Hemp buyers and sellers face a number of challenges, some are the result of prior regulatory concerns and some are just normal for new commodities. Julie Lerner has made a career creating commodity exchanges is now focused on hemp. She speaks to Joy Beckerman about PanXchange's hemp commodity trading platform and their Hemp Benchmark & Analysis. Produced by PodCONX https://podconx.com/guests/julie-lerner
Hemp buyers and sellers face a number of challenges, some are the result of prior regulatory concerns and some are just normal for new commodities. Julie Lerner has made a career creating commodity exchanges is now focused on hemp. She speaks to Joy Beckerman about PanXchange's hemp commodity trading platform and their Hemp Benchmark & Analysis.
https://podconx.com/guests/julie-lerner
Dan Humiston: [00:00:07] Welcome to another episode of Hemp Barons, I'm Dan Humiston. And on today's show, Joy in her guest talk about the challenges of buying and selling Hemp. Her guest is a commodity exchange pioneer and provides us with valuable comparisons and insights into what to expect in Hemp future. Let's join Joy's conversation with Julie Lerner from Penn Exchange.
Joy Beckerman: [00:00:39] Well, hello, Miss Julie, thank you so much for being with us on Hemp Barons today.
Julie Lerner: [00:00:43] Hi, Joy. Thank you so much for having me. I'm very excited about this and really honored for the opportunity.
Joy Beckerman: [00:00:48] Well, we're so happy to have you here. You're doing something very, very exciting in the Hemp space in this emerging and promising Hemp economy. And you're doing it from a foundation of tremendous knowledge and experience. And I have all kinds there are lots of folks out there doing certain exchanges and some are doing them very well. A few, I would say, actually are doing them very well. And for the most part, folks aren't exactly entirely sure what they're doing here. That's what sets Pan Exchange, I think, apart from many of these other. The vast majority of these other exchanges that are online. So first, tell us a little bit about what brought you to Hemp. And then I want to talk about the experience that can exchange has before it got into Hemp. But what how did you come across this amazing, versatile, valuable plant, arguably the world's most versatile, valuable plant?
Julie Lerner: [00:01:41] Well, those two questions are actually intertwined for us.
Julie Lerner: [00:01:44] How how we got to Hemp. So I have to kind of go into the history of the company.
Julie Lerner: [00:01:50] My background is in physical commodity trading, predominantly with a company called Cargill. And I designed this this institutional grade trading platform, which I can get into the details of what that means a little bit later. It's quite unique. But this panic's chief is 10 years old. We have a subsidiary in East Africa where we have over 30 different types of agricultural commodities, predominantly grains and beans in Kenya and Uganda. And in the fourth quarter of 2017, we launched the same market structure solution in in the one hundred and twenty million tonne special to sand market here in the US. Now that that's a raw material requires an extraction of oil and gas in the US. Sand is a commodity was a very new concept at the time, and I'm I'm proud to say that today we are the defacto benchmark price provider in that market and the only online trading platform. So leading up to your second question, when the farm bill was passed, we could not have been more excited. We thought we've got this. We can we can help bring efficiencies to this market, instant market access and price discovery and trade coro efficiencies quickly because we we know the points of pain and we know how to solve them. We know what mature markets look like and how to get there.
Joy Beckerman: [00:03:13] So that's the that's the story in a nutshell is international incredible experience and experience with Cargill. And but what how did you hear when we say, you know, the farm bill and I'm assuming you're talking about the 2018 farm bill, obviously, because then it became the commodity. Right. And that's where panic exchange comes in and your vast experience comes in. But where did you first hear about it? Was it the news? Was it from a friend? How did Hemp come into your field of awareness?
Julie Lerner: [00:03:42] Well, we're constantly looking for new markets here at panic's change. We've looked at some metals, for example, that required for electronic batteries.
Julie Lerner: [00:03:51] We were looking at some commodity markets in Asia and we have a checklist of what makes a commodity. So I don't want to stray too far off topic. But one example is everyone says, Juli, you've got to trade water. You've got to trade water, water. Unfortunately, clean or dirty is a problem. It's not a commodity. So we have a checklist of what is a viable commodity market. And I do credit my team for finding Hemp. So they are constantly looking for new opportunities. They had their eye on the ball. They knew this farm bill was coming. And I have to give them credit because as you know, it passed just before Christmas of 2018. And we were the first to market with a suite of benchmark prices. By January, we it hit all of our criteria. There are high points of paint that was highly fragmented and inefficient and that that's where we saw points of panic and help.
