00:00:19:02 – 00:00:41:06
Elliot
Well, good morning. Good afternoon, everyone. Welcome to another exciting episode of Meet the Expert with Lead Caroline. Cannabis. Marijuana. Mary Jane. Pot, legal and making Money. That’s what our show is about. Today we’re going to be talking with John Mueller, one of the founders of Greenlight Greenlight Industries. Very excited what they’re doing. We’re going to talk about that.

00:00:41:08 – 00:01:10:01

Elliot
If you want to reach me for any reason, I’m at 95 three. What for? 8503. It’s Prosperity Financial Group AECOM Elliott Elliott at Prosperity Financial Group dot com. We’ve got top 73 recordings already on our website. Take a look at them, listen to them. They make great podcast and great videos. So let’s talk about the the CBD. Let’s talk about the marijuana industry, the what’s going on there.

00:01:10:03 – 00:01:13:12
Elliot
So, John, before we get into. Welcome to our show, John.

00:01:13:14 – 00:01:15:05
John
I thanks. Thanks for having me today.

00:01:15:07 – 00:01:36:19
Elliot
That’s great. Thank you. So I want to talk to you first of all, what’s generally going on in the industry and specifically I’m in California, you’re in the Midwest. What’s going on in different places? Because the whole legal cannabis industry really came out of Colorado and Denver on that. And they have experience both positive and negative as a result of it.

00:01:36:21 – 00:02:07:23
Elliot
California is kind of upside down on the legal cannabis industry. There’s of course, oils that I could buy that do some good things. And for somebody like me that’s got a bad deck and four back surgeries that can be beneficial but is a real it is it is a quality control. I mean, there are lots of questions that I as a consumer have even though that study the legal some of that in California and then there’s just the medical use of it legitimately Berkeley’s of it and the experiment to Colorado should be that Oregon did legalize the oil pot.

00:02:08:00 – 00:02:19:02
Elliot
They decided to go all the way, that they’re reversing that now. So there are lots of big upheavals and changes going on in the cannabis industry. And you’re trying to be the beneficiary of all these things, correct?

00:02:19:04 – 00:02:20:01
John
Yeah, no doubt.

00:02:20:06 – 00:02:26:20
Elliot
Yes. So why don’t you give us a quick update of where we’ve come from and where you see going the legal cannabis industry?

00:02:27:00 – 00:02:54:08
John
Yeah. So first Greenlight operates in seven states, so we see both medical in the adult use markets as we expand. We are not in California out of design and we’re not in Colorado out of design. So the two you mentioned, we like to stay focused in limited license states where we have plenty of regulators control testing, things like that, that that control the market and make sure ones that on every corner like you see in the Oklahoma is are quite frankly the the Californias of the world.

00:02:54:10 – 00:03:26:14
John
So we we operate in in seven different markets. We operate in both medical and adult use so happy do to share share my comments on that obviously Colorado came out of the gate first with with adult use I to my knowledge they have paid you know over $1,000,000,000 in in tax revenue out there and other than some highly conservative people I don’t I don’t know that they the stats would indicate that that’s been a real problem for the state of Colorado.

00:03:26:16 – 00:03:53:19
John
When I was doing the adult use amendment out in Nevada, which is where I got my start, they all the political campaigns were talking about how the number of kids that were ending up in a year after after immediately after they went to adult use doubled. And that was the big campaign slogan. Adelson and company was running the campaigns and and we did further research and it went from to two kids that ended up in the air to four kids.

00:03:53:21 – 00:04:15:15
John
And so it’s that, you know, maybe don’t read all the stats. And obviously opponents of anything can can spin any stats. So that was a good example out there of what transpired. And I’m happy to report all four of those kids, unlike the opioid crisis and fentanyl and all the other things, all four of those kids ended up going home to their parents the same day.

00:04:15:18 – 00:04:36:00
Elliot
So that’s good that glad you stood up, because we do look at statistics. 2 to 4 is dope. Like that’s not a lie. It’s just a really small pool of people. All right. So the marijuana business, the cannabis business, are you in all aspects of the business from the oils and the essences to the actual product that I would eat or smoke?

00:04:36:04 – 00:04:46:08
John
Yeah, Yeah, I would, depending on the say, we’re we’re trying to be a vertical operator in all of our markets. Not quite there in all them yet but we like to take it from from seed to sale as they say.

