Cannabis Catalysts: Navigating the Path to Federal Reform with Todd Harrison from CB1 Capital

Cannabis Catalysts: Navigating the Path to Federal Reform with Todd Harrison from CB1 Capital

In this episode of “Cannabis Catalysts,” we dive deep into the complex and rapidly evolving landscape of the cannabis industry with our expert guest – Todd Harrison from CB1 Capital. Join Eric and Isaac explore the mission of the Mission Green Alliance, an effort to unite the diverse voices within the cannabis industry for a common goal: equity and justice.

Todd, a seasoned advocate for cannabis reform, shares insights into the incremental steps necessary to move the industry forward. From safe banking legislation to the potential impact of the Garland memo, we dissect the legislative components that could reshape the future of cannabis in the United States.

Discover how state-level changes are creating positive momentum while posing unique challenges, the need for a rational federal framework built upon state-level structures and the importance of finding common ground among various stakeholders, from legacy growers to social justice advocates.

As we navigate the intricate web of cannabis reform, join us in this conversation that sheds light on the path to federal legalization and the opportunities and obstacles that lie ahead. Whether you’re a cannabis enthusiast or an industry insider, this episode is a must-listen for anyone seeking to understand the dynamic landscape of cannabis reform in the United States.


00:01 Eric:

Hey, Todd, how we doing today? Thanks for joining us on, uh, roots to Risk Podcast. Appreciate you.

00:06 Todd:

I appreciate you. Good to be here.

00:08 Eric:

Awesome. Well, just to kick things off, it’d be great to get a little bit better understanding of, of your background and, um, you know, I know that you were working in Wall Street for years prior to entering the cannabis space. I’d love to get a little bit more just about your background, how you got into the cannabis space and, and what you’re building now at, at CB One Capital.

00:28 Todd:

Sure. Thank you, uh, for the time. So, uh, yeah, wall Street <laugh>, uh, sort of, uh, since 1991 started Morgan Stanley worked my way up there, uh, to the buy side, was actually president of, of, uh, Jim Cramer’s firm back in the day. Um, and, uh, it was, you know, it was where I thought I was meant to be, supposed to be. Uh, and that’s where I was, uh, actually on September 11th and, you know, was down there and saw a lot of that grizzly shit. Uh, and, uh, didn’t really understand what P T S D was, uh, for some time, knew some things had changed, uh, and found cannabis to be very effective in helping me navigate that.

01:04 Todd:

Felt guilty about it. Spoke to, uh, a Doctor Pharmacologist, uh, by the name of Dr. Julie Holland, who, uh, as it turns out was, is one of the world’s, uh, foremost leading, uh, thought leaders on, on cannabis and the science.

01:17 Todd:

And she directed me to, uh, GW Pharmaceuticals. And I started studying the history and the weaponization and all of the sort of fuckery, uh, that’s gone on with cannabis over the last, uh, 70, 80 years. Uh, and the parallels, uh, you know, that we find ourselves in now and, uh, set out, uh, to, uh, start CB one Capital, uh, what was it, 2016. Uh, we have a, a wellness fund. It’s a long short hedge fund. Uh, we hung it, uh, an advisory shingle. Not long thereafter, one of our portfolio companies who we, uh, were helping asked us to, if we would formalize it.

01:51 Todd:

So, uh, we have two sides of the business, actually three sides now. But the second side is, is that advisory business, where we work with a number of companies, uh, to help them navigate, uh, this landscape, to make introductions and to try to add value.

02:04 Todd:

Uh, it’s been difficult in the last couple years had any value other than optimize, optimize, optimize. Um, but, you know, here we go. Uh, and, and, and, and it continues. And ultimately we got in this expecting, um, the normalization of this industry, uh, and the emergence of this industry as a economic jobs wellness engine, uh, for this country. Uh, and I, you know, that stands, uh, that stands to be the thesis still. Uh, but it’s been a lot bumpier than I think most people, uh, anticipated, myself included.

