:15:28,120
yeah right there will almost certainly
474
00:15:25,600 --> 00:15:29,920
be some form of rule making don't know
475
00:15:28,120 --> 00:15:31,160
the level of aggression but I'm with you
476
00:15:29,920 --> 00:15:32,519
on the likelihood of it making the
477
00:15:31,160 --> 00:15:34,440
ballot my understanding is that it's
478
00:15:32,519 --> 00:15:36,440
essentially a carbon copy of the medical
479
00:15:34,440 --> 00:15:38,800
initiative just with essentially
480
00:15:36,440 --> 00:15:41,880
recreational installed which leads me to
481
00:15:38,800 --> 00:15:43,920
my next question if 60% of Floridians
482
00:15:41,880 --> 00:15:46,399
vote in favor of the initiative assuming
483
00:15:43,920 --> 00:15:48,279
it makes the ballot Because by the time
484
00:15:46,399 --> 00:15:51,959
this episode airs we will know those
485
00:15:48,279 --> 00:15:54,000
questions what happens in the wake of
486
00:15:51,959 --> 00:15:55,920
legalization in Florida and that's a
487
00:15:54,000 --> 00:15:57,519
really really broad question so I'll try
488
00:15:55,920 --> 00:15:59,519
to narrow it down to a few things does
489
00:15:57,519 --> 00:16:01,720
the alleged oligopoly just
490
00:15:59,519 --> 00:16:03,240
explode because the initiative is
491
00:16:01,720 --> 00:16:05,360
written in such a way that those
492
00:16:03,240 --> 00:16:07,920
existing operators essentially get first
493
00:16:05,360 --> 00:16:10,160
dibs is there some kind of collateral
494
00:16:07,920 --> 00:16:12,199
impact federally I what do you see
495
00:16:10,160 --> 00:16:13,720
happening there because I too agree and
496
00:16:12,199 --> 00:16:15,440
having been born and raised there
497
00:16:13,720 --> 00:16:17,279
understanding the politics it's a unique
498
00:16:15,440 --> 00:16:19,519
place for better or worse this is an
499
00:16:17,279 --> 00:16:21,600
incredibly heavy lift for Florida so
500
00:16:19,519 --> 00:16:23,360
what do you see happening if they vote
501
00:16:21,600 --> 00:16:24,959
in favor you know if Florida votes in
502
00:16:23,360 --> 00:16:26,720
favor I think this will be the crown
503
00:16:24,959 --> 00:16:28,079
jewel of us cannabis and people are
504
00:16:26,720 --> 00:16:29,839
excited about this but I'm going to tell
505
00:16:28,079 --> 00:16:31,519
you why I'm even more excited than the
506
00:16:29,839 --> 00:16:33,639
average person is about Florida again I
507
00:16:31,519 --> 00:16:35,440
think it'll be a very robust Market I
508
00:16:33,639 --> 00:16:37,399
think it has the potential to transform
509
00:16:35,440 --> 00:16:39,279
cannabis politics in the Deep South as a
510
00:16:37,399 --> 00:16:41,000
region I think it has the potential to
511
00:16:39,279 --> 00:16:43,319
change the way that Republican
512
00:16:41,000 --> 00:16:44,800
politicians approach the Cannabis issue
513
00:16:43,319 --> 00:16:47,120
I think it even has the potential to tip
514
00:16:44,800 --> 00:16:49,160
the US nationally towards legalization
515
00:16:47,120 --> 00:16:50,959
when you consider Florida's population
516
00:16:49,160 --> 00:16:52,480
but to to stick on the first thing right
517
00:16:50,959 --> 00:16:54,279
what kind of a market will this be I
518
00:16:52,480 --> 00:16:56,800
think it'll be a very robust market and
519
00:16:54,279 --> 00:16:58,519
look Florida has a huge population 22
520
00:16:56,800 --> 00:17:00,560
million people and we've had other big
521
00:16:58,519 --> 00:17:02,639
States come online before notably
522
00:17:00,560 --> 00:17:04,919
California and New York but those states
523
00:17:02,639 --> 00:17:06,880
have lacked the infrastructure to
524
00:17:04,919 --> 00:17:08,439
immediately facilitate robust adult use
525
00:17:06,880 --> 00:17:10,439
sales you know New York had a very
526
00:17:08,439 --> 00:17:12,120
limited medical program unlike Florida
527
00:17:10,439 --> 00:17:14,360
and California made the catastrophic
528
00:17:12,120 --> 00:17:16,959
mistake of deeming 80% of its existing
529
00:17:14,360 --> 00:17:18,199
medical supply chain illegal and so I
530
00:17:16,959 --> 00:17:20,079
guess that's a way of saying we've been
531
00:17:18,199 --> 00:17:22,400
excited about big States coming online
532
00:17:20,079 --> 00:17:24,720
before but this is a big state that
533
00:17:22,400 --> 00:17:26,360
actually has robust medical access again
534
00:17:24,720 --> 00:17:28,600
I encourage anyone to look at a map of
535
00:17:26,360 --> 00:17:31,039
the 600 dispensaries in Florida and
536
00:17:28,600 --> 00:17:32,840
you'll see that kind of like on day one
537
00:17:31,039 --> 00:17:34,880
there'll be robust access across the
538
00:17:32,840 --> 00:17:37,039
state the only real analogy I can draw
539
00:17:34,880 --> 00:17:39,080
is to Missouri and obviously Missouri is
540
00:17:37,039 --> 00:17:40,760
you know 25% of the population of
541
00:17:39,080 --> 00:17:42,640
Florida but Missouri was one of those
542
00:17:40,760 --> 00:17:44,600
States that had a robust medical program
543
00:17:42,640 --> 00:17:47,520
spread across the state that turned on
544
00:17:44,600 --> 00:17:49,360
sales on day one and immediately saw a
545
00:17:47,520 --> 00:17:51,039
step function in in terms of growth and
546
00:17:49,360 --> 00:17:53,160
so I think Florida has the potential to
547
00:17:51,039 --> 00:17:55,720
be a very robust Market because of that
548
00:17:53,160 --> 00:17:58,880
robust retail access there's 22 million
549
