"Navigating the Green Maze: Cannabis Accounting and Funding" Kyra Reed discusses the challenges women face when raising money in the cannabis industry. Megan Budd from Withum, a seasoned accountant with a focus on healthcare, nonprofits, and cannabis, shares her journey into the cannabis sector and highlights the unique accounting complexities in the industry. She emphasizes the importance of maintaining accurate financial records and navigating various sources of financing, including traditional banks and equity investors, to overcome funding obstacles in the ever-evolving cannabis landscape. Produced By PodConx
"Navigating the Green Maze: Cannabis Accounting and Funding"
Kyra Reed discusses the challenges women face when raising money in the cannabis industry. Megan Budd from Withum, a seasoned accountant with a focus on healthcare, nonprofits, and cannabis, shares her journey into the cannabis sector and highlights the unique accounting complexities in the industry. She emphasizes the importance of maintaining accurate financial records and navigating various sources of financing, including traditional banks and equity investors, to overcome funding obstacles in the ever-evolving cannabis landscape.
Kyra Reed - https://www.linkedin.com/in/kyrareed/
Women Leading in Cannabis - https://podconx.com/podcasts/women-leading-in-cannabis
Withum - https://www.withum.com/
Megan Budd - https://www.linkedin.com/in/whatwillyourredefine/
[00:00:00] Um, good to go.
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 Reid. If you like what you hear, subscribe to women leading in cannabis.
I want to give a shout out to our patrons, the Panther group for their ongoing support of women in cannabis and their mission to close the funding gap women face when it comes to raising capital. Thank you for your support of this podcast and women employed in cannabis. All right. Welcome to the show, Megan.
Thanks for having me. Megan has over 16 years of public accounting experience managing, conducting and reviewing financial information for health care, not for profit and cannabis [00:01:00] companies. She has experience providing assurance services and guidance to clients ranging from complex accounting issues to general business matters.
Megan is a licensed public accountant in the state of Connecticut with a master of science in accounting and finance. She is actively involved in within house training for staff and participates in speaking engagements with various organizations on auditing and financial reporting. Thank you for joining me today, Megan.
Thanks. Before we dive into the funding conversation, I'd love to hear about how you got into the cannabis industry and then some of your thoughts on how accounting is different in cannabis than it is in other industries. Yeah, absolutely. So I think my story is not unlike many in that I kind of fell into cannabis.
Um, didn't sit out in my career expecting to be a cannabis accountant. Um, although my [00:02:00] name is perfect for it. Um, I kind of fell into it. So I spent the majority of my career. Up until about four or five years ago, uh, specializing in healthcare and nonprofit. So that was large hospital systems, nursing homes, um, and really focusing on that industry.
And I thought I'd spend my entire career there. Um, when, uh, old colleague of mine was at a cannabis company and they were looking for an auditor. Um, they were looking to change firms for a specific need. They had reached out, um, and I was pretty up front with them. It was a friend, so I said, you know, I know how to audit, but I don't know anything about cannabis.
And he was like, okay, that's fine. You know, we can help teach you that part. So, which was really nice because it kind of... Took down that barrier that so many of us feel with that imposter syndrome of trying to kind of fake it to you or, you know, fake it till you [00:03:00] make it or make it till you fake it. Um, no, fake it till you make it.
Um, you know, so I was able to ask a ton of questions. Um, so I had a tour of the cultivation and retail facility and was just able to really ask as many questions as I wanted. What's that? What does this mean? You know? Cannabis is not unlike health care in that it's an alphabet soup, right? So there's acronyms all over the place, and sometimes people just speak it with it, that general understanding that you know what they're talking about.
And to a newcomer, it's overwhelming, like, what does that actually mean? What are you trying to say in English? Um, so it was really nice to have that barrier kind of knocked down for me. And able to get my feet wet with it. Um, after that came another client and another client, and I really found that I enjoyed working in the industry.
I loved the collaborative nature of it. I love the clientele. Um, it was just very [00:04:00] different than what I'd been used to in a health care finance type industry. So, about a year and a half ago, I decided to make a career change, um, and move to a firm that I was able to... Specialized 100 percent of my time in cannabis that was more, um, just deeply rooted in the industry and had a wide variety of clients from early startups that I could work with on a consulting basis, all the way to large, publicly traded companies.
