Michaela Petrone  0:05  
Welcome to joint ventures, a podcast where we delve into the cannabis investment landscape through the lens of investors and operators who helped fuel the growth of the cannabis industry. Today's guest Helene servian is a multifaceted entrepreneur, operator and venture capitalist across emerging industries. She is the founding partner of journey one ventures, a 100% women and minority owned early stage focused cannabis fund. With 45 years of combined industry operations expertise. They invest in the venture scalable sectors of the industry and look for companies that have the ability to service other highly regulated industries. Thanks for coming on the show. Helene. Here's your host, Jordan tritt.

Jordan Tritt  0:49  
Alright, Helene, excited to have you here with me today and having this conversation. So to start with, if you don't mind, just go ahead and give a background on you know, how you got to where you are today. And specifically, what drew you to the cannabis space? And then you know, if you want also, if you can weave it in just the background on journey one, or we can touch on that and in a few minutes.

Helene Servillon  1:13  
Absolutely. Well, one happy new year. It is What day are we at now, January 12 12 days have gone by at the beginning of 2023. And I think a lot of people in the cannabis industry are very curious to see what this year will bring. But first off, just want to thank you and your team Jordan for having me. Everybody that I've met from your organization is just massive sweethearts, does a lot of work. Always helpful giving intros. And with an industry this into that. It's always great to have people in your community that are just good people to work with. But my name is Helene Serbian, and I'm the founding partner of journey one ventures based in Boulder, Colorado. And my journey into the industry was opportunistic, serendipitous, and quite eclectic. Before I got into cannabis, I specialized in working in emerging industries, everything from light electric vehicles, to enterprise tech, and started my career off at Puma, Reebok corporate early in my 20s. And growing up in San Francisco, I think that you kind of grew up in wheat culture. So there wasn't a lot of stigma that I had to overcome to get excited about the industry. And the impetus of me joining the industry actually came from a burning desire to learn how, you know, money works in business. And I'd spent most of my 20s, working on early stage startups, and then decided that it was time to really understand how the financing side worked. So it's a pretty hard career pivot to go from operations into venture capital. And at this point in time, it was the, you know, the move from 2017 to 2018, which the timing of that when I was living in LA, California was going medical to wreck. And so I would just go after my 95 job to cannabis events all throughout LA, and became a sponge and started to figure out where, where could I really make a foot, I guess, start my foot and insight into the industry. And I was able to work for two family offices that were single, single LP and help them with portfolio management. One of them actually was one of the first investors in Y Combinator cannabis companies, which is meadow and confident cannabis. And so developed a relationship there, worked with them for a little bit and then decided that I really needed to refine my my process within investing and how to manage deal flow, how to manage portfolio companies, and went to a VC trade school in San Francisco. And through that process, it was a quarter long and January 2019. I did my first SPV into flour company, which is a California based licensed delivery operator. And you know, since then I've done close to 18 deals now. So it's been a wild ride. And that's the beginning of my background. And we can jump into the journey one stuff, but wanted to pause there in case you want us to dig into some details.

Jordan Tritt  4:21  
Okay. Yeah, that's, that's really fascinating. Well, one thing I learned is that we also we have in common that I spent time also the early stage VC, or excuse me, the early stage operating role, and then, you know, switch sides of the table to Vc. So you may have that that part of the journey in common and that was very, very cool to hear everything in terms of your background and how you got here. So I guess yeah, let's talk about journey one, because I know I've been intrigued from the beginning in terms of just how you entered the space and as you've kind of you and I have talked about represent I think the new energy and kind of phase of VC investing in cannabis. So talk about, you know, specifically what you're focused on. And, you know, just come to some of the aspects that you look at, you know, that are different about what you're doing.

