Alan Brochstein, Founder of 420Investor, talks with James West about properly valuing cannabis stocks and how US-listed companies like Cronos Group Inc (NASDAQ:CRON) (TSE:CRON) (FRA:7CI), Canopy Growth Corp (NYSE:CGC) (TSE:WEED) (FRA11L1), and Tilray Inc (NASDAQ:TLRY) (FRA:2HQ), are benefiting from the recent influx of money into the cannabis space. The pair also discuss how the Constellation deal caught the attention of mainstream business media in the United States, which has legitimized the sector for US investors. Brochstein suggests CannTrust Holdings Inc (TSE:TRST) (OTCMKTS:CNTTF) (FRA:C95) and OrganiGram Holdings Inc (CVE:OGI) (OTCMKTS:OGRMF) (FRA:0OG) are prime candidates for acquisition and indicates pharmaceutical companies would be wise to buy Canadian LPs. Brochstein highlights Aphria Inc (TSE:APH) (OTCMKTS:APHQF) (FRA:1OE) as a cannabis stock positioned to serve investors well and that Kush Bottles is the leading ancillary play. The segment concludes with a discussion of the stability of the medical cannabis market and players to watch in that space.

Transcript:

James West: Hello, Alan.

Alan Brochstein: How’s it going, James?

James West: Fantastic, how are you doing?

Alan Brochstein: I’m doing all right. How’s my mic? I got rid of the headset.

James West: No, your mic sounds fantastic, yes, and you no longer look like you’re on a spaceship.

Alan Brochstein: Yup, and I’m wearing my Tweed shirt today.

James West: Oh, nice.

Alan Brochstein: Just a little shoutout, not to Tweed, but anybody that wants to send me a shirt, I’ll wear almost any shirt.

James West: [laughter] Actually, it was funny; I was at Tweed last week for their shindig on the lawn, and I bought a sweatshirt, I bought two sweatshirts, I bought t-shirts, I bought a hat…I basically swagged up. But I was there –

Alan Brochstein: Except for the good stuff. No good stuff?

James West: Well, not yet, you know? It’s just a matter of a couple of months now until they can actually. But actually, I don’t think – you know, I don’t think we’re ever going to see a time where you can go show up at a licensed producer and start sampling the product. I mean, like a winery.

Alan Brochstein: I think we will, actually.

James West: Well, I bet you that happens prior to Canada, in the United States. Because that’s always –

Alan Brochstein: I think they’re going to do that, that you’ll be able to have onsite dispensaries in Ontario, anyway.

James West: Oh really? Okay, onsite dispensaries? Oh, at the grower?

Alan Brochstein: Right. I don’t know if they’ll give it to you, but at least they can sell it.

James West: [laughter] And probably you won’t be allowed to consume it there.

Alan Brochstein: I was in Toronto, and I happened – I had never been to a – in Vancouver I had been in one, but I had never been to a Toronto dispensary. I was scared to death.

James West: Oh, really?

Alan Brochstein: Left my wife outside with my cell phone and everything. I didn’t want to be missing in action. I went in there, it was really scary. But that’s not why we’re here to talk.

James West: Yeah, no, they, it’s interesting. So they, you know, a lot of the dispensaries, the Canadian government has now opened a pathway for illegal dispensaries to become legal, if they agree to stop selling cannabis from now until the point which they pass all the testing. And so yeah, a lot of these –

Alan Brochstein: These guys will never clear, I promise.

James West: [laughter]

Alan Brochstein: They’ll never clear.

James West: Well, there’s some friends of ours at Cannabis Compliance who have like 60 percent of the applicants in Canada as clients, and they are helping some of these guys, and they think that there’s about 10 percent of them that might actually get a license one day.

Alan Brochstein: Right. I agree, there’s definitely some good guys out there, and gals, but a lot of these people are just crooks. The one I went to was just a bad one.

James West: Yeah, okay. So speaking of bad things happening, I was curious to hear your take on – which I’m sure you’ve read, Andrew Left Citron research report where he, you know, created a lot of sort of negative impression around Cronos, which was bought into by the market the day he put out his research. But today the stock’s back up 10 percent. So I was wondering if you had a chance to review that research, and what you thought of it.

Alan Brochstein: I did. I don’t know Andrew; I’ve been following him for years. He wreaks havoc. He kind of reminds me of The Joker or The Riddler, one of those fiends. So I didn’t think the report was very good. It just doesn’t jibe with my understanding of the company. But the one thing he and I would agree on is, the stock was stupidly valued. So I’ve been saying that for a long time, and it just goes up.

