Ep 348 – Cannabis Fund Eyes The Sweet Spot For Investor

patrick rea poseidon

Some investors are seeing big opportunities in post-seed stage investing. Here to tell us about it is Patrick Rea of the Poseidon Garden Fund. 

Learn more at https://www.poseidonassetmanagement.com

Key Takeaways:

[00:44] An inside look at the Poseidon Garden Fund, a $50 million fund supporting post-seed stage cannabis businesses

[1:39] Patrick’s background in cannabis, including his popular business-accelerator and venture capital fund, CanopyBoulder

[2:49] The current cannabis investing landscape and Patrick’s advice to investors looking to enter the space

[7:02] The benefits of post-seed stage investing versus earlier stages

[10:08] How the Poseidon Garden Fund helps springboard companies through its mastermind groups and large network of industry leaders

[13:53] The Garden Fund’s process for follow-on investments

[15:08] Parallels between the cannabis and supplements industries, including a new trend in product technology

[16:40] The Garden Fund investments Patrick is most excited about right now

[21:19] Patrick’s advice to entrepreneurs on the dos and don’ts of pitching your company

Editor’s Note: What Is The Big Deal About Delta 8 THC?

Click Here to Read Full Transcript

Matthew: Hi, I'm Matthew Kind. Every Monday look for a fresh new episode where I'll take you behind the scenes and interview insiders that are shaping the rapidly evolving cannabis industry. Learn more at cannainsider.com that's C-A-N-N-A insider dot com now here's your program.
Some investors are seeing opportunity in post-seed stage investing, here to tell us about it as Patrick Rea, Managing Director at Poseidon Garden Fund. Patrick, welcome back to Canna Insider.
Patrick: Thanks, Matt. Happy to be here.
Matthew: Give us a sense of geography. Where are you in the world today?
Patrick: I am in beautiful Boulder, Colorado today.
Matthew: Good and I'm in Lisbon, Portugal. Patrick, tell us what is the Poseidon Garden Fund?
Patrick: The Poseidon Garden Fund is a very traditional VC fund, but focused on the post-seed stage in the cannabis industry. We're focusing our investment strategies right at that stage of company that is getting staged up for their series A but not quite there, and it's where we see a lot of opportunity. Invest in companies all over the cannabis industry businesses that touch the plant single state operators as well as technology companies.
The Garden Fund is a collaboration between myself and Emily and Morgan Paxhia of Poseidon Garden Fund and the team they're up beside. We've known each other since January of 2014 and we've always talked about working together and here were.
Matthew: Listeners now may remember you from earlier interviews as the founder of CanopyBoulder, can you talk about that?
Patrick: Absolutely. CanopyBoulder is the leading business accelerator in the cannabis industry. We founded that back in 2013, and follow the model defined by TechStars: Have a very actively engaged business accelerator. We make investments, run companies through a 13 to 16-week in-person accelerator program, take equity positions and help them raise capital and grow their businesses. Over the period of time that I was running it we invested in 115 companies, including firms that you might have heard of like Front Range Biosciences or Work the payroll processing firm, or BDS analytics.
Matthew: Great, and who's running it now.
Patrick: We're actually actively hiring for the person to lead the next accelerators. If you're interested, please do reach out to me on LinkedIn, and we'd love to talk.
Matthew: We could get more of that information at the close of the interview, how to contact you. We have a lot of people listening to the show that are investors or want to be investors but don't really have the lay of the land of what the cannabis industry is, how would you frame the investment landscape for them in a way that's digestible and highlights the most important things?
Patrick: Well, that's a big one. There are so many opportunities to invest in the cannabis industry. From public equities, retail investing in some of the largest companies in the industry, multi-state operators, like Ascend Wellness and Cresco Labs and Green Thumb industries, to crowdfunding of cannabis startups, through platforms like SeedInvest, or micro ventures. In between, there's early-stage funds, there's late-stage investment funds all from accredited investors. Then there's real estate, there's business technology, there's product technology, there's hemp, there's CBD, and then there's the businesses that have to get state licenses to grow, process, and sell THC.
I've probably missed something there, but the landscape is as big and growing as are the companies and the industry at large.
Matthew: You mentioned SeedInvest there and I know, I don't know personally but I know the gentlemen, Jeremy Allaire, who runs Circle, the largest stablecoin company. They bought SeedInvest. Do you hear anything about stable coins or blockchains or different crypto assets being used to raise capital or is it still too early for that?
Patrick: Here and there we've heard of companies utilizing cryptocurrencies and coins to raise capital. It's certainly not the norm. It's more of an anomaly that we hear about but it has happened as, these cryptocurrencies and coins have generated a lot of value over the years and and some entrepreneurs will accept them as investment.
Matthew: With the Garden Fund, it sounds like you're taking elements of CanopyBoulder, your background there, integrating them into the investment world and startups, can you talk a little bit about the dovetailing there?