00:17:55,720 --> 00:18:00,799
people in Florida Florida also sees 130
550
00:17:58,880 --> 00:18:02,679
million tourists which is just
551
00:18:00,799 --> 00:18:04,720
remarkable there's remarkable tourism
552
00:18:02,679 --> 00:18:05,840
into Florida and again just to really
553
00:18:04,720 --> 00:18:07,760
double click here I'm going to kind of
554
00:18:05,840 --> 00:18:09,159
get into the weeds but when people come
555
00:18:07,760 --> 00:18:10,720
to Florida it's a different type of
556
00:18:09,159 --> 00:18:13,039
Tourism you know they're not coming to
557
00:18:10,720 --> 00:18:14,440
Florida for business tourism necessarily
558
00:18:13,039 --> 00:18:16,000
unless they're going to the benzinga you
559
00:18:14,440 --> 00:18:17,520
know Cannabis Conference they're going
560
00:18:16,000 --> 00:18:19,120
for we know who they're going to see
561
00:18:17,520 --> 00:18:20,960
they're going to go see Mickey Mouse
562
00:18:19,120 --> 00:18:22,480
right exactly right they're going there
563
00:18:20,960 --> 00:18:25,039
for recreation right or they're going to
564
00:18:22,480 --> 00:18:27,039
the Florida Keys and so people go to or
565
00:18:25,039 --> 00:18:28,840
for spring break and so not only do they
566
00:18:27,039 --> 00:18:31,520
see a ton of tourists but they'll see a
567
00:18:28,840 --> 00:18:33,120
ton of leisure type tourists I'll also
568
00:18:31,520 --> 00:18:35,080
note there's plenty of international
569
00:18:33,120 --> 00:18:36,559
tourism and I bring this up because this
570
00:18:35,080 --> 00:18:38,400
really has the potential to change
571
00:18:36,559 --> 00:18:40,240
attitudes towards cannabis in other
572
00:18:38,400 --> 00:18:41,919
countries I remember being in you know
573
00:18:40,240 --> 00:18:44,240
just as a quick side note being in New
574
00:18:41,919 --> 00:18:45,720
York during un week last year and so
575
00:18:44,240 --> 00:18:47,960
many of the foreign dignitaries were
576
00:18:45,720 --> 00:18:49,760
kind of offended by what they saw as the
577
00:18:47,960 --> 00:18:51,600
sloppy nature of legalization in New
578
00:18:49,760 --> 00:18:53,400
York and pointed out the hypocrisy of
579
00:18:51,600 --> 00:18:55,280
the US leading the war on drugs and then
580
00:18:53,400 --> 00:18:57,200
allowing an illicit economy to develop
581
00:18:55,280 --> 00:18:58,960
in New York City I think Florida has the
582
00:18:57,200 --> 00:19:00,760
potential to be just the opposite to A
583
00:18:58,960 --> 00:19:02,400
well-regulated system that you know
584
00:19:00,760 --> 00:19:05,120
makes people look at cannabis positively
585
00:19:02,400 --> 00:19:07,360
so again 22 million people 130 million
586
00:19:05,120 --> 00:19:08,600
tourists the international tourists and
587
00:19:07,360 --> 00:19:11,400
you know the fact that there's robust
588
00:19:08,600 --> 00:19:12,760
retail access pricing is low we've
589
00:19:11,400 --> 00:19:14,480
already discussed how Florida does not
590
00:19:12,760 --> 00:19:16,000
have a medical cannabis tax now they
591
00:19:14,480 --> 00:19:17,919
will probably impose some kind of an
592
00:19:16,000 --> 00:19:20,200
adult use tax but I think this presents
593
00:19:17,919 --> 00:19:22,159
an opportunity for the very conservative
594
00:19:20,200 --> 00:19:23,679
legislature and the governor in Florida
595
00:19:22,159 --> 00:19:25,400
after they hopefully come around to the
596
00:19:23,679 --> 00:19:26,679
fact that this is passed that they can
597
00:19:25,400 --> 00:19:28,760
distinguish themselves from the
598
00:19:26,679 --> 00:19:30,600
disasters in California and New York by
599
00:19:28,760 --> 00:19:32,840
taking a different tack on cannabis and
600
00:19:30,600 --> 00:19:34,600
so that's sort of why I'm I'm so excited
601
00:19:32,840 --> 00:19:36,880
and then I'll just also note you know
602
00:19:34,600 --> 00:19:38,159
Florida borders a number of states in in
603
00:19:36,880 --> 00:19:40,120
the Deep South and you know we can talk
604
00:19:38,159 --> 00:19:41,679
about the the impact on the Deep South
605
00:19:40,120 --> 00:19:43,360
in a second but you know people forget
606
00:19:41,679 --> 00:19:45,799
Florida's not just Miami right it it
607
00:19:43,360 --> 00:19:47,480
borders you know Georgia and Alabama and
608
00:19:45,799 --> 00:19:49,440
as close to Mississippi and as even
609
00:19:47,480 --> 00:19:50,559
close to New Orleans and so we can talk
610
00:19:49,440 --> 00:19:51,919
about it more in a sec but I think it'll
611
00:19:50,559 --> 00:19:55,080
have a transformative impact on the
612
00:19:51,919 --> 00:19:56,760
region yeah knowing Florida it would die
613
00:19:55,080 --> 00:20:00,240
to distinguish itself from New York and
614
00:19:56,760 --> 00:20:02,880
California um and in multiple different
615
00:20:00,240 --> 00:20:05,679
ways but also similar to California it
616
00:20:02,880 --> 00:20:07,400
is the size and population of several
617
00:20:05,679 --> 00:20:09,880
States I'm with you that there's a
618
00:20:07,400 --> 00:20:11,760
domino effect here in multiple different
619
00:20:09,880 --> 00:20:13,799
ways and that Florida has an opportunity
620
00:20:11,760 --> 00:20:15,039
and I say this every time a big Market
621
00:20:13,799 --> 00:20:17,559
is examining this there's the
622
00:20:15,039 --> 00:20:19,039
opportunity to invoke the gold standard
623
00:20:17,559 --> 00:20:21,280
for this particular Democratic
624
00:20:19,039 --> 00:20:23,919