James West: Yeah. Well, but then, I mean, if you look at all of the large cap stocks, all the stocks over 500 million trading in Canada, you’d be hard pressed to point to one of them and say ‘that’s a justified valuation’ at this point, based on traditional fundamentals.

Alan Brochstein: Right. And trying to look at things like how much they’re selling right now and revenue and all that, it’s just not a very fair game. I mean, you have some companies that maybe two years from now will – you know, like take TGOD for instance. They have no sales right now, purposefully. Does that mean they’re worth nothing? No. so I think that’s kind of dangerous. I think the main point he was trying to make was that the company wasn’t properly disclosing things? I think that was so far off base it’s incredible.

But we do agree the valuation is pretty steep. So one point I’ve been making, James, is that the US-listed companies have really benefitted from this recent inflow of money. So Canopy Growth being one of them, but they set off this storm with the big – you know, who gets $3.8 billion USD except for them? And that’s created speculative frenzy, and you know, it’s really fed into the US investor base. So a lot of what’s going on, and you can just look and see, because Cronos trades multiples in the United States; Canopy Growth is getting more dollar volume, especially currency adjusted, in the United States. Tilray is knocking the cover off the ball in terms of daily trading value. These three companies are just killing it way higher than everybody else. Are they the three best companies? I mean, they may or may not be, but just because they’re listed in the US right now does not make them the best companies. But they’re the best trading companies right now.

James West: Yeah. No, it’s spectacular. I’ve – and I’m sure you’ve been observing as well that there’s been a real sort of, I hate to use the term ‘bifurcation’, because it’s so overused these days, but there really is a bifurcation of, you know, the unicorns in the space versus companies that have a tremendous business model and, you know, the real kernel of a genuine business. Like, you know, Cannex Capital put out its financials today – they’ve got, they’re the biggest supplier of flower in Washington State, and they’re also in the midst of the acquisition of one of the largest extracted product providers in California, and they, you know, they delivered a quarter, or rather they delivered a year where they did 2.5 million in revenue – or sorry, they have 14 million in cash…sorry?

Alan Brochstein: I thought it was, so they gave a seven-month number, so it’s a little understated, actually, from where they really are.

James West: Right, right, sorry, 6.9 million was the revenue, and they generated an EBITDA number that was, you know, that was not un-respectable. And this company is trading at, you know, essentially the same level it was before all the frenzy got started, and I look at this company and I think, this is what’s more deserving of a feeding frenzy – a company that’s building real business with real distribution in two of the biggest states. You know, you see these companies being ignored and everybody chasing these giant fairy tales of future growth and it’s like, you just sit there and shake your head and wonder.

Alan Brochstein: Yeah. So I think you’re onto a point. When I saw the news about Constellation – and you know, everybody probably knew what was going to happen eventually; nobody would have thought they’d do it this way with this much of a premium, this much cash. I mean, it’s huge. But you know, the idea that they had already partnered and, you know, they were going to follow up. So the initial reaction is, what other LP can I buy? That’s the initial reaction. And I think people need to look at what drove that deal. And it’s not Canada, necessarily; it’s not being an LP, it’s about positioning for the United States.

I’ve had a thesis for a while, and that is, there’s going to be lots of consolidators in the United States, which is much bigger. So in Canada you’ve got, I don’t know, six companies that are a billion market cap or more? You have only a couple in the United States right now that are public, and some that are coming that’ll be more. You have the chance for some really huge businesses to be built here, and you know, if you look at what this whole deal was about, it’s not just the United States, but that’s certainly a big part of it. It’s really about what’s going on outside of Canada. And certainly the Canadian LPs, many of them are positioned to take advantage of what’s going on outside Canada, and certainly to see these kind of cross-border deals, you’re not going to see anybody invest in iAnthus, you know, that’s like a pharmaceutical company or CPG Comp or anything like that, because that’s just not going to happen yet. So I get it.

