Jim Makoso is the co-founder of LucidOils.com in Seattle. Listen in as Matthew and Jim discuss the most important business and health aspects of cannabis oil extraction and distillation.
[1:07] – What is Lucid Oils
[1:36] – Jim’s background
[9:27] – Jim talks about modifying extraction machines
[12:33] – Distillation versus extraction
[15:23] – Why extract with ethanol
[18:30] – Jim talks about the filtering process
[21:47] – What is fractionation
[23:16] – Jim talks about terpenes
[26:57] – Preserving terpenes & flavonoids during extraction
[28:57] – Jim talks about product creation
[35:57] – Jim answers some personal development questions
[42:12] – Contact details for Lucid Oils
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As edibles and cannabis infused products gain traction with consumers, more individuals and business owners and growers are looking to understand cannabis oil extraction. That is why I’m pleased to have on the show today Jim Makoso, cofounder of Lucid Oils. Jim, welcome to CannaInsider.
Jim: Hey Matt, thanks for having me. How are you today?
Matthew: I am great. Thanks for coming on. Give us a sense of geography. Where are you in the world today?
Jim: Actually right now I’m back here at home. My home right now is in Belleview, Washington. We do quite a bit of traveling for our work, but I have a couple days. I try to take a couple days every month to be at home, kind of get my house in order before going back on the road.
Matthew: What is Lucid Oils?
Jim: Lucid Oils is kind of a concept. It’s a brand, a consumer brand of Lucid Labs, which is really our parent company and that’s what we own. Essentially Lucid Labs/Lucid Oils is a licensing, branding and equipment design company focused on the cannabis industry.
Matthew: I want to get into that in a minute, but tell us first about your background and how you came to start Lucid oils.
Jim: My background, in general, I come from a finance, investment banking background, specifically , I studied economics and business finance in school, but took a departure from that several years ago when a friend of mine contacted me, who lived in Seattle at the time. I was living in Miami, and invited me to come out and see what was happening in the cannabis industry from a business standpoint. I’ve always been an enthusiast and consumer for personal use, but once I came out here to the West Coast, I started a company, a vaporizer company called Vuber Technologies. Shortly into that, having that business, we had the priviledge of selling that company and using the proceeds to start Lucid Oils back in 2015, back in January of 2015. Once we kind of got into the cannabis space specifically and had an idea of what was happening in the extraction world, it was a no brainer for us to hop in, figure out a business model and a plan that would work for us and start doing some business.
Matthew: That’s a big contrast from Miami to the Seattle area. Have you missed the sunshine of Miami, or do you like being in the rainy Northwest?
Jim: I’m from New York originally, so you hear all the stories, being from the East Coast, about the rain in Seattle, the software guys, so being a little bit more passive, aggressive up here. What I will say is when I first moved here the guys that I was investing with in that vaporizer company, they kind of sat me down and had a real conversation with me about how I needed to tone it down from my East Coast bravado of being loud. Too clean cut. They told me, let your beard grow, let your hair grow. This was when I still had hair before we started really working hard. Let your hair grow and really kind of breathe in the Pacific Northwest and understand the culture and that would enable me to do good business out here, and they were absolutely right.
The West Coast it’s a completely different vibe, specifically the Pacific Northwest. Yeah, it was a change, but what I can say now, living up here for four years, coming up on four years here in January, is this is by far one of the most beautiful parts of the country that I’ve ever been to and had the privilege to live in. Now I know what it’s all about. See, they tell people it rains here so that they’ll stay away, because they don’t share at all with anyone.
Matthew: Yeah, it is really beautiful up there.
Jim: It’s interesting. Being that we’ve been in business coming up on three years officially with products on the shelves for two and a half years here in December, it’s been quite the ride and currently we still have a very small team. When I say startup, let’s just call it a small business in terms of revenue, but a startup mentality still. Meaning, we wear all the hats we need to wear in order to get our business done. Kind of our motto is there’s four of us from an ownership standpoint that have a stake in this business, and there’s three of us out of the four that actually are carrying out tasks. One investor who is passive and he gets the reports quarterly and that annual report of how we’re doing.