00:04:46:12 – 00:05:06:19
Elliot
So okay, let me ask you some questions because I’m somebody that would be a good buyer for you. And I’m sure a lot of people that are listening to this are people like me, that former quasi jocks or jocks, and every part of their body hurts every day of the week, their knees, their back, their hips, their necks, their elbows, their shoulders and what have you.

00:05:06:19 – 00:05:25:20
Elliot
So we look at that. We look at this burgeoning cannabis oil business or essence or whatever you want to call the supplement business. And maybe we’re not looking to get high. That’s not the purpose of what we want to do. We want to get the accident, the the things that I crabs out of our body. So how is that happening?

00:05:25:22 – 00:05:50:22
Elliot
You know, my alternative is kind of the Bengay products, these heavy smelling menthol or non smelling, whatever. And, you know, they have limited success. I tell me how this is a viable sort of because I think I’m your typical buyer, the typical target market. I’m not the kid who’s 20 or 30 and wanted to get high and I’m your person actually sees legitimacy here.

00:05:51:00 – 00:06:19:15
John
Yeah yeah. No. So like my my my mother is a preacher and kind of in the same boat isn’t interested in getting high, but we have a cream with thc CBD in it that she she rubs on her arthritis every single day. And so in, in the state of Missouri as an example here. So and any time you can take a natural plant product and use that instead of Bengay or Bengay is not bad for you.

00:06:19:21 – 00:06:47:17
John
But some of these are periods where you’re you’re popping pills every day. I think we’re winning as as a human race. So but and she gets much more benefit and comfort because we’re open up our CB1 receptor and you can basically receive medication a lot more efficiently. I would say any time you put a cream oil on your skin is designed to not receive it as well as you would as as putting something under your tongue or something along those lines.

00:06:47:18 – 00:06:54:03
John
But she sees a benefit to exactly what you’re talking about today in the creams and bombs that we produce.

00:06:54:03 – 00:07:16:16
Elliot
I think that’s great. We’re talking with John Mueller of Greenlight. We’re in a financial business. We built portfolios years ago. We were very excited to build portfolios. We cannabis was part of it. And then the whole world kind of got messed up on making money with it. And these are all Canadian companies at that point. So I want to get back to the money side then I want to get back to the product.

00:07:16:16 – 00:07:19:01
Elliot
So pardon me for jumping a little bit. I apologize.

00:07:19:01 – 00:07:19:22
John
Now. I love.

00:07:19:22 – 00:07:31:14
Elliot
It. We got an audience that’s very interested here in Finance. How do I make money with this and how do we do that? And we know that cannabis industries in Canada, they’ve not been really profitable and the success rate has been kind of crappy in that world.

00:07:31:14 – 00:07:52:03
John
And well, I think you look at obviously the operators up in in Canada, they don’t have the population base, the consumer base to keep up with what they have up there. And then the restrictions up there are not as as good as in the United States. And so obviously you look at the just the economies of scale here.

00:07:52:03 – 00:08:22:03
John
So you have a number, you know, we got big five, as we call them, of the cannabis operators. We are a private company. We are profitable every month. We produce dividends for our shareholders, but we’re private. So it doesn’t impact your guys. But there are operators out there that are producing results right now. We’ve raised a very limited amount of capital to, you know, basically go out and build about a $300 million company as we sit today and we’re doing it off the profits of cannabis companies.

00:08:22:03 – 00:08:44:06
John
So those those do exist in the world. A bunch of the Canadians that went out, one, they they overspent and and then focus on margin structures as much as they should. So if you look at the true Canadian companies, not I would say every U.S. operator has to list on the Canadian Stock Exchange, the New York, etc., just because of the schedule one drug as we sit here today.

00:08:44:08 – 00:09:08:23
John
But basically the U.S. operators, you can go in and buy Verano. They are now on on the Neo at five times multiple today. And what you’re going to see in short order for your your your client base, that’s watching this show, you know you can buy that at five times earnings deal. You know where your average S&P is 13 or 14 today.

00:09:08:23 – 00:09:29:03
John
So they can go and pick up a cannabis stock. Once we go from schedule one, all of a sudden it’s going to flip to schedule three. Their tax code completely changes. Right now, we basically pay double the tax of your traditional widget business when you’re in the weed business. So it’s going to completely flat flip the cash flows for every one of these businesses.