Helene Servillon  5:14  
Yeah, I think I think the journey in building journey one was really timely for me because 2018 to 2021 was very high and lows of those years. And you know, we have a lot of fun ones fun twos that are on fun for us now. And so I had an opportunity to really learn from other funds that had launched before journey one, and where are they positioning themselves in the market? What their strategy was, what portfolio companies were actually winning, what were losing? And where would there be whitespace, for me to build something like journey one. And then coming from an early stage background. To me, it was really a no brainer that I would focus on precede seed, because that's where most of my career track record had been baked from. And so a lot of the funds that you see now such as like Arcadian Maratha, capital, Delta, emerald, a lot of them are all across early stage or multi stage from early to growth too late, and even, you know, majority holdings. And so I thought that it would be most fruitful for me to really specialize just on seed and precede. And so that's where we really positioned ourselves. We. So we're 100% women and minority owned early stage fund. Our team across the board is 45 years of collective industry expertise. And I've been in the industry specifically for five years. And one of our you know, my most important ethos is really building, building a team of people who represented a diverse skew backgrounds in the industry. So two of our investment advisors were on the m&a team and corp dev team at terrassen, page Cecchi and Heather Malloy. And then in array grab Steen was the first CEO of steep hill Labs, which is the first testing lab in California. And then most recently, she was the the Chief Compliance and Operations Officer at NorCal cannabis, which is a vertically integrated operator out of California, notably for running eess depot back in the day. And she has a ton of experience on building out teams, managing metric system, you know, soup to nuts if you're vertically integrated. She touches distro manufacturing, retail and product. And then we also brought on rusty Wilkin from old Powell, who is extremely well respected multistate brand, that's asset light. And he has a ton of retail relationships via old Powell, and really understands how to build a scalable brand state to state. And so when I think about, you know, what we do at journey one, which I'll blend into making sure that we have the right resources to support our portfolio companies and our thesis. And so our thesis is really focusing on the venture scalable sectors of the market, which I identify as tech, tech enabled services, and companies with unique IP, to me, the cannabis industry is, you know, a highly regulated CPG product and a high value crop. And when you think about, you know, building a venture model, you need, you're looking at 20 to 50x, returns at seed. And so, when we first built out journey one, we had to look at where can you get those type of returns. And that's what is really kind of guiding our strategic thesis. So we are really thesis driven, I typically look at what's happening from a high level overview in terms of where the problems in the industry are, and backup into okay, well what type of tools technology are people using? And what are they not using that they need? So one thesis that I'm super excited about is the evolution of E commerce in cannabis. Unlike other CPG products, cannabis has so many roadblocks and challenges to selling products to consumers, right? Every every plant touching entity must be licensed. And so when you think about how ecommerce works in traditional CPG, you can use a lot of third party service providers to deliver goods to fulfill goods. And in the cannabis industry. We're just not quite there yet. But I do believe that we are heading there. And then with that, you know thesis it's it's not only how do we sell products through an online shopping experience, mixed with a retail shopping experience, but what type of resources do companies need to to develop strategies? They need digital marketers? They need technical people who can kind of build the backend front end of that inventory management experience, and that we also need paid media to work. And so Instagram, Facebook, Google, all these platforms that we have challenges using, we're either going to have interim platforms that can market cannabis goods, or we just have to really lobby for those platforms to be able to sell cannabis goods, but that most likely won't happen till federal legalization. So that's just one area of how I look at the market. But we have seven portfolio companies today, we did our first deployment in October 2021. And targeting to have roughly around a 25 to 30 portfolio company or portfolio companies in our fund. And this upcoming year is going to be a lot of surprises, but also a lot of knowns in terms of where the industry is evolving into with massive consolidation, as well as you know, survival of the fittest from a state by state level. Hmm,

Jordan Tritt  11:03  
exactly. That's awesome. Very interesting. Yeah. If we have some time, towards the end of our conversation, maybe we can delve into another thesis of yours, because it's, it's enlightening to see how that plays through into the different opportunities that that might come your way. And, you know, things that are there today, things that aren't there today, and how that will evolve. So that that's really interesting. So yeah, maybe let's talk about you mentioned in your introduction about the background in emerging industries. And I was thinking about this as I was preparing for, for our time together. So it definitely, to me seems like the last few months this industry has, has really gone through a kind of just, it's starting to clearly indicate like you said, what direction, some knowns that are happening in 2023, in terms of consolidation, just challenges, and, you know, the fact that there's not going to be anything happening at the federal level. So, you know, there's certain things that are starting to kind of make themselves known. And so it got me thinking about, you know, just at this point, you know, with, with the challenges that have faced the industry, since I've been in at least since 2014. It's like, okay, you know, this can't be the first time that this has happened. So, again, you know, the tie into the emergence and in the merging industry, so, what, how, based on your background and stuff, give me maybe talk about one or two things that you're seeing play out in the space that you expected? And that why that human forms, maybe something that you set out from the beginning? Or how it changes something, you know, that you're looking out, moving forward?