So really made that move and, um, have. really enjoy working in the industry. That's awesome. Um, I, what you say completely resonates with me on that. I'm curious how it really is very different. Like, what are the nuances for you that are exciting and different? One of the things I hear from accountants and attorneys is it takes kind of traditionally not exciting work.
And [00:05:00] now you have an opportunity to write new code and challenge things in a way that you wouldn't have in other industries. Absolutely. So I always say there's not too many times in anyone's career, really, where you get a chance to get in on the ground level of a new industry. And having that opportunity available to me was really just eye opening.
And as soon as I started getting involved in it, There was just more challenges. It's what I've always loved about public accounting. So many people come out of school and they go into public accounting and they get their couple of years and then they leave for private industry. And a lot of people do that because of the, they say different reasons, the work life balance, the deadline driven environment.
Um, I've always stayed because of those same reasons that people leave. Um, it allows me a lot of flexibility in my job, especially as you get to higher levels in different companies. Um, [00:06:00] I'm able to, you know, adjust my schedule to be a mom, um, making sure that I'm there for my kids. But also what I really love about it is no two days are the same.
Every day is something new and something challenging and cannabis is, is completely that way. Um, no two companies are the same. You could have two companies in Massachusetts. They cultivation or retail. And neither one of them are the same. They have a different makeup with the way that they've been set up on the equity side, with their debt, with the different processes that they go through.
So it's always challenging and it's never. You never get to a point where you think, I know it, I figured it all out, I'm, I'm right there. There's always something that's new that's going to push you to, um, step out of your comfort zone and, and learn more. That's a very exciting thing to have in your work.
And I don't think most people would associate that with being an accountant. So that's [00:07:00] awesome. Yeah, it's not a very, um, it's not a very sexy career, but when you say you're a cannabis accountant, it adds a little flair to it. So in your position, you see numerous successful and not so successful cannabis businesses.
What are some of the key things that you see as differentiators between them? Why are some companies excelling while others are crumbling? Yeah, absolutely. So we work with, as I said, a variety of clients all the way from really pre licensed. So we do a lot of consulting with pro formas in helping people.
Getting just what we're talking about the funding right of putting together those underlying pro forma financials that you would then take to an investor or submit with your license application to say, I've got a viable business idea here. This is how I can run that business and be successful. So we see that right from the beginning.
And you know what really sets it apart. Um, [00:08:00] somebody that you're going to see successful is a variety of reasons, right? It always comes back to the same as it. Any, any business location, location, location. If you're talking retail, you know, you've got to be in a prime spot. It really depends on the regulatory environment.
Um, you know. This is really important and this is what makes cannabis so unique is that it's, it is a national, um, industry, but it's not, it's really state driven and every state is its own kind of, you know, business center and you've got to be able to operate in that business. So we see a lot of people with success going into, you know, new markets being the first to market.
Um, you know, I'm up here in New England, so. You take Massachusetts as an example, a standalone retail company that came out, you know, maybe four years ago is in a significantly different position than a retail company that's trying to open their doors now. When the, you know, the [00:09:00] competition that's out there is so much different.
So having a good location, being first to market, not over leveraging with financing, um, depending on if you've got your own type of financing, you know, you have your own funding, you came with your own money, or if you had to, you know, Go through some kind of outside funding, depending on what interest rates you got, um, depending on what the terms and conditions are, you know, did you have to sell yourself your soul to the devil to get that money?
Um, it really can make or break how you do as a company, in addition to just, you know, your product lines. And then if you're able to expand across state lines to become a multi state operator, all of those pieces, um, make a, make a significant difference. When you're looking at company versus company. And, you know, one of the things that sets cannabis apart is we all know it's federally illegal.
It's subject to 280 E, which is the tax requirement that [00:10:00] says you're not taxed like a normal business. You're taxed on your gross profit versus your net income. And what that means at the end of the day is. The money that you're putting towards your taxes, you're being taxed at a 40 to 70 percent rate sometimes.
And you don't have that money coming off of your operations to invest back in your own business. So you need to be able to run lean and efficient. Um, we've seen initial pro formas where, you know, somebody has it set up like a Fortune 500 company and we say, no, no. If you want to start from the ground up, you've got to wear a million different hats from the beginning.