So, what we focus on is leveraging our partnerships, which we have several in different and then as well on the equipment side in order to get done the day-to-day tasks, and we handle more of the macro stuff. My typical week and then month really is I’ll be in any number of states. Usually two weeks out of the month I’m in Nevada working on our Reno licensing deal where we work with a company called Greenleaf Wellness to produce all of the oil products that come out of that relationship to distribute to various recreational dispensaries throughout the state with a focus on our core customers are really in Las Vegas. It’s a really big bolstering market, and so I go down there two weeks a month just to kind of manage the team. We have two hired employees that are full time down there in our partnership that kind of run the lab. Then either myself or one of my partners are down there on the weeks I’m not.
So, that’s two weeks out of the month. On the other two weeks of the month, one week is usually spent with any number of laboratories installing and training people on how to use the equipment that we’ve designed. We work with a company out of Maryland called BR Instruments, where my business partner who is an engineer, redesigned one of their systems with help, but redesigned one of their systems to specifically work with cannabis distillation, to work with cannabis as an input and distill it using their system. That company originally was a petroleum and essential oil equipment manufacturer where they were creating these specific customized systems to fractionally distill petroleum, new petroleum deposits so that a company could then build a huge still based on those deposits and essential oil companies that were focusing on specific essential oils.
So, when we came in we used their equipment. My partner had redesigned it for our applications and we partnered with them to do that. So, now we go as a part of that relationship, a part of that partnership. We do, we install those pieces of equipment when people buy them, and we train them how to make what we call a lucid quality of oil and certainly that’s been very lucrative for us over the past year. So, one of the other two weeks that I have available, that’s exactly what I’m doing. I’m out there installing, meeting people and educating them on how to make better quality oil using our equipment.
Then that fourth week out of the month, typically, I’m pretty active in the business development side, either attending trade shows anywhere in the country, in some cases outside of the country. Continuing to build some existing relationship where maybe we haven’t gotten to a contractual step yet, but we’re in the conversation, bouncing around some letters of intent and other types of paperwork, and really landscaping the market. In the existing markets we’re in to see maybe where we can be more efficient. That’s kind of what my month looks like. So, I’m very happy to say, since I have a difficult time sticking to one task at a desk 40 hours a week, I have the flexibility in my current role here in my company to do any number of things in a given month. It’s structured, generally, but it allows enough flexibility where the scenery is always changing, but we’re always working towards one specific goal, which is increasing our footprint in this landscape and improving the quality of the products that we put out and helping others to improve the quality of the products that they’re putting out.
Matthew: Maybe you can talk a little bit about distillation and why you felt the need, you and your partner, to modify the machine. What were the machines on the market not doing that you felt like you had to modify a machine with your partner in Maryland, extraction machine?
Jim: That’s a great question because we get asked that pretty often by guys when they see the system that we co-developed with BR Instruments. Back when we first started, when we were first doing the research, before we had officially launched our company in January 2015. Back at that time there was really only one company putting out this product and they called it The Clear. It was these guys out of California. They were using what they call a short path distillation system, which is still very commonly used today. It was more of a high school chemistry or college chemistry set. Very effective in the right hands, and the guys had started that. Really smart guys, very well respected throughout the industry, known for continually pushing the quality of products. A guy out of Boston who ended up in California, who is a chemist, a guy by the name of Chris Baroni [ph], really started distilling cannabis initially in scale for production purposes, and he was using a short path distillation system.
You see many people still using short path distillation systems, but at that time we were using that and we had contracted with a PhD in Organic Chemistry who recommended the BR Instrument system. Keep in mind, before we used that no one in the industry had purchased one for the distillation of cannabis. So, it was, as yet, unproven. So, we kind of took a chance, and the reason being is their system featured a software component that allowed you to record the data of your run in 30 second increments, but all of the data required in order to do good data analysis, but more importantly to be able to repeat that process consistently by taking note of temperatures, pressures of different cuts, or what they call fractions, as you were distilling. That to us was something, as guys that didn’t have a science background, my partner is more of an electrical engineer and my background being finance, it was important for us to be able to capture that data.