But the reality is, the value is probably in these US companies. I don’t think they’re doing nothing. I don’t follow Cannex quite as closely; it’s on my radar, but I will point to, I’m very happy to say that two of the companies that I follow, one is a client and one’s not, CannaRoyalty and MPX, both exploded to new all-time highs this week. So it’s not just Canada. It’s not quite the feeding frenzy, but I think US investors are going to become increasingly comfortable buying these CSE-listed names over time. It’s just right now they’re doing the easy thing and they’re buying either an ETF that’s going to feed into the large names, or they’re buying these three companies, Canopy Growth, Tilray and Cronos, that are listed on the NASDAQ or on the New York Stock Exchange.

James West: Right, right. Do you think that the – you know, so the Constellation deal gets announced, and suddenly CNBC and Bloomberg are all over the cannabis space, whereas previously they’d only been sort of superficially covering it, and now they’re, you know, now they’re all in. do you think that’s had a big effect on sort of legitimizing the sector for US investors?

Alan Brochstein: Yeah, and I think that really feeds into my whole point, and it’s not just CNBC, although that’s a great one. And just a shoutout to Tim Seymour, who’s kind of leading that whole charge, because they haven’t done a good job, historically; he’s their anointed cannabis king. I think he actually has a good court around him now. He’s doing a good job, and I had a chance to meet him at the Benzinga Cannabis Capital conference a couple of weeks ago. But it’s not just CNBC; Investors Business Daily, and if you go to any of their articles, they’re only writing about Cronos, Tilray, and Canopy Growth.

It just feeds into what I’m talking about in terms of, you have all these people that are naïve to cannabis investing coming into the market. I see it in my own metrics; we’re hitting record page views, record app downloads, all sorts of metrics that we use internally at New Cannabis Ventures. You know, I see my sign-ups of 420Investor, so I know that there’s a lot of interest coming on the market, and these are people that have not been involved historically. So they do the easy thing, which is – because I have to say, I’ve been doing this for five years, it’s getting harder and harder, actually, because there’s so many opportunities, so many companies. So they do the easy thing, which is to buy these New York Stock Exchange and NASDAQ-listed names.

Well, I’ll tell you: I’m here to say that Aphria and Aurora will likely be on those exchanges soon. I don’t know if that’s going to help them or take some of the excitement out of these other three names. But I’d like to see CannTrust and maybe Organigram and TGOD, those are three other ones that are TSX-listed that – you know, you have to imagine they’re seeing what’s going on, and they’ll do everything they can.

It’s not that easy. Cronos Group, which, you know, we started off talking about Andrew Left accusing them of being terrible people, they were the first ones to do it. It’s not easy. They have to be Sarbanes-Oxley compliant. They beat everybody; it was amazing to see that happen, because some of the companies they beat, that doesn’t happen to them. So, more support for Cronos. I don’t like the stock. I like the company, I like the CEO and I like their investors.

So I think if you’re new to the cannabis market, be aware of this dynamic right now that everybody is piling into these momentum names. And I’ll just say: Tilray is insanely valued. It’s insane to me. I don’t know, I don’t get it.

James West: Yeah. No, that’s interesting. I think we’re all in a bit of shock at Tilray, specifically, but the bottom line is, you know, the speculation is what’s driving this, as you’ve said, and there’s really no valuation going on in terms of what’s happening on the balance sheet of these things at all, and I think Tilray puts out these financials where they, you know, they doubled their loss to $12 million, obviously associated with going public on NASDAQ largely, but they increased revenue exponentially as well. But not to the point where the stock should go from, you know, $30 to $60 overnight! And so, where – like, I’m constantly writing an article, where does this all end? And I’m curious to think that, where do you see – like, at what point in the timeline does sort of a rational sort of valuation metric start to manifest in the large-cap cannabis space?

Alan Brochstein: Yeah, I’m not the right person to ask. I always tell my subscribers that these stocks fall more than I think and they go up more than I think, and you know, valuation doesn’t matter until it matters, is what I always say. And so, as long as it’s going up, it doesn’t matter.

I will say a few things about Tilray, for people who care. It’s a great company; I’m not trying to knock the company at all. But it’s a very tight float right now. The only shares that trade are the IPO shares. You never know; they could do what GTI did, and do a secondary offering. It would be smart to raise more money at 3x or whatever it is, 4x, almost. So beyond that, we’re going to have to wait till January till more shares hit the market.

But to me, it goes a little bit deeper; I think you can have a lot of respect for a company, but still kind of laugh at their valuation.