Patrick: I think as people evolve in their careers they take lessons and learnings from past experiences and parlay them into new opportunities, CanopyBoulder is a very defined and established model of the business accelerator. It real required in-person presence, for the companies to get investment from CanopyBoulder and go through our program. I, through that process, learned a lot. As the companies learn, I think we learned as well.
When the opportunity came up to partner up with Emily and Morgan and the Poseidon team on a new Fund, the timing was right. Their interest and my interest on a strategy focused on the post-seed stage companies right, again, before the series A aligned, and we decided to join forces.
I'll tell you what? It's so fun to be learning, constantly learning, and I feel like with Poseidon, being challenged and learning so much more than I ever did, from Emily Morgan and the team there that have so much incredible experience running two venture funds in the cannabis industry since we all started back in 2013, 14, it's really inspiring. I wake up every day really excited to find the next company that's going to become the Ascend Wellness or the GTI or the BDS analytics in the cannabis industry.
Matthew: This is a sweet spot you found, initially, what happens if you have angel investors come in, they do is it typically a convertible note where they'll say, "Hey, I'll give you this money. Eventually, when a venture capitalist comes along and values your company, will look at how much money I gave you and I'll be part of that valuation." You're coming in, usually, after those angel investors and the business has a little bit more, just a little bit more traction. It's less of an idea, and more like, okay, we're doing something now and something's happening.
Patrick: Absolutely. Typically, startups in the cannabis industry begin with an idea, a couple of founders. Maybe they divert some of their resources towards starting the business, raise some money from their families and friends, perhaps go to an accelerator, like CanopyBoulder or elsewhere. Angel groups to get some seed capital. That's to create the MVP, the minimum viable product, develop their product or service, test it in the market, find out if they can generate some response and positive response or some traction.
It's at that point that we're very interested at the Garden Fund in engaging with these companies and potentially making an investment, that initial traction I would say they've cranked the wheel a couple of times and of this engine of a business and it's starting to hum and sputter and there's something there. Then the founders are looking for partners, with capital to come in who have experience and have been around the block in the cannabis industry to help them scale, grow, build their teams, define their culture, and really set themselves up for success down the road.
With CanopyBoulder, we were investing when people had ideas, or they just raised some family and friends capital, they were just about get their MVP out, because it wasn't that seed stage. It's the post-seed stage where you don't see some traction, you see some success, it's more clear whether or not, at least to us whether or not these teams are going to be successful and that's when we want to get in.
The other thing about that post-seed stage is the valuations are still reasonable. We have a chart in our deck from the data that Poseidon's collected over the years, that indicates valuations, jumping five to six times between this post-seed stage in series A. That's primarily been driven by a number of venture capital from funds that all were found in last four or five years that were focused on that series A stage.
In essence, they priced up the value of the companies. It's created this gap in the post-seed investment stage which we intend to fill with the Garden Fund. So far so good, we've been very active and making our first investments and we're very excited about this.
Matthew: You're not just a "write a check and walk away," it seems like there's more engagement here. I know that warm introductions make a big impact on a new business. You've made warm introductions for me that have been very helpful. Can you just talk about what that process is and how that just helps springboard a new business?
Patrick: Absolutely. It really does take a village for any business to get off the ground. That support structure and people willingly helping you and sometimes willing you into good situations to warrant direct introductions. All of our portfolio company CEOs that we invest in through the Garden Fund join a mastermind group. This isn't an accelerator, it's not an incubator, it's not that large commitment of time and energy that can sometimes be disruptive, but a lighter touch meeting of the minds, a peer-to-peer, founder-to-founder support group.
We created it to drive that confidential collaboration, that support that I talked about, growth and scaling strategies, but also warm industry instructions. Our team at Poseidon has, together, we've invested in almost 200 companies. That's a lot of exposure. Our team has the big network, and our team was assembled to actively help founders. We're not just writing checks and going to play golf. I don't even play golf.
We got to fill the time with something else. We love working with entrepreneurs. It's been a core tenet of our investment strategies, mine, CanopyBoulder, and Poseidon, when they started their first fund in 2013. It just carries on and it's part of our investing DNA, and, like you said, Matt, never hold back in helping people connect with one another in the cannabis industry, no matter who they are.