Once we got that piece of equipment, it took us a pain staking month and a half to dial it in and we ran through thousands of grams, several kilos of oil, before we kind of figured it out. So, as you can imagine, that was probably in our business the most stressful time, because it was unproven. We spent lots of money on all this equipment. We had a new relationship that was getting restless with our inability to produce the quality of the oil that we had promised, but once we made it over the hump, we realized we had something special and the rest is current if you will.
Matthew: When you talk about distillation versus extraction, can you talk about what those terms means and how they differ and overlap?
Jim: Yeah, absolutely. In a real basic way, distillation is not extraction. Extraction is removing specific compounds from bio mesh or from a plant or from some type of botanical. Removing or extracting the specific components that you want using some sort of solvent or some process, typically a solvent. When I say a solvent, the most common ones in extraction in cannabis are hydrocarbons, that’s your BHO, your butane, your propane and other hydrocarbons. There’s ethanol, that’s another common form of extraction, that’s your alcohol. Then there’s CO2 extraction. Those are the solvent based, most common forms of extraction.
Distillation is what we would call a refining process. So, once you’ve extracted that material using one of those extraction methods, you’re going to put it through a number of processes. Generally most people will filter it in one way or another in order to remove or refine that product down to an even higher concentration of purity with less contaminants. Distillation is one of the final steps that you’re seeing people utilize in order to really purify the product to a higher level to specifically isolate those compounds which typically you wouldn’t be able to get out in any other way, unless you use some type of chemical liquid, liquid separation.
Typically the process is extract that material, create what they call crude oil, take that crude oil, filter it in any number of ways. Once it’s filtered, refine that crude oil in the distillation process in order to really isolate the cannabinoids from all the other compounds. Of course there’s additional steps that people are implementing now to isolate cannabinoids from each other, but that’s kind of the flow, the process flow. Once you’ve grown your product, you extract it. That will pull out the cannabinoids and maybe some contaminants. Once you have that crude oil, you filter it in order to separate a majority of those contaminants. Then once you’ve filtered it, you distill it in order to isolate cannabinoids from everything else.
Matthew: What do you think about extracting with ethanol in general? People know about this, they’ve heard about but they perhaps don’t know that much about it in detail. Why would you want to extract with ethanol versus some other medium?
Jim: The thing with extraction is the method of, or the solvent that you use to extract typically is based on one of two or three factors. Depending on where you are extracting, and let’s assume you’re doing everything by the books and you’re licensed either medically or recreationally in a state that allows it, typically the regulations of that state will be restrictive in terms of what you can and can’t use as a solvent. For instance in Northern California it’s very difficult for them to use ethanol as a solvent, so they have to use CO2 or hydrocarbon. In some states, and in some countries in fact, like in Canada for instance, hydrocarbons are frowned upon. Not only because they’re so called dangers because they have a very low boiling, so they’re in a vapor at room temperature and ignite with a very small spark, but also because it’s very difficult to get all those hydrocarbons out of your extract, once you’ve extracted.
Ethanol or any of the other solvents, it really is dependent on the product you wish to produce as well as where you’re actually carrying out your extraction that will determine what’s the most effective method. We like ethanol specifically in our process primarily because most of our products right now are just distilled products. In other words we’re taking that crude oil, filtering it and distilling it with 95 percent of all the material that we extract, because that creates our Lucid quality oil, and of course in Washington because we work with an edible manufacturer and as it turns out, distilled oil produces a very high quality input oil for edibles. It doesn’t have taste. It’s really high in purity and it’s easy to work with.
The ethanol that we use specifically is food grade, 200 proof ethanol and what we find is that if you extract with ethanol, with the right parameters, you can produce a really high quality product in terms of being able to get a full spectrum extract, but simultaneously pulling any water soluble or chlorophyll or any water soluables, plant proteins, waxes, lipids. If you’ve done the math and all the extraction the right way, it’s very efficient in that it will pull 92 percent plus of all the cannabinoids available in a very short period of time, while leaving behind the water soluble. So, that’s why we use ethanol in our process. We’ve dialed our process in to be very effective with that solvent.
Matthew: So, extract, filter, distill. That’s the process. You extract with ethanol and then you filter. What is filter, before you go to distilling, how do you filter specifically?
