Hidden Growth Unmasked: Rescheduling, the Farm Bill & What Comes Next ft Trent Woloveck

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Bryan Fields: Trent, vertical integration—does it actually create value, or does it hide inefficiency with complexity? Trent Woloveck: Yeah, Bryan, you know, I think that's a very fair question. And like all things in cannabis, it depends on the market you're in. It depends on the team that you have, the operational wherewithal, and being able to capitalize on that. So in a market where you have a California, a Michigan, or even a Colorado, an Oregon—quite frankly, a more mature adult-use market or even a mature medical market—I think being vertically integrated is not quite as necessary. There are going to be specialized folks that have the right genetics, that want to put dollars toward building a brand, whether that's through flower, through vape, through infused products. However, in certain markets where you have an Ohio, a Virginia, a Pennsylvania, or for us, Massachusetts and Nevada, being vertically integrated is very important. It definitely brings a lot of value. For us, we continue to learn what the customer wants. We're a very retail-centric business—I think we derive somewhere around 90% of our revenue through the retail channel. However, as we get ready to flip to adult use in Virginia and Pennsylvania, being able to have the supply, first and foremost, ensures the patients get to continue to consume their product, as well as being ready for the new adult-use consumer—folks over the age of 21 who want to consume product. Keeping your shelves stocked is definitely something that's super important. So as you continue to drive new genetics, new efficiencies, new products, new brands, new SKUs, I think vertical integration definitely works. You see folks that aren't under bad leases—AKA sale-leasebacks. You see people that have good product. And when I say good product, I don't mean cool branding or anything, because I could call shit in a bag the brand. If you have flower that's 25 to 30% total THC and three, four, five percent terpenes, it'll sell, quite frankly. It's what's inside that actually matters when you're talking about vertical integration. Just because you have vertical integration doesn't mean you're going to sell a lot, because again, it's the product that actually means something. So that's piece number one. Piece number two is, in a world we've lived in forever—and fingers crossed it hopefully changes soon with rescheduling—there's very limited access to the capital markets. So building out a cultivation facility, a manufacturing facility, is not cheap. It's quite expensive, and it's a long payback period. Sometimes in a market you have to make a determination of whether you're willing to spend, you know, 25, 50, 100 million bucks on that part of the business. Maybe there's already a supply chain that's developed and you just go retail—that's what we're doing in New Jersey. So that's the short answer to the question. But if you were to press me on it, I think you start by building out a distribution channel, and then you back into the vertical integration piece as you understand what that demand is through your retail stores. Bryan Fields: Right, I put myself in your shoes—understanding all the different states you operate in, understanding that some are more mature than others, the supply-chain limitations, and recognizing that success in certain states because you're vertical doesn't mean success in other ones—there are all these limitations. That's where, from your standpoint, you're probably assessing each market like a standalone asset and then combining them into the whole and saying, okay, next year we need to double down on New Jersey, or next year we're really excited about Virginia, hopefully next year, right? It's always a thought of, okay, these are the assets we think are going to grow in the next 12 months. Trent Woloveck: Yeah, it all goes back to that capital allocation, because we continue to be capital-starved in the market. In Virginia, we've been growing at a great clip in the medical market—we've gone from two rooms to four rooms to six rooms, and we're on our way to eight rooms of flower as we continue to grow the medical market. However, we see about 1% market penetration versus the total population in Virginia, and that's nowhere near a mature medical market, say like Pennsylvania, where we have somewhere between four, four and a half, five percent of the total population in the medical program. Virginia is active right now with the legislative session—we're seeing the adult-use bills move quite aggressively. We're staring down the barrel of a flip from medical to adult use that theoretically could be three, four, five acts away, but realistically, over the next—let's call it three to five years—it's going to be a 10x. According to JLARC, which is the legislature's economic study team, they think it's a $4 billion market. We're doing about 200 million on