02:34 Todd:

And, and then finally that third piece is, uh, we’re proud to work with Weldon Angels and Mission Green, uh, on his efforts to, uh, affect federal cannabis reform, uh, and get prisoners of nonviolent can nonviolent cannabis offenses out of, out of prison. So, uh, that’s what we do. Uh, we’re passionate about it. Uh, it’s been a tough environment, but, uh, you know, you do what you want, right? And, and that’s what we do.

02:59 Isaac:

No, that’s awesome. Um, you know, I think, you know, given you’ve been in the industry since 2016 and kind of mentioned that there, there’s still some of the, the same old shit happening. What are the kind of major hurdles that you’ve seen, you know, maintain and stay in place, you know, since 2016, obviously federal standing and the scheduling is, is the big one, but what else have you kind of noticed that hasn’t really evolved with the industry so far?

03:23 Todd:

Well, I mean, where do we start, right? Um, <laugh>, I, I, I, you know, if we sort of framework it down into three phases, which we sort of have done just for juxtaposition that, you know, 1.0, which is that Canadian cultivation and funding capacity 2.0 is U S C P G, cannabis as an ingredient, and that wellness thesis, and then 3.0 was that biotech pathway, that efficacious agility, really taking the compounds to the next level and targeting, uh, different indications. And, you know, that’s been the trajectory, you know, but we’ve had those violent booms and busts, uh, in between, uh, largely driven by the dichotomy between federal and state law, um, and the inability to invest in cannabis.

04:06 Todd:

Uh, this was, what, three years ago? And you asked like, what were some of the things unforeseen, you know, after Jeff Sessions were sent to the Cole Memo and Pershing started to pull back on the custody for these cannabis securities, every bank has subsequently followed now.

04:19 Todd:

So, um, they’ve choked off, uh, you know, investment in the industry. Um, and that coupled with the two 80 e tax rates, uh, you know, has, has created a very difficult environment, even for the very best operators. Um, and it’s crowding out everybody else. Um, so I guess really the ineptitude, uh, or the lack of diligent thinking, uh, on behalf of the government officials and, and potentially, you know, that dichotomy between federal and state law, uh, and the delays, right? Like, now you think about going back to the 2018 election, New Jersey legalized, and, and this was going to be an economic driver and a jobs driver.

04:55 Todd:

And, you know, and really the beginning of that bookend from California cannabis to the East Coast, and then you had Covid, right? So you had the federal government flushed $7 trillion into, you know, into the economy. Much of it went to the States.

05:08 Todd:

Uh, and, you know, they stopped trying, in my opinion, to create programs that were economically feasible and scalable, uh, and, and tried to create a utopian vision of what the cannabis industry ultimately should look like. Uh, and there was no impetus to sort of maneuver that in a direction, um, of economic, um, you know, uh, you know, building, uh, you know, when you don’t need the money. And I think now that states are going to need the money, they’re starting to re-look at some of the programs and, you know, hopefully it’s, uh, you know, it’s not too late.

05:44 Eric:

Yeah. And, and Todd, uh, would love to dig in a little deeper on your work with Weldon. Um, ’cause I think it’s, you know, super important to highlight how, you know, obviously you’re very involved from an investment perspective, but also on the lobbying side and really trying to, not a lobby lobby, not a lobbyist. <laugh> not a lobbyist, big disclaimer, not a lobbyist, but helping shape, but helping shape regulation. Um, and, uh, I think, I think it’s just important to highlight that work.

06:15 Eric:

And I’ve spoken with Weldon previously, and it’s, and it’s a truly amazing story. Um, you know, if you could provide a little bit more to the viewers on, on that work, I think that would be great.

06:27 Todd:

Yeah. So I, I, I came across Weldon, Jeff, uh, Jeff Schultz introduced us a couple years ago, um, I think it was right after Safe failed in 2021. And they were working on, uh, pulling hope together as that, as that companion piece of legislation. This is, you know, February of 2022. I remember having these conversations and talking to Weldon, uh, and under, you know, he was Weldon’s backstory. He was convicted to 55 years mandatory, uh, prison sentence for, uh, for $300 of selling $300 of cannabis on three separate occasions.