Jim: Filtration, there’s still a huge differing school of thought, a huge amount of difference in the school of thoughts on filtration. Most people generally agree you want to get lipids and fats out, unless you’re putting it in to a chocolate edible or something where you can leave a little bit of the lipids in there, even though we don’t recommend that. The filtration though, generally, people are trying to accomplish really one thing. That is remove as much of the non-cannabinoids, non-terpenoids, non-flavonoids from the product as possible, while maintaining the integrity of those products, meaning add the least amount of heat so you’re not degrading any of those compounds, but remove as much of those contaminants as possible.
So, when you say specifics about filtration, depending on who you ask, that’s going to differ. What we generally will do with all of our samples is filter it with several different micron filters to remove solid particulate that maybe is picked up in the run. Our typical ethanol extraction process where we have five micron filters on there as it is, so we’re pulling most of the solid material out. Five microns is a very small size. Then we’ll run it through… we’ll concentrate that by removing a lot of ethanol from those runs to get a concentration bat size, meaning anticipated cannabinoids in that solution is about 2,000 to 3,000 grams with a 7 to 1, approximately, ratio of ethanol to anticipated cannabinoids. Once we have that ratio, we’ll then go filter it with a pretty common process that people are doing.
We’ll scrub it with a specific type of carbon, then put it through several filter media, different types of compounds to remove the carbon and to pull out a little bit more of the color pigments before we take that. Reduce it all the way down, by removing all the ethanol solution where you are left with a crude that has been filtered and is ready for distillation. The filter media is going to differ from person to person and differ from product to product. Someone who is, per se, looking for a full plant extract, they’re probably not going to filter that very much. They’ll filter it through some filter papers to remove solid mass. They’ll remove all the solvent and then that’s what they would consider a full plant extract or RSO is what you’ll hear it commonly referred to, [21.15 unclear] Oil, but full spectrum, full plant extract is really what that is. You’ll do the least amount of filtering there. For our purposes to produce distilled, high quality oil or let’s just say distilled oil, we put it through a pretty rigorous filter media in order to remove as many contaminants as possible to get to that raw cannabis oil.
Matthew: Can you tell us a little bit about fractionation, what that means and why it’s important?
Jim: Real high level, the fractionation, you’ll hear that term often. All it really means is taking specific fractions while you’re doing extraction. There are some companies that have, as a part of their CO2 systems, the ability to fractionate. Generally they’re fractionating by removing the water compounds in one fractions, the terpene compounds in another, the cannabis compounds, the cannabinoid compounds all in one fraction, but the idea is you’re separating the plant into individual components. In the process of extraction, you’re separating your terpene content from your cannabinoid content.
In the context of distillation, what people are trying to do is separate even further your terpenes and terpenoids from your cannabinoids and some people are trying to go one step further and separate cannabinoids from each other. The idea of fractionation is just separating the compounds or groups of compounds into smaller and smaller units to get higher purities.
Matthew: Can you talk about terpenes a little bit, because we’ve got a lot of new listeners. I want to make sure they understand what terpenes are and why they’re important and why you’re taking so much care in positioning terpenes properly?
Jim: Terpenes, that’s really kind of a loaded word in the industry right now. People are starting to realize that terpenes first of all, you will find them in all botanicals throughout the plant kingdom. They are responsible for the smell, the smell of the plants. From pining and pine trees, which are also cannabinoids, terpenes are the same throughout the plant kingdom. They’re just responsible for at least initially to our sense of smell, the smell of the plants throughout the plant kingdom, and they serve a number of functions. Some of those functions are to protect the plants, some of those functions are byproducts, etc. Terpenes, as they’re related to cannabis, the same terpenes that you’ll find throughout the plant kingdom are the same terpenes that you find in cannabinoids. There are no, at least to my knowledge, there are no terpenes that are unique at this moment that we know of to cannabinoids. You can find them in other plants. Maybe one day somebody will disprove that or maybe there’s someone out there now who can disagree with that, but in general all terpenes throughout the plant kingdom are the same.