Joy Beckerman: [00:04:49] Incredible. Great theme. Talk about on it and seeing it and having the vision and having the infrastructure, obviously, and the resources and skills and talent in place to take advantage of it. Will you please go ahead and explain the trading platform to these folks and to us here at Hemp Barons that you've created?
Julie Lerner: [00:05:10] Sure, I'd love to. So we describe ourselves as the only institutional grade platform out there for several different reasons. First of all, you each each party has to be able to manage their counterparts and their credit risk in real time. But we had to figure a way to do that such so that they can still get once they get to the main trading page trade anonymously without the high cost and regulatory issues as. CHEERING and guaranteeing the trades. So we have that mechanism in place with a lot of granularity. So meaning you may like someone as a trading partner, as a counterpart, but you don't want to go hog wild. So you'll say you can cap your dollar exposure to them. Say, I want to trade with them, but but I don't want to be exposed more than half a million dollars, for example. Or you can saying, yes, sure, I like these guys, but but only if it's on a pre-payment basis. So pre-payments terms are another way. You can you can manage this. You wouldn't, for example, say I'm not comfortable giving them 30 days financing after the bill of lading. So you get all of that set up and then you can trade anonymously.
Julie Lerner: [00:06:21] Every single field is negotiable because that's really what you need and physical. This is not a bulletin board. It's not an army, rather. So as you know, in this market, you know, for people, the quality is one of the key things that need to be negotiated percent CVD, the percent potency, or if it's CBG, for example, you can negotiate back and forth anonymously in real time, the delivery windows. You know, the reality is if you have to get to the right deal, you may like an hour bid on the screen. But but, you know, it's a little too soon. So you would counter and say, hey, can we do the same deal? But five days later and, you know, I'll actually suite my price free if you get if you do that for me, the delivery point. Here's another key issue that I think is a funny one and unique to Hemp. We do not get involved in the transportation. Transportation is negotiable between the two parties in the sense of I'm a farmer and I'm selling it at my farm gate or I'm a buyer and I'm willing to go get it from you at the farm gate.
Julie Lerner: [00:07:24] And the type of delivery is also a negotiable field that should be left to the buyer and seller. So so that leads to to the other two pillars of what we are. That's the trading platform, which leads to the other two pillars, one, as we mentioned, as the benchmark price. And I'd love to stay here, especially in a market as young as Hemp.
Julie Lerner: [00:07:46] We understand the importance of accurate benchmark prices.
Julie Lerner: [00:07:50] You know, people are double mortgaging their home for farmland and investors are putting a lot at stake.
Julie Lerner: [00:07:58] So we need to have accurate spot prices so people can predict forward revenues. Anybody who's involved in our pricing network is either a producer processor or a treehouse or an end user. No brokers, no reporters are involved in those in compiling those prices. And then the third pillar of what we do. So interestingly, you know, obviously our technology was ready when that when the farm bill passed, but we didn't launch the trading platform or introduce it to the Hemp market until August, because the third pillar of what we do is to the best that we can bring market structure solution. So we had to add a vetting process because nobody had credit history here and nobody knows the other counterpart. So we had to come up with a criteria for that. We had indeed.
Joy Beckerman: [00:08:47] And the vast majority of made the vast majority of my questions.
Joy Beckerman: [00:08:51] We'll actually discuss this vetting process. Exactly, because that's where, as you know. Well, no, I'm also the president of the Hemp Industries Association, executive vice president, the US Hemp roundtable and vice president of the US Hemp Authority. So really and I've been in Hemp for 30 years. So really leading this industry in the highest standards, the highest ethics and with the most chance of success is obviously key here. And and so that's another reason why I wanted to have 10 things on the show, because the vetting process is so important. And I think this is where many of the exchanges that are out there just fail, frankly, miserably. And I see it as as a litigation landmine, frankly. But worse than that is this is the suffering that folks go through in having to even suffer the consequences of of damages that rise to the level of litigation. So please, let's go ahead and start with the bones of that. In terms of and and by that I mean vetting the company, vetting the financial wherewithal to the extent you have that ability. And then we'll get into, of course, the quality and then we'll talk about it. Very fascinating conversation that you and I had at it. And Hemp conference recently. But let's go ahead and talk about that that vetting process.
Julie Lerner: [00:10:16] Excellent.