experiment I'm very confident that that
625
00:20:21,280 --> 00:20:25,320
does not yet exist it seems as though
626
00:20:23,919 --> 00:20:27,039
when states are turning on or turning
627
00:20:25,320 --> 00:20:28,360
over from medical instead of taking the
628
00:20:27,039 --> 00:20:30,600
best policies from each other they're
629
00:20:28,360 --> 00:20:32,960
actually like carbon copying the worst
630
00:20:30,600 --> 00:20:34,120
in an effort to satisfy what I couldn't
631
00:20:32,960 --> 00:20:37,400
even tell you anymore because the
632
00:20:34,120 --> 00:20:39,320
Department of Justice is so hands off so
633
00:20:37,400 --> 00:20:41,000
I I sincerely hope that Florida gets it
634
00:20:39,320 --> 00:20:42,919
right if they do go there but let's talk
635
00:20:41,000 --> 00:20:45,320
about the rest of the southeast because
636
00:20:42,919 --> 00:20:49,760
this is kind of this Locked Up Great
637
00:20:45,320 --> 00:20:52,159
Wall of unknown where if Florida goes do
638
00:20:49,760 --> 00:20:54,240
you think it has enough footspa to
639
00:20:52,159 --> 00:20:56,440
capture the rest to influence the rest
640
00:20:54,240 --> 00:20:57,919
to fall in line I do and you know I
641
00:20:56,440 --> 00:20:59,760
would also put it this way if Florida
642
00:20:57,919 --> 00:21:01,760
were not to move move those States will
643
00:20:59,760 --> 00:21:03,120
be stuck in the status quo for years
644
00:21:01,760 --> 00:21:04,559
right we have to remember how have we
645
00:21:03,120 --> 00:21:06,440
gotten adult use measures in this
646
00:21:04,559 --> 00:21:08,280
country we've gotten it via ballot
647
00:21:06,440 --> 00:21:10,640
measures or through unified Democratic
648
00:21:08,280 --> 00:21:12,520
control we've never had a GOP sort of
649
00:21:10,640 --> 00:21:14,720
State leadership kind of produce an
650
00:21:12,520 --> 00:21:16,120
adult use measure right and so those
651
00:21:14,720 --> 00:21:18,320
states are kind of stuck in in the
652
00:21:16,120 --> 00:21:20,120
status quo until Florida can change
653
00:21:18,320 --> 00:21:21,679
things now why do I think Florida will
654
00:21:20,120 --> 00:21:23,200
change things you know again there's
655
00:21:21,679 --> 00:21:25,000
South Florida but we kind of forget
656
00:21:23,200 --> 00:21:26,840
about the Florida Panhandle right so if
657
00:21:25,000 --> 00:21:29,679
we look at the northern part of Florida
658
00:21:26,840 --> 00:21:32,000
there are major Metro areas in Florida
659
00:21:29,679 --> 00:21:33,480
that are right on the Georgia border
660
00:21:32,000 --> 00:21:35,279
right if I think about Jacksonville and
661
00:21:33,480 --> 00:21:36,960
Tallahassee for example those are just
662
00:21:35,279 --> 00:21:38,720
30 minutes away from from the Georgia
663
00:21:36,960 --> 00:21:40,559
border and I go back to the example of
664
00:21:38,720 --> 00:21:42,520
Missouri the reason that Kansas City
665
00:21:40,559 --> 00:21:44,320
Missouri is probably the most productive
666
00:21:42,520 --> 00:21:46,440
cannabis ecosystem in the United States
667
00:21:44,320 --> 00:21:47,919
right now is it lies right on the Kansas
668
00:21:46,440 --> 00:21:50,039
border and so there's immense
669
00:21:47,919 --> 00:21:52,320
opportunity for these major Metro areas
670
00:21:50,039 --> 00:21:53,679
that lie in a border to draw in traffic
671
00:21:52,320 --> 00:21:55,760
from neighboring Georgia so I think
672
00:21:53,679 --> 00:21:57,080
that's exciting there's also Alabama
673
00:21:55,760 --> 00:21:59,880
again if you just look at a map you know
674
00:21:57,080 --> 00:22:01,799
Montgomery Alabama is just a 2hour drive
675
00:21:59,880 --> 00:22:03,440
you know down to Florida right and so
676
00:22:01,799 --> 00:22:05,600
you will see people driving into Florida
677
00:22:03,440 --> 00:22:07,400
to access cannabis if you really think
678
00:22:05,600 --> 00:22:08,799
about you know Pensacola that western
679
00:22:07,400 --> 00:22:10,880
part of Florida which borders like
680
00:22:08,799 --> 00:22:12,840
gulport you know Mississippi right and
681
00:22:10,880 --> 00:22:15,440
and and parts of Alabama that's really
682
00:22:12,840 --> 00:22:17,120
quite close and you know New Orleans for
683
00:22:15,440 --> 00:22:19,320
example is only a two and a half hour
684
00:22:17,120 --> 00:22:21,200
drive uh from Florida and even like
685
00:22:19,320 --> 00:22:23,120
Charleston South Carolina is only a
686
00:22:21,200 --> 00:22:24,159
three and a half hour drive into Florida
687
00:22:23,120 --> 00:22:25,679
and I mentioned this you know I know
688
00:22:24,159 --> 00:22:27,320
that kind of sounds like a long drive
689
00:22:25,679 --> 00:22:28,480
the reason I think this is important is
690
00:22:27,320 --> 00:22:30,200
if we look at a state like new mexic
691
00:22:28,480 --> 00:22:33,120
Mexico for example there are people
692
00:22:30,200 --> 00:22:35,279
driving four five 6 hours across West
693
00:22:33,120 --> 00:22:37,400
Texas which is very rural in order to
694
00:22:35,279 --> 00:22:39,159
access cannabis legally in New Mexico
695
00:22:37,400 --> 00:22:40,960
and so I think you will see the entire
696
00:22:39,159 --> 00:22:42,559
Deep South start to move into Florida
697
00:22:40,960 --> 00:22:44,640
and into a part of Florida that is
698
00:22:42,559 --> 00:22:45,799
culturally indistinguishable from the
699
00:22:44,640 --> 00:22:47,840
Deep South you know the Florida
700
00:22:45,799 --> 00:22:50,200