07:00 Todd:

And it was a set, he was set up as a sting operation. He was part of, I think the dog pound, and he had Snoop and them coming to Utah to record. And they were convinced, uh, that there was a drug trade going on. And they tried to make an example of him, and they said, if you flip on Snoop, you’ll will let you go.

07:15 Todd:

And he was like, go fish. There’s nothing here. Uh, and they sentenced him to 55 years mandatory with no chance of parole. Uh, and the federal judge who actually <laugh> sentenced him, was so incensed that this was the law that he stepped off the federal bench of Republican appointed judge and lobbied for him for, uh, to reform the law. And ultimately, after failing the first time, because he was blocked by Mitch McConnell, evidently, uh, he got it through, uh, and that was the First Step Act. Um, and so watching him work with both sides of the aisle on the left and on the right, uh, watching the respect he commanded and watching, you know, this is a guy who spent 13 years before he got, uh, got pardoned.

07:53 Todd:

Um, and, and as soon as he got out, he’s been helping to try to get everybody else out.

07:59 Todd:

So I thought it was a noble mission, uh, and having spent so much time with him, I came to understand that, you know, there’s so many disparate voices in the cannabis industry right now, and it was a real embarrassment at the end of last year, uh, because we couldn’t come together for a simple ask. Everybody had their handout. And the feedback we got coming, you know, into the new year was, you guys need to figure out what you want as an industry before you come to Washington. Um, and so the idea was born to create the Mission Green Alliance, to really pull that in the industry behind Weldon.

08:31 Todd:

Uh, let him be that tip of the spear in these, in a lot of these conversations, uh, he’s got, you know, he, he, he’s got the credibility, he’s got the respect of both sides, and he’s got no agenda other than to see an equitable, uh, outcome.

08:45 Todd:

Uh, and people released from prison for nonviolent cannabis offenses. And, you know, we may not be able to agree on a lot of things as an industry, but I think we can agree on that. Um, and then the lesson for, I think a lot of people who are working on this subsequently is, um, you know, what did we learn last year? Like, you know, it’s okay to have an ideological vision of where cannabis should be, like I personally think it should be Descheduled. Uh, but that’s a few steps away, right? By design, uh, when they implemented the war on drugs, they made it very difficult to unwind it, uh, by design.

09:16 Todd:

Uh, the people who don’t want cannabis to succeed, they need one step, right? That’s just on the road of success. Uh, so unless we work as an industry and, and line, uh, then we are at a, just a major disadvantage. And, and that was what we are trying to do with the Mission Green Alliance.

09:34 Isaac:

Yeah. I guess, you know, because Descheduling is such a important step, especially on the medical research side, like what are the steps, I guess since it’s not a single step that you mentioned, um, what do you think the, the steps are to get that process moving along? Is it just having, you know, the government listen, uh, presidents doing something about it via presidential order, I guess, what, what do you feel is the best possible next step to keep that moving in the right direction?

09:59 Todd:

So I think it’s a function of sequencing. That was the other thing we learned from last year, uh, is the incremental steps that you need to take, uh, in order to move that boulder the first two inches. Um, and that, I think first step is that safe banking and, and hope, uh, that package they negotiated last year, I think they did a lot of education. There was a lot of heavy lifting, uh, and, you know, it was, it was poised to move, right? You could, the, the Democrats and Schumer, uh, are to blame because they left themselves exposed to have it blocked. Um, McConnell ultimately, you know, the, what is it, the scorpion and the frog, like it’s their nature.

10:35 Todd:

He had the opportunity to, to, to, to, to scuttle it. So he did. But a lot of work was done. A lot of momentum was made on this, and, and, and nobody won except for maybe the alcohol industry or others that will benefit from lower prices of, you know, for cannabis companies.

10:49 Todd:

Um, but, but the reality is, uh, that is still sort of next up. Um, my understanding after that is there’s other legislation and, and we saw a preview of that from, uh, representatives Dave Joyce and Hakeem Jeffries on the Prepare Act. And that’s really letting the states sort of dictate the rules. And that would solve for two 80 e presumably, and, and have other criminal justice components. But that, I believe is legislatively, uh, what’s behind, uh, safe and hope, uh, hopefully. Uh, and, and then you have the h h s review, which you alluded to.

