A Discussion on Science, Healthcare, and Fundraising Caitlin Krebs, the co-founder and CEO of Nalu Bio talks about her 20 years of experience in the healthcare and life science industry and her passion for building companies at the frontier of science and technology. She joins Kyra Reed to talk about her journey to the cannabis industry and how she started Nalu Bio with her co-founders to realize the potential of pure, scalable science-driven cannabinoids. The conversation focuses on the challenges of funding in the nascent cannabis industry. Caitlin describes her steep learning curve in the industry and the excitement of being in an industry at the leading edge of science and technology. Produced By PodConx Kyra Reed - https://www.linkedin.com/in/kyrareed/ Women Leading in Cannabis - https://podconx.com/podcasts/women-leading-in-cannabis Caitlyn Krebs - https://www.linkedin.com/in/caitlynkrebs/ Nalu Bio - https://www.nalubio.com/
A Discussion on Science, Healthcare, and Fundraising
Caitlin Krebs, the co-founder and CEO of Nalu Bio talks about her 20 years of experience in the healthcare and life science industry and her passion for building companies at the frontier of science and technology. She joins Kyra Reed to talk about her journey to the cannabis industry and how she started Nalu Bio with her co-founders to realize the potential of pure, scalable science-driven cannabinoids. The conversation focuses on the challenges of funding in the nascent cannabis industry. Caitlin describes her steep learning curve in the industry and the excitement of being in an industry at the leading edge of science and technology.
Kyra Reed - https://www.linkedin.com/in/kyrareed/
Women Leading in Cannabis - https://podconx.com/podcasts/women-leading-in-cannabis
Caitlyn Krebs - https://www.linkedin.com/in/caitlynkrebs/
Nalu Bio - https://www.nalubio.com/
[00:00:00] Okay, so your last name is pronounced Krebs. Krebs. Correct. Okay. And the name of your business, can you pronounce that for me? Nalu Bioo. Nalu. Bioo. Okay. Nalu. Bioo. You got it. All right, Jamie. I am ready when you are. Great. I just started the recording. I'm gonna turn my mic off so you get started. Whenever you're ready.
Great. Today we're discussing science, healthcare, cannabis, and fundraising. Join me and our guest today, Caitlin Krebs, co-founder and c e o of Nalu Bio for a stimulating conversation. Welcome back to Women Leading in Cannabis, where we get real about what it takes for women to raise money in cannabis. You can find us on the Pod Connects Network on iTunes, Spotify, and Pandora.
I'm your host, Kira Reed. If you like what you hear, subscribe to women leading in cannabis and stay with us until the end because we have a new segment. She [00:01:00] had my back where we celebrate women who take care of other women. It's a great opportunity for us to elevate women who do the hard work. Welcome to the show, Caitlin.
Speaking of women who do the hard work. Thank you Kira. Uh, very happy to be here today. Look forward to the conversation. Me too. Caitlyn is an entrepreneur with 20 plus years of healthcare and life science experience. She has a passion for building companies at the frontier of science and technology, cancer.
Epigenomics eye tracking for Alzheimer's pre-diabetes diagnosis. Excuse me. Pre-diabetes diagnostics, predictive bio stimulation, and now chemistry for cannabinoids. She has held positions in executive management, operations and corporate development with a focus on commercializing new products and bringing them to market.
Caitlin graduated with honors from Brown University with a BS in biology, and is committed to [00:02:00] realizing the potential of pure scalable science-driven cannabinoids. Caitlin, I cannot wait to get into this conversation with you. You've got to give us your background, kind of set the stage for us on your experience, and then tell us how that career trajectory brought you to Canvas and what led you to start Nalu Bio.
Sure Kira. Uh, thank you for that. So I come outta the biotech and life sciences. I'm a biologist by training, as you mentioned. Um, but I come outta the biotech and life sciences industry. Uh, for the last 20 years I've been at a number of startups, as you mentioned. Epigenomics, so cancer genomics, so detecting cancer through blood samples, pre-diabetes diagnostics, Alzheimer's, uh, and mild cognitive impairment.
And so I, I love being at really the intersection of science and technology. And, um, [00:03:00] about three and a half, four years ago, A, another female mentor of mine, Phyllis Whiteley approached me and asked me if I knew what C was. I kinda chuckled and said, yes, Phyllis know what cbd, you know, I know what CBD is.
