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James West: Okay. Now one of the things I think you’re most probably best positioned to discuss, given your sort of global perspective, is the issue surrounding price. What we’ve seen in Canada is that the price that ACMPR growers are able to extract from the consumer has been forced downward. Are you seeing a situation where the growers are getting squeezed because the Allard decision basically kept the door open for appointed growers to continue to produce their own marijuana. We’ve got that being interpreted, that and the government’s position that it’s going to allow recreational marijuana at some point, being interpreted by a street-level marijuana industry who’s opening up dispensaries across the country, there are supposedly over 400 of them now. The government keeps shutting them down, they keep re-opening, the owners and operators get dragged into court but it hasn’t resulted in any kind of conviction yet.

So my question is that, if this situation persists where people want to access marijuana for less than $1 per gram and only home growers can do that, is that a threat to the commercial viability of medical and, in the future, recreational marijuana?

Brendan Kennedy: I don’t think so. I think that we look at it slightly different. We see falling prices around the world in places that have legalized medical or recreational cannabis, and certainly falling prices in places – prices fall the most in places where scale is allowed. Certainly in Canada, the regulatory burden of the ACMPR creates significant costs for LPs, and the only way to offset those costs are through scale. But ultimately, we believe that legalization and scale are two of the key things that really drive the black market out of existence. It’s very difficult for a black market grower to compete with a company that’s operating at scale. You can’t grow a product in a barn in British Columbia that competes with a product that’s grown in a million square feet in Ontario; it’s very difficult.