medical right now, run-rating, so you're talking about 20x. So when we're thinking through where's the best use of that limited dollar we have on the balance sheet, or can go get financed, you're talking about a dollar invested equals a dollar—even on the cultivation side. So that's a pretty easy decision for us to make right now: to invest. Like I said, that build-out takes 12 to 18 months to do. It's not like you buy a new widget machine and all of a sudden you're producing a hundred thousand more units—we're in an agricultural business for part of it, and that planning takes a long, long time, not only to build out, but then to get the biomass to the market, to the patients, to the customers—unless, of course, you want to take whatever you want from China and make it into a product. We don't play in that world. That world's going away. So we're going to continue to invest at the state level to be able to supply the market. Bryan Fields: So let's talk specifically Virginia, because I know it feels like it's been a long time coming. Is that operational facility the same one you're using for medical now, or has that one already been built out and you're expanding it? How do you think through all that—understanding, all right, we're in medical now, but we don't want to oversize our facility given what has happened, but we also want to be prepared to accelerate now that it's become adult use? Trent Woloveck: Yeah, you know, side note—Virginia has been a long time coming, because we actually legalized and decriminalized cannabis back in 2021 in Virginia. Unfortunately, there was a trigger that required them to reenact the majority of the commercial side of the cannabis business the following year. Bryan Fields: That's why I made the comment. Trent Woloveck: Unfortunately, the Republican governor—former governor, I should say, Glenn Youngkin—took it upon himself to veto those bills. So we've been in a weird quagmire of a legislative, and quite frankly, legal market down there, where you can legally possess it but not legally procure it. So we're looking forward to putting a retail market in place where people don't have to break the law in order to consume and purchase cannabis. So yes, it's been a long time coming. But second, yes—we currently have a 95,000-square-foot building, two floors. The first floor is cultivation, upstairs is processing, manufacturing, a kitchen, and so on. We're feverishly working on building that out to continue to support the growth of the medical market. Quick side note, which I think is interesting for folks who don't understand the impact of the 2018 Farm Bill loophole going away—when President Trump decided to have the National Guard crack down in DC on all the illicit shops there, and a litany of other things, we actually saw in Arlington, which is right across the river, three weeks of double-digit growth week over week, because people were coming back into the regulated market. I think that's a big deal and a great data point that we can quantify. So just a side point there. But what we are doing is trying to balance the medical growth while getting ready for the adult-use demand that's coming. We're fortunate enough to own that property—we have a mortgage on it, but we have about six and a half acres in the back where we're going to start building out. We've already done the plans; we're doing the programming right now to get ready for that demand that's coming. Keep in mind, we've spent about $100 million-plus on infrastructure in Northern Virginia. In most states, that's a top-tier project. In Northern Virginia, you're a drop in the bucket because of all the data centers, but it's still a big deal for Prince William County. So we're getting ready to spend another 20, 30, 40 million bucks, and then make sure we're able to produce enough biomass to meet the demand. Bryan Fields: Is that like a balanced dashboard? Because you're talking about balancing the medical and the adult-use demand, and you also want to meet the biomass standpoint. So how do you track those numbers to say, okay, we feel comfortable with our production schedules and what the estimates are? Because on one hand, if the market's growing faster than you think, you're going to be short on product, which you don't want. But you also don't want to overcommit and put yourself in a bad situation. So is there a metric, or how do you find that balance? Trent Woloveck: Yeah, so I've always said we get to operate with almost a Farmer's Almanac. We've seen plenty of markets now—I mean, shit, I've been around for 24 market flips, from Colorado to California to Oregon to Washington to Maryland to Illinois. I can go on and on. So we kind of know what we think the demand is going to be. Ohio, very recently, is probably the most recent example of a medical-to-adult-use flip. We know that in Virginia we produce somewhere between 80 to 90 grams a square foot with those genetics. We know how much canopy we need in order to meet the demand of a $500 million market, a