Panhandle is is the most kind of
701
00:22:47,840 --> 00:22:51,279
conservative region of of the country so
702
00:22:50,200 --> 00:22:53,360
I think it has the potential to
703
00:22:51,279 --> 00:22:55,440
transform the Deep South and really to
704
00:22:53,360 --> 00:22:57,320
accelerate some organic change that
705
00:22:55,440 --> 00:22:58,880
already happening in the Deep South and
706
00:22:57,320 --> 00:23:00,960
by this I mean you know the fact that
707
00:22:58,880 --> 00:23:02,400
Mississippi is quietly adopting you know
708
00:23:00,960 --> 00:23:04,919
one of the fastest growing medical
709
00:23:02,400 --> 00:23:07,360
programs um in in the country's history
710
00:23:04,919 --> 00:23:09,200
and has more than 150 dispensaries right
711
00:23:07,360 --> 00:23:11,400
um or that Georgia and Alabama are
712
00:23:09,200 --> 00:23:13,159
finally getting their programs off off
713
00:23:11,400 --> 00:23:15,240
the ground and so um I think it'll just
714
00:23:13,159 --> 00:23:17,159
illustrate how nonsensical uh
715
00:23:15,240 --> 00:23:19,159
prohibition is and it'll impact the Deep
716
00:23:17,159 --> 00:23:21,000
South in that way and what do you think
717
00:23:19,159 --> 00:23:23,480
some of the future potential pitfalls
718
00:23:21,000 --> 00:23:25,240
are for businesses even these existing
719
00:23:23,480 --> 00:23:27,760
operators because once you flip into
720
00:23:25,240 --> 00:23:30,880
adult use it's a whole different set of
721
00:23:27,760 --> 00:23:32,880
Public Safety and policy concerns you
722
00:23:30,880 --> 00:23:34,960
mentioned even setting different THC
723
00:23:32,880 --> 00:23:37,440
levels for adult use products it's just
724
00:23:34,960 --> 00:23:38,880
a completely different ball game with
725
00:23:37,440 --> 00:23:41,039
adult use people think they can borrow
726
00:23:38,880 --> 00:23:42,720
from medical they really cannot if it's
727
00:23:41,039 --> 00:23:43,360
regulated for example like alcohol if
728
00:23:42,720 --> 00:23:45,039
you're going to treat it like a
729
00:23:43,360 --> 00:23:47,400
pharmaceutical as adult use pretty much
730
00:23:45,039 --> 00:23:49,520
defeats the purpose so Most states treat
731
00:23:47,400 --> 00:23:51,159
it like alcohol or tobacco and since
732
00:23:49,520 --> 00:23:53,799
you're coming from California which I
733
00:23:51,159 --> 00:23:54,840
think is just the host of horribles and
734
00:23:53,799 --> 00:23:56,799
what could have been an amazing
735
00:23:54,840 --> 00:23:59,840
opportunity do you see more local
736
00:23:56,799 --> 00:24:01,720
control coming into play do you see
737
00:23:59,840 --> 00:24:03,200
additional competitive licensing coming
738
00:24:01,720 --> 00:24:05,840
into play even for existing operators
739
00:24:03,200 --> 00:24:07,600
that want to expand higher taxes social
740
00:24:05,840 --> 00:24:09,360
Equity we have litigation in Florida and
741
00:24:07,600 --> 00:24:12,120
the medical program to write the wrongs
742
00:24:09,360 --> 00:24:13,600
of past discrimination across farmers do
743
00:24:12,120 --> 00:24:16,200
you see it coming back in the form of
744
00:24:13,600 --> 00:24:17,960
social Equity to promote social justice
745
00:24:16,200 --> 00:24:20,240
here what do you think some of the
746
00:24:17,960 --> 00:24:22,480
trappings are the downsides for these
747
00:24:20,240 --> 00:24:24,200
businesses if we get adult use in
748
00:24:22,480 --> 00:24:26,120
Florida you know I think there are a few
749
00:24:24,200 --> 00:24:28,200
potential pitfalls I think one of them
750
00:24:26,120 --> 00:24:29,960
is sort of potency caps which we can get
751
00:24:28,200 --> 00:24:32,039
back to in a second but I think many of
752
00:24:29,960 --> 00:24:34,080
the pitfalls that we've experienced here
753
00:24:32,039 --> 00:24:36,200
say in California will not be repeated
754
00:24:34,080 --> 00:24:38,159
in Florida I mean let's go to to local
755
00:24:36,200 --> 00:24:40,559
control right the state legislature May
756
00:24:38,159 --> 00:24:42,520
for example give cities the ability to
757
00:24:40,559 --> 00:24:44,080
aband a lot of adult use cannabis
758
00:24:42,520 --> 00:24:45,440
businesses but you know the way the
759
00:24:44,080 --> 00:24:47,039
initiative is written these existing
760
00:24:45,440 --> 00:24:49,640
medical cannabis businesses will be able
761
00:24:47,039 --> 00:24:51,600
to convert to adult use by May 5th right
762
00:24:49,640 --> 00:24:53,360
and so this issue of access that is
763
00:24:51,600 --> 00:24:55,279
proven to be a problem in New York and
764
00:24:53,360 --> 00:24:56,360
California simply won't be a problem
765
00:24:55,279 --> 00:24:58,399
because there'll be robust
766
00:24:56,360 --> 00:25:00,159
infrastructure so I I think that's
767
00:24:58,399 --> 00:25:01,559
that's one critical thing um when it
768
00:25:00,159 --> 00:25:03,559
comes to licensing you know as I
769
00:25:01,559 --> 00:25:04,919
mentioned there is an ongoing licensing
770
00:25:03,559 --> 00:25:06,760
process right now and sometime this
771
00:25:04,919 --> 00:25:09,080
summer Florida will issue you know a
772
00:25:06,760 --> 00:25:10,799
couple dozen more licenses but I don't
773
00:25:09,080 --> 00:25:13,000
really anticipate that kind of holding
774
00:25:10,799 --> 00:25:15,000
up the process as it is done in New York
775
00:25:13,000 --> 00:25:16,880
because of the robust medical uh
776
00:25:15,000 --> 00:25:18,880
infrastructure that exists and you know