That's really rewarding for us. We know that it impacts our investments, the companies, and, ultimately, the exit evaluations, which are very important for us, because they're important to our investors who give us the capital that we need to do what we want to do and the impact we want to have on the cannabis industry.
Matthew: You mentioned you have some investors that just want to write a check and say, "Patrick seems like a smart guy, let him handle this," and then other ones are like, "I want to be more engaged on what investments are happening." How do you address those different kinds of investors?
Patrick: It's a great question. We're very open. Wording, a part of our thesis for investing and finding success investing in the cannabis industry is connecting good people with our founders. We do have a significant percentage of our investors who are-- They have interest, but they know the industry is more complex than they have time to understand. They hire us as managers to be good shepherds of their capital. That's the venture capital model, primarily.
We do have opportunities for investors to engage with our companies. We're not just writing checks and sitting back, we're engaged. If they do have skills or specific expertise that will add value to the teams, absolutely we engage them with our companies. It would be wrong not to, frankly. It's a delicate thing. It's often more time than many people, a lot of investors, expect. We want to make sure that they're cognizant of that commitment and they're ready to go and help out these companies. We do that a lot.
Matthew: Let's say you make an investment in a startup, do you then earmark some funds for follow-up investments for the ones that are really getting traction? How does that work?
Patrick: Absolutely. We are earmarking half of the fund for our initial investments and then half of the fund for follow-on rounds. We'll make 20 investments, maybe half a million to a million each in the companies that we're going to get behind, and then see how they develop. For those who are the top performers, we have more capital to invest in that series A and B and beyond.
In addition, our investors in our fund, the LPs, they've proven to be active and very interested in follow-on opportunities that we will set up SPVs, special purpose vehicles, to invest in the companies in the later rounds. We have the capital for that post-seed, series A, maybe a little B. If they go longer, we can help bring in more larger investors into the companies to continue funding their growth all the way to exit.
Matthew: Patrick, you have a background in the nutrition and supplement space, what trends do you see now deja vu all over again where you're saying, "Hey, I saw this with the supplement space, and it seems to be happening in the cannabis hemp space now," anything that you can focus on for us?
Patrick: Absolutely, yes. It's so clear to me, but I don't see a lot of chatter online or investment activity around product technology. Product technology is an area where we haven't seen a lot of investment, but we believe it's going to fuel the next stage of the cannabis, cannabinoid industries' innovation cycle. I saw this happen in the nutrition and dietary supplements industries in the late '90s, early 2000s.
Frankly, consumers continually want a better, more consistent, more reliable product and experience. It's like a product promise that we make in our marketing and our vision. Sometimes, it doesn't always connect. The products don't work as well or they're inconsistent. A great cannabis product is not a destination. It's a journey on a continuum that's rooted in continual investment in R&D and innovation. There's a lot of opportunity there to make things, again, more bioavailable, more efficacious, more consistent and reliable. I think that's what we're going to see driving the next stage of growth.
Matthew: Is there a particular investment that you've made with the Garden Fund that you want to highlight, to give us a flavor of what's going on?
Patrick: Yes. Probably by the time of this podcast airing, we will have announced our first investments in a business technology platform that serves the multi-state operators, order head, and point-of-sale system that's just a better alternative to the existing offering out there. The second investment is into a single state operator, in a limited license state, that has incredible assets, great locations for the dispensaries, and a very large license, the top license, the largest license one can get in that state for cultivation.
It's not only that these are great solutions or products or companies, but we're able to target them for investment at the right stage, right before the dispensaries opened, right before the first shovels in the ground with the cultivation, just as this business technology company is starting to close other multi-state operators and expand to other states. These investments opportunities are often coming to us from referrals in our network.
We've invested our time and energy running around the country and the world making investments and getting to know people and built great relationships. When these people that we've invested in and we've worked with over the years find good companies that fit our profile, they pick up the phone. We're very lucky to have an incredible network effect to help drive our deal flow in the cannabis industry. With the Garden Fund, we are aggressively taking advantage of that network so that we can capitalize on it for the benefit of our fund investors.
Matthew: Now, for seasoned cannabis investors, they probably heard you say "limited licenses," they know exactly what you're talking about. For the benefit of new investors and listeners, can you talk about why that's important?