11:20 Todd:

Um, that’s an expedited review with quotation marks, right? ’cause nothing in the federal government is expedited by design. Um, but that is going to review the scheduling of cannabis. Now, that committee, uh, and there’s a process involved, but ultimately they can reschedule. But you need a, you need an active Congress to deschedule, right?

11:42 Todd:

So that’s where, you know, the incrementalism comes into play. There has to be steps toward the descheduling. And I think getting any federal legislation passed, like banking is gonna be super important. And it’s not just because, you know, it’s not just because the credit cards, it’s not just because, uh, the all cash business, you know, safety, this is a genuine safety issue. Uh, but the way the market is constructed right now, the cost of capital for cannabis operators and the ability to operate, unless you are a green thumb or a Verano, or a Glasshouse or one of these companies that are, you know, poised to take advantage of this, uh, you know, environment.

12:23 Todd:

And there’s, there’s others <inaudible>, I think. But point is like, unless you’re really, really good at what you do, you’re not gonna survive much longer. Like we use the analogy a lot. You can hold your breath for a minute under 10 feet of water, but you can’t hold your breath for 10 minutes under a foot of water. Like this has been going on three and a half years now. So people are, people are gasping for oxygen.

12:48 Eric:

Yeah. And, um, no, I mean, we, we’ve seen it as well. And, and I guess in ter like re very recently, you know, safe has been reintroduced. Like, what are your thoughts on that? Do you think it has any legs or, um, not sure if any of the conversations that you’ve been having going into DC has been around that, but wanna get your thoughts?

13:09 Todd:

Well, a lot of the conversations are around that. That is what everybody seems to be focusing on as the next attainable piece of legislation. We think it’s, you know, got the votes. Uh, we think that there’s a path. Schumer said there’s a path. We don’t think Schumer says there’s a path unless he knows there’s a path after what happened at the end of last year. Uh, and then you go to the house and, and my understanding is that there’s a few different pathways there. Um, you know, this is all contingent on, I guess the US government funding its debt obligations, right? Um, and, um, the broken system not really breaking, just metaphorically breaking.

13:43 Todd:

Um, and that’s not a 0% probability, but certainly I think, uh, there’s motivation to get that done. Um, but, you know, going back to cannabis specific and, and what we can look forward to, we talked about those potential catalyst legislatively, we talked about the potential catalyst or the H hs SS review.

14:01 Todd:

You also have the Garland memo. Uh, and I know people sort of poo-pooed that it’s not a law, but remember it was when Jeff’s sessions pulled, uh, the call memo that all of the problems for cannabis really started. So I think, I believe we’re gonna see incremental steps, right? Uh, hopefully it looks something like safe and hope go first. You have this other legislation teed up into next year. You have a Garland memo somewhere in between there. Um, and I would think any h h s review is probably 2024 business ahead of the election.

14:33 Todd:

Uh, but I don’t have visibility on the timing there.

14:42 Eric:

Abby, anything Diane, or, yeah,

14:44 Isaac:

No, I mean, I think it’s, uh, the industry kind get your point is in a, a make or break type of moment right now. And, and we need to see some sort of positive step in, in the direction one way or another, whether that’s, you know, legislatively, um, or, you know, some sort of economic, you know, rebound, um, on that side of things, just speaking of, you know, on the, on the CB one capital side, you know, what are you guys doing in preparing, um, you know, for a potential continuation of where the market currently is? Or how are you guys viewing, you know, kind of the next 12 to 18 months in the industry?

15:16 Isaac:

So if nothing changes?

15:19 Todd:

Well, I mean, if nothing changes, I think the, you know, the, you’re gonna have a very concentrated amount of, of operators. It is not dissimilar from Y two K where you had a lot of pets dot coms, you heading into it, and you had a fang that came out that was fortified. Um, and there’s a handful of companies that win, lose or draw with, with any federal reform we think are going to survive until there is federal reform. But, you know, there needs to be a kiss from the God so to speak. We think there will be, but there needs to be some federal, uh, some federal, um, movement.