And, um, she said it's everywhere, but where's the science and data behind it? Uh, Phyllis is a PhD scientist. She's been with several pharmaceutical companies, Merck, uh, and Roche, and also now is an investor in biotech here in the Bay Area. And we started looking at C B D and Cannabinoids and realized there's a huge therapeutic potential.
There's just not a lot of data to support, you know, many of the claims that companies are making. And so, um, you know, I left, I left a, a very, uh, kind of corporate job in [00:04:00] cancer diagnostics and decided to start a company with Phyllis as one of my co-founders and another gentleman, Randall Usre. Uh, and we, we dove right into it.
And, you know, I, it has been a steep learning curve for me over the last three and a half years. Um, but in really, that's kind of amazing to, sorry. That's kind of amazing to hear you say that this has been a steep learning curve. When you've been doing things I can hardly even pronounce, let anyone know what they're, well, you know, it's interesting.
This is, you know, this is such a different industry than biotech or life sciences. You know, I'm very familiar with healthcare and insurance companies and getting, and doctors and very, um, you know, technical clients. But you know, as you know, cannabis and cannabinoids. It's a, it's a different beast and it's a, it's a nascent industry.
And so, um, and it, you know, it's a small community [00:05:00] and so getting, getting inside the community, understanding the companies, the players, the investors, um, that's been a, a steep learning curve for me. But I've, I've really enjoyed it. Um, it's. You know, it's, it's always, uh, it's always exciting, um, to be in an industry that's kind of on the leading edge or the bleeding edge mm-hmm.
Of um, science and technology. So you, you mentioned two things that are actually two separate questions. I'm gonna kind of conflate them here. So we are here to talk about funding specifically, the good, the bad, and the ugly. And I wanna hear from you. In your funding journey, what have those big, good, bad, and ugly been?
But I'm also really interested to know when it comes to fundraising, you know, we all know the challenges of cannabis, that's why we're here. But in the vertical of life sciences, uh, research, the healthcare, the area that you're you're in, what are the challenges there that are unique [00:06:00] to those verticals, to that industry?
That's a great question. So I think that's one of the things, um, that's very unique about Nalu bio is we are generating ultrapure consistent cannabinoids through chemistry. So we don't touch the plant, uh, pure chemical synthesis. And we're doing this for two markets. We're doing it for the retail and the consumer market, but we're also doing it, uh, for the pharmaceutical market.
So we're. We're also developing drugs, new chemical entities, leveraging cannabinoids as the structure. And so when you think about the fundraising, um, community within cannabis, Um, the majority of the investors are very focused on, you know, cannabis, the plant. Some of them touch the plant, some of them don't.
Meaning kind of software and ancillary services. And so that's, um, that's the [00:07:00] ecosystem of cannabis investors, the biotech investors. True life science investors still see C B, D, uh, you know, we don't touch t h C at all here at NAO Bio. Um, they still, some of them still see CBD D as, um, you know, kind of a taboo.
Some of it, even it's a vice in their limited partner document, so the biotech industry still hasn't come along. And so I feel like not only are we in the cutting edge in. Who understand the truth, therapeutic potential, both. Caitlin? Yes. I'm sorry. I'm gonna cut you off because you please are going in and out and I don't wanna miss what you're saying, but Jamie, are you hearing that?
Yeah, normally the squad cast still records anyway, but just safe. Let's do, let's just rerecord that. Okay. I'm sorry, I don't wanna miss what you're saying cause I'm like on the edge of my seat listening to you and you're disappearing. So, I'm sorry, can you pick that up where you [00:08:00] were again? Sure. Um, so, you know, one of the unique, I don't know where we left off, but I'll, I'll start.
You know, one of the unique things about Nalu Bio is that we focus both, you know, we are developing ultra pure consistent cannabinoids through chemistry. We don't touch the plant and it's a pure chemical synthesis, and we're doing it for two markets. We're doing it for the consumer retail market as an ingredient supplier, B2B business.
But we're also developing drugs, new chemical entities based on cannabinoids, but we're changing the chemistry. And so as I went out to fundraise, thinking about the subset of investors that was available, either you have the kind of typical cannabis investors who, who invest in plant touching businesses or ancillary businesses, or a combination of the two.