Patrick: Absolutely. There are states where it's wide open. Most anybody, the hurdle for getting a license for a dispensary or a manufacturing facility or a cultivation is very low. Colorado is a good example of that, where there's not a lot of limits put on the number of licenses that the state is going to hand out. As a result, the valuation, it's like supply and demand. There's a larger supply of companies out there, so the demand when there's an acquisition is lower.
That means the valuation multiples for companies at exit in, say, Colorado are going to be lower, because it's a wide open, adult use state. Now, a state like Massachusetts, where it's a limited license state, they've only issued so many licenses for cultivation, only so many for dispensaries, only so many for processing and delivery. If you're able to win a license in that limited license state, the supply of licenses from the state is lower, so the value of them is higher on the market, because there's more demand for those assets from the multi-state operators or investors.
It's not a new strategy, but the strategy makes much more sense now for investors to go into the single-state operators in limited license states, because, there's a lot of institutional capital flowing into the multi-state operators and later stage businesses in the cannabis industry. That's not just money to park in the bank for a rainy day, this is money that is coming in, from the institutions into these larger companies that going to use for, to fund and fuel acquisition and consolidation strategies.
Our strategy at the Garden Fund is very clear, we're investing in the post-seed stage where we can get the greatest value in companies that are going to disrupt and be valuable assets in the industry and become acquisition targets and in the short term. We're trying to take all the lessons we've learned from seven to eight years investing in the industry and seeing so much happen in the cycles happen, and raise a fund that is timed right for not only investment, but exit in the cannabis industry.
Matthew: Now, Patrick, you've heard so many pitches, I can't imagine how many. If you were sitting down with a founder that was prepping his or her first pitch deck, and they were about to go out and say, "Hey, I need some pointers here Patrick, what would you say, one do, and one don't?
Patrick: That's a good question. I think the do, is to make sure that your pitch and narrative is cohesive with your financial model and your planning. A beautiful pitch is not going to do it, you really do have to have a full data room of that is cohesive and logical, and the narrative is consistent. If you're saying, you're going to grow and double in size in three years, in the financial model, I want to see investments in marketing and sales in year two, that will pay pay dividends to the company in year three. That's definitely one thing that I'd say you absolutely have to do.
One thing that I would say you absolutely don't want to do, is be apologetic. This is an opportunity come in there with confidence, you're presenting a great opportunity for the investors, if you've done your work. I think there needs to be more confidence displayed by entrepreneurs in the cannabis industry, not arrogance. There's this comfortable confidence that we'd like to see in our founders. They're ready for the challenge, their eyes are wide open, and they're not apologizing for digging in, and going for it.
It becomes very apparent when you have a meek founder that comes in and they don't feel completely comfortable. There's no reason to continue the meeting, come back when you can fell more comfortable, maybe you've done some more work, you engaged with the industry a bit more, you learn more, and we'd like to see that.
Matthew: Now, there's some founders that think they have to have all the answers right now, and you can see a panic go on when they're like, "Oh my gosh, I have to come up with an answer, even though I don't know what it is." It's perfectly acceptable to say, "I don't know, I'll find out and get back to you."
Patrick: Yes. Yeah. It's that confidence and self-awareness to say that, exactly that. Matt, very often, I don't have the answer, and I like to see that in our founders that humility, with the confidence to admit it. That goes a long way. If the future was so clear in the cannabis industry, everybody would be diving in and launching businesses.
One of the challenges is that, it's not always that clear and you need to be very in- tune with the industry and have your radar on, because you will have to pivot, you will have to zig and zag every once in awhile and overcome those moments that every founder has, every team has, where you're faced with adversity and power through it. Those that are aware of that, and have the confidence, then, understanding that's going to be part of the journey, they definitely have more success.
Matthew: Is there anything that a founder typically does that you think is not important, but they seem to think it is? Like the color motif of their pitch deck or something. They're straining over that one detail and you're like, "You can bleed black and white. It doesn't matter." Is there anything you see like that over and over?
Patrick: You know, every pitch is different, every pitch person approaches it differently. I would say that, the one thing that I like when I hear a pitch, and really catches my attention is when the founder or the founding team has done a listening tour for their target customers.