Julie Lerner: [00:10:17] So we we had you come up with a way that was consistent and fair, and we decided that the best way we can do is say, send me your articles of incorporation or LLC, whichever you are. Send me your last two utility bills. And if they're not in the same name. The paper trail that connects the two entities and send me all of your licenses and registrations and we now we have an area where we upload them for your potential counterparts to you.
Julie Lerner: [00:10:52] And the last one is just acknowledging that we can exchange, have the right to come to a site to visit at any time, because we were hearing these horror stories of people who were extremely well funded and an empty warehouse, for example, or an empty facility with no processing equipment is on the buy side and things like that.
Julie Lerner: [00:11:12] So so we we have that. We are now about to launch escrow services, too. So if people are interested in participating in that, there will be even further. Know your customer documentation required for that. We do the best that we can.
Julie Lerner: [00:11:30] In the end of the day, the you know, you no one can be responsible for someone else's behavior. But we think we've got the best system down to vet out the real players. Another thing, Joy, that that what we look forward to in the coming year is the transparency of pan. exchange incentivizes people to behave properly. We have the right to tell everyone, our entire member network. If you defaulted on the contract and that's a pretty good incentive, you know, you're only as good as your last trade. And we're going to let everybody know that you intentionally not intentional default is different than a contract dispute, of course. But if someone's intentionally walking, we will let the others know we're not standing for that.
Joy Beckerman: [00:12:13] We're gonna be a great Segway. I'll do I want to ask you one more question into that. That's the assurance or the quality vetting that you're able. And then how you predict that changing over time based on how all commodities are trip the time. And the question I wanted to ask you with. Could you cut out just for a moment there? You said that you were about to offer escrow services. Is that correct? Is that what you're preparing to do as well?
Julie Lerner: [00:12:38] Yes, it is. I was literally within a week or two, we should have everything available. But we do have a pretty large U.S. bank that is willing to offer this facility for us. So very excited about that.
Joy Beckerman: [00:12:52] That's fantastic. A real one. A real one. Stop shop, so to speak, or a full service firm in this respect. Really fantastic. So now let's talk about the vetting process for the quality itself. You know, for example, in the grain. And I noticed on your Web site and I'll be so excited to have you added there, grain is, of course, one of the major markets for Hemp. And we we talk about some fiber and things like that in herds, but but not grain on that site. And yet, I know you're you're very, very entrenched in, of course, the global grain market with these other crops. But it's all we have. Obviously, there are lots of standard industry specifications around grain, not so much around fiber yet, but certainly around grain, because the Hemp food market has been well-established and is and is in full swing in many parts of the world. But of course, it's a lot more volatile in the extract market. I call it extract, I notice on the website and see crude oil distillate isolate and and so how do you go through verifying folks the quality of the commodities that they're trading on pan exchange or how we do it today is Lee s leads into, I think, where you want to end up that conversation we had.
Julie Lerner: [00:14:13] But what we do at Pan Exchange, the beauty of what we do is how flexible this platform can be and how we tailor it to each market we go into. So one of the things we had to do for Hemp, which personal on a personal note, disappointing, but I'm happy to provide it to the industry. We had to disable automatic matching. For example, a seller likes to bid their thing, but the buyer does not want an automatic match until they see the seal. So we had to provide the facility where you can load the CIA and you can see the buyer, can see the CIA and then agree to the other terms or negotiate the other terms. We'll get to it. I know, but that's not how world markets, commodities, trade you trade on the actual specification.
Julie Lerner: [00:14:59] So meaning if you say if you say I have 10 percent CVT biomass, you better deliver 10 percent or better. So that's that's how we address the quality is by the lab tests today. Sometimes they'll still need samples if it's a completely new counterpart to them.
Joy Beckerman: [00:15:16] And I think part of it, too, is as in you're gonna be trading on your word. And that once said, very spirited conversation with a Nashville student. Where were we? We were in Nashville. And and you were adamant and I know nobody trusted the right. Now I get that. But that's not how grand commodities are. Come on. Work. You are true, you. This is you're you're asking for a product with a certain specification that better be the product you get meeting those specifications when it gets delivered to your warehouse or your door or your factory.
Joy Beckerman: [00:15:50] And that's how commodity trading goes. And yet here we are constantly exchanging the COAG right now. And so essentially what you predict is that this will become like all other crops and all other commodities. You want to go ahead and elaborate from there?
Julie Lerner: [00:16:06] Yes. And it needs to go in that direction. If you think about it, you cannot have a liquid cash market on Pan Exchange or any one of our competitors.