777
00:25:16,880 --> 00:25:20,480
you you mentioned social Equity my
778
00:25:18,880 --> 00:25:22,840
expectation is that there'll be some
779
00:25:20,480 --> 00:25:24,880
minimal effort to sort of address
780
00:25:22,840 --> 00:25:26,520
criminal justice issues say related to
781
00:25:24,880 --> 00:25:27,640
expungement the kinds of issues that
782
00:25:26,520 --> 00:25:28,960
couldn't make their way into the
783
00:25:27,640 --> 00:25:30,799
initiative because because of the single
784
00:25:28,960 --> 00:25:32,640
subject Rule and so I think Florida may
785
00:25:30,799 --> 00:25:35,039
approach equity in a way similar to the
786
00:25:32,640 --> 00:25:36,679
way that Ohio plans to or Missouri which
787
00:25:35,039 --> 00:25:38,039
is to say you know there'll be some
788
00:25:36,679 --> 00:25:39,520
effort to maybe diversify the
789
00:25:38,039 --> 00:25:41,200
marketplace but I think Florida is such
790
00:25:39,520 --> 00:25:43,120
a conservative place that you will not
791
00:25:41,200 --> 00:25:45,080
see a full-fledged Equity program in the
792
00:25:43,120 --> 00:25:47,159
way that you would California or New
793
00:25:45,080 --> 00:25:49,279
York that's on that issue when it comes
794
00:25:47,159 --> 00:25:51,039
to taxes I think Florida has an instinct
795
00:25:49,279 --> 00:25:53,279
for low taxes there's no state income
796
00:25:51,039 --> 00:25:54,559
tax they have no medical cannabis tax so
797
00:25:53,279 --> 00:25:56,520
again I think it's an opportunity for
798
00:25:54,559 --> 00:25:58,399
the stantis and the GOP distinguish
799
00:25:56,520 --> 00:25:59,840
themselves from California and New York
800
00:25:58,399 --> 00:26:01,480
so yeah that's why I don't think those
801
00:25:59,840 --> 00:26:02,960
things will be issues I think the one
802
00:26:01,480 --> 00:26:05,240
thing that could potentially be an issue
803
00:26:02,960 --> 00:26:07,159
again are issues of potency or product
804
00:26:05,240 --> 00:26:09,039
restrictions or advertising and and
805
00:26:07,159 --> 00:26:10,960
labeling as I mentioned there has been a
806
00:26:09,039 --> 00:26:13,000
bill introduced that was not yet
807
00:26:10,960 --> 00:26:15,120
successful to limit the potency of
808
00:26:13,000 --> 00:26:17,159
products and you know there there has
809
00:26:15,120 --> 00:26:19,480
been a history in Florida of the state
810
00:26:17,159 --> 00:26:21,200
legislature trying to intervene on the
811
00:26:19,480 --> 00:26:23,240
heels of a successful ballot initiative
812
00:26:21,200 --> 00:26:26,000
I mean just to give you one example in
813
00:26:23,240 --> 00:26:28,320
2018 when Florida passed a voting rights
814
00:26:26,000 --> 00:26:29,600
you know fell in voting rights
815
00:26:28,320 --> 00:26:31,480
restoration initiative that basically
816
00:26:29,600 --> 00:26:32,840
said hey if you were formerly a Fel and
817
00:26:31,480 --> 00:26:34,480
you should still be able to vote the
818
00:26:32,840 --> 00:26:36,039
legislature turned around and said okay
819
00:26:34,480 --> 00:26:38,080
that initiative passed but you have to
820
00:26:36,039 --> 00:26:39,600
pay all these fees in order to expunge
821
00:26:38,080 --> 00:26:41,399
your your record and obtain your voting
822
00:26:39,600 --> 00:26:43,799
rights and so there's always ways that a
823
00:26:41,399 --> 00:26:45,559
hostile State Legislature can in theory
824
00:26:43,799 --> 00:26:47,440
respect you know the amendment that
825
00:26:45,559 --> 00:26:49,039
passed but tried to introduce friction
826
00:26:47,440 --> 00:26:50,880
into the process and so I think that'll
827
00:26:49,039 --> 00:26:52,919
be the really critical thing for for
828
00:26:50,880 --> 00:26:54,320
Advocates and the last thing I'll say is
829
00:26:52,919 --> 00:26:56,000
that's why I think the vote count is so
830
00:26:54,320 --> 00:26:58,600
important right in the same way that
831
00:26:56,000 --> 00:27:00,080
Ohio passed with 57% of the vote and the
832
00:26:58,600 --> 00:27:01,760
folks in Ohio can't mess with that
833
00:27:00,080 --> 00:27:03,240
initiative because they realize they
834
00:27:01,760 --> 00:27:05,279
would be running into a political buzs
835
00:27:03,240 --> 00:27:07,960
saww that's why we need a really strong
836
00:27:05,279 --> 00:27:09,200
vote in Florida not 60% but but but
837
00:27:07,960 --> 00:27:11,360
better and I'm actually pretty
838
00:27:09,200 --> 00:27:12,679
optimistic about that man just on the
839
00:27:11,360 --> 00:27:14,360
regulatory side because it's a big part
840
00:27:12,679 --> 00:27:15,840
of my practice when The Regulators come
841
00:27:14,360 --> 00:27:17,480
into play this is when the politics
842
00:27:15,840 --> 00:27:19,080
really show up especially things like
843
00:27:17,480 --> 00:27:21,279
lobbying and private interest groups I
844
00:27:19,080 --> 00:27:23,840
imagine that those existing lenes have a
845
00:27:21,279 --> 00:27:25,520
firmly secured place at the table do you
846
00:27:23,840 --> 00:27:27,919
think in Florida that Department of
847
00:27:25,520 --> 00:27:29,480
Health Department of a do a good job of
848
00:27:27,919 --> 00:27:31,480
list listening to those stakeholders
849
00:27:29,480 --> 00:27:33,039
let's put voters aside because that's
850
00:27:31,480 --> 00:27:35,159
one form of political pressure with
851
00:27:33,039 --> 00:27:37,200
direct democracy and action do you think
852
00:27:35,159 --> 00:27:40,039