15:54 Todd:

Uh, which is why personally, like I’ve been, you know, uh, focused on safe for two and a half, three years now. And I was like, you’re obsessed with it. I’m like, yes, because I did not want us to get to this point, right?

16:03 Todd:

Where like, nobody can actually get a loan and, and the people who can are, are gonna just buy the businesses or bolt on the other businesses because everyone else is suffocating ’cause they can’t get capital. Um, and you know, there is a contingent of people who think that’s by design, that this is not an accident, that this is, uh, you know, that follow the money. Uh, and I, I can’t speak to that, but I, what I can say is that there are some very good, um, operators out there that are gonna do well regardless of the environment.

16:33 Todd:

But if you get that kiss from the gods, uh, and you see that two to three, to four to five x, you know, turn in terms of, uh, uh, value, uh, uh, unlock, uh, you know, if you’re not there, you’re not there. So like, we’re staying, you know, we’re staying pat with the names that we think are the survivors.

16:52 Todd:

The irony is that if you do see safe, they’re gonna come for the big names first. But the, you know, second and third tier guys will probably have a lot more beta ’cause they’re left for dead at this point. There’s some really good diamonds in the rough down there. Uh, so we’re trying to find those and, and focus on who’s executing on their plan through this. And there are some who are executing, and there are some who are not. Uh, but this industry’s not going away, right? There’s a hundred billion dollars of, of cannabis sales a year, man, as prices come down as they have, uh, a larger percent, a larger percentage of that will be through the legal channels.

17:26 Todd:

Um, and those in position to grow quality cannabis at scale and consistent and pure, uh, products, uh, you know, they’re gonna win. Uh, and that’s always been a thesis just taken a lot longer to unlock than, uh, than I think most of us thought.

17:41 Eric:

Yeah. And I, and I think too, like, you know, there still is positive momentum, right? We’re seeing Maryland just, you know, obviously approve recreational. We saw, um, Minnesota, uh, very recently as well. And, and also just other, other states in the pipeline, you know, potentially Pennsylvania. Um, so it’s interesting, it, it, it feels like there’s this gigantic wall that we’re trying to climb, but also at the same time, there is positive change and momentum, you know, at the state level.

18:10 Todd:

Yeah. And, and I’ll tell you, if you’re not looking at the stock prices, what a, what a time to be alive, right? I was having this conversation in DC they’re like, you know, in terms of like issues like this, the rate and pace of change is, has been astronomical. Like DC standards. They’re like, you have no idea. Like, people used to laugh you out of the room. Now it’s like, wait, do I need to be on this? Or can I just not, not say no. Like, or not, not say no, but my point being like, we had a lot of conversations with lawmakers who are passionate and they’re passionate for different reasons.

18:42 Todd:

And the same reason you talk about all the stakeholders wanting what they want, they’re all, they all have a, you know, they all have a, a, a legitimate sort of case to make, right?

18:54 Todd:

Um, right around the table. Everybody’s got a case to make. Like everybody hates the MSOs, but who are the, they’re the opera, they’re the entrepreneurs in the pioneers who did it better than everybody else. They’re the ones still standing, they’re being vilified as big business, but they’re not big business like big businesses. Budweiser, and, and you know, Philip Morris, like that to me is big cannabis. Like these guys are, you know, the little engine that could, uh, and, but they’re not to blame, but they’re also not the only, you know, seat at the table, right? You have, uh, everybody, you know, from, whether it’s criminal justice, which I think is the first seat at the table, social justice, different conversation, but also the seat at the table, right?

19:31 Todd:

You have the independent legacy growers. They should also have a seat at the table. There has to be a way where we can have a rational conversation.