You've got to grind. You've got to be able to really invest your heart and soul to make this work. And that's what we see separate people. Interesting. So, Diana, can you just cut this because I just realized we never talked about your company. So in your bio, you [00:11:00] don't put your title and the company that you work with.
So, um, let's talk about it. Let's talk about Withem. So, um, I just want to, uh, okay, so let's pick it back up here. So Megan, how did you become a part of Withem? They, and tell me what they're doing in the cannabis industry that sets them apart. Sure. So Withem is a national public accounting firm. Uh, we have offices across the country.
And one of our specialty niches is cannabis. So we have a dedicated niche for cannabis companies, all different types, um, from plant touching, non plant touching. And we offer a wide variety of services from, uh, consulting, taxes, um, valuation services, audits, reviews, um, transfer pricing study, really anything that has to do with cannabis and just business in general.
We have professionals [00:12:00] who do that, and on top of it, you know, every Every accounting firm is the same, right? They all, for the most part, offer that kind of a wide variety of services. But what sets us apart is our dedicated cannabis niche professionals. So myself and a whole team, um, we work 90 to a hundred percent of our time.
With cannabis, uh, clients. So every day I'm talking to clients every day. I'm working on this, this industry and making sure that we have the knowledge. We have the capability. We have a team underneath us that can do this work. And I truly believe. Um, in the specialty nature of this, you know, you need to absorb yourself into it in order to be able to provide the best services to your clients.
100%. Thank you. Okay, so let's get into this funding conversation. Now we've set the stage. We understand. You know, what is making some businesses really [00:13:00] work while others are not. So let's look at these companies that are realizing they need to raise some money. What are some of the most common obstacles that you see in your clients?
Like what keeps money out of reach for them? And what are some ways you found to remedy the situation? So they're more prepared to receive and ask and receive an infusion of capital. Yeah, absolutely. So, um, unlike in my previous industry, so most companies are subject to audit requirements, meaning that they get audited financial statements on an annual basis, and it's usually a result of some type of banking financing requirements.
So they'll get a loan from a bank. The bank will say every year within 120 days after your year end, you need to provide audited financial statements. And it gives some financial statements. A level of kind of sophistication and comfort level to that bank and to outside investors [00:14:00] of their audited on an annual basis.
They have financial statements. We know that they're doing things correctly. because they have not had that availability of traditional bank financing. There hasn't been a huge audit requirement. So companies will go years without having anybody come in and actually look at what they're doing with their books and records.
Um, so often we see people who are so excited and so passionate about the industry and wanting to be a part of it. And they focus on the growing and the retail side of it. And the books and records are kind of on the side, and they're not really paying enough attention to it. And so we really try to stress, and I've spoken on this so many times, of making sure that that investment in your books and records is, is there from the beginning.
Not only is it going to affect you on your tax side, um, but it's going to affect what you can get on the later end of financing. So what we really see companies [00:15:00] now going for when they try to do financing, um, some of the challenges. Of course are with startups. Startups probably have the hardest time. We are seeing more options out there for quote unquote, traditional financing right through a bank.
So there are some banks now that are doing lending. Um, even saw some. Decent, uh, interest rates, cannabis, decent interest rates. Um, that's going to be more of a challenge going forward, even for established companies now with the interest rate hikes going up, you know, a 30 year fixed mortgage is at 8%. So what was considered a good 8 percent financing on a cannabis deal, you're not going to be able to find any more going forward.
So we are seeing that type of financing, but a lot of it is coming through. Um, non traditional type financing. So equity financing, you know, investors, venture capital, all different sources. Um, but what we're finding too, is that those investors are becoming [00:16:00] more savvy because there have been a lot of cannabis companies who faced financial challenges, even going up to the public companies and their operations, not being.
I'm trying. Um, so, you know. Investors are a little bit more hesitant, so we see right from the beginning that they're entering into these arrangements with companies, but from the get go, they're asking for audited financial statements, and we're seeing this on startup companies, and a lot of times we will go back to the bank or the investor and say, Listen, they're not even operating yet.
They don't need an audit. Let's start with a lower level of a review. Um, so in my world, there's, we kind of say audit, but there's different, three different levels of work that we can kind of perform. And it's different levels of assurances and different degrees of what we're going to do. So you've got an audit, which is the most [00:17:00] than a review and then a compilation.