00:09:29:03 – 00:09:56:13
John
And this is coming. We thought it was going to be coming in the second half of this year. They now have the hearing scheduled for December 3rd with the DEA. It’s just a formality. The only question now is obviously it won’t be done by inauguration. But it’s very interesting for for your, you know, financial people. You have both presidential candidates that are now pro cannabis with Donald Trump coming out for Amendment three down in Florida, where he will be voting for adult use cannabis.

00:09:56:13 – 00:10:23:03
John
Think about that as a as a Republican conservative coming out and voting for cannabis. So we have a seismic shift here in the United States. So there’s a huge opportunity to go ahead and and also play around in some of these bigger public stocks that are actually showing even the numbers that are are in the $300 million range to go out and invest in.

00:10:23:03 – 00:10:48:12
John
I think just about every one of the stocks has been hammered since 2021. Everybody’s down on the market and have all been beaten up. But, you know, as dollar cost averaging would tell you, you would you would want to get in, in my opinion and obviously I don’t have public stock, I don’t want any investors, etc.. But looking at some of these cannabis stocks, it’s a great time to be looking at those as we sit here today where we’re about to flip that.

00:10:48:12 – 00:11:08:03
John
The other one is we are about 11% of the alcohol market. As we sit here today, every indication is that’s going to 20 to 23%. So you’ve got a doubling of these businesses. And you also couple that with Donald Trump coming out in Florida, you’re going to have a huge catalyst in Florida on next month, basically goes adult use.

00:11:08:05 – 00:11:16:09
John
That’s going to be a four or $5 billion market down there, which trulieve and and Curaleaf Verano guy are all going to be the benefit of.

00:11:16:12 – 00:11:33:12
Elliot
Well, that’s exciting. So we built portfolios. So this is of interest to people that want to know more. How can I add cannabis should I had cannabis? What’s the upside? What’s the downside? As you just mentioned, a little bit of it. They’ve been beaten up in the last three years too. If you were in three years ago, you’re down significantly somewhere.

00:11:33:12 – 00:11:56:03
Elliot
It’s up 90%. But maybe that’s a big it’s a buying opportunity unless you’re morally opposed to it, then of course you should not do anything immorally post period on that. But if you knew what drug companies did with opioids and how they work with them, which is the then but they can’t do the same thing with cannabis because the blocks from the 1970 lost from 1970 that don’t even allow them to experiment on.

00:11:56:09 – 00:12:22:11
Elliot
We’re talking about a sore neck. What if that goes does go away and eventually it will. There’s no question about it. When that does go away, they’re going to end up having to put excise stamps on cannabis and it’s going to look a lot like alcohol from the 1930s as the G-men sort of get a big undershirt for green light as that big the gym and come in and figure out how to make money on that because it’s going to be all about money at the end of the day.

00:12:22:13 – 00:12:52:07
John
Yeah, no, I think at least Trump and Vice President Harris are both going to push this back to states. Right? So looking at where these operators are operating, are they in limited license states where there’s value in licenses and things like that and they can effectively, you know, turn a profit in every dispensary cultivation they’re operating in And getting back to the fundamentals is, as people have had to, because the equity markets are so screwed up right now, they’ve had to focus on their core operations just like every other industry.

00:12:52:09 – 00:13:07:19
John
And I don’t see for another decade or so before any any borders are opening up, every every state wants to keep that tax revenue local. So I think they’re going to have a heck of a time getting a lot of people in Congress to to change that.

00:13:07:21 – 00:13:26:01
Elliot
Now they just will add an excise tax above or beyond that, just like we have a gas tax, you have a stake your stock and a federal gas tax. They have a state alcohol tax, a federal excise. They’re both excise taxes. I imagine we have the same thing. Let me talk about California with me for a moment, because somebody of our listeners are in California.

00:13:26:03 – 00:13:49:11
Elliot
So the joke about legalized cannabis in California is that was the best thing that ever happened to the illegal pot scene. It just it boomed that to the point and boy, that industry to the point that it’s it’s no one’s making money anymore for the most part in the cannabis industry in the state of California compared with what they wanted to do that that’s a big generalization.

00:13:49:13 – 00:14:04:04
Elliot
So we know there are certainly legal places that are making a lot of money. But what they expected and what they got were two totally different results. And California’s not reaping what Colorado has been reaping at all. So what happened in California?