Julie Lerner: [00:16:16] You can't have a liquid cash market if you have to stop and look at lab tests first, and especially if you have to stop and wait three days and look for a sample. It needs to move to this level of trust to get the level of efficiency that you need. You know, it's an expensive predicament when you come to panic exchange because the trucks that you bought didn't show up and you have to stop production and then wait for the Seaway for this other stuff that's listed and available. You need to be able to move instantaneously on product. I think it's very important we start moving to that end. The end the transparency of what we do is one aspect that's going to help get us there. The cream rises to the top, right, Joy? So over time, the players will be building a reputation as the most reliable. This guy's got good stuff and he's always on time. That matters. Your word is your bond in all commodity markets. And and we will be moving towards that. But, you know, as you know, we're in a year of mayhem where we have a incredible amount of small relative to, you know, the bulk grain market, small producers and specialty small buyers that aren't known to anyone. And it's frustrating and it's time consuming to to get to that level of trust.
Joy Beckerman: [00:17:38] Indeed. And what an important part the panning things is playing in all of that.
Dan Humiston: [00:17:48] I want to take a quick break to thank you for listening to today's show as the exclusive Cannabis podcast network. We're constantly adding new Cannabis podcasts to support our industry's growth. And that's why we're so excited to welcome the Seed to Sound podcast to our network. The team at Seed to Sound has produced over 50 Exciting and thought-provoking Cannabis podcasts. And now you can listen to all their previous episodes and all their new episodes and M.J. Blaze.com. So welcome seed to sound. And stay tuned for new exciting Cannabis podcast on the MJ Blues Cannabis Podcast Network.
Joy Beckerman: [00:18:31] And now I'd like to ask you, in our remaining time trends that you're seeing now and some predictions that you that you have for the future, particularly for 2020 and then maybe four, five years from now, what are some trends you're seeing right now on panic, stage of interest, so to speak, that the highlights are the ones that folks might find particularly fascinating?
Julie Lerner: [00:18:54] Well, you know, we just issued our monthly report just before Christmas.
Julie Lerner: [00:18:59] It's coming to light. How much how oversupplied the market is right now. As you know, so many people thought they would be selling biomass and ended up doing tolling splits. So it's not surprising to see far more interest on our platform now for to discuss distillate as opposed to biomass. So prices are coming down. We took the gavel in December. We're pretty nervous about putting putting that report out. But we, you know, as a commodity trader, don't ask, don't tell me what the market is in terms of dollars. If you're a consumer products good business person, of course that number matters to you. But as a commodity person, I want to know what is actual supply and actual demand. And we ran three different scenarios on that. And anyway, you slice it, the actual physical product that's needed for the CPG market. Again, not smokeable flour, but just for the products, the consumer products. It's a lot lower than most people thought. So we're going to have to work through that oversupply in the near future. I do want to plug, if I may. Mr. Mr. Hi, Miss Joy, Queen of the Hemp market. I want to start more dialogue on the industrial side of the market because that's really exciting long term. But prices have to come down substantially to make that work.
Joy Beckerman: [00:20:14] Absolutely they do. I want to first ask you and because, boy, that was my my favorite topic then. You know, I love CVD. I'm the regulatory officer, an industry liaison for Alex and all which has CBD CBD products in 50 countries. And I also want to Hemp Green Processing Facility and I also do the training for him. Technologies, which built the first permanent Hemp create homes in the US, the grain and fibre, those really are also the trillion dollar industry, whereas CBD and have extracts are the billion dollar industries. And and also that's where the biggest planetary healing will come from, of course is once we've able to feed those paper textile, human-animal, nutrition, building materials, bio composites, industrial sealants, encodings, supercapacitors energy field storage, nanotechnology, somebody stop me market.
Joy Beckerman: [00:21:08] And that is absolutely where Hemp is headed. But with regard to the report that you mentioned, my dear, is that a report that you make publicly available?
Julie Lerner: [00:21:18] Yes, it is. You can find, in fact, a year's worth you for it for a limited time. Sounds cheesy, I know, but we are moving to a subscription model in the near future that you can find every monthly report on our website.
Joy Beckerman: [00:21:32] And how about you go ahead and tell us your Web site right now, because that's very valuable information. So I would get it where you can focus and then consider a subscription with pay in exchange. But how can folks get to you right now?
Julie Lerner: [00:21:45] Absolutely.
Julie Lerner: [00:21:45] So it's panic's change dot com p-a and x S.H. and g e dot com.