19:38 Todd:

’cause everybody’s trying to rip the baby right now, and the baby’s gonna get ripped into a million pieces. Um, so, you know, what we’ve been advocating for, um, is to build that federal framework upon, uh, the state level structures, because that’s, they’re there, they’re the first and only cannabis industry ever built in this country. You have the 10th Amendment, uh, as laboratories of democracy. And okay, let’s, let’s structure, um, that interstate commerce around that state level framework and give the, you know, if we have to move into a three tier system or whatever it is, fine, give these operators an opportunity to cure to, to, to divest or, or to otherwise pick a lane.

20:18 Todd:

Uh, and, and off we go. Uh, and I think that, you know, ultimately is the only thing that’s gonna really eradicate the illicit market is getting the cost structure and, uh, and the national framework of cannabis in place so that I can buy my glass house, uh, for my Verona dispensary, but I could also get my bits right and I’ll be able to get them much cheaper because, um, you know, they’re not going through, uh, all these onerous underground railroads that, uh, that are shipping a lot of product east.

20:46 Todd:

Um, some of which, or all of which I think isn’t tested. Um, I don’t know. It shouldn’t take something bad to make, to make, to, to make some rational decisions. And unfortunately, uh, we got, we got, we got our work cut out from us, but we’ll get there. But it’s just self-inflicted wounds aren’t necessary at this point in the cycle.

21:05 Isaac:

Oh, definitely. I think, you know, what you kind of pointed out is because of the way it’s currently structured, like federal legalization doesn’t immediately make this a an easily solvable problem overnight. There has to be some sort of framework for what that would look like. And it sounds like those are the conversations you’re trying to push forward right now is what would this look like? Should federal legalization turn on?

21:26 Todd:

Yeah, well, it ha it, you know, there has to be, um, I think, you know, if it, if if there’s not, um, I say this, the only way this is gonna move forward, you know, if, if they try to push this through, uh, and, and understand like just from a legislative standpoint, how many senators, uh, and Congress people are from states now that are deriving all of their jobs or driving a big portion of their jobs, they’re gonna fight for their businesses as they should. And the only way that I think you’re gonna get to a place where there’s an actual solution, uh, is by allowing, uh, you know, the states to basically build, uh, off of, you know, the, the federal structure to, to build off the state level structure, um, and then, and then, you know, implement the, um, interstate, uh, around that.

22:13 Todd:

Um, but that’s, like I said, that’s a couple steps away. Like the first thing we need is banking, what we need, plumbing pipes for the liquidity. We need, uh, the ability for these operators to access money. Uh, New York State needs to be able to open their social justice fund. Um, yeah, I mean, it’s like, it’s gonna happen. Uh, but this pause, uh, aside from chasing so many people away from the sector, it’s just one of those things that, you know, time is not the friend of a lot of these operators right now unless you’re amongst the select few.

22:45 Todd:

And those few are gonna do great. Uh, and that’s, you know, from an investment standpoint, that’s what we’re looking at from an industry standpoint. We’re trying to solve for a lot of the bigger problems.

22:55 Eric:

No, and, and I, I think that’s great insight. And, and Todd, like when you, when you’re working in DC you know, with Weldon specifically, are there any other organizations or operators that are, that you’re coming together with to try to push the initiative forward? Or is it mostly just in-house with CB one and, um, and Weldon?

23:13 Todd:

Well, I mean, honestly, it’s not even CB one. Um, you know, Weldon’s the guy, um, I, I’m not, I’m not the guy. Uh, I’m just trying to support him and help, help the operators allow their customers the ability to round up, to support federal cannabis reform. So this was really about a lot of the people who have leaned into that, uh, to go down there and see firsthand some of the work that’s going on, uh, that we were down there in this particular instance to preview his documentary, which is coming out in the fall. Uh, but you know, the guy, there are people who are doing real work down there.

23:46 Todd:

Um, I don’t, you know, you had said before, lobbyist, not the lobbyist, uh, certainly not, not even the guy who understands all of the sort of political, it’s, it’s very, everything in DC uh, I say is political, uh, as you might expect, but it’s too political for me, other than, you know, I know Weldon knows, uh, who he needs to speak with and what he needs to say. So trying to get, uh, support for him. Uh, but there, I, the only thing I would observe is the need for this industry to work much closer together.