billion-dollar market, a $2 billion market—you can kind of deduce or back into how much biomass is needed. The average person spends anywhere between 150 and 200 bucks a month on cannabis products. Bryan Fields: That'd be more than a $4 billion market. Trent Woloveck: And so you can kind of back into, again, how much biomass is needed to support that. And you know, Jushi—no matter how much we want to—GTI, no matter how much they want to, Columbia Care, no matter how much they want to, Verano, no matter how much they want to—there is no possible way to get enough money to be able to support the biomass that is needed to monopolize that market. It's a farce—that's a narrative that a lot of people like to push, which, in reality, isn't even close to a possibility. Why is it not? Well, let's see here—I think there needs to be 1.5 million square feet of canopy— Bryan Fields: Why? Why is it not? Trent Woloveck: —to support a $2 billion market, which I think is what Virginia will become. I don't really feel like Jushi has access to—I'm just doing the math—$300 million of capital right now. Nor would we want to take that down, because it would put a lot of pressure on our balance sheet, or dilute the equity of my equity holders, which is me and Jim and John and Michelle, Matt Leath—I mean, all of our management team are heavy equity holders. And so we don't want to dilute ourselves from that perspective either. We're not divvying out penny warrants or anything like that. So when I say it's not possible—well, A, there's nobody we could go to, to raise that money right now in the space. But B, it's not a smart business decision, quite frankly. So yeah, we're really happy to help stand up the market, start to eradicate the illicit market, which is a billion-to-a-billion-five market in Virginia, and help stand up businesses in communities that have been disproportionately impacted by the war on drugs, in communities that are economically disadvantaged. We'll be part of that, because we've seen that be the recipe for success in other markets. Look at New York and then look at Maryland. New York hamstrung and, frankly, fumbled the existing infrastructure there, and tried to charge people $20 million to come into the market. And what'd you get? You got farmers producing product that couldn't pass testing. So what do you do in that scenario? You do away with testing. So the product coming into the regulated market is untested. People aren't stupid—that's why you had $33 million of sales in the first six months of adult use in New York. And what's one of the fastest-growing markets in the country now? New York. Why? Because they've cleaned that up. Maryland, where you had a medical transition, you had people participating who've been disproportionately impacted by the war on drugs, people participating in communities that are economically disadvantaged, and voilà—what do you have? $420 million over the first six months of sales. In a world where everybody needs more tax dollars, it's a no-brainer. We just need to continue to educate folks on that messaging. Bryan Fields: Sure, and I would love to trash New York, but they don't deserve the time anymore—they've made their choices, and they continue to surprise or disappoint everyone. But I want to stick with Virginia, because I think the important part is this: your team put in $100 million, God knows how many years ago, with the anticipation of trying to help the market stand up—which is part of the risk that happens early in a market. There was no guarantee on timeframe. There was no guarantee the market would hit certain demand levels. There was an anticipation that this would eventually happen. But then I think about all the jobs your team helped create, and why sometimes I get frustrated when people start pointing fingers at certain companies, saying, hey, they shouldn't have this, or they should be penalized. I don't believe that should be the case, because at the end of the day, business is based on the risks you take, the opportunities you provide, and the value you create. And that's part of the challenge in these new markets, where there are complete unknowns in every direction. Trent Woloveck: Yeah, look, if we want to laser-focus on Virginia specifically, we've created thousands of jobs, we've paid millions in taxes, and we've spent hundreds of millions—if not probably more—on infrastructure. GTI out in Western Virginia, Verano down in Southern Virginia, Columbia Care out toward Newport News and the Chesapeake Bay area, Virginia Beach, the Richmond area. The industry nationwide has created 500,000-plus jobs. We've spent billions—probably tens of billions of dollars—in rural and urban communities, developing new businesses. We're an American-first business. We're an American-only business. So, shout-out to President Trump for recognizing that, applying common sense, and signing the executive order to move cannabis from a Schedule I to a Schedule III narcotic. Fingers crossed we get the final ruling here