Julie Lerner: [00:21:53] And you would go to the Hemp market news and find all this there. We've also started a survey system, informal surveys and these newsletters to that we would like people to participate in. Last month we did it on highest points of pain and lab testing, for example.
Julie Lerner: [00:22:09] And this month we we were related to our report is extraction amounts on the actual processing of biomass.
Julie Lerner: [00:22:18] So that's a that's a fun piece that will continue.
Joy Beckerman: [00:22:21] Excellent. Pan Xchange dot com and go to Hemp Market News. Now let's talk about some of your predictions, your predictions for 2020, which is gonna be a weird volatile year and then maybe your predictions for five years from now. What do you what do you see happening in the immediate future in these next 12 months? Yeah.
Julie Lerner: [00:22:41] So I wish I could be more rosy.
Joy Beckerman: [00:22:44] Joy, this is this is what the revolution looks like. Hey, is this is this is the unfolding of the reemergence of a crop, this versatile and this is what it looks like. This year, there's no apologies for it. We're we're heading into the sunshine, but it's not all it's not all roses. You know, as it unfolds. So go ahead and lay it on us.
Julie Lerner: [00:23:04] All right. We are oversupplied for the CBD market. So that's going to be painful and that's what we're gonna be dealing mostly with in the near future. I want to give some stats here just to put some perspective on the Hemp market, because we did talk about bulk grains and we did talk about the industrial side of this market. But let's let's really put that in perspective. If you were to. Take biomass at eight dollars a pound. That is the equivalent of sixteen thousand dollars per ton. Sixteen thousand dollars per ton. So, all right. Hold that corn and wheat. Let's talk about that. Right. So corn is trading at one hundred and thirty six dollars a tonne and we did one hundred seventy eight dollars a tonne. Those are prices for instant industrial uses like corn. And I'm including feed as part of the industrial uses. That is obviously. So that is where we're going. For the industrial side of the market. And also, here's the here's something that's mind boggling to me when we load corn and wheat out of the U.S. Gulf. It's in sixty thousand tons Panamax vessels. We believe if you're a two hundred and eighteen or so million pounds that that came that was harvested this year, 280 million pounds of biomass. That equates to less than two transactions, less than two vessels of corn or wheat leaving the United States. So I hope that's meaningful to some people because everyone got into Hemp is the panacea to the two, to the woes that we have in the U.S. agricultural market. And it can be and I am bullish on that, but it's kind of bifurcating two directions. One will be specialty, which I put CBD in, and the other will be much lower dollar value, much higher volume crop in the long run.
Joy Beckerman: [00:25:05] And, you know, I only see and it's painful. And there are going to be farmers, unfortunately. And that's where my heart breaks the most, of course, is for is for farmers who had big dollar signs, you know, in their in their eyes and pie in the sky and all of those types of things. But having said that, this is the pain that will cause the pivot into grain and fiber. And when folks ask me and they do all the time, I speak all over North America and in other parts of the world, you know, how can we prepare?
Joy Beckerman: [00:25:37] What can we do? And I say prepare to pivot. If you are growing for extract this year, then please grow a part of an acre with some grow some grain and grow some fiber for some variety trials on your land and be prepared to pivot into these other markets and into these other types and varieties of Hemp. And, you know, and I just think that's that's what's coming in. And it's going to be, I think, this type of pain that will that will have farmers do it because they're not going to abandon Hemp. These saids have just opened up the pathway for us. So Hemp is not going to be abandoned. Everyone knows about the promise and potential of Hemp. And believe me, we hadn't didn't start this movement, you know, 30 years ago or thirty five years ago. So that over extract Hemp extract hit us all like a ton of bricks. About six years ago, we had been educating and inspiring our legislators and our regulators for all of these decades based on those industrial purposes and the fact that the Hemp seed can feed the entire world. It is a superfood that needs a super K-P, the highest digestible form of protein in the entire planet animal kingdom, and that we can serve all of these industrial markets with this superior biomass. The most valuable bio cellulose on the planet is in that plant, while Hemp looks like flax or canasta while it's growing and other fiber crops on the microscopic level.