00:14:04:06 – 00:14:24:13
John
Yeah, they basically tried to put the genie back in the bottle and there it was already out and and flowing for years. And they did know no regulations controls the number out there. Obviously, you look at it like it’s similar to a state like Oklahoma, which I even looked at the states and standards that started in California lately.

00:14:24:13 – 00:14:51:18
John
But Oklahoma has 20,000 license operators. You can’t hire enough regulators to come in and basically make sure they’re paying their taxes. They’re controlling that product. They’re not shipping outside the state. You know, all of the black market used to come out of northern northern California and and basically with the tax rates out there. So, you know, just like their income tax and everything else, they have these huge tax rates on it.

00:14:51:18 – 00:15:09:03
John
So if you want to operate and be competitive, you can’t do it. So you go to the black market every time there’s these huge tax rates on anything, you’re going to get black market. Same thing. If they would do it on alcohol or anything else, you basically create your own black market within there and then you collect zero taxes.

00:15:09:05 – 00:15:30:10
John
So there’s a happy medium between the government trying to get get the cannabis industry to pay for schools and roads and all that other stuff we want to pay for are going to the extreme where you’re going into general funding and you’re overtaxing which forces people into the black market. And then there’s too many entities out there and all of them are not making money.

00:15:30:10 – 00:15:59:23
John
So what did they do? They start going to the black market and shipping product outside to the state of California. It’s a complete messed up. Their reason we won’t go there. We used to have an operation there. There is 13 levels of of regulators associated with anything we did from, you know, the local EPA of California all the way down agriculture, local zoning, local state taxes, the tax authorities and going up to obviously in Sacramento.

00:15:59:23 – 00:16:12:22
John
So we abandoned in that yep as quick as we could happy to do so. And until they figure out a way to put a regulatory environment on their death tax that and control it, we we definitely are not going back to California any time soon.

00:16:12:22 – 00:16:19:14
Elliot
John, how unusual that the state of California overregulated an industry and it totally messed up the outcome.

00:16:19:14 – 00:16:47:22
John
How unusual is it such a shocker? You would have never guessed. But now they tried to put the genie back in the bottle. And I don’t know how. I don’t think anybody has the will to to go out and figure that out as as these other markets are coming online, it’s it’s cheaper to get the black market out of a screwed up state like Oklahoma right now than it is California for for the people that operate in those markets, it’s just a train wreck.

00:16:48:00 – 00:17:12:11
Elliot
Well, we’re talking about cannabis. Everyone. And you’re you need to talk to me. I met Elliot Eli at Prosperity Finance Group TOR.COM. And there are lots of episodes like this on Prosperity Financial Group, DOT com. Jared And we’re talking with John who is he is brother founded Greenlight. It’s a private label company with $300 million of sales. We’re not talking about your corner store.

00:17:12:12 – 00:17:30:01
Elliot
You’re kind of a shop that’s trying to pay the rent at a Retail. We’re talking about a major organization now. So congratulate you Steve John for four vertically integrating burger, vertically integrating the cannabis industry. What does that mean to people listening? Vertical integration in the cannabis industry.

00:17:30:03 – 00:17:59:07
John
Yeah, so we’re Investing in and cultivation manufacturing facilities, meaning you’re you’re bringing in from a pharmacy, growing it all the way through the process, you know, about a 90 day process to to grow a plant. And then obviously you go through testing and, and then obviously producing off the trim material, producing your vape pens, the bombs we just talked about, etc., gummies and, and all the other products that we make a full suite of products there.

00:17:59:07 – 00:18:23:00
John
And we don’t do any license deals. So those are all under one of our internal brands. And then obviously shipping that out to our stores and also our customer stores, which are other dispensary operators in in the states we operate in. So we get draw through the system. Also in my dispensaries, I also buy every other vendors product in there because the cannabis consumer is very fickle.

00:18:23:02 – 00:18:47:09
John
If you produce one product for one thing, you know we’ve got 1400 different SKUs and in our stores, which is, which is one quite frankly too many. But the it they the cannabis consumers, very fickle ones that try something new, you got to constantly be innovating as as you’re going through the process, but producing a great consumer experience that wants to bring them back.

00:18:47:11 – 00:18:50:20
John
Just like any business, you’ve got to take care of the consumer. You have nothing else.