So we go back to the bank and said, listen, let's do a review of the first year and then we'll move them into an audit. We've been very successful with talking to banks and getting them. Um, and reason being that. Getting an audit is a huge time, um, time commitment on on the on the client's end. It's also a huge dollar commitment.
They're not cheap to get an audit. So that adds to the extra cost of trying to get financing out there, right? Because on top of All of the lawyers and attorneys, you know, all the legal consultants and the fees that you're going to get, you also now have an audit requirement. That's going to cost you, could cost you anywhere up to a hundred thousand dollars, depending on the size of your company, um, So, you know, those are challenges that we face.
Um, we see that people are up against, but having that solid financial information on your underlying books and records is crucial because that's what they're going to look at. So they [00:18:00] need to make sure, you know, any operator needs to make sure that they're looking at their books and records and they're as clean as can be right from the get go.
It's interesting that you say that because at the Panther group. We work with people to help them, you know, either, um, find equity or find a lender. And the thing that I hear over and over from the salespeople is they don't, their records are not ready. Their, their documents are not done. Their records, their finances are not.
And we can't do anything unless you have all of your financial records ready to go. And we cannot stress that enough. Just because A, you're a startup, or B, you have had tons of things going on, and you've got a brilliant brand, and you know, you've got a lot of, um, purchase orders out, and you know, all the things that...
on the surface look like, [00:19:00] wow, I'm really investable. That's only one small piece of it because it's your financial records that really tell the true story of your past and your potential future. Absolutely. We see it so often and, you know, this is, I think, very common in cannabis. There's a lot of handshake deals.
I'll give you 5 percent equity for this much money. But it's never documented. So, you know, we go back to them and say, Okay. Yes, you might have that handshake agreement, but there's nothing documented for it. So one, you're opening yourself up to some serious legal issues, and we've seen that come back, um, on companies when somebody will come in, you know, all of a sudden the company becomes successful and they say, Remember we had that conversation?
I was supposed to get 5 percent equity. So making sure you have those documents of, you know, executed agreements outlining who owns the [00:20:00] company, who's put in capital contributions, what they're entitled to, what the distributions are. So really making sure that that is, is set that money that you spend at the beginning and it's an investment, right?
To get your books and records done, to have proper legal that know the cannabis industry. That's an investment in your company and in your future. So take the time and the money to do that right from the beginning, because it will make everything smoother as you keep going. Absolutely. And so just to be clear, because this is such a big issue, it isn't just having your taxes in order.
What are the other things that you need to have in order? Beyond that for this funding experience. Yeah, absolutely. So it depends. So if you're on the startup side, right. So we talk about pro forma financials, which is basically kind of a, a lot of companies will do like a five, six, seven year lookout with cannabis.
[00:21:00] We say, okay, I don't have a crystal ball. Um, three years from now is going to look completely different. So we try to say at least get three years of a solid pro forma that says. This is what, you know, my capital expenditures are going to be. This is how much it's going to take for me to start the business.
This is what my, I think my revenue is going to be. This is what my operating expenses are going to be and really lay that out. Um, so that when you're talking to an investor or someone that you're looking to have, you know, get some kind of financing with, they have a good sense of your business and your business model.
Um, but on top of that. Be knowledgeable about it. So when you sit down with a potential investor and they say, okay, you think you can make 5 million next year? Where did that come from? Well, my uncle Joe said that companies are making, that can't be your response. It has to be based on some type of market [00:22:00] information, you know?
This is how many customers we think we can get. This is the average basket size of what they're going to purchase. Um, you know, these are the hours of operation. So you need to understand and be able to actually speak to those numbers. And I've worked with a lot of companies on this where, again, they're not financial people and that's okay.
But you can't just fall down on all. I'm not a financial person. Well, you need to be, you need to understand it and I will break it down for you and explain to you what this all means, but you need to take some ownership and understanding these numbers because at the end of the day, they're your numbers and when you sit in front of an investor.
They need to be able to look at you and trust that, you know, these numbers and you understand what they're, where they came from. And that's, you know, that's the big difference. Yeah, I'm just going to reiterate what you said there because it is such a missing piece. If you do not have the ability to speak confidently and [00:23:00] accurately about your numbers, It doesn't matter how great your brand is, what your sales are, your management team, you will lose the confidence of the investor.