Back to Cronos Group, which I don’t think I’ve ever recommended anybody buy, and that’s not a smart statement, by the way, it’s just the truth. The – he was criticizing them for having, I don’t know, 5 or 6 percent international revenue. Tilray was 3 percent! Give me a break! So that’s one point. The other point I want to make is, Tilray is positioned to be a consumer cannabis provider; they only had 7 million of inventory – that’s $7 million USD, but 7 million of inventory at the end of June. So they’re very weakly positioned, at least in the near term, compared to, like, Canopy Growth that has, like, 100 million of inventory.

And there are very few companies – this continues to be a challenge, I think – right now, they’re growing as fast as they can, but there’s going to be, and I don’t know if it’ll be Tilray, I wouldn’t suspect it will, but there will be a lot of companies that just are not able to do what they think they’re going to do, because they have problems scaling up.

James West: Right, right. One of the companies that I like to talk about is Aurora, because, you know, they’ve – there’s been this perception, they were briefly worth more than Canopy one day, or for a week or something. And now that sort of distance between the two has really widened, and you know, everybody and their dog watching is saying, okay, well, so where is Aurora’s billion-dollar investor? What’s Aurora’s strategy? And so, you know, when it comes to especially the conversation, well, who else could be in line for such an investment? Certainly, you know, the quick pass default conclusion for me is, well, where is Aurora? Like, where is Aurora’s big investment? And I think that, you know, they’ve gone very quiet lately, and that leads me to suspect that there might be something brewing there.

Alan Brochstein: Yeah, I don’t know. You know, they’ve done a lot of acquisitions, and that can scare off buyers, perhaps, but that’s not really my forte. They’re not at the top of my list to be acquired; I see them as a consolidator themselves. They’ve obviously proven that with two big acquisitions in the direct LP space, but also building out an ancillary type of empire that they’re building as well. That Anandia Labs is very highly coveted and respected across the industry, and they were able to get that, and they’re doing other things as well.

But you know, when people ask me who I think are the top of the list for acquisition, I don’t know if Aphria is or not, and I don’t think Diageo is necessarily looking to buy a whole company, either. But the ones that I think really stand out are CannTrust and OrganiGram. There are some others; I’m not going to mention them, but those are the two that I think would be really good acquisition candidates, because they’re a lot less money, first of all. You know, you don’t have to pay as much. And to get a seat at the table, if you can pick up a Top Seven, Top Six company in terms of where they are right now, those look to me to be more appealing. They don’t check all the boxes quite yet. You know, obviously Aurora, Aphria and Canopy Growth have more international operations, and I think certain types of buyers would want to see that.

But I’ll tell you, the thing I’ve been floating with my subscribers of 420Investor over the last several weeks, really since GW had its drug approved – I think a pharmaceutical company should be buying a Canadian LP. This is like a layup. It’s a deal that would be cash flow accretive potentially, and allow a pharmaceutical company to start doing research. And we’ve talked about this before; I know we’ve talked to Bruce Linton about it, all the pharmaceutical substitution, and there is research going on in Canada, much easier to do it there. So you’re a global pharmaceutical company and you want to get in the cannabis space? Go buy a CannTrust. Go buy, here’s other companies too, I’m just going to stick to the big ones right now, that have a medical approach. I think there’s just a ton of synergy there.

James West: Yeah, you mentioned Aphria, and as soon as you said Aphria, I’m looking at the chat forums on both of our YouTube and Facebook page, and they immediately light up, and people want to know more about Aphria. I think they feel like, I mean, if I was to just look at the general gist of the conversation, they feel like Aphria should be up there in the 20s and $30 and $40 per share range. I get the sense that they feel like they’ve been short-changed and the market is missing the point. But what is your interpretation of why Aphria seems to have lagged its peers, at least in terms of when they got started and the size of them?

Alan Brochstein: Yeah. So I’m a big fan of Vic and the folks at Aphria; I’ve known them well for quite some time. I’d say historically, and it’s not just Aphria, there’s no shortage of arrogance in this sector, but the Aphria arrogance may have been their positioning that we’re going to be a greenhouse grower in Leamington, and that’s all you need to be. And I think they were late to the game in international, and then this whole idea that you need to be in all the provinces and maybe be not just in greenhouses but in indoor grow. So they addressed these problems maybe a little bit late, and I think unfortunately they’ve been tainted, right or wrong, by these self-dealing accusations.