Julie Lerner: [00:27:09] It is a very, very different. The cellulosic makeup of Hemp fiber is incredibly unique and allows for the Indian applications to the creation of superior products. To be able to blend things with Hemp is to increase the value in the performance in almost every industry that we see. And on the nano scale of course, which we didn't have technology to see twenty five or thirty five years ago, we couldn't see things on the nano meter level. The nano leader, of course, is a billionth of a meter. It's just the most infinitesimal unit of measurement we can come up with. And as it turns out on the nanoscale, Hemp cellulose has tensile strength and surface area second only to graphite whiskers and carbon nanotubes, which are, of course, cost-prohibitive for research and development alone. So we're really talking when we talk about nanotechnology, aerospace industries, energy, fuel, supercapacitors, you know, we they began to discover back in 2014 that Hemp cellulose was superior to graphene in many applications. So, you know, it's coming. And and this pain might just be a part of it. So as you deliver that news, I don't want you to have a terribly heavy heart other than to send your highest vibrations to the farmers who are. Probably going to take the largest brunt.
Julie Lerner: [00:28:32] Well, I appreciate that, Joy, so much. I'm 100 percent behind you on all of that. If I may just add to that. And if there's any way that we apparent change can help drive, drive this discussion, we want to help out. Think about how the CBT market exploded because it was demand driven. And so to add to everything that you just said.
Julie Lerner: [00:28:55] Look, can we start talking about how do we get the industrial side of this market to be demand-driven? Because I really think that it's not discussed as much as it should be, because the price point is just too far away right now. What are the economics of that? Where does Hemp need to be?
Joy Beckerman: [00:29:12] No, it's because of its peak. It's because of the infrastructure. So here's the reason why, because that's all we talked about for years. And it's amazing how CBD and again, as much as I love CBD, I take one hundred and twenty milligrams of CBB every day and slather it on my body. Having said that, it takes up all the air in the room. It takes over every conversation. And even when you're sitting there in a seminar saying, I promise I'm not going to talk about CVB in this presentation. You end up talking about CBD, whether as a comparative or because somebody asked a question about it.
Joy Beckerman: [00:29:45] So, yes, it's everywhere. And as I often say in these shows, listen, we've been talking about the incredible environmental and industrial and in human and animal nutrition benefits and educating folks on him for years and years. And many people are listening. And that's why those markets do exist as small as they are. Of course, we see Manitoba harvest the new TBA on the shelf and we have for a few years now, thanks to Hemp History Weeks, a marketing effort, which is the annual campaign from Hemp Industries Association. But but the thing is, people are inspired to be healthy and treat their bodies in a more healthy way over time with their diet. People are inspired to do things that are better for the planet, and as manufacturers start to get educated, they're going to be inspired to see oh, adding Hemp into my existing operations is actually going to create a better product in a bigger market for me. But when CBB came along and people had a pain in their shoulder or they couldn't sleep through the night, and now all of a sudden immediately not long term because I added Hemp seed into my food today, not long term because I are making the planet a better place immediately there shoulder felt better immediately.
Joy Beckerman: [00:31:00] They got a good night's sleep. Now that's moving things along and talking. And for those reasons especially, I'm so greatly appreciative of CVD because it created this awareness in a huge, impactful way about what Hemp is. And it's giving us that opportunity. And to your point, it's also generating the revenue to create the infrastructure and generate the interest in Hemp to create the infrastructure for these other markets. And why you're not seeing it so much is because the infrastructure, obviously to create these other industrial products, it's actually generally more expensive than these extraction operations. And I'm not talking about the huge, you know, corporate extracting, you know, impressive slash scary, phenomenal extraction facilities. I'm talking about the mom and pop ones or the small ones that just started popping up everywhere. That infrastructure was less expensive. You know, to process the plant material, the flowering tops leads into extract verses that long, strong stock, which we love, that it's the longest, strongest stock in the world after it's harvested and processed harvesting and processing. It is, you know, tough. It's the longest, strongest stuff in the world. So new equipment, new infrastructure.
Joy Beckerman: [00:32:17] And it's coming on every single level. And Julie Lerner, I'm just so happy to have you on the show today. Believe me when I tell you, you are going to be coming back on if you will have us, because you're just a wealth of information and insight in your perspective, I think is extremely valuable to the building of the Hemp economy and this all of the emerging opportunities that are happening because of the world's most versatile, valuable plant. Julie, thank you so much for being with us today.
Julie Lerner: [00:32:46] Oh, my gosh. Well, I have to say to you right back, Julie, I mean, you were the queen of Hemp, and it's so exciting to talk to someone else who's passionate about doing what we can to help this market grow.
Julie Lerner: [00:32:59] And anytime. I would love it. Thank you so much.
Joy Beckerman: [00:33:02] Oh, my pleasure, my honour. There are lots of things Hemp out there. And thank you so much, Miss Julie. I know we'll be in touch.
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