relatively soon—we'll see when that happens, but it'll happen when it happens. And so we can continue to normalize this industry, continue to grow this industry, continue to educate the industry on this. In Virginia, where we've been good stewards and done good work growing the community, normalizing cannabis within the community—people continue to want normalization around this product, because that's just where we're at from a societal perspective. I could stand and waste 20 minutes on my soapbox on that one, but yeah. Bryan Fields: I want to talk about the executive order, because I'm glad you brought that up. When he signed that order, did that change anything for you? The moment that happened, did the conversations you're having change, or is it still a wait-and-see approach? Trent Woloveck: Our conversations—whether with people in the industry, or more importantly, outside of the industry—have changed night and day, a full one-eighty. The idea that rescheduling only helps companies like mine on the balance sheet is a farce. Yeah, it helps on the 280E side, but guess what—it helps everybody on the 280E side. And last time I checked, there are a lot of small businesses that are retail-only, and should be retail-only, who have to pay—or choose not to pay—280E taxes. So nipping that in the bud is a big deal. When I have to try to explain to some stuffy banker in a tie the difference between adult-use cannabis, medical cannabis, and interest penalties, his eyes glaze over and the information goes in one ear and out the other, and then he's just like, well, yeah, you've got this penalty forever and it could happen forever. All that's gone now. Insurance companies are looking at us a different way. Banks are looking at us a different way. Legislators in a state like Pennsylvania—her lips to God's ears, said in a meeting, and it's all public now, so I'm not telling you anything a lot of people don't know—the president pro tem said, hey, once Trump does this, it's something we can push adult use on. It changes the conversation there. So it's a very technical thing, but in the grand scheme of things, it's everything. It really is a lot. And as somebody who started this endeavor 16 years ago, it's a big, big, big deal. Bryan Fields: Do you think about it from a balance-sheet perspective—like how to reallocate the potential capital that might be freed up from this? Trent Woloveck: I mean, look, we have a very specific strategy around 280E, with full-blown legal opinions and all that. We've spent a lot of time, money, and strategy on that position. So yeah, I think it's more around financing the balance sheet than any additional cash flow that—I guess 99.9% of us probably have, with the exception of GTI, who's paying full freight on what they believe is the right number for 280E, because nobody actually knows what the exact number is. So we can kind of play that game and talk about it. As somebody who had a 280E case go all the way to the U.S. Supreme Court twelve years ago—yeah, I have an opinion on it. My opinion doesn't matter, but we have legal opinions and all that. Bryan Fields: The reason I ask is because I've been seeing some M&A here, and I didn't know if you're thinking, okay, if this changes, we can try to accelerate growth—here are some assets we think might be ready for prime time. Trent Woloveck: No—what it actually changes is the terminal value of these assets, because now there's a known cap on that 280E. So what used to be a drag on valuation is now just normalized, quite frankly. And so that terminal value therefore increases, and people are willing to pay more, more in line with what sellers' expectations are, because of that known piece in the tail of the net present value. Bryan Fields: So now that there's clear value in these companies, do we expect to see more consolidation—say, some of these distressed assets that have been operating in other states, where maybe Jushi previously said, not right now, but now, hey, we've always wanted to get into state X or Y, and now this company's really struggling—maybe this looks like a piece we could bring into the puzzle? Trent Woloveck: Yeah, look, specifically for Jushi, we're in a unique position. We're doing, whatever, mid-60s in revenue a quarter nowadays. We're unique in that we have 42 dispensaries—18 of them in Pennsylvania, six of them in Virginia—so over half of my dispensaries are still medical-only. We're in a really good spot with our management team right now. Our assets are kicking ass and taking names on the GP side. We're really dialed in and really focused on making sure we're ready for adult use in Pennsylvania and Virginia. That's our focus right now. M&A is tough. Integrating a business in cannabis is tough—it's a lot of effort. We did a couple of big tuck-ins in Nevada and Massachusetts back in the heyday, like 2021, 2022, and it's a lot of work. It doesn't mean we won't get back there, but we're in a unique position where we go from 60 million bucks a quarter to 65 million