I don’t know where I come down on it; I think you can talk about both sides of that. Very extensive, I had an extensive conversation with Vic a couple, maybe three weeks ago, before I headed to Canada, and you know, I was very blunt about that point. About, they look reactionary, and they looked, the way their appearance was not that great. The appearance and the reality are probably very different, but I think that that’s really been a problem. You’ve gone from a situation where investors had nothing but respect for the company, to questions, and so that’s an opportunity. I like to tell my subscribers to remember: it was just a year and two months ago when Canopy Growth was like $6.50 in Canada, so things change very quickly.

I couldn’t figure it out. I was pounding the table and loading up on Canopy Growth in my model portfolios and saying, this makes no sense, it’s going to go up. And I wasn’t that good about it. I didn’t hang on for $60 or whatever, but you know, for a while…at least I got the bottom. I’m better at bottoms than riding the wave.

So the Aphria people, I would say your time had probably come. It’s a very competent team; I think they’re just kind of struggling with digesting all these acquisitions and questions that go around them.

James West: Sure. So now we’ve got a whole bunch of big IPOs on the media horizon. There’s the Charlotte’s Web Group, there’s the Acreage Farms Group…oh, Kush Bottles is already public, but I understand that they’re getting ready to uplist?

Alan Brochstein: Hopefully. That’s what I said a while ago; I think that’s the plan, and their fiscal year ends today, and so their audit is due in November. And so I would say, you know, if you’re trying to handicap it, you know, by February. So, in the next six months.

James West: Sure. Kush Bottles is just one of the companies that I know absolutely nothing about, and so, is that a company that you follow?

Alan Brochstein: You should get to know them.

James West: Well, I’d be happy to.

Alan Brochstein: So, full disclosure: they’re a client. So, but I’ve been following them for a while, and I would say that they are the leading ancillary play. I think there’s some others that are going to be hitting the markets pretty soon. Some would say, what about Hawthorne, which is part of Scotts? That’s obviously bigger, but it’s buried in that large company, and they’re having some digestion problems, to say the least, at Scotts Miracle Gro. But as a pure play, it’s a company that’s, you know, covered by Cowan, first of all, which is very rare; Cowan covers Tilray, Kush Bottles and Canopy Growth, that’s it. That’s its official coverage. I hope I’m not missing one, but… so it’s in that elite group. They are totally ancillary, so if the NASDAQ is going to do anything, it would most likely be with that type of company, and I’m not sure that they will, just to be real clear.

But they’ll make the attempt; they qualify in every manner in terms of their stock price, equity…I think they – I’m trying to remember; in terms of their Board of Directors, they may need to add one more, but they’ve done some additions. So the company itself, people have misunderstood it, because they thought that they were buying stuff in China and then just flipping it. They have some proprietary technology, and what they started to do is leverage their relationships recently, and they bought a gas distribution company. And so, as you know, extracts are where it’s all at, and extracts rely on butane, CO 2 , certain gases. So they’re going to do more and more smart things like this. They did an even larger deal a year ago, a little over a year ago, when they bought a company that was a vaporizer cartridge company and all sorts of accessories related to vaporizers. It was really a very complementary deal, and just to put big numbers on it, they doubled their revenue and they gave up, I think, less than a third of the company to do that.

So they did a big capital raise in, I think it was June, and it was kind of a disaster. In some ways, it was great; they raised a ton of money and it was a direct offering. But it was, the pricing kind of sucked, to be perfectly frank. So there was some digestion there. I think it’s passed, and I think it’s a pretty exciting company.

James West: Yeah. What do you think of the Canopy Rivers IPO coming up in the next week here, next two weeks? Canopy Rivers being the investment arm.

Alan Brochstein: Yeah, I can’t really comment on that because I haven’t really looked at the numbers specifically. But conceptually, I kind of like it. I think that they can really benefit from that ecosystem. I would point to, I think that people should look at what’s been going on with Canopy Rivers. They have investments in Terrascend and James Wagner, and it’s just kind of interesting to see, you know, what’s going on at those companies and how Canopy Rivers got into them. They’re in a good position to benefit from a lot of what’s going on at Canopy Growth, and I think they’re in a position to kind of not only ride the coattails but to really create some value.

And you know, it’s kind of funny, because it’s no secret that Chuck Rifici and Bruce Linton have their issues, and Oxley and Canopy Rivers might be considered bitter enemies because of that. So they’re kind of competitors; very different companies, Canopy Rivers and Oxley, and I kind of have struggled historically with the Oxley model. I don’t know if you’ve looked into it or not, but to me, you know, we talk about it all the time: Oxley was all about having long-term access to giving people money in the short term so that they could get the long-term access to cannabis, but cannabis is going to be a commodity. So I would say to look at what some of these – like, Terrascend, especially, not a commodity company at all.