Or I thought I could go out to the more traditional biotech and life sciences investors, but those are still, those life science [00:09:00] investors are still hesitant, um, around cannabinoids. Again, we don't touch th hc, um, never had it, we don't have it in any of our ingredients, but that was a learning that, you know, we're still on the cutting edge and, you know, I'm, I'm hoping to bring in the biotech and life sciences investors.
Uh, but they're really not ready yet. So that has been a challenge for us. So what are some of the, and the fun, so, okay, let me back this up. Let me, Jamie, if you can cut out my hesitancy here. So how many times have you fundraised in cannabis and out of cannabis, and what are the good, the bad, and the ugly that you've experienced?
Sure. So fundraising in cannabis, this is my first time fundraising in cannabis, outside of cannabis in typical biotech and life sciences, um, for three other companies. So the good, the bad, the ugly. [00:10:00] Um, we don't, the challenge for Nalo is we don't fit in the traditional cannabis investing bucket. Um, most of the cannabis investors.
Investing in a company that also develops drug and drugs and partners with pharmaceutical companies. That's kind of outside of their remit. So that's been a challenge. But with life science companies, they understand the drug development piece of it and the ingredient piece, but they're hesitant to invest in cannabinoids.
So, as you can imagine, it's like finding a unicorn. Someone who, someone who, um, likes the idea of ultrapure consistent cannabinoids through chemistry, but someone who also values, um, the therapeutic potential and, and wants to invest in that. And so we have, you know, fortunately enough found. Um, the right set of investors who believe in both, but I [00:11:00] can tell you it was not easy.
It was, um, quite a process. Wh so when did you begin the process and how long did it take you to get actually close your first deal and get money in the bank for the business? So we've raised a seed round and also a Series A. We recently closed a 12 million series a round, um, led by a group, intrinsic capital, uh, outta Pennsylvania.
And so they're, they're one of the larger cannabis funds, but they understand and value, uh, life sciences. Many of their, uh, partners and operators come out of, uh, large. Big pharma, um, our seed rounds, uh, it took us probably nine months to raise and a series a kind of, um, with all the [00:12:00] bumps and, and challenges probably took us a year, a year to close that.
And I talked to many investors across the cannabis industry. So what was, what, what was that year about? What, where did you start? Do, do you consider your year? I had my deck, my proforma, I had all my paperwork done, I had my targets. Or was that one year from point of I need to raise money to close. Um, I'd say I need to raise money to close.
Um, you know, having done this before, I kind of knew, you know, what we needed in the data room and the docs and the materials and the expectations. Um, but you know, I spent a lot of time talking to smaller cannabis funds that really at the end of the day, uh, wouldn't be able to kind of lead and or fund a company to the level that we need to be able to do, um, kind of meet our, our milestones and, and deliver on our mission and our goals.[00:13:00]
So what were some of those conversations like? W how are you pitching? You know, you, you've got experience with this before you understand some of the challenges. What was the focus of your meetings and how would you assess this is a good fit or not? So, you know, I think the first, the first piece was does the investor understand?
The, the opportunity for chemistry to disrupt, uh, the hemp industry. Mm. And do they understand the analogies, like vitamins? Most of the vitamins that we take today are vitamin C, for example. It doesn't come from a citrus plant. It, it's manufactured in the lab. And so it would, it could very, I could barely quickly tell if they see kind of the repeatability, the scalability of chemistry.
They got it. Uh, if they did, you know, it was worth a conversation if. [00:14:00] If they were comparing me to other companies and kind of really, uh, steeped in the plant, I knew it was wasn't a good fit. Automatically, as you know, many people mm-hmm. Um, are in love with the plant and I am in love with the molecules. I believe cannabinoids have a huge therapeutic potential.
Um, you know, and I'm less focused, obviously, on the plant and more on the opportunity of the, the, uh, we call the molecules, the canna line, you know, CB. Whether it's C, B, D, cbn, C, bbc, C, bg, T, hcv, um, that's what we're really focused on. So first it was, you know, do they understand the value of chemistry? And then the second is, you know, are they supportive of, um, the therapeutic potential of these?
And that was the harder part, even when I start talking about. Um, in vivo and in vitro assays and testing these things and endocannabinoid receptors. [00:15:00] Um, then it becomes an education and you know, there was a varying d degree of interest or receptivity to that. Some of 'em would just glaze over.
