 Today I have the pleasure of speaking with Peter Klossy. He's a lawyer, an investment banker, and a frequent consultant to the marijuana sector. How are you today? I'm very well. How are you? Your law or your valuation of the marijuana sector did very well column. Can you tell us where we are today with the marijuana industry in Canada? The largest driver of value lately for the marijuana sector as a whole was the thrown speech. The majority liberal government followed through on its electoral promise to deregulate marijuana in Canada. They have made it part of their platform and have promised to do so. I don't anticipate that happening for the next three to four years. There will be consultation needed. There will be time to draft the statute, draft the regulations, and work with the provinces to incorporate them into the process. But it will happen. I think I'm going to start referring to you as the Investor Intel Confusion Consultant. All of us investors out there last year, we were hit from so many different directions about which marijuana company we should invest in, and which one was going to be the greatest, you know, best stock we'd ever owned. And I think a lot of it had to do with licensing. Can you explain to our audience how we should be perhaps evaluating these different types of stocks? Sure. The government of Canada can issue different kinds of licenses. There's a license to cultivate, which means you can grow it. But as Aurora Cannabis found out, you also need a license to sell, otherwise you're just stuck with inventory in your warehouse. There are also licenses to transport and licenses to import. Bedrocan, prior to its merger with Tweed, had a license to import, and that was its driver of value. We're now looking at four different kinds of marijuana businesses. Companies that have applied for a license of any kind and don't have one yet. Companies that have a license to cultivate. Companies that have a license to cultivate and sell. And then all of the infrastructure companies supporting the growers. And of course, there's not that many sales licenses that are out there, for instance. I mean, there's only one. Less than three dozen? Yes. Okay, so in order for us to really establish which company we should invest in, we need to be looking at licenses, obviously. Yes. And of course, then we have the additional challenges right now. There's rumors, you know, in Canada with Justin Trudeau becoming our new prime minister, that perhaps we will have recreational marijuana being legalized in the next couple of years. What's the reality to this? That will happen in the next three to four years. It will take time. Statutes must be drafted. Getting the provinces on site will take a considerable amount of time. Just like with alcohol, every province has its own scheme for distribution. Every province will want to distribute the marijuana within its borders in a different way. It will take a considerable period of time for that process to be worked out. I'm estimating three to four years before we see actual legalized marijuana non-medical on the streets of Canada. And of course, that would be substantial for any of these publicly listed companies because I believe Dr. Duchain wrote that the medicinal marijuana sector is only 0.06% of how large the recreational marijuana market would be. Do you have any comments on this? I do. I believe Dr. Duchain's numbers, but at the same time I have no backup for them. Everything about Canada's marijuana industry right now is a large guesstimate. And the numbers that you pick depend upon the conclusion you want to reach. That introduces a large amount of equity risk into the markets. We don't have any science to point to yet. We don't know what the maximum growing capacities are. We don't know what the price per gram will be. We don't know what the delivery costs will be. We don't know what the taxes are going to be. And until all of these factors are worked out, it's a very risky but possibly lucrative market. So speaking of that, will you be doing a column regularly analyzing different potential investment opportunities in this sector? Or can you make any forecast at this moment for this upcoming year? I'm regularly meeting with management and boards of both companies that have licenses and applicants. So we're fairly well plugged into the current culture and sentiment of the marijuana industry. I'll be happy to update the readership as much as possible. Well Peter, thank you so much for joining us today. We really appreciate it. Always nice to see you.