Helene Servillon  12:51  
Yeah, I mean, I think I think when you work in emerging industries, there's an ebb and flow, which is a lot of hype, a lot of over forecasting, as, you know, capital market analysts want to do because it's good for business. And then there is, you know, sometimes saturation, specifically in the cannabis market, regulatory structures they create, they create, you know, supply and demand in markets. And I think one big learning from working in emerging regulated market is, is that, from a state by state level in the US, some markets are doing much better than others, because they, they really wanted to create a market for business owners, where business owners could succeed. And that comes from a tax and license issuance perspective. And so, you know, the reason why the US is such a complicated market is that we have 50, you know, we have so many different states and the more nascent states, rather than the more mature states like West Coast, like Pacific Northwest, California, Colorado, Nevada, you're seeing states like Illinois, even though Massachusetts is getting price compression, Pennsylvania, just far more stable, because of the control on supply and demand. And so that's, you know, one big learning for me, because most of the markets I've worked in before, weren't as highly regulated. But when you're working in emerging markets, you know, you have to expect that there's going to be a huge uprising and then a huge downfall. And then stabilization. And, you know, I would say that probably not apples to apples, but similar timeframe is the crypto market, right, we had the rise of ICOs in 2018 and they just disappeared. almost similar to cannabis backs in what was it 2020 2021 And if you hit it at the right time, you're lucky if you didn't then just wind it down. And so I think that Every one anticipated and is anticipating the weeding out, if you will of companies from oversaturation in certain categories, especially in markets like Oklahoma, where we have, you know, unprecedented amount of cultivators compared to a state like California, where we have a massively amount more population than that state. And so from an investor's perspective, the thing that we focus on is like, where's their stability in the market? And where is their instability? And, you know, because we're not focused on license operators, our portfolio sells to licensed operators. So when we're making bets on technology companies, we have to understand how is your How is your revenue and quality of revenue going to be affected in the next year, when, if you're selling to retailers, as a POS company, or retail, enabling technology, and retailers, you know, half of your revenue is coming from California, and all those retailers are, have unprecedented amount of accounts payables, like you're going to get affected. So we need to start diversifying your sales strategy, and your expansion plans into more stable states. So you know, it every everything has a domino effect in this industry. But that is one way that we look at adverse effects and how we try to mitigate risk for our portfolio companies.

Jordan Tritt  16:30  
And we could spend a lot of time talking about, you know, the the overlap in terms of you know, how you see the space, because I think there's a lot of similarities. But one thing that jumps out at me and just triggered, as you were finishing up was the application of some of these companies outside of cannabis. And that's a perfect segue from what you just talked about in terms of diversifying revenue. So and we've seen that in our portfolio as well, that, you know, are probably our strongest performers, and ultimately, likely, you know, the largest return will come from these companies that are fully not fully but but really playing outside of cannabis in a significant way. But something that that was developed in the cannabis world. So can you talk about and maybe you can weave this into a thesis or something of your guys, but, you know, one or two examples of a portfolio that, you know, existing company, or one that you're looking at, where, you know, something that's happening, being developed in cannabis, you know, has application outside of cannabis. And you know, where that maybe that fits into your overall thesis. And now that you weave it into evaluating businesses?