bucks a quarter, to whatever, 80, 100 million bucks a quarter pretty quickly, with continued growth for two, three, four years. So I don't need to rush out and do M&A when we have the built-in growth of our platform right now. But look, nobody will ever tell you otherwise—we're economic animals. So if there's something that makes sense for us to do, yeah, we'll go do it. But we'll see what happens in Florida—maybe it gets on the ballot, maybe it doesn't; maybe it passes, maybe it doesn't. I hope all those things happen. Bryan Fields: No. Trent Woloveck: As somebody who just wants to continue to normalize cannabis—but man, 60% on a ballot question? If you put "should we have daylight saving time or not" on the ballot, it wouldn't pass at a 60% threshold. That's how crazy that number is. Oh, by the way, this was the craziest stat to me— Bryan Fields: 60% is pretty tough. Trent Woloveck: The vote to change that rule in Florida from a 50% passage threshold to a 60% passage threshold didn't even pass with 60%—it actually passed with like 57 or 58%. So that just shows how big that threshold is. Bryan Fields: Yeah, it was set up almost to not pass. But I want to go back to that M&A thing, because I think it's really important. You said it's really hard, right? And in an industry where everything is really hard, for you to say that—I think some teams out there understand the actual challenge. From a paper standpoint, it makes a ton of sense. But what I'm hearing from you is that if the economic value gained is so incredible, then "hard" is very relative, right? Standing up a new market is hard, combining two massive companies is also hard, but if the expected gain is within a certain threshold, then again, everything is relative and hard. Trent Woloveck: Yeah, look, I think the integration piece is hard—the M&A part, you know, that's just math and expensive lawyers, but you can work through that. But in cannabis, one plus one must equal five, because of that toughness, where in the— Bryan Fields: The paperwork's easy, right. Bryan Fields: Can a rule change somewhere—is there anything that could change to make the integration aspect not as complex, or is it, given the regulatory environment, just the way it is? Trent Woloveck: It's, for now, just the way it is. You've got to go through regulatory approvals, you've got to go through background checks—it just takes time. And what's the one thing that always kills deals? Time. Time kills deals—not a lot of the other stuff, it's always time. In an industry that has changes thrown at us what feels like on a minute-by-minute basis—but you're probably, in reality, talking year by year, or month by month, quarter by quarter—that can feel like an eternity. And so, hey, what ERP system are you on? What POS system are you on? What e-commerce platform are you on? It's so segregated. Bryan Fields: Done, right. Trent Woloveck: And the systems—hey, you know, one burger company buys another burger company: oh, what are you on, Toast? Oh yeah, we're on Toast. What's your supply chain? Oh yeah, that's my supply chain. What's your corporate overhead? All of those things are very different, because in the industry where we operate, it's state by state, its own little fiefdom. You can't always drive efficiencies in the business as easily as, say, Starbucks buying the best chain of coffee stores in the Northeast to grow—or Dunkin' Donuts buying in the Northeast to grow. Bryan Fields: The integration part is so granular on some of those levels of detail, and there's no easy answer, right? It doesn't matter if you take your most skilled team and shove them over there—it's so complex, and there are so many moving variables, there's never really a playbook that gets you 80% of the way. It's like, okay, each thing is customized. But then it makes me think about state pacts—right now people are talking about them—and this really caught my attention, because I'm thinking to myself, an organization like yours has assets in certain regions, and if state pacts become really paramount, instead of Jushi spinning up assets in three different localized states, you could have your premier facility in Virginia and distribute to the three states surrounding it. Are you thinking about state pacts at all? Is that something where you're like, hey, it's good from the senator's standpoint, they can do what they want, but we can't take on these complexity concepts—there are too many moving pieces? Trent Woloveck: Bro, we can't even get cannabis moved from Schedule I to Schedule III. We can't even get SAFE Banking done, or the CLIMB Act done. That's been shot down—what, 12 times on SAFE Banking? 