So I think Canopy Rivers may have a better strategy, but I can’t really – I’ve looked at the numbers from when they did that last deal and where Oxley was at the time, and I thought it looked all right, but I’m not fresh on it.

James West: Anyways, that’s one I’m excited about, because they’re just down the street from me here in Toronto, but they also – some of their portfolio holdings are regular guests on my show, like James E. Wagner cultivation, who has been a client historically; LiveWell, who, LiveWell Farms, who I don’t believe they were a client, but they’re kicking the tires or something. But so, it’s like I look at their portfolio, and again, the Terrascend thing, who’s definitely not a client but they’ve got a diversification and, you know, the whole thing with JWC, for example, being the only aeroponic grower of any scale anywhere in this whole industry, is extremely intriguing to me, because the aeroponic approach, if proven, will demonstrate a super low cost of production over time because of the density of production possible with this aeroponic technology. So I look at that and I’m very excited.

What do you make of the Charlotte’s Web IPO? I must disclose that I’m a shareholder of a very small position that I got in on on the President’s List, but I’m curious as to, you know, the Stanley brothers were the guys who first sort of publicly went against the medical association by administering or allowing to be administered CBD concentrates to children who were suffering from epilepsy, and anecdotally, we are led to understand that these children have since made full recoveries from, you know, epilepsy or a life characterized by epileptic fits, thanks to continuous use of CBDs with no harmful side effects.

So I think about that, and in the context of GW Pharma and the Epileptrol licensing by the FDA, we’re clearly in a situation where, you know, I think that the medical impetus is where the real engine of this cannabis industry is going to turn out to be long after the recreational wave has passed over. It’s the vast range of new substances, drugs, molecules that can be patented out of cannabis where there’s serious runway for massive value catalyzation in the biomedical sense.

Alan Brochstein: So in a very – let me first disclose that they’re going to be a client, New Cannabis Ventures, too. So I just like to make sure that’s always clear. The way people should think about this is, CBDs, I know people call it the Aspirin, the Tylenol – it’s really like the fish oil of our industry, the new fish oil. So you have this parallel path where you now have GW Pharma about to sell Epidiolex, which is very restricted in terms of its label – it’s only for epilepsy – versus CBD in general. People are buying it not just for, and Charlotte’s Web is not being sold for just epilepsy. It’s, you know, I don’t know exactly the breakdown, but it’s very wide; it’s not narrowly focused.

So this is a company that you can go back to 2013 and you’ll see that they were the subject of Sanjay Gupta’s Weed, the first one. So it’s really kind of awesome to see them cash out a little bit, but more exciting than cash out, to build something that’s so sustainable. And there’s three good companies that I’ve been following that have all made it to the public market that I thought did a really good job. There’s probably more, but these were just the three that I’ve been following, and they’re all experiencing great growth. Those companies are: Charlotte’s Web, CV Sciences, which CBD-Plus is their product; and the other one is Elixinol, which is an Australian company. All these booming numbers. Charlotte’s Web could not have picked a better time to go public. I thought the price was fair at the time; $7 CDN, so $5.50 USD or something like that.

The reason why it’s such a good time, it appears that we are on the cusp of Federal law changing. It’s really going to open the door for these companies to do even better. And even absent that, there’s just been incredible change in the consumer demand for these products in just the last two quarters. And so it’s all public record, you can look at the Charlotte Web numbers or Elixinol, or CV Sciences, the demand’s been just incredible. And Charlotte’s Web sells I think mainly over the internet, and I know that CV Sciences has probably done a little bit better job of getting their Plus product into retail stores, but they do that as well at Charlotte’s Web. But, very exciting story.

James West: Yeah! Well, I’m excited, too. Alan, I’m going to leave it there for now because we’ve taken a half hour of your time, which is about as much as I feel like I can ask of you. I really appreciate your –

Alan Brochstein: Especially during trading hours.

James West: Sorry? Especially during trading hours, yes, but come on, it’s Labour Day Friday; there’s not much trading going on this afternoon. Anyway, so it was great to talk to you again. We’ll come back to you in a very short time and continue the conversation. Thank you.

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