Interesting, interesting. So did you find the fact that you were a woman sitting at the table, did that present any barriers for you or any challenges for you? You know, I think, uh, just as we know women, you know, are funded, what is it, two to 3% total of one nine. 1.9. Thank you Kira for correcting me 1.9%.
So, you know, it's a challenge for women in general. Um, I think. I look very different than most of the, uh, cannabis entrepreneurs. So I think that was another, um, hurdle. Some people liked it, some people didn't. Interesting. Um, I, you know, I, I, I look different. I present different, um, [00:16:00] I, my background is different.
Uh, so that definitely I think was a challenge for the traditional cannabis investors and for me. Interesting. So how did it go when you closed your deal? My, my question really is kind of around what does that process look like from, all right, I think this might be a good fit to check in the bank. What does that look like?
Uh, it's a long process, so, you know, it's a lot of, it's a lot of dating. So actually, um, intrinsic Capital Partners who led our Series A, I have been talking to them for two years. So we actually, they looked at investing in our seed round, um, but we were too early for them. They're. More of a, a growth, almost a private equity fund.
They're, they're one of the largest, in fact, I believe they're the largest cannabis fund, um, around. And so, you know, it's really a, it's a conversation over time and it's proving. [00:17:00] That we can execute on what we say we're going to do. And we had done that for the last two years. And so when we started kind of the conversations again, we, we were now kind of ready at that, at that growth stage in that investment.
So, you know, I see these relationships with investors as, as long term, you know, for, for entrepreneurs who are out there. Um, fundraising, you know, it's, it's not just, you know, one or two conversations and yes, they're in, you know, it's a, it's a continuum education and a, and really relationship, uh, building process over time.
Exactly, and it's, I mean, you say at the beginning of the conversation, it was one year, but it was actually several years because you were strategizing long before you even needed the money. That's exactly right. You know, and I think it's. People that, depending on where you are and what stage, what [00:18:00] series you're raising, you know, I think it's always helpful to be talking to investors who, you know, will invest in the next round, even if they're not gonna invest in this round, because they'll watch you, they'll, they, uh, they track you, they talk to their friends and kind of they see the progression over time, progress over time.
Did you have anyone assisting you in this process or were you dedicating. You know, 50, 60% of your time in that last year before you closed your round, um, was that just you or did you have someone else that you hired to work with you to, to deal with the investor relations? So, um, it, it was me, uh, the entire time.
So at, at, you know, I had fundraised before, so I kind of knew the process. Uh, my co-founders are also both investors, so I think I had a leg up there mm-hmm. On just mm-hmm. You know, what the expectations were and what the needs were. Um, I did look at, you know, [00:19:00] accelerators and I, you know, was pitched by, um, many different groups that.
Help to raise money for companies. Um, I found for me that that wasn't, uh, productive because the cell was so complex, chemistry, life sciences. Um, you really had to be a very savvy investor and, you know, it was, it was hard to teach someone else kind of how to, how to do that pitch or how to bring in, um, kind of the story and bring it to life.
Hmm. So fascinating. Okay. What are some, what is, what is next for you? Okay, let me ask that again. What is next for you on your fundraising journey? Are you looking to scale, sell, or buy? So we are looking to scale and sell. So we we're at, um, We're at the commercialization stage of [00:20:00] multiple cannabinoids. So we manufacture cannabinoid ingredients for, you know, food, beverage, beauty, anyone who wants to put ultra pure, consistent cannabinoids into their products.
And so this series A, um, the capital is used to really, um, scale up the technology. So basically manufacturing. And then commercializing our cannabinoids. We're also using a portion of it to develop new chemical entities. So that is part of our strategy as well. Um, but the majority is really, um, sales scale and commercialization.
Who, how do you identify a company within Canvas? Or are you looking at a pharmaceutical? Does legalization impact it? What are all the things that you take into consideration when you look at a target for who you wanna sell to? Yeah, so the targets who we're selling to. They need [00:21:00] to want, um, pure, consistent, no THC scalable ingredients.
So the, those that, um, want, you know, natural inorganic, those are not, Our targets, those that are larger kind of CPG companies who really need the same product every time. Zero variability. Those are our customers. Those who want to remove the stigma of the plant as well are our target customers. Um, and from a regulatory perspective, legalization of thc.