12, 13, 14 times—I've kind of lost count over the years. All of a sudden you're just going to be like, the gates are open and I'm selling weed across state lines? Yeah, I'll let other people think about that. Bryan Fields: Sure. What about the United Center in Chicago becoming the first major U.S. sports venue to offer THC-infused beverages? Trent Woloveck: Kudos to Ben—that's his home turf. He wants to continue to push the normalization of Delta-9 THC, and I appreciate that. But I've seen tests on the drinks—not just Señorita, multiple different drinks—I've seen tests on other products through the hemp supply chain. They need to make sure that gets dialed in before they start pushing product out into the mainstream market, first and foremost. So is it a big deal? Yeah, for sure. My question to everybody has always been: okay, come November 15th, how does that partnership work? And I don't know—that's the question no one seems to be able to answer. Bryan Fields: The normalization aspect is super important, but the assurance of a healthy, safe supply chain is also super important. And then the November stuff—these moving variables—is it one of those where we just get to November and they say, okay, you can't do this anymore? Or do you think there'll be clarity before then? Because there are some complexities with that, but also some major benefits for the industry—it's a trade-off, as I was saying. Trent Woloveck: I mean, the clarity is already there—the law is the law right now. They're just not enforcing until November of this year. So in a world where total THC is the test—which, by the way, it always should have been; it was just a drafting error, that was always the legislative intent—for your biomass, for your processing... I don't know, we'll see. Again, I don't understand how that's going to be a thing, because you can't possess the isolate that is Delta-9 THC, which is 97, 98, 99% purity, to then make a five-milligram drink—or, I guess starting November, whatever it is, the 12th or 13th, a 0.4-milligram total-THC drink—unless, I guess, in Chicago they just passed a normalization law. So yeah, you could create something within Chicago city limits to make a five-milligram drink, but then, well, they didn't comment about the upstream part of the supply chain, so I don't know how they get around that. But that's again not for me to think about or worry about, because we don't participate in that business. I'm not quite sure what the reality is. Last time I heard, GTI put out a press release about having 200-and-some-odd Circle K's down in Florida—so weak. Last time I checked, that's not happening. Bryan Fields: That's what I was going to ask about next—the headline is very powerful. You see it and you're like, wow, that's a big deal. And then in reality you're like, well, maybe that was just the headline. Trent Woloveck: I always tell people this: we're all adults, we can only disseminate the truth, and I'll let you make your own determination. I'll just leave it at that. Bryan Fields: The Farm Bill and the lawmakers—I know you're pretty active in DC—are they getting clarity, understanding the loophole that existed? And are you confident we're moving in the right direction and will really get clarity, without any carve-outs or other areas where you'd say, I don't agree with that approach? Trent Woloveck: I think that question is answered by the piece of legislation they passed. They worked on the Ag Appropriations bill and passed it at the beginning of 2025. They had discussions around it in the summer of 2025, in the House and in the Senate. They didn't get to a place where they agreed on it in either chamber, so they went to a conference committee, came to a point of agreement, and passed it in the Ag Appropriations bill. This idea that, oh, it came out of nowhere and passed in the dark of night—bro, it was talked about in DC all of 2025, and quite frankly well before that. It just clicked, because the THC-Ps and the HHCs and the THCA flower had just gotten out of control. So yeah, people knew about it in DC, people got educated on it in DC, people did something about it in DC. I don't understand how people haven't grasped the concept that it was passed, it was debated, and it's in law. So, tick tock, tick tock—the enforcement's coming in mid-November. I don't have to tell you, you see it every day on X. There was a big bust in Oklahoma. There was a big bust in Georgia. There was a big bust in Alabama, in Oregon, in Colorado. Just go on X and you see a bust every single day, and oh, by the way, it's all coming from the Chinese vapes that the FDA and the DEA are cracking down on in these smoke shops, and voilà—when they walk in and see all the Chinese vapes, they also notice all the weed being sold in there too. So people now know and understand what the legislative intent was. People know when they go and grab a product sitting on the shelf, those are all falsified COAs. We're continuing to push forward with litigation—what I call just education, quite frankly—at the state level, and we're going to continue to do that, because there's no space for people to drag down this industry as we continue to try to normalize it at the federal level. And unfortunately, that's what intoxicating hemp has done over the last four years. Bryan Fields: Do you have any sense of how large that might be, and how much