Helene Servillon  17:47  
Yeah, that's a great question. So are one of our most recent investments that we made in q4, super excited about this team, also women co founder always, always root for diversity on in our portfolio, it's super important to our team, the company is called amnesia and the pilot, the product is called highlight. And essentially, it is a content marketing compliance AI driven platform for cannabis companies. So we're, you know, they're in the process of raising their seed round. And we did for a variety of reasons. One of the things one of the key things that we look for within opportunities is how big is the TAM. And so for a company like this, what they do is that their initial flagship product is a tool that reviews a regulatory restrictions for Instagram, and on a state by state level five states right now, what content restrictions they might have. So for example, you know, you can't market to kids with certain types of images across many states, specifically Massachusetts, and they'll ingest that regulatory data, match it against the potential post, and then provide a risk score on the likelihood of that post being shut down. For companies like cookies, Dizzy Kiva, massive amounts of followers, ie spend years developing that base, you have maybe a team of five to 10, you know, content people, PR team, digital marketers, and then one day, you just don't know your accounts gonna get shut down. So it's a massive risk. So when I'm looking at Tam and looking at not only retailers brands, ancillary cannabis companies, it's much more vast than just looking at one sector of the market, which could be like cultivators and distributors. My my one of my thesis for companies that we think have like massive legs, is that cannabis is a good market strategy or go to market for a handful of our portfolio companies. What I mean by that is that if you can serve as cannabis, a highly regulated industry, and your product or technique ology or service can be applicable outside of the sector. I love that, right. Because when it diversifies if there's massive risk in cannabis, but you can use the cannabis industry as a sandbox to really develop your technology. And so for for highlight the product by an amnesia, there's a massive demand in supplements industry, there's also a massive demand within sexual wellness, you know, I have a lot of CO CO CO funds or funds that we're affiliated with, or friends with that run women's health and sexual wellness funds. And their portfolio companies are fertility companies maybe, you know, provide a lot of content for women's health. And often times they get flagged because they talk about, you know, human body parts that aren't really appropriate for social media and could be flagged, especially if it is potentially being viewed by an adolescent. And so that's also a massive opportunity. And, you know, because we invested seed and precede, we like to stay focused, though, and have our companies like utilize and optimize the resources. But once a company starts to get product market fit and their main market, which is most of the time cannabis as their launch, then we start to diversify outside the industry and help guide them and connect them with other VC funds that we know specialized just to get that market data to validate if the technology or service or product is even applicable outside cannabis. Awesome. And I'm sure I mean, I'm sure you guys have come across similar type of companies that can diversify outside of cannabis, too. I'm curious which one is your favorite? Or if you have one in the portfolio thus far?

Jordan Tritt  21:48  
Yeah, I won't say favorite. You know, I'm a father. So very sensitive to picking favorites. But I will say that there's definitely the the, the, the applicability. So a couple examples, I think about you know, one is a flavoring company. So this is company abstracts based in California, doing a lot within cannabis, but also taking that platform of being able to analyze and in replicate flavors at a very small level, and being able to change the way that flavoring is done for things like hops within beer, you know, so So that's a clear example, another one get pathogen dx, which as a detection technology proved it out in cannabis, because it's high value crop and, you know, being able to, you know, make sure you you identify that is, is a significant impact on on the business. So you approve, approved it out there, and then now got into medical diagnostics. And you have done really well in that spaces as well. So, the most interesting thing, and I think this good segues, to me about the cannabis space is just how many different do different industries that it touches. I mean, I think actually, I just saw this in one of the companies that we're working with slides and showing how it's disrupting multibillion dollar industries, you know, and here, we're talking just very quickly, and it's like, you know, we've mentioned companies that are in the health and, you know, section, sexual wellness side, and then obviously, CPG, and medical and ag tech and ad tech, and it really is, it's a breeding ground, and then you develop this stuff, and you can apply it to other highly regulated spaces or, you know, newly developing industries or whatever. So it is definitely, you know, fascinating. So, you know, what's been kind of your take on you know, just coming into this space and, you know, interacting with with people of just all different backgrounds, like I think you might have mentioned earlier and just you know, what's what's been your how has that struck you over the last few years?

Helene Servillon  24:04  
I think for initially for me, it was a bit overwhelming, because like you mentioned, there's so many intersection which cannabis, the cannabis industry lives. And so you really have to want learn everything, but then focus and figure out which niche you really want to, like, develop your, your reputation and your brand and your expertise in. I mean, trying to keep on top of all state regs. 3637 states now 38 states and then all the wreck states is just ridiculous. So I think you know, for us, we're looking to build a bigger community outside of the fund with sure what we want to call it yet, but I would say scouts and top five markets, and you know, we're not the biggest fund in the world. So our goal is not to always You know, find companies to deploy capital. Yes, that is true. But we want to help founders with fundraising, we want to help founders with scaling, building their businesses. So we're really looking to develop, I would say, like a community lead and the top five states that we have yet to identify and release that yet. But within those states, we're looking for operators that have pristine reputations, love building a community have started a company before and understand the pain points at which founders need resources, and share our learnings and knowledge from all the things that we've done at our firm today to give back to founders building. Because if there's one thing and we could talk about the difference between traditional VCs and cannabis VCs, like, relative to other industries, we have very limited resources for for founders, and very limited capital for them to scale. And so you have to be way more creative to be a cannabis entrepreneur, and you have to have so much resilient resiliency, to keep on going. But that is the DNA of working in this industry, is are those things in order to get to the next step?