If you do not know your numbers, it's more important for you to know your numbers than anything else about your company. Other things can be, um, excused, right? That's okay. You maybe don't understand where your brand is going to go. If you don't know those numbers, you may as well. Close that door because you're telling the investor, I'm not that serious about my business.
Absolutely. Um, you know, if you don't know what it's going to cost to, um, outfit your retail location or build cultivation, that that's how do you sit in front of an investor and say, well, I think it's going to be this, but I haven't really gotten any quotes on it. You need to get quotes. You need to have hard numbers.
I'm not saying you need to sign contracts, [00:24:00] but you need to have hard numbers behind what you, what you're sitting there and telling an investor. Um, and you know, this is one thing that is so different about cannabis to the world that I came from and the non profit. In order to get hired by a non profit, you, they need to go through a competitive bidding process, right?
So they've got to get at least three different quotes. You have to sit in front of a board of directors. We'd have to give our spiel and tell them all about us and really sell our services. Cannabis is so unique. In that, you know, you have a conversation with somebody and you say, you know, okay, I like you.
I trust you. I think I'm going to work with you. And you know, that's the same for my relationship, but it's the same when you go to talk to an investor. It's that, it's that feeling. It's a, it's a people business. Getting somebody to invest in your business is, it's a people thing. So they need to be able to look at you and have confidence in you as a, as a person and as a business owner.[00:25:00]
I completely agree. I think that's great advice. Okay, so I imagine that you're seeing a very different landscape now when it comes to fundraising than there was a few years ago. Money's dried up. Interest rates, as you said, have gone up as well. How, how has it changed? Specifically looking at it from the client side.
How are these changes impacting someone's ability to actually raise money and then tie that into what you expect to see if rescheduling of cannabis actually happened? So kind of take us on a little bit of a journey with this future projection of what it's going to be like Yeah, absolutely. So Going back a couple years Everybody was on this M& A kick, right?
I'm gonna grow my business and I'm gonna get bought out by a public company, or I'm going to do a RTO and go public in Canada. And everybody was on this MNA kick. [00:26:00] Hardly any of them actually came to fruition. That, that whole business kind of dried up in the last couple of years. Um, so really everybody kind of started looking more internally of how do I grow my business myself?
And a lot of that was. Through, um, you know, as I said, expanding into different states and new markets as new markets came online, um, you know, focusing on markets, maybe where it's only medicinal and kind of waiting for it to go wreck. But a lot of the success that we've seen is people who can take that money and reinvest it into their business.
So we, we see a lot of people who are able to self fund with running lean and trying to save as much as they can by running lean, not purchasing that, you know, million dollar piece of equipment because it's super cool. But you actually don't have the full capacity to even run it all the time. I'm holding back on that money.
Right? So we always tell people. You've got to run lean. I [00:27:00] can't stress this enough. You've got to be very cautious about the money that's going out the door until you have that money coming in the door and depending on what your future goals are, if it is to expand. So kind of going down the path, um, you know, if, if we were to see it legalized, there's, there's a whole.
Hosts of things that could happen. I mean, once you break down those state lines and those state barriers, it's going to be a whole new ball game. Um, it does scare me a little bit because especially being in new England, how, how is that going to affect cultivation here in new England? Um, it's such a high cost of, you know, the majority of it's indoor.
Um, we do have some outdoor grows that's usually used for extraction purposes only. Um, but you know, you can, you can grow it a lot cheaper in a fair weather climate like California. So what's going to happen to those 40 [00:28:00] million cultivation facilities in New England that were built out if those, those state lines go away and you can now transport it across.
So that's, that's a real issue that could be coming down. Everybody thinks, you know, when they think of federal legalization, they just think of all the positive things that could come, but there are some negative pieces to it. Um, you know, people think, oh, well, 280E will go away. Yes, maybe 280e will go away, but the government's making a lot of money off of this.
They're not going to walk away from that. It will be called something else. It will be an excise tax. There will be some way that the government will continue to get some money. So yes, you won't have 280e and it won't be as challenging, but you're still going to have a higher tax rate there that you're never going to get around paying those taxes.
Um, so I think as many. Opportunities that could come with federal legalization. I think there's also a lot of challenges that, [00:29:00] that sometimes people aren't considering of that interstate commerce and what it would actually do to certain areas of the country and certain businesses. Very interesting. Yeah.