they listen to their licenses because
853
00:27:37,200 --> 00:27:42,080
I've been in states where your pleas
854
00:27:40,039 --> 00:27:43,279
your advocacy positions your policy
855
00:27:42,080 --> 00:27:44,799
suggestions how you're running your
856
00:27:43,279 --> 00:27:46,960
day-to-day business it just falls on
857
00:27:44,799 --> 00:27:49,279
deaf ears completely when it comes to
858
00:27:46,960 --> 00:27:50,799
government relations yeah you know what
859
00:27:49,279 --> 00:27:53,159
I would say is this I would say The
860
00:27:50,799 --> 00:27:54,880
Regulators in Florida it may not be that
861
00:27:53,159 --> 00:27:57,000
they listen more but they are just less
862
00:27:54,880 --> 00:27:59,440
eager to get involved in the business of
863
00:27:57,000 --> 00:28:01,039
their lenses is is what I would say
864
00:27:59,440 --> 00:28:03,440
right so they have adopted more of a
865
00:28:01,039 --> 00:28:05,440
hands-off stance and so they may not be
866
00:28:03,440 --> 00:28:07,399
actively listening for feedback but they
867
00:28:05,440 --> 00:28:09,240
have just been less eager to intervene
868
00:28:07,399 --> 00:28:10,840
in the program and they only kind of
869
00:28:09,240 --> 00:28:12,720
intervene when there's some political
870
00:28:10,840 --> 00:28:14,200
pressure to do so I mean just to give
871
00:28:12,720 --> 00:28:15,600
you an example when Green Thumb
872
00:28:14,200 --> 00:28:17,760
Industries announced this like
873
00:28:15,600 --> 00:28:19,279
Innovative program to put cannabis in
874
00:28:17,760 --> 00:28:21,080
gas stations that was one of the few
875
00:28:19,279 --> 00:28:22,880
things that made The Regulators stand up
876
00:28:21,080 --> 00:28:24,600
and say Hey you know we haven't kind of
877
00:28:22,880 --> 00:28:26,399
signed off on that or when Dan santis
878
00:28:24,600 --> 00:28:27,760
says hey these operators are making so
879
00:28:26,399 --> 00:28:29,440
much money we should charge them higher
880
00:28:27,760 --> 00:28:31,600
fees you know that tends to be the
881
00:28:29,440 --> 00:28:33,880
reaction so largely I I've seen them be
882
00:28:31,600 --> 00:28:35,120
a more silent regulator which I mean
883
00:28:33,880 --> 00:28:37,799
compared to other states I don't think
884
00:28:35,120 --> 00:28:38,640
is always a bad thing yeah same here
885
00:28:37,799 --> 00:28:40,080
sometimes it's not bad to have a
886
00:28:38,640 --> 00:28:42,039
reactive regulator because you can
887
00:28:40,080 --> 00:28:44,200
always ask for forgiveness depending on
888
00:28:42,039 --> 00:28:45,640
the level of conduct um I wish other
889
00:28:44,200 --> 00:28:46,840
states would experiment with that
890
00:28:45,640 --> 00:28:50,120
sometimes and how they oversee their
891
00:28:46,840 --> 00:28:53,000
licensees now Florida already has shown
892
00:28:50,120 --> 00:28:55,320
an aptitude and an appetite for
893
00:28:53,000 --> 00:28:57,760
intensely regulating the products that
894
00:28:55,320 --> 00:29:00,320
go on the market not necessarily any
895
00:28:57,760 --> 00:29:02,440
kind of creative way more like this is
896
00:29:00,320 --> 00:29:05,279
our prohibited products list Thou shalt
897
00:29:02,440 --> 00:29:07,440
not pass I'm currently writing a blog
898
00:29:05,279 --> 00:29:10,519
post on it for my law firm's own blog
899
00:29:07,440 --> 00:29:12,240
the Delta 8 ban right in existing
900
00:29:10,519 --> 00:29:14,600
medical ecosphere have you been
901
00:29:12,240 --> 00:29:16,159
following that and do you know how the
902
00:29:14,600 --> 00:29:18,320
Market's reacting to that is this a
903
00:29:16,159 --> 00:29:20,600
preview potentially of what we could get
904
00:29:18,320 --> 00:29:22,279
if adult use goes in November yeah I
905
00:29:20,600 --> 00:29:24,679
mean so the bill you're referencing is
906
00:29:22,279 --> 00:29:26,640
Senate Bill 1698 I believe it is and the
907
00:29:24,679 --> 00:29:28,399
bill is passed and it awaits D Sis's
908
00:29:26,640 --> 00:29:30,559
signature and if he signs it it'll take
909
00:29:28,399 --> 00:29:32,919
effect uh October 1st so right before
910
00:29:30,559 --> 00:29:34,720
the adult use initiative and this bill
911
00:29:32,919 --> 00:29:37,200
essentially you know bans Delta 8 and
912
00:29:34,720 --> 00:29:39,399
Delta 10 and imposes like a 5 milligram
913
00:29:37,200 --> 00:29:41,440
serving uh limit on sort of products
914
00:29:39,399 --> 00:29:43,279
with with Delta 9 in them and so it
915
00:29:41,440 --> 00:29:45,919
renders a lot of existing hemp products
916
00:29:43,279 --> 00:29:47,880
in Florida illegal and so what I would
917
00:29:45,919 --> 00:29:49,720
say is this um the fact that these
918
00:29:47,880 --> 00:29:52,080
products have proliferated so much
919
00:29:49,720 --> 00:29:54,840
across Florida illustrates the latent
920
00:29:52,080 --> 00:29:56,799
demand there is for cannabis amongst uh
921
00:29:54,840 --> 00:29:58,399
citizens that that exist out there so I
922
00:29:56,799 --> 00:29:59,960
would say that's Point number one one
923
00:29:58,399 --> 00:30:01,440
point number two is you know Florida has
924
00:29:59,960 --> 00:30:03,200
passed this legislation but as we've
925
00:30:01,440 --> 00:30:04,799
seen in many states often times this
926
00:30:03,200 --> 00:30:06,399
legislation is challenged in court and
927
00:30:04,799 --> 00:30:07,919
so there's many states that are passing
928
00:30:06,399 --> 00:30:09,399
bans and later federal courts are