00:18:50:22 – 00:19:00:20
Elliot
Okay, So you were are you really would you call yourself a company, John, that’s in the recreational marijuana world or on it cusp of the medical marijuana world?

00:19:00:22 – 00:19:25:12
John
Well, we operate in both. Obviously, the margin structures and sales volumes. There are about two weeks when you go from from a medical market, you know, 2 to 3 x actually 2.2 times across the country when you go from a medical market to adult use market. So obviously more volume through the stores, the profitability is obviously better in a and adult use market versus a medical market.

00:19:25:12 – 00:19:41:19
John
But we also believe that every stage is like we’re helping fund the campaign up in Nebraska. We want to see them go into a medical market and get that established. And then if they wanted to have another ballot initiative for adult use later on, that’s up for the voters to decide.

00:19:41:21 – 00:19:48:21
Elliot
Let’s get an efficacy question because this has come up with people I know that use gummies.

00:19:48:23 – 00:19:49:17
John
Yeah.

00:19:49:19 – 00:20:09:19
Elliot
So the complaint about gummies in general is that they’re made kind of like brownies. You could have a piece with more or less in it. Gummies could have more or less because it’s a food product and it’s not an exact science. When you make a food product, you just can’t make it an exact science. When it’s a pill, you can no question about that.

00:20:09:21 – 00:20:34:19
Elliot
When it’s a bomb, it’s like, you know, if it’s not properly spread out in a tire bottle, then you could be getting more or less with any type that you’re putting on right now. But the gummies I have friends that are taking them at night and they can’t Sleep without these anymore, but they admit that sometimes when they take them and I don’t mean in your state, but particularly far to the East Coast when they sometimes they work more, sometimes they work less because it’s a gummy.

00:20:34:19 – 00:20:36:15
Elliot
Is that a problem in the industry?

00:20:36:17 – 00:20:54:21
John
It it’s not a problem. Like I would say I would get a new vendor if I was them. But you know that we’re tested for 54 different things, one of which, to their point is the THC or Delta nine in that product. So we only get in like the state of Missouri where I’m sitting here today, we only get a 10% variance.

00:20:54:23 – 00:21:19:07
John
So let’s say I’m producing a ten milligram gummy, which is what we would call a dose for the person. The normal person, like the guy on 60 Minutes is talking about. They take 250 milligrams a day. That’s their normal to control Parkinson’s and things like that. So there’s a wide range of of humans in between there. But the way we are producing today is no different than our pill format.

00:21:19:07 – 00:21:37:14
John
Obviously, the bulk of that pill that you’re taking is not actually medicine, it’s just a carrier. So you can put the medicine in that pill. You know, same thing with a gummy, you know, we we have to portion that and get disbursement of the cannabis oil that we test before it goes in there. So we know the exact dates, the quantity of that.

00:21:37:14 – 00:21:59:15
John
And then obviously it’s up to our our task of getting the emulsion to basically produce a ten milligram gummy every single time with only a 10% variance is all we’re allowed in these randomize. So they pick gummies out of different packages and go test those. And so they have to be, you know, they can’t be over 11 milligrams in any gummy.

00:21:59:15 – 00:22:07:09
John
So whoever they’re getting those from is definitely playing at the kids table versus sophisticated. Operator.

00:22:07:14 – 00:22:12:02
Elliot
Again, that’s the difference of a legal dispensary versus illegal making it in your kitchen.

00:22:12:04 – 00:22:32:00
John
Yeah, Yeah. Like and you look at all these Delta eight products out here that are completely untested, that are coming, you know, from China and and every other country right now as that’s slowly getting regulated across the country, like we kicked them out of Missouri here. But that stuff, you know, where there’s no childproof packaging, there’s no testing, there’s nothing else associated with it.

00:22:32:00 – 00:22:41:07
John
And they’re in this little window, the farm belt, where they think they can get away with just about anything without testing any products. You have no idea what you’re getting in that product trial.

00:22:41:07 – 00:22:49:18
Elliot
A separate note, do you think that they lose the last three or four years of federal coming in illegally in this country is giving a black eye to the entire industry, including cannabis?

00:22:49:23 – 00:23:21:10
John
I think it’s it’s actually helping the legal cannabis market. I hate to bring up this story, but we had somebody take a joint in West Virginia. They bought it in the black market. They had five people that were, you know, passed around a joint, having a good time for those people, got Narcan. And one person died because whoever they bought that for laced with fentanyl and so that that story is the scariest thing not for, you know, not for us, but the country as a whole.