I mean, there are some areas like New York, which can never grow enough to meet the demand. And then, you know, places like California where we have so much here that, you know, it's. pennies on the dollar now. Um, yeah, it's going to be really interesting to see how that equalizes. All right. So are you ready for our final segment?
She had my back. I am. And at the end, we're going to find out a woman that's had your back. So in this segment, we celebrate women who have supported other women. So I'm going to read two submissions from listeners, and then we're going to hear what Megan has to say about a woman who's helped her. Uh, the first submission comes from Ashley Priestley.
I'm sorry, Ashley Priest. Ashley wants to celebrate a [00:30:00] WEIC member and a fan favorite, Mandy Lyle. She says, if you know Mandy, you know she has the biggest heart ever. When I started working with Mandy, she hired me to do some writing. That was nearly five years ago. Today, I help her in many aspects as her chaos coordinator, a.
k. a. assistant. Over the past five years, I've seen Mandy be so supportive of women in cannabis in many ways. She goes above and beyond to send beautiful samples and products. For any and nearly every woman owned business or event organizer that reaches out about including her products and many that don't even ask.
She's always sharing others posts and products and has even built out a brand marketplace that features many other businesses on her website. I honestly don't know a purer soul. She is not my boss in any manner. She is my friend and she is a fricking badass. I can attest to this personally because I know Mandy very well.
So from me and the WEIC [00:31:00] community, we also thank you Mandy for your kind heartedness and generosity. We really appreciate you Mandy Lyle. Okay, our next submission is from another WEIC member, Rachel Ammon. Rachel wants to celebrate another amazing woman who has had a huge impact on the women in cannabis.
Jennifer Wetzel. I personally adore Jennifer and I'm so happy to see that she is being acknowledged here. Thank you for that submission, Rachel. Rachel says, Jen was one of the first and few women to welcome me into the cannabis space five years ago. She's been a mentor, a sister, a spirit guide, and a cheerleader when times get rough.
She's brilliant and kind. I 100 percent agree. But Rachel left out that Jennifer is also the creator of the Women in Cannabis study that revealed just how deep the disparity runs between women and men in the space. So [00:32:00] thank you for all of your hard work, Jennifer. We celebrate you as a woman who has other women's backs.
All right, Megan, what woman would you like to celebrate today for having your back in camp? So it's been a challenge for me. I'm not going to lie to have women mentors in my life. Um, you know, going through some very male dominated industries from healthcare finance to public accounting. to cannabis.
They're all very male dominated. Um, but along the way, I did meet somebody in the cannabis industry early on who, you know, when, you know, when you meet somebody and you just instantly click and you feel like you've just had a connection for years. Um, so I live in Connecticut and Connecticut just went legal, um, you know, about a year and a half, two years ago, just opened up the markets this past January.
So it's been a couple years of getting everybody up to speed. And, [00:33:00] um, Angela Broadway is from Massachusetts. She is the owner of Canna Management, a woman owned business, um, that does, um, events and she is a huge advocate for the industry. Um, And really promotes the industry in such a positive way. Um, from a personal side, she had a husband that passed away from cancer and saw the benefits that cannabis had on her husband as he was going through that journey.
So she has really made it her life's mission to advocate for the industry and reduce the stigma and bring out the best of the industry and helping young, young entrepreneurs, women, entrepreneurs really get together. And she does this by holding events, networking events, education events, women events. Um, I've spoken on some of her women panels and just having that, uh, platform that she has in order to bring people together [00:34:00] to, you know, help further the industry.
So, um, I would like to shout out to Angela Broadway. I think she is a rock star of a woman, mom, and friend. Um, and just. Does a great job in the business that she runs and can't wait to see what she does with it in the next few years. Awesome. Thank you, Megan. And thank you, Angela. It's wonderful to hear about how many women in this industry step up for each other.
It is definitely something that is unique to cannabis. And I love to hear about women across the country who are doing things like organizing events, putting women on panels, normalizing women in the industry and power positions. So thank you very much. I appreciate you both. All right. Thank you so much, Megan, for your time and for sharing your wisdom with us today.
Ladies, thank you for tuning in. If you haven't yet downloaded the Roadmap to Funding, the essential guide for starting your [00:35:00] funding journey for success, go to the panthergroup. co forward slash Roadmap to Funding and tune in again next week for another episode of Women Leading in Cannabis. Thanks so much.