Jordan Tritt  26:12  
Exactly, just long term, kind of where you're looking to make your impact in the space. So we talked about a little bit earlier, come back to this your perspective on 2023. We were talking a little bit before we got rolling here. So you know, what are you focused on in 2023? What's something that's really interesting for you, and then you also, you know, just longer term, you know, I know you're very purpose driven, and mission driven person. So talk about, you know, 510 15 years from now, where you'd love to see your position in the cannabis industry

Helene Servillon  26:51  
there. 2023, I actually meant to have this conversation before we kicked off a I don't do New Year's resolutions, I actually do intentional words, for the year. And so when I think about 2023, from a personal perspective, and also professional perspective, creativity, and priorities are my two words, usually pick one. But this year, when I started playing around with them, it was like these are the ones that resonate with me. And you know, 22 was a very hard year for the industry was a very personally hard year for me, I started working with an investment bank, Boeing in q2 of 2022. It's just like probably the hardest time to work in banking. No m&a deals are really going on it was all internal shareholder deals, and everybody went from, you know, series A series be 10 to $30 million capital raises to bridge rounds of what two to 3 million. All of these are non bankable deals. And so when I think about a lot of the unknowns, and as we are in the beginning phases of a recession, how do you continue to build a firm in this environment, like we launched post, pandemic, and we're still raising during, you know, pre beginning of a big recession. And so creativity is one that comes to mind. I think that as a venture fund, there are very specific ways that you make operating capital, which is collecting management fees. And it's really hard to scale your team, I'm sure you've gone through this because Panther has a really unique, diverse, you know, group of services as well as fun dynamic. And so I'm really thinking about, okay, how do we how do we survive and thrive, but also also grow with like, where the industry is at and meet the industry where it's at, because our strategy for 2121 2022 is very different than 2023. And so looking at incubating a company this upcoming year, that can help us better understand that technology, pain points, that everything from an SMB to an enterprise company cannabis is challenged with, I'll keep the details pretty tight, because it's still being baked. But I'm super excited about that. Because while while we have had, you know, seven portfolio companies review 1000s of cannabis companies, there's, there's always a sell through problem in terms of we have amazing technology, you know, we're talking to Cresco. It's, it's been 90 days, we don't know where we're at in their pipeline. And so I feel I feel like I've had a lot of conversations across the industry as to why there is a challenge in selling technology, through to SMBs to enterprise companies. There's also a perception within specifically retailers where so much retail technology has been developed and launched in the industry, and a lot of those companies have failed to execute. And so as a GM of a store, or head of you know, operations finance tech Knology they've just heard the same pitch and they're numb. And so it makes it really hard for the next new company to come through and say, Hey, we're gonna deliver on what we promised you. So that's creativity in terms of priorities. Like I said, the cannabis industry can be such a head, like a whirlwind of new regulations and new products to try and new states to keep on top of, and always keeping tabs on. Okay, well, you know, what are our top KPIs and goals for this year, and just checking yourself and saying no to more things, as a VC, that's the hardest thing to do. Because literally everyone is, you know, trying to make intros, talk to you. And that's our job. But it's a really hard job. And, you know, we have a pretty lean firm. So I think those go hand in hand. And for me, I'm really excited about that. I'm actually curious for you guys, like, I don't know, if you've thought about it, Jordan, but like, what is your intentional word for the year as we discuss it?

Jordan Tritt  31:00  
Let's see, I would say I mean, it's very much honestly, the priorities, but and then also, I would say, so about kind of the concept of survive and, and thrive, you know, is the set that's come up twice on two different podcasts recently. So you know, but the, I would say, those kinds of themes are very relevant for me, you know, what's, you know, what's just struck me, and I took a break for, you know, about a week to really, you know, take some time off at the end of the year, and be able to come back with a fresh perspective. And, you know, I just see like this, the leaf that the cannabis industry is turning over, and you know, just where we're heading in terms of, like, the same themes of just consolidation? And, you know, yeah, just just getting through these, these challenging times. And so I think, I think there's Yeah, I think there's just, you know, those themes, to me are really clear at this point. So now it's like, okay, given given what, what seems like is going to continue to be a challenging environment, how do we, you know, just very honestly, position ourselves for, you know, for what we're seeing, and then the without, obviously, wanting to, you know, sacrifice or pull back on, on what we know, will be large opportunities on the flip side, so it's trying to balance again, those those priorities is something that that very much resonates for me in this space. And I think, I think also this fear strikes me as one that will be kind of in that vein, a lot of like, new collaborations and things that will be formed, and that will be solidified. And ones that will, relationships that will kind of scatter off and stuff, I just, I think the industry is going to kind of in a certain way band together a certain aspects of the industry will start to band together and, you know, come in and be stronger together. Because it just the headwinds are so strong right now that we need to kind of figure out a way through this together. Yeah, it's really kind of what what I see because there's just not enough outside flow to come in. So it's like, okay, we're in it together, what do we need to do?