00:23:21:16 – 00:23:39:23
John
And and why people should be going to some place that they can look on the back. No, it’s tested. No, it’s regulated versus buying on the black market. It’s it’s scary. And I you know like the cocaine dealers, I don’t know how they’re selling anything now because everything’s laced with fentanyl and things that can kill you nowadays on the black market.

00:23:39:23 – 00:23:42:21
John
So it’s a very scary time we have in the country right now.

00:23:43:03 – 00:23:45:20
Elliot
So basically a recreational drug could be a death sentence.

00:23:45:22 – 00:23:57:08
John
Yeah. If if, if you don’t know how it was produced, if it was tested, if it wasn’t tested, and if you don’t know that the source of anything you’re taking, quite frankly, it’s a scary prospect.

00:23:57:11 – 00:24:14:20
Elliot
So we’ve talked a lot about the cannabis and cannabis industry. Green light, what you guys are doing with that. Very exciting. We’re Prospero Financial Group. We help our people make money and put this into portfolios. You’ve got more than 40 stores right now in seven states. How do people reach you.

00:24:14:22 – 00:24:34:12
John
Go the green light dispensary dot com or obviously Google. John Miller a green light I do a ton of these podcasts and I would say we’re pretty much open book over here as a private company. We can we can talk a little bit more than than my peers. Can they run run their public companies but green light dispensary dot com is the best way to reach us.

00:24:34:14 – 00:24:37:23
Elliot
Great. Is there anything that I should have asked you that I didn’t know?

00:24:37:23 – 00:25:07:06
John
I think there’s a you know, a lot of a lot of people are down on the industry. I feel like we’re just in the first quarter of this. You know, we’re going to double in volume to catch up the alcohol guys, I know 100%. Instead of having that tomatoes, that cannabis is better for you. And and I think you’re starting to see the sun men across the country of of the just say no Nancy Reagan which I used to be one of those starting to convert convert over to a cannabis product when anytime you take a natural plant product, it’s better for your body.

00:25:07:07 – 00:25:16:08
Elliot
Well, if you get my neck and my back and my knees to stop hurting, I don’t have to take all those over-the-counter creams from sibs. I’m going to be all ears. I can tell you that.

00:25:16:13 – 00:25:17:04
John
I love it.

00:25:17:07 – 00:25:29:19
Elliot
And if you’re like a former jock like I am, maybe I’m giving myself too much credit on that. But then you know that you hit a certain age when every morning becomes pain management. And so it would be nice if that didn’t happen.

00:25:29:21 – 00:25:37:03
John
Well, go give it a whirl. I would say if you come visit us here in one of the states we operate in, I’d I’d love to love this alien person.

00:25:37:03 – 00:25:39:23
Elliot
I’m happy to trade you a bottle for Kansas City steak. Any time.

00:25:40:01 – 00:25:42:04
John
Yeah, that’s a deal.

00:25:42:10 – 00:26:09:00
Elliot
John. Thanks for being part of the Prosperity Financial Group. And meet the expert. Really, Carolyn, catch all of our episodes on WW the prosperity Financial group dot com Very exciting candidates if you’re interested in that to reach out to John and John’s company Greenlight dispensary you’re going to get some great information and you’re going to get straight information, which is so important because there’s a lot of nonsense in every single industry that’s brand new and this is relatively new.

00:26:09:00 – 00:26:30:21
Elliot
Like John said, we’re going to first or the second meeting of an entire night in a game. And so there’s that information. I’ve got lots of friends that are doing that sleep AIDS, the neck AIDS, the hurting AIDS, the body AIDS, you know, whatever they’re doing, whatever works for you. I don’t want to get hooked on my brownies because there’s nothing better than having a brownie with chocolate chips or M&M peanuts inside of them.

00:26:30:21 – 00:26:40:10
Elliot
So I get the last thing I want to do is get hooked up anymore. Those. I don’t need them, but this has been great. And John, I look forward to speaking with again. Thanks for being part of our show.

00:26:40:12 – 00:26:41:14
John
Great. Thank you.

00:26:41:16 – 00:26:43:00
Elliot
All right. Bye bye, everybody. Thank you.