929
00:30:07,919 --> 00:30:11,200
weighing in on whether that is
930
00:30:09,399 --> 00:30:12,600
consistent kind of with the farm bill
931
00:30:11,200 --> 00:30:14,919
and so I think that's kind of anyone's
932
00:30:12,600 --> 00:30:16,640
guess how that all kind of plays out and
933
00:30:14,919 --> 00:30:18,240
in light of that uncertainty I guess I
934
00:30:16,640 --> 00:30:20,240
would say that's why the adult use
935
00:30:18,240 --> 00:30:22,360
measure is so important right in States
936
00:30:20,240 --> 00:30:24,720
where there's robust cannabis access
937
00:30:22,360 --> 00:30:26,760
that is Affordable that is accessible we
938
00:30:24,720 --> 00:30:28,600
tend to see you know the least amount of
939
00:30:26,760 --> 00:30:29,919
these hemp and toxin products and look I
940
00:30:28,600 --> 00:30:31,519
recognize that there's a complicated
941
00:30:29,919 --> 00:30:33,200
debate going on about these products and
942
00:30:31,519 --> 00:30:34,640
how you know they can help certain folks
943
00:30:33,200 --> 00:30:35,960
that don't have access to cannabis
944
00:30:34,640 --> 00:30:37,039
that's a complicated debate we probably
945
00:30:35,960 --> 00:30:39,360
don't have time to get to on this
946
00:30:37,039 --> 00:30:41,120
episode but I would just say look folks
947
00:30:39,360 --> 00:30:42,880
you know have a demand for cannabis
948
00:30:41,120 --> 00:30:44,399
there are some reasonable concerns about
949
00:30:42,880 --> 00:30:46,559
the safety of these hempen toxin
950
00:30:44,399 --> 00:30:48,080
products and so the best way to Usher
951
00:30:46,559 --> 00:30:50,159
people into products that are safe and
952
00:30:48,080 --> 00:30:52,519
tested is to ensure that cannabis is
953
00:30:50,159 --> 00:30:54,240
legal for adults and is accessible and
954
00:30:52,519 --> 00:30:56,480
again I would point you to markets like
955
00:30:54,240 --> 00:30:58,159
Michigan or you know the Canadian Market
956
00:30:56,480 --> 00:31:00,600
where these hempen toxin products are
957
00:30:58,159 --> 00:31:02,960
not popular because they people can
958
00:31:00,600 --> 00:31:04,960
easily access uh affordable cannabis and
959
00:31:02,960 --> 00:31:07,480
so that's why again I think this
960
00:31:04,960 --> 00:31:09,240
initiative is so important but maybe the
961
00:31:07,480 --> 00:31:11,039
only other thing I'll say is you know
962
00:31:09,240 --> 00:31:12,519
this issue has to be managed delicately
963
00:31:11,039 --> 00:31:14,159
right obviously there are a ton of
964
00:31:12,519 --> 00:31:16,279
people that operate in the hemp space in
965
00:31:14,159 --> 00:31:18,080
Florida who are upset about this bill
966
00:31:16,279 --> 00:31:19,960
who view The multi-state Operators with
967
00:31:18,080 --> 00:31:21,720
suspicion we've seen in other states
968
00:31:19,960 --> 00:31:23,360
that adult use measures can fail when
969
00:31:21,720 --> 00:31:24,840
there's divisions within the Cannabis
970
00:31:23,360 --> 00:31:26,919
community so I think it's really
971
00:31:24,840 --> 00:31:28,799
important that these msos who are you
972
00:31:26,919 --> 00:31:30,360
know looking at the this juicy pie in
973
00:31:28,799 --> 00:31:32,679
Florida over the next few years don't
974
00:31:30,360 --> 00:31:34,600
get ahead of themselves and find ways to
975
00:31:32,679 --> 00:31:36,000
to build an inclusive cannabis Community
976
00:31:34,600 --> 00:31:37,760
because otherwise we won't be able to
977
00:31:36,000 --> 00:31:39,039
get over the finish line and look the
978
00:31:37,760 --> 00:31:40,519
state legislature is never going to bail
979
00:31:39,039 --> 00:31:42,559
us out in Florida so we need the people
980
00:31:40,519 --> 00:31:43,880
to be behind us to move this forward man
981
00:31:42,559 --> 00:31:45,679
her if the feds ever get direct act
982
00:31:43,880 --> 00:31:48,039
together I would nominate you for like
983
00:31:45,679 --> 00:31:49,679
top weeds are because you're you're
984
00:31:48,039 --> 00:31:52,320
right down the middle and that's exactly
985
00:31:49,679 --> 00:31:54,919
what we need in this political ecosystem
986
00:31:52,320 --> 00:31:56,399
on this particular topic so just a last
987
00:31:54,919 --> 00:31:58,799
couple questions for you before I let
988
00:31:56,399 --> 00:32:00,919
you go and this can be your for voters
989
00:31:58,799 --> 00:32:03,279
and consumers what do they need to know
990
00:32:00,919 --> 00:32:04,679
about Amendment Three the potential
991
00:32:03,279 --> 00:32:06,559
ballot initiative assuming it gets
992
00:32:04,679 --> 00:32:08,279
passed the Supreme Court in Florida
993
00:32:06,559 --> 00:32:10,480
we're both hopeful about that what do
994
00:32:08,279 --> 00:32:12,080
they need to know about it at this point
995
00:32:10,480 --> 00:32:13,600
I I think what they need to know is if
996
00:32:12,080 --> 00:32:14,760
you are in Florida and listening to this
997
00:32:13,600 --> 00:32:16,600
right and you have the chance to vote
998
00:32:14,760 --> 00:32:18,159
for this and you care about cannabis you
999
00:32:16,600 --> 00:32:20,480
know not only passing this initiative
1000
00:32:18,159 --> 00:32:22,360
but passing it by a healthy margin I
1001
00:32:20,480 --> 00:32:24,799
think would be a seismic event in the
1002
00:32:22,360 --> 00:32:26,320
history of cannabis reform and so what I
1003
00:32:24,799 --> 00:32:28,880
mean by that is I I believe the record
1004
00:32:26,320 --> 00:32:31,159