Um, Indirectly helps us. It doesn't directly help us that it's nor neither here nor there. I think indirectly from a perspective, if t H C is federally legal, that will help when we go out to raise our series B. Do you think there are a lot of pharmaceutical companies [00:22:00] that are waiting for that to happen before they start swallowing up companies like yours?
You know, it's interesting. If you look at the top 10 pharmaceutical companies, five out of the top 10 have already run clinical trials or studies with either CBD or thc. So they're studying this, they're circling it. Um, they, you know, Pharmaceutical companies really, um, look at this from a data perspective, you know, is there enough data and science to support, uh, those, those therapeutics?
I think yes, if THC is legalized, that will help, uh, pharma come around, but they're still actively pursuing this area without legalization. Interesting. And do you, excuse me, do you think that. They, you have a lot of competition in this space. Now, are there a lot of other companies that are doing what you're doing?
And if so, how are you [00:23:00] differentiating yourself for that sale? And also, when you look at the process of selling, is it different than the process of courting investors? Are you courting the people who you think you might want to sell to? Meaning your company, not your products. So from a, um, chem, so, so we differentiate ourselves on the chemistry.
So really what's special or novel about our chemistry is that it's a very efficient route to creating cannabinoids. So it's such, we, in chemistry, we talk about the number of steps in a reaction. It's, it's a very few number of steps. And it's a very high yield, meaning you get out, you know, 70, 80, 80% of what you are looking to produce.
So really what's novel about us is our chemistry. And you know, myself coming outta the biotech industry, I value ip. And so we have some really, uh, impressive [00:24:00] intellectual property behind our chemistry, and that's really at the, at the crux or the value of the company. And so, That's what distinguishes us from our competitors.
There are actually very few competitors in this space. I would get that question from investors all the time. Well, this seems, this seems like it makes a lot of sense. Why hasn't someone done it before? Mm-hmm. And, and the answer to that is, you know, the industry is new and usually, you know, chemists are not out in a.
In a hemp field or a cannabis field, like those two don't intersect very often. And so I think we're at a very unique place where we've got some very smart chemists and biologists who believe, um, in cannabinoids and otherwise you basically have, kind, have growers and extractors. So that's, you know, very unique trust.
So there aren't many competitors in the space. Um, when you, you asked the question about customers and investors, you know, it's, no, it's, my question was, [00:25:00] when you, when you look at, I'm sorry. When you look at a, at your process of sale, right? You wanna sell the company, do you look at it in the same way that you looked at your relationship with investors?
Were you just developing the relationship years ahead of time? Yes, AB absolutely. I mean, I think as we know, uh, at least my experience on, you know, getting acquired by me usually starts off with a. You know, some type of project or collaboration or partnership, right? You get to know that entity. Mm-hmm. And then they realize, ah, there's, you know, there's larger value here than just whether it's a customer relationship or a research collaboration in biotech, you realize, ah, and that's typically how.
Biotech companies are swallowed up by big pharma. It starts as, you know, an r and d collaboration or maybe a commercial collaboration, and then there's an acquisition. It's a, you know, it's a multi-year process. So yes. I see. To your point, it's very analogous. It's about building these relationships [00:26:00] and partnerships so that Yeah, when we go to sell the company or the technology, um, that relationship has been in process for multiple years.
I, that's so fascinating. Starting out as a project, I don't know that that would really apply to too many other verticals of company. Um, outside of biotech, it's really interesting. I, I don't think we talk a whole lot. We, we focus so much on the investment that we don't really talk about what happens afterwards and what that strategy pivot is going to be, which is, you know, why I asked the question by sell or scale.
Um mm-hmm. You know, there's always gotta be, what is that next step and it. I mean, it makes a lot of sense that with a business like yours, your next step would definitely be to sell to a biotech. So if you do that, are you, is your next plan, cuz you seem like someone who looks who projects far into the future, or will you stay in cannabis?
Will you start another business? Or will you exit into something else? [00:27:00] So the exit strategy for Nabi is actually twofold. You could envision that we get acquired by a large chemical company for the chemistry, and you could envision that our therapeutics get acquired or we license them or partner them to pharma.
Um, you know, This is developing drugs is a 10 year process. You know, I'm in this for the long haul. No, I have no, um, you know, I, I'm not naive in how long this, this process takes. I'm, you know, I'm in this probably at least for 10 years. What's next after that? You know, probably whatever the new cutting edge area is.