If they're developing a point-of-sale software-- Kyle Sherman, of Flowhub, is a great case study here. Before he started Flowhub, he went and worked as a budtender at that dispensary. He got to know what it's like to be a budtender, and what tools they use, and where the shortcomings are. That really informed his decision to launch Flowhub and joined the industry in earnest.
We had another founder, Henry Finkelstein, of Cannabis Big Data at CanopyBoulder who'd do that. He went on a listening tour for months, and just sat down and listened to the problems that operators in the cannabis industry had, and that informs his strategy. I guess, what I don't like, is when a founder comes in and has what seems like a great idea, but they haven't really gone out and talked to the market to confirm that.
There are a lot of great ideas, ideas that sound great, but either the timing is right or the market won't pay for them, and they just don't know that. It's a shame, because it just takes a little bit of effort and connection. When we see that, that a founder has done that, that's a big plus.
Matthew: Yes. It's bridging that gap between what you believe to be true, and what's actually true. They're saying exactly what their pin-points are, opportunities are, versus what you thought they are, so you get validation and say, "Oh, I heard this over and over again, I can almost finish their sentences because the last three dispensary owners said this."
Patrick: Yes, and that they'll pay for it. It's an acute problem, they're aware of it, they want to solve it, and they will pay someone to help or a company to help solve their problem. There's a lot of problems that you just let go and you don't deal with. Mason Levy who one of our founders at CanopyBoulder, now runs a business called Swvl, it's a chatbot business, very high-tech stuff. He's always said, "Some fires, you just got to let burn." We see that in the cannabis industry.
There's a lot of challenges, this isn't easy, right to run a dispensary or to run a grow or run a single state operation, you're not able to solve every problem that comes up right away, you got to let some of those fires burn. As that type of awareness getting to the, "Yes, it's a problem, and these people will pay for it." That makes a big difference.
Matthew: Okay. For a listener that's comfortable with their Schwab account or Fidelity account, their Vanguard account, they log in, they see the balance, they're happy, they're like, "What is putting money into a cannabis fund going to do for my portfolio? How should I think about it and position sizing and that type of thing?"
Patrick: Well, you know, when I think about that all venture capital in the cannabis industry, what I think about is, the potential, it's high risk, but it could also be high returns. You're investing in privately held companies, they're not liquid, they're at a stage perhaps where they could succeed or fail with or without the right help and support. There's definitely risk there, but the reward is the 10X returns, that I think a lot of investors like looking at the cannabis industry, they assume that they will get.
As the industry grows and you have these larger multi-state operators, they're great, they've earned the right to have these billion-dollar evaluations, they've done it, they've put together the assets across multiple states, they're operating, we're seeing incredible growth, but they're at that stage where they already public on investment. You may not get a 10X in a company that's publicly traded multi-state operator, you might get a 2X, or a 3X.
I think a lot of investors who joined the cannabis industry, they think about the cannabis industry in the way that we do, and they want the bigger returns. Investing in venture gives you that opportunity where you can get a 10X with the investments. Whereas in some areas in the later stages, the math doesn't work out, they're not going to grow by 10X in a couple of years, but in venture, you can still achieve those rates of return.
Matthew: There's something fun too, about being part of the germination process and just witnessing things happen and watching founders struggle, struggle, struggle, and then, succeed, and then, watch things happen. It's like a Shakespearian play in many ways because it's not easy, it's this drama that unfolds, and then, there's this breakthrough and things happen, but when you look back, it was like, "Wow, that was quite a story."
Matthew: quite a journey, you can take five to 10 years too for sometimes these things unfold. Also, it seems like having it be illiquid in some ways is less, causes less anxiety than looking at a ticker every minute on your screen. What do you think about that?
Patrick: Investing in a venture capital fund like the one that we have, we're very open and transparent with our investors. They always say, in the cannabis industry, you can be in the stands or you can be on the sidelines or you can be on the field. When you were a venture investor in a fund like the Garden Fund, you're on the sidelines and we're on the field with the founders.
It's a big difference, you're a lot closer to the action. Like you said, yes, there's a lot of growth and development and evolution and innovation in this post-seed and Series A companies, it's really exciting. It's challenging, you get to see the challenges that you maybe don't see when you're investing in just a publicly-traded company with a very curated and crafted narrative from the CFO and the PR firm, it's very different.
For me, that's not for everyone, I really enjoy that journey that the founders go on. I think all of us in the Poseidon Garden Fund feel like we can contribute to the success of the companies. Just an introduction, an introduction that would take a founder a month to get, we can do in a week. The access that we could provide them in a day that might've taken them a week, it all makes things way more efficient for them. That's a big part of what we're trying to do here and be active with our investments.
