"I'm let's start with cannabis though because we are wrapping up twenty and nineteen and I talked a little bit a with emily flip in a couple of weeks ago on this show she had gone into. MJ Biz Khan and you look at the coverage of that and it's and it's really from a stock perspective it is. I think the Uber Narrative of the year for the cannabis industry which is the loss of tens of billions of dollars in market cap of the biggest publicly traded cannabis companies bunnies. When you look at that as someone who analyzes stocks do you look at that and think a lot of this makes sense because has there was some inflation? That wasn't deserved or do you. What do you think when you look back on two thousand nineteen? Yeah so I think you have to look at twenty nineteen in the context of two thousand eighteen. So twenty eighteen was really the year of euphoria. You hype marijuana's going to take over. It's going to be a multibillion dollar industry and there's not gonna it'd be any speed bumps two thousand nineteen though was really the reality check ear so I mean this is an industry that is being built from the ground up and also the infrastructure I structure is being built from the ground up around it so with that twenty nineteen. We just saw a lot of missteps. We saw he kind of bumbled rollout in Canada there are some oversupply issues in Canada. There was also lack of access to product in Canada as well so all of the sales expectations that we went into twenty nineteen just did not pan out. That goes to one of the things emily talked about was when essentially you're creating an industry from whole whole cloth. It's not just a question of creating that industry. It's the support system around it and so here in the US among other challenges because there is not at federal legalization basic banking services is a challenge for so many of these businesses and unfortunately will continue to be challenged. Chris I mean you look at the Safe Banking Act which you know in two thousand nineteen it was all about. Oh the safe banking out. We'll come and they will actually see these businesses get access to things. I've just been able little process credit card payments but what we've seen in two thousand nineteen I think will be interesting. Even heading into two thousand twenty is a lot of these initiatives. They'll get started in. Congress will pass through the House only to stall in the Senate and of course the Senate being controlled by the Republican majority right now and so. I don't see a a lot of that changing as much as I would love to say in twenty twenty. It's an election year. Things are going to be turning around at least in terms of the the regulation side of things on the federal zero level. I don't see that happening. I think until number one I mean the big wild card right now is okay with the two thousand twenty election. Who's going to get elected president if you look look across the Democratic candidates right now all but one of course that being Joe Biden actually believe that? We'll see some sort of Legalization on the federal level but even so alternate comes down to the Senate will it remain under Republican control if that changes then we could start to see some movement on things. It's like this safe banking act even the more act which is attempting to expunge records also implement some sort of federal tax And Really D- schedule decriminalize marijuana but until that happens that's really the big question. Mark for twenty twenty. We talk every now and then about mindset for investors and it sounds increasingly like if you're looking to invest in cannabis more so than other industries. You have to ratchet up the amount of patients that you have in terms terms of your expectations because anytime you're dealing with the number of X.. Factors at the federal governmental level. That you just laid out then. Yeah I mean when we say we like to invest for five ten twenty years we do. It's just that ideally we're investing in companies that are also also offering us some type of return in the first one to five years but it seems like with cannabis there will be winners. There will be rewards for investors. But it's it's really gotta be something where your your patients is higher than normal. Yeah I think it's patients on one the hand but also too. I mean it's going to be slim pickings even going into twenty twenty because really what we saw in two thousand nine hundred ninety saw access to capital markets. Really start to dry up as we. I started to see a lot of the the hype and euphoria start to wane and so you have a lot of a lot of money right now that is sitting on the sidelines. Not Coming into the industry you have a lot of companies. It's really under a cash crunch so I think you'll continue to see into twenty twenty companies. Who won't make it But I think as long term foolish investors that also gives us tremendous opportunity. Because we can't afford to be patient there are companies out there Segments of the market within the cannabis days space that a really attractive attractive. I'm thinking about multi state operators There's a company called truly. It's a multi state operators based out of Florida. It's got about a little over forty dispensaries stories but they are planning to expand places like Connecticut Massachusetts California. This has been a very financially disciplined company. They're actually profitable on. The stock has been up here to date. I mean they have been one of the bright spots in a lot. That's been happening. But I think multi state operators right now have kind of been thrown Out with all the other bigger names. That have really had a very very tough year. I think that's one space to look at for long term investors. Another space. Chris that I think is really interesting. Are just some of the other picks shovels place. So I'm thinking about companies like n wave they make dehydration technology. We know a lot of these companies are trying to bring down the cost of production and canvas. This is a company. That's really expediting that entire process by helping them to dehydrate. The plants So that's it's another one that I really like a valid grow. Works there in extractor Emily and I had a chance to interview the someone from their management team. Really impressed by their strategy strategy and their place within the derivatives market so Canada recently legalized derivatives. We're talking about your edibles your cannabis infused beverages averages. This is a company. That's I think. Really going to be shaping what that looks like. So I'd say if you're a foolish long-term investor think about picks shovels plays and also think about on the US side the multi state operators. Should we expect to see certainly in two thousand twenty but maybe even for a a year or two after that consolidation here in the US. I it just seems like some of these. Smaller companies really can't sustain themselves absolutely absolutely. I mean there's it's only a matter of time before we start to see even more headlines with that heading into two thousand twenty And I think it's it's not even just among the cannabis players. I mean consumer packaged goods companies are really seeing this as an opportune time. Especially now that valuations pretty much been cut in half sometimes seventy five percent or more for a lot of these companies so yes. I think you'll continue to see consolidation. You'll continue to see partnerships and you'll continue to see consumer packaged goods companies coming into play as"