that might have impacted the total size of the industry? Trent Woloveck: Are you saying the intoxicating hemp side? Well, if you listen to the world's largest cannabinoid producer, it's about $70 billion. If you listen to somebody who gets paid by hemp to do economic studies, it's about $30 billion. If you go out into the marketplace and do studies like Villanova University did in Pennsylvania specifically, it's about a $950 million to $1.2 billion market. And I kind of know what the size is, having participated in Pennsylvania for quite some time. Ohio is a billion-dollar market. Texas—the legislators said it was somewhere between three and seven billion dollars, let's just call it four. Virginia is like one and a half. I've shopped in Jersey, I've shopped in Florida—Florida's another massive one, where you're seeing smoke shops pretty much hockey-stick, doubling every year for the last four years. So that's probably easily a couple billion dollars. I think that's somewhere between 15 and 20 billion dollars flowing through. You hear the Mood guys say they're 100 to 150 million bucks. You hear the Cookies guys brag about how big they are. You hear the 3Chi guys brag about how big they are. Chronic Guru. The list goes on and on. So yeah, it's all something that as we continue to educate ourselves and work up the supply chain, through litigation, we get information. I've learned more and more about that category on a daily basis. Bryan Fields: It's one of those where you start putting those numbers together and combine the industry with the leader, and you see the industry just absolutely explode from a numerical standpoint—people would be surprised by the actual size of the market when that goes away. Trent Woloveck: Yeah, look, you've seen growth of the regulated market stall out over the last three years. A, we don't have a lot of capital to continue to grow. We're waiting on a few of the larger markets to flip to adult use. But people are buying products through channels, again, that won't exist by the end of the year. So I think we'll be back to growth in the industry as a whole after this year, into 2027. Bryan Fields: Yeah, people might be surprised when they see some of those growth numbers and think, wow, that's a really big quarter, where did all that come from? And you're like, well, it turns out, same consumers. Trent Woloveck: Yep, yep, absolutely. So we've got a lot of work to do. We're going to continue to have conversations and figure out how we can continue to support the growth of this industry with people who want to be the good actors, and continue to shine a light on the bad actors. I think as a society, we're starting to actually notice and take note of that, between daycare fraud, healthcare fraud—we waste billions, hundreds of billions, if not trillions of dollars over the years. We're coming to a realization that a $38 trillion budget deficit doesn't work, and we've got to start figuring out ways to not tax ourselves to death because of all the wasted money that causes. We've got to start looking at ways to, A, raise revenue, but also cut out the fraud, waste, and abuse the system has accrued over the last 25, 30 years. Bryan Fields: We're sitting here one year from now—what has changed for Jushi's business, and the industry as a whole? Trent Woloveck: Well, we'll be selling adult use in Virginia. Bryan Fields: Finally. Trent Woloveck: You do not need to say that one to me. I think we'll see real movement in Pennsylvania on adult use. I think we'll have rescheduling done and dusted, and working toward some sort of— Bryan Fields: No, I know you guys understand that better than anyone. Trent Woloveck: —legislation around banking and uplisting. You'll also see enforcement on the illicit market, the hemp loophole. I've kind of said this since the end of November, beginning of December—I felt like a kid on Christmas morning, and I'll continue to say it, because we continue to sit on the precipice of massive federal normalization. Bryan Fields: Last question, Trent—what question do you wish more people asked you? Trent Woloveck: How can I be successful in cannabis? Bryan Fields: Is there a single response there? Trent Woloveck: No, because there is no single response for state-regulated cannabis businesses. It depends on where you live and what you want to do—how you want to get involved in the industry. This industry has so many different opportunities and paths that if you want to become part of it, you have to understand your strengths, and there's a way to get in the door, and then continue to prove yourself and execute. And you will see significant growth in your career through these organizations that are doing it right. Bryan Fields: I think that's the way to end. So Trent, for our listeners who want to get in touch, who want to learn more, where can they find you? Trent Woloveck: Jushico.com. J-U-S-H-I-C-O dot com. Bryan Fields: Thanks for taking the time, this was a lot of fun. Trent Woloveck: Thanks, Bryan. Have a good one.