Matthew: Patrick, you've been on the show a few times over the years, so I have to come up with some new personal development questions for you. You live in a special place in Boulder, what is one thing you most love about living in Boulder and one thing you miss about when it was smaller?
Patrick: [laughs] One of the things that I love about Boulder is the easy access to outdoor activities and recreation. That's a thing for me. I get up almost every morning, the crack of dawn, and get out on my bike or take the dog on a trail run. That really energizes me and helps set the tone for the day. I love that the foothills are just a few blocks away here in Boulder.
That would be my answer to the first part of the question. My answer to the second part of the question, Boulder has gone through a high growth period. A lot of people, they like to complain about how that growth and it bugs them. It really doesn't bother me. I don't really mind the traffic, but then again, I used to live in Chicago and you have to deal with the traffic there. In San Diego, I have to deal with the traffic there. There's not a lot that bothers me about Boulder, I really do enjoy it.
Matthew: Oh, that's good. The bike paths were my favorite thing when I was there. I really enjoyed the bike paths everywhere.
Patrick: Yes, you can really tune out and just cruise for hours. That other thing, there's just a lot of ways to enjoy the outdoors here in Boulder.
Matthew: What's one trend you see in the cannabis industry that you think the market is not appreciating enough?
Patrick: One trend in the cannabis industry that the market is not appreciating enough. I don't know, that's a good question. We used to scratch our heads on why there was so much capital going into the Canadian market. That fixed itself. There's way more attention on the US market and the multi-state operators, and it's like that's been refocused. One thing that I think perhaps the market is not appreciating right now is the fact that there's so much more that's been figured out in the cannabis industry on how to run these licensed operators.
Back in 2013, '14, when we started our efforts investing in the cannabis industry, me at CanopyBoulder, and that scene here at Poseidon was the operators really didn't know what they needed. They were just trying to figure out how to stay in business and supply the market and serve the market. There wasn't a whole lot of refined awareness of what business technology and services they need.
That has changed completely. Flashing forward to today. it's much more clear what's needed. If we're very clear that IRS Code 280E, it impacts the decisions on almost all expenses including business products and services and technologies. Perhaps, to narrow it for you, we see much more interest from the licensed operating companies, the dispensaries, the manufacturers, the growers, in technologies and services where you can tie the expend on that service and technology to the generation of a new dollar in revenue.
Ideally, 16 to 30 new dollars in revenue. If you're buying your licensing or becoming a customer of a business like Happy Cabbage, they're a data and analytics firm based in the Bay Area. When a company brings them on and pays them a dollar, they can directly tie that $1 spend into 16 new dollars in revenue for that company. Because you can't deduct the expense of that $1 you spend on Happy Cabbage from what you're going to use to calculate your taxes, you got to make sure these expenses on technology are really driving the business forward. We've seen that awareness develop in the last two years and has become the norm now. I think that's underappreciated.
Matthew: What is your favorite unhealthy comfort food or guilty pleasure?
Patrick: Oh, very easy. Chocolate chip cookies. During COVID, I've been making chocolate chip cookies probably every week and a half, giving them to our neighbors, giving to friends. I don't know how it happened, I think it just became a thing. I've been baking batches of delicious chocolate chip cookies. They're pretty good. I'm confident they're pretty good. Whenever you come back into town, I will make sure that you get to try them as well.
Matthew: Thank you. My mouth's watered a little bit.
Matthew: Patrick, please spell your last name for anybody so that they don't misspell it, and tell us how they can connect with you, learn more about the Garden Fund, and all that good stuff.
Patrick: Yes. Yes, no, thanks, Matt. My last name's Rea, and it is spelled R-E-A. I would say the best way to get in touch with me would be through LinkedIn. Just look me up Patrick Rea, R-E-A on LinkedIn, and you'll find me very easily. That's a great way to get in touch about anything in the cannabis industry. This is the life that we've chosen. We've got a lot of great experiences and a lot of opportunities for everybody who wants to come in and join.
Whether you're looking to join a team, you want to make investments, you want to have some better awareness of how to do that or you're an entrepreneur who's got a little bit of a tiger by its tail and is looking to figure out what's next, that can definitely, and we can help with that.
Matthew: Patrick, thanks so much for coming on and educating us about the investment landscape. Good luck with your next batch of cookies.
Patrick: [laughs] Thanks a lot, Matt. I really appreciate everything you do and can't wait to get you back in the Boulder one of these days. It's been in a while.
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