is New Jersey that with 7% of the vote
1005
00:32:28,880 --> 00:32:33,000
voted to legalize cannabis I based on
1006
00:32:31,159 --> 00:32:34,880
polling am cautiously optimistic that we
1007
00:32:33,000 --> 00:32:37,760
can get up to that number if we get to a
1008
00:32:34,880 --> 00:32:39,159
number like 67% again that'll eliminate
1009
00:32:37,760 --> 00:32:40,639
the ability of anyone in the state
1010
00:32:39,159 --> 00:32:42,840
legislature to really mess with the
1011
00:32:40,639 --> 00:32:45,039
initiative that'll send a message across
1012
00:32:42,840 --> 00:32:47,159
the entire Deep South that the reddest
1013
00:32:45,039 --> 00:32:49,720
of states where woke allegedly goes to
1014
00:32:47,159 --> 00:32:52,000
die right is kind of okay with cannabis
1015
00:32:49,720 --> 00:32:53,720
I think it'll change the calculus of
1016
00:32:52,000 --> 00:32:55,760
Republican politicians across the
1017
00:32:53,720 --> 00:32:57,159
country who will have seen Ohio which is
1018
00:32:55,760 --> 00:32:59,000
the bellweather red State and then
1019
00:32:57,159 --> 00:33:00,960
Florida which is is the Contemporary
1020
00:32:59,000 --> 00:33:03,279
like reddest of red cultural polit
1021
00:33:00,960 --> 00:33:05,000
politics States vote for cannabis you
1022
00:33:03,279 --> 00:33:07,000
know even someone like Rona santis who
1023
00:33:05,000 --> 00:33:09,480
you know won with a landslide right in
1024
00:33:07,000 --> 00:33:11,880
2022 with 60% of the vote I mean if
1025
00:33:09,480 --> 00:33:13,080
Florida gets 67% of the vote you know
1026
00:33:11,880 --> 00:33:14,880
that's going to make him look poor by
1027
00:33:13,080 --> 00:33:16,840
comparison or again you know someone
1028
00:33:14,880 --> 00:33:19,159
like Rick Scott the senator from Florida
1029
00:33:16,840 --> 00:33:21,880
he won his last reelection with 50.0
1030
00:33:19,159 --> 00:33:23,039
five% of the vote if cannabis gets 67
1031
00:33:21,880 --> 00:33:24,799
it's going to be harder for him to
1032
00:33:23,039 --> 00:33:26,519
continue to be an obstructionist so I
1033
00:33:24,799 --> 00:33:28,399
think Florida has a has the ability to
1034
00:33:26,519 --> 00:33:30,240
send a message to the Deep South has the
1035
00:33:28,399 --> 00:33:32,200
ability to send a message to you know
1036
00:33:30,240 --> 00:33:34,200
folks in the GOP and perhaps most
1037
00:33:32,200 --> 00:33:36,840
importantly you know if Florida were go
1038
00:33:34,200 --> 00:33:38,600
adult use then 60% of the people who
1039
00:33:36,840 --> 00:33:40,320
live in this country would live in an
1040
00:33:38,600 --> 00:33:42,000
adult use State and that doesn't even
1041
00:33:40,320 --> 00:33:44,240
count some of the other you know states
1042
00:33:42,000 --> 00:33:46,840
that might go adult use like Hawai or
1043
00:33:44,240 --> 00:33:49,320
New Hampshire or South Dakota so you
1044
00:33:46,840 --> 00:33:50,919
know FL if Florida goes adult use you
1045
00:33:49,320 --> 00:33:52,679
know I almost want to say I don't care
1046
00:33:50,919 --> 00:33:54,240
who the next president is right you're
1047
00:33:52,679 --> 00:33:56,399
going to have to pay attention to
1048
00:33:54,240 --> 00:33:58,000
cannabis because it'll be overwhelming
1049
00:33:56,399 --> 00:33:59,480
even in the most conservative States so
1050
00:33:58,000 --> 00:34:01,200
that's why it's so important that
1051
00:33:59,480 --> 00:34:03,000
everybody in Florida votes obviously in
1052
00:34:01,200 --> 00:34:04,799
favor of the initiative and give me your
1053
00:34:03,000 --> 00:34:07,120
prediction now because again this will
1054
00:34:04,799 --> 00:34:08,919
Air after we get the decision from the
1055
00:34:07,120 --> 00:34:11,079
Supreme Court but obviously before
1056
00:34:08,919 --> 00:34:13,240
October or November excuse me do you
1057
00:34:11,079 --> 00:34:15,079
think it's going to pass yes I think
1058
00:34:13,240 --> 00:34:16,639
it'll I think it'll clear Supreme Court
1059
00:34:15,079 --> 00:34:20,399
review and then I think it's going to
1060
00:34:16,639 --> 00:34:22,240
pass with 66% of the vote in November so
1061
00:34:20,399 --> 00:34:24,520
that's my prediction all right we got
1062
00:34:22,240 --> 00:34:25,879
your predictions okay H thanks for
1063
00:34:24,520 --> 00:34:28,359
coming on it's been a real pleasure you
1064
00:34:25,879 --> 00:34:29,919
are so knowledgeable in car charismatic
1065
00:34:28,359 --> 00:34:31,520
your clients are very lucky to have you
1066
00:34:29,919 --> 00:34:33,520
and we are very fortunate to gain your
1067
00:34:31,520 --> 00:34:35,720
insights on what could be a seismic
1068
00:34:33,520 --> 00:34:37,480
shift in cannabis policy that's kind of
1069
00:34:35,720 --> 00:34:39,359
been a sleeper not many people are
1070
00:34:37,480 --> 00:34:40,679
watching Florida in this capacity they
1071
00:34:39,359 --> 00:34:42,320
know about it a little bit but I don't
1072
00:34:40,679 --> 00:34:44,000
think they know what the impact is that
1073
00:34:42,320 --> 00:34:45,599
it could actually have so thanks very
1074
00:34:44,000 --> 00:34:48,119
much for your time we appreciate it this
1075
00:34:45,599 --> 00:34:49,679
was so awesome let's get it done and
1076
00:34:48,119 --> 00:34:52,760
that concludes today's episode of the
1077
00:34:49,679 --> 00:34:55,750
Cannabis law Now podcast until next time
1078
00:34:52,760 --> 00:34:59,989
stay alert stay alive
1079
00:34:55,750 --> 00:34:59,989
[Music]