They’re essentially a naturally occurring hydrocarbon based on a combination of what are called isoprene units. These are the building blocks of terpenes and terpenoids. Terpenoids are compounds related to terpenes which may include some oxygen functionality or some rearrangement, however the two terms are often used interchangeably, but terpenes are isoprene units that are naturally occurring hydrocarbons and terpenoids are terpenes that include some oxygen functionality in the rearrangement as molecules. So, terpenes are responsible for those flavors and tastes. Flavonoids are to a lesser extent in that group, and they are exactly as they sound, flavor units that you’re finding inside of the plants. They generally don’t have a smell but do have a taste.
The reason why they’re such a hot topic now in the industry is because science has proven that an interaction between terpenes and cannabinoids are what create the effects that people are familiar with that give us the psychotropic and physiological effects that are either beneficial physiologically or giving us that high, what they call high or a psychotropic sensation. It’s a combination and an interplay between terpene molecules and cannabinoid molecules and flavonoids working together in what they call an entourage effect to give the efficacy that can be recreation or what scientists are figuring out, the medicinal in treating specific ailments.
Matthew: How do you take special care during the extraction filtering and distilling process to preserve those terpenes and flavonoids to make sure you get the desired outcome? Is there any steps you take that might be interesting to listeners?
Jim: For us we just tell everybody who is in extraction and anybody who is interested in it generally in this topic. From an extraction standpoint, as soon as you’re adding heat to any of those compounds are changing, and conforming into their longer chain cousins or completely different molecules all together. Heat is the enemy of terpenes. As you add heat or just oxygen to these compounds, they’re changing to different versions of themselves and different compounds all together. Typically what you’ll find is that when people are extracting material with the idea that they want to preserve the terpenes, they’ll be doing it as cold as possible and a vacuum if possible, and they’re using things that are very… where they have very low vapor pressure meaning that their boiling points are very low.
A great way to preserve terpenes is using hydrocarbon extract or using hydrocarbon as a solvent. Even CO2 are getting really good at extracting terpenes using CO2 in an initial step with lower pressures. In our process we extract the terpenes before we even extract the product, the cannabinoids themselves. So, there are different steps that you can implement, but the idea is you want to be cold and you want to be pretty gentle on the pressure side.
Matthew: We’ve talked about how the terpenes and the flavonoids help create the aroma and flavor and so forth, but how do you create a flavor and a taste and sensation and experience that you consider optimal? You have arrived at well, if we have this terpene/flavonoid/cannabinoid profile, this is what’s ideal for us?
Jim: That’s a great question. The interplay of physiological effects and creating a product are unique. Cannabis is not a compound like Advil or Tylenol where it’s really just one compound. Cannabis, as people think of it, is the interplay of hundreds of compounds working together to give us an effect. So, two things are at play when we are looking at product creation in a general sense. One is who is going to be consuming this product, and what is the desire effect? Because each person is different, when they consume, how they consume, their body, specifically, their metabolism. In general, every single person’s reaction to a plant could be completely different. We can say in a general sense, seven out of ten people should get this reaction, so that’s how we try to formulate our products.
This specific topic of effect versus formulation or formulating a product for a specific effect is something that everyone in the industry who creates a product is trying to understand as we speak, and this is being studied right now at a scientific level, and that is what specifically, what compounds, what combination of these compounds, cannabinoids and terpenes will produce a specific effect. That’s a very very tough thing to approach as a product maker, but you’re starting to find that people are at least using cannabinoids to start to create products, specifically for an effect. I’ll just give you a quick example.
Let’s just talk about on the recreational side. CBN, which is a degradation product of THC. When THC has been exposed to enough oxygen and light it changes its components. Some of the molecules, molecular bonds move to different positions and you get what most consider a degradation compounds. It’s CBN or Cannabinol. That compound, which is a degradation compound of THC, is generally know to be sedative in nature. So, if you’ve ever smoked really really old weed or your consumers have smoke really really old week, typically it will make you a little sleepy, give you a little couch lock, but give you the heavy eyelids, and that’s because some of that THC in there is converted to CBN.
What some people are releasing is these CBN products where they’re purposely degrading material or taking old material and increasing the temperature and closing it to light to get a higher compound, a higher concentration of CBN and putting it out as a product. That’s just one example, but generally speaking, that is what people are trying to do now is figure out ways that these things interplay with the average consumer to create a tailored effect.