You know, I, I was in pre-diabetes before people even accepted that it was a disease. Wow. I was in Alzheimer's before. People thought you could prevent it. It's actually preventable, which people don't realize. Um, and, you know, detecting cancer [00:28:00] through a simple blood test, you know, that's also cutting edge.
So I, I, I feel like I'm always on the cutting edge, so I can't predict what's gonna be next in 10 years, but I can tell you it'll probably be new, new and normal. Okay. Wait, before we go, where can we find out more information about how to prevent Alzheimer's? Oh sure. So neurotrack.com. N E U R O P R A C k.com.
Um, also the Alzheimer's Association. Uh, it's, I can tell you the, the quick and dirty. It's, uh, it's diet, exercise, and cognitive, basically games or challenges. Exercise is number one for cognition. Diet is number two. There's a mind diet, um, Martha, Claire Morris. Incredible diet. Uh, and then, you know, doing things that challenge your, your mind, whether it's the blue crossword dancing, Healthy living.
Healthy living. Basically it's healthy living. They're [00:29:00] working on some drugs. The drugs have not been as successful. Um, but it's really, it's lifestyle. Interesting. Well, thank you, Caitlin. This has been a very stimulating conversation. I really appreciate you sharing your journey with us and being transparent about a pretty mysterious process that a lot of entrepreneurs find themselves kind of in the dark about.
So thank you for shedding some light on the process of raising money for a science company. All right, ladies. Thank you Kira, for having me. You. Well, I hope you'll stick around for a few more minutes because we have got, she's got my back. It's our new segment where we celebrate amazing women who've stood up for other women in cannabis.
Our first submission. Our first submission today is from Barbara Jones. She submits Diana Gamson and Maggie Phillips, born of the Nevada County Cannabis Alliance. Barbara [00:30:00] says these women were paramount in organizing farmers and industry workers to help legalize cannabis in Nevada County, California.
This Active Alliance has several hundred members that benefit from Maggie and Diana's efforts to keep the cannabis industry evolving. They host monthly get legit workshops, as well as classes in bookkeeping, soil, pesticides, et cetera. They organize shade breaks for farmers to help them get off the farm and maintain good mental health.
That is awesome. We really do need to take care of the workers in the field. Well done ladies, and that's not all. They also work to help mold and create the ever-changing policies that rule this world. Trying to help create spaces for others in the industry to get involved and grow. Both politicians and farmers appreciate the efforts of this dynamic duo.
While Diana and Maggie thank you so much. We appreciate what you are doing for other women in the industry. The next one is from [00:31:00] Margot Holy. She writes in about ignatia. Ooh, I hope I don't butcher this name. B Alondro. She's from the Fat Pig Society. Margot says, co-founder of the Fat Pig Society, former Olympic athlete Rolfer and Wellness Magnet.
Ignatia is an amazingly brilliant, generous, and talented woman who's rocking the cannabis C B D world with her clean and superb ethical products. F p s also donates 10% of products to those in need and who cannot afford the medicine. I love it when I read about cannabis companies that give back. Thank you.
That is so, so, so important. Especially in places like California where our tax rates are ridiculous and really does put a burden on patients, uh, fat Pig society. Uh, oh, sorry. Here we go. In a world where C B D is all about weak and untested products that fe a huge amount of money for very small amount of medicine.
Ignatia is [00:32:00] changing this with her co-op and internships. Her business model is refreshing and real. She's also a Latina from Venezuela who is breaking through the stereotypes for Latin Hispanic women. She is a dynamic speaker and I highly advise you have her on your podcast. Well, I think I have to, don't I?
Sounds good. Gratitude. Thank you so much for sending that in Margot. And uh, ladies, if you have any submissions of women who are doing great things who've had your back, we wanna hear about it. So please send it to hello at women employed in cannabis.com and we'll send you the form for you to submit her name and a story about her.
Okay, ladies, we have come to the end of another show. I wanna thank Caitlin Krebs, my guest today. It was so awesome to talk with her. Thank you, Caitlin. Thank you, Kira. It was a pleasure being here. And if you ladies are interested in joining Women Employed in Cannabis, you can join us on our Facebook group.
You can join us on [00:33:00] LinkedIn, and you can join us on our website, women Employed in Cannabis. From there, you can find all of the events that we host, all of the places where you can join our communities, and please stay tuned for more with Women Leading in Cannabis. We will be back next week. All right.