Helene Servillon  33:22  
I think and one more important point that I wanted to make, especially after having calls with a variety of people last couple of weeks, is that I see a fork for this year, in terms of where companies are gonna go, and it's either going to be survive and thrive, or dominate the market. And it's interesting, because a lot of people, a lot of people have, I think most companies have desire to dominate, but don't know how. And either the C suite or the shareholders are hesitant to make moves. And so we're teetering Ron, you know, do we survive and thrive? Or do we take advantage of this market dip, and distressed assets and companies and roll them all up and just on the market? And so I think the only way for a lot of folks to survive is to short cut through skip through mergers, and most of them are going to have to quickly rip out SGMA and try to find synergies. And then you know, with a lot of those, like massive consolidations, for example, Cresco Columbia care, it's, it's a lot of work to merge massive companies like that. I mean, it's ridiculous. They had so many licenses that they had to then sell because they were over kept in some markets. And so when we look at that opportunity, going back to you know, the company we want to incubate, they have to make so many new decisions on what technology they keep and what they don't. And what do they need to to operate a fish Utley I mean, I know of some tear one MSOs from from the mouths of the head cultivators where they're still running on spreadsheets, which I find bonkers. You know, you're in 20 Plus states, how does that even as an even possible? And so there's, there's there's so much room for innovation and disruption. And I think that something I'm super excited about is the, the evolution of, of technology strategy and data strategy and cannabis. I think that data in this industry is one of the most challenging things to piece together. And some of the big data companies only have like 30% market penetration. And so how do you make decisions on what to sell to your customers at what price point when you're managing like a dozen plus states, I'm having these conversations with the head of technologies of a lot of these enterprise companies. And you know, there are a handful that really had it figured out, but most don't. And so when I think about opportunity, investment opportunity into the sector, I still think it's massive. And you know, cannabis is not going away. It's a global industry. Like, we're literally it, like first base of this World Series. So that's what keeps me excited, like, you know, if, if you're ambitious person and you like working in challenging markets, this is par for the course. Yeah. And if you're opportunistic, then you see a down market is an opportunity to hit home run. Yeah, my goal is to work with the companies I want to hit homeruns during a down market.

Jordan Tritt  36:42  
That's definitely the opportunities there, it's to me, again, it's very much about just using this time recognizing, you know, what, what is known, and figuring out a way to just set yourself up for a sustainable operation, while your things are as they will not get any more difficult for this industry than they are, you know, right now, I don't know, I mean, maybe it'll play out, obviously, you know, and so the industry may look more carnage, 12 months from now, or whatever, but that's all kind of, to me, like, in a lot of ways factored into, to what's already happening, you know, for businesses that are in a stronger position, right. So they're the, the unfortunate recipients of, you know, what, what kind of the sentiment is right now. And so, I don't think it'll ever be more difficult for those businesses than it is today. So it's just about, you know, getting, getting through it. And, and then, you know, coming out on the other side, like you said, ready to dominate. So that's good. That makes sense.

Helene Servillon  37:47  
I think if you think if people consider this to be cannabis, two point or 3.0 Imagine what cannabis 4.0 and 5.0 is gonna look like it's going to, I mean, we're going to have, for me are entrepreneurs enter the sector, and we're gonna have data of what to do, what not to do. And so I think, as the industry matures, things are going to scale much more faster and rapidly. And the hard part right now is, I think the regulatory hurdles, and you know, everybody who's here, we're all gonna benefit once those gates are lifted. And so that's, that's the north star at the moment.

Jordan Tritt  38:21  
All right, Eileen, thank you for joining us today really enjoyed the conversation and are extremely excited to continue to build the relationship and partner in making the cannabis industry, one that we're proud of and that will have a lasting impact for for years and years to come.

Helene Servillon  38:39  
Thank you guys for having me. I'm gonna be here for a decade and you know, cannabis and psychedelics is our go to market. So you'll be seeing journey one pass fastest era.

Michaela Petrone  38:51  
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