Matthew: When you’re designing you your customer terpene profile are there any undesirable things that you can pick up in the process if it’s done incorrectly. Particularly, you see novice people or people that are just starting out do?
Jim: Yeah, well generally speaking, let’s look at the case of a vaporizer. Most people are introducing terpenes into their oils so that they’ll work in a vaporizer. Most people know what a vaporizer is, but if you don’t, it’s similar to like those e-cigarettes that you see people have out there. It’s essentially a heating element that heats up that oil to a certain temperature so that it will turn into a vapor so that you can inhale it. It’s not smoking, it’s vaporizing. It really is the vapor of those compounds that you are inhaling and that’s why when you exhale it it doesn’t really leave much of a residue like a smoke, unless you have very high volumes of it.
In the case of a vaporizer, people are adding terpenes in order to thin out their oil in order to make it work in a vaporizer. The issue with that is because terpenes are hydrocarbons, if you have such a high amount of those, sometimes that will lead to some people look at a hypoallergenic reaction to it. They’ll sneeze. They’ll have the itchy throat, and that’s because when those terpenes are reacting with that vaporizer it’s a chemical reaction that’s happening at that point of contact, increasing that temperature to a very high temperature and changing those compound, those terpene specific, into something else. You get this situation where people are adding more terpenes than probably what’s necessary to be there, definitely more than what’s naturally occurring in the plant, and you get this kind side reaction.
There is no idea as to what the long term effects of these types of things are going to be. I’m sure at some point in the near future some of these studies will begin. I know one scientist at least that’s already studying the vapor from various different vaporizer cartridges, but generally speaking, terpenes in general are hydrocarbons, and you find them in all types of products on the shelf that aren’t cannabis products. What we’re seeing now is that people are starting to become, as product makers, are starting to realize that is, like food manufacturing, there is an unlimited direction that you can go in in creating these products. Not only edible products, but all products for consumption.
In any case where you are adding any compounds to something that’s going to be consumed by human, via smoking, vaporizing, eating, applying topically, you just want to take a really close look at the combination of the compounds you’re putting in there and making sure that they’re safe for your consumers.
Matthew: Jim, let’s pivot to some personal development questions. I like to help listeners get to know you a little bit more on a personal level. With that, is there a book that’s had a big impact on your life or way of thinking that you’d like to share?
Jim: Yeah, there is one book that has a big impact on my way of life and my mentality. This might be a surprise to many, but the Bible. I’m a man of faith. I try not to press it on anybody else, because I fail a lot as an individual. I’m a human, but I definitely apply my life at a personal level. I try to live up to the standards that are found in the Bible. That’s a sense of morality that my parents instilled in us, and above everything, that was always the most important thing they tried to imprint on our lives. In my case, and several of my siblings, it stuck. I fail of course a lot as a human and as a Christian man, but that’s certainly the standard that I try to live to.
Outside of that from a professional standpoint, surprisingly the Art of the Deal, which I’m not a big fan of Donald Trump, but that book in specific there’s some really great stuff in there. In general, I would just say anybody who’s looking to do anything professionally or otherwise, reading in general, stimulating the critical thinking parts of your brain by reading something that’s academic or reading something that’s fantasy. In general, that’s just going to help keep your brain sharp and the ability to think and imagine. I find that reading in general, just for anyone, is just a good way to keep your brain very active and for a creative person, reading something that is imaginative that stimulates your imagination is just going to be good for your work.
Matthew: How about a tool? Is there a tool that you consider vital to your productivity?
Jim: Absolutely, and it has been ever since I’ve been a professional. I use Microsoft Excel basically for everything. For all analysis, for all backend, anything from a business standpoint, be it evaluating pricing in the market, I use Excel. In a smaller way, the market is pretty fragmented at the moment, so state-to-state there are different rules that apply in different access to information. For instance, here in Washington I use a tool called Headset, which was actually started by the same guys who started Leafly. I use Headset to review information about the market, market trends, growth, contraction, pricing and Headset is a great tool for that here in Washington, but that’s not a tool that’s readily available in other states yet, even though I know they’re making a push in Colorado and California.
Excel is like my go to software tool that I use for everything, and of course here in Washington, Headset, the piece of software equipment that provides real-time data on pricing and market trends is another great tool.
Matthew: Yeah, Headset is a great tool. We’ve had Cy, a cofounder of Headset, on the show. That’s definitely something. How do you use that Headset, just so other people can understand that data. What kind of insights does it give you as a business owner and someone in the extraction community?
Jim: Yeah absolutely. Well, the great thing about their software is they’re so well-respected in the space, not only here in Washington, but in the space because they created Leafly, which is one of the most well-know apps and companies for cannabis in the space. So, they’re very well-respected throughout the industry, but that specific piece of software what it does is it provides a real-time, day-to-day metric of what’s happening in the industry. So, I think of it from my trading days, similar to a Bloomberg terminal, which is giving you the feedback of all the pricing and the bid asks throughout the stock market on a specific security, stocks, bonds, etc., but the Bloomberg terminal is like the tool that everybody was using in order to have an idea of what was going on in the industry.
Similarly Headset is like a software, a piece of software that is giving you a real-time snapshot of what’s happening in the industry. So, for somebody like myself, a finance guy who is analytical in nature, to be able to landscape the industry and take raw data and create my own dashboard, create my own visual way to review that data in real-time, for me just provides me a snapshot of what’s happening in the market and allows me to anticipated kind of the direction the market is going in, in terms of pricing and consumer preference. So, for anybody who is serious about doing business in Washington it’s an essential tool to know what’s going on. Let’s say you’re not as plugged in to the market as I am where I have plenty of salespeople and plenty of business owners in different parts and aspects of the industry where I can call them up and get an idea of what they’re experiencing in their business, let’s say you didn’t have access to all that and you were entering the market for the first time or you’re from out of state entering the market, Headset will provide you with a real-time analysis of what’s happening in the market.
Of course, quarterly and annually they put out a report that’s all pretty and really well-written that kind of gives you that snapshot. It provides you with that information in real-time, daily. So, it’s an essential tool for anybody in Washington who is serious about competing in this space. Now, Washington is very very competitive market and that tool definitely allows to have the advantage when pricing and when looking at the market from a macro level.
Matthew: Very cool, thanks for sharing how you use that. Jim, as we close, can you tell listeners how they can learn more about Lucid Oils and connect with you?
Jim: Yeah, absolutely. Well, you can connect with me, you can shoot me an email, firstname.lastname@example.org. If you have any questions about the industry or questions specifically about equipment we’re working on, questions about markets we’re in, feel free. I’ll tell everybody, use me as a resource. You can also connect with me, I do a number of the shows throughout the year where I’ll go and educate people on extraction, usually macro, real high level, just to give people an idea of what’s going on in the space. A part of my talk I usually focus on industry trends, what’s happening, the hot topics. This year you can catch me at, the remainder of the year I’m doing one more show in November in Las Vegas called the Marijuana Business Conference and Expo.
I’ll be hosting a panel on extraction and future trends in technology. On that panel will be A.C. Braddock, Eden Labs, Brian Abernathy, the CEO and Cofounder of Extracted Labs Refine Seattle, one of the biggest extraction companies in the country, easily. Then also on that panel will be one of my good friends, a colleague from Buke, Kelsey. She is a chemist by trade. She’s a Masters in Chemistry, but she’s the top rep for Buke here in the states on the West Coast. We’re going to have some great minds on that panel and we’re going to be discussing future trends in technology, so anybody who is in Vegas who plans on being at that show, you can come catch me at the panel. Then of course I’ll have two booths at that show with two different partners where you can come and take a look at some of the equipment and some of the tech we’re working on there in Las Vegas. Outside of that, you can catch me on Instagram, or at least my company, @LucidOils, as well as on Facebook, Lucid Oils, and then of course my website, www.lucidoils.com.
Matthew: Well, Jim thanks so much for coming on the show today and educating us. We really appreciate it.
Jim: Hey Matt, thanks for the time and anytime you need any more information on that front from me, you know how to reach me, but I’m a big fan of your show and I appreciate that you’d have me on it.