24:18 Todd:

Uh, it’s, it’s, it’s this still too many, you know, too many, uh, asks coming from two diff two different, many directions, and it’s not helping us as an industry.

24:31 Eric:

Understood. No, and, and there’s been a really great discussion, Todd, and, and very insightful. Um, and I think just, uh, you know, when we, when we started Roots to Risk, we wanted to provide a lot of different perspectives and, and content for, for the viewers, whether it was on the capital side, operator side, you know, also on, you know, legislation and reform. So I think you’ve, you’ve hit all of them and, and really appreciate your time today. And before, before we, uh, wrap things up, Isaac, uh, just wanted to give him the floor to ask a, a few fun questions, you know, not specifically cannabis related.

25:05 Eric:

Um, and, uh, and then we’ll get you on your way.

25:08 Isaac:

Yeah. Got, got a couple, uh, just, you know, get to know you type questions. So I know you mentioned, uh, before we jumped on that you were good, go to the gym. So what’s at the top of the workout playlist? What’s the go-to song to get you pumped up for a workout?

25:22 Todd:

Uh, if I’m telling the truth, I jump down on the Peloton and I’m, I’m about halfway <laugh> halfway through season four of Breaking Bad for the second time. So I, I, I throw on, uh, I try to get a, uh, uh, a show that I’m like, uh, and I’ll, and I’ll, I’ll bang out a Peloton at a time, uh, just at any point during the day that I have a window. Uh, so yeah, but I’ll do it. I’ll do, I’ll do a bigger workout maybe once a week with a trainer, but I’m not, you know, those days are behind me. I’m not, you know, I’m not trying to impress anyone right now. I’m just trying to stay above.

25:53 Eric:


25:53 Isaac:

Gotcha. Um, cool. No, I mean, makes sense and yeah, I’m sure you have, you have a ton of stuff going on, so that, that all makes sense. Um, and

26:00 Todd:

Do you, do your viewers know, uh, what a big, uh, deal Eric is in the lacrosse community? I mean, he’s a pretty big author lacrosse community, this guy. I hear his all over the place. I, I just previous life royalty, evidently,

26:16 Eric:

No, he wishes,

26:17 Isaac:


26:17 Eric:

He wishes. Yeah, I, but, uh, that’s actually how Isaac and I met, um, was, was through Israel lacrosse and, um, building that relationship. And I was in between a job at the time, and, uh, one thing led to another Isaac. I don’t know if that was the best decision or worst decision he is made, but, uh, help me get a job, see, see

26:38 Isaac:

How it pans out.

26:39 Todd:

How, how did you, uh, Israel lacrosse? So, uh, Gavin, our son played for Team Israel in the, uh, world Series in Denver a couple years ago. Yeah, that’s, I’d be interested to, to, to run that back to see if there’s any crossover.

26:52 Eric:

That’s awesome. Yeah, so we’re playing, I’m actually playing, uh, this upcoming weekend, uh, Memorial Day weekend in the Heritage Cup, um, that’s outside of Philly and, uh, you know, kind of around the Final Four. And there’s a ton of like Israel lacrosse, developmental teams, um, as well. And, uh, yeah, honestly, Isaac and I were both reached out to, while we were in college, as you know, Jewish players and, um, we’re really passionate about continuing to play as well as represent Israel and being, you know, a proud member of the community.

27:25 Eric:

And, um, one thing led to another and, uh, I guess I’m, I’m back playing, so for, for better <crosstalk>.

27:32 Isaac:

Yeah, it, it’s funny, we’ve, uh, we’ve both played on the national team a couple times, but never, never together on different versions of the team, whether indoor eased on the outdoor stuff. And then I did the sixes last summer, but it’s, uh, it’s a interesting way to have met someone who you now you’ve talked to every day, <laugh>.

27:48 Todd:

Yeah, yeah. Are you gonna be in Philly this weekend for the games?

27:51 Eric:

Yeah, I don’t think I’m gonna be going to the Final Four, but I, if Hopkins was playing, I’d be there, but, uh, but I, I, um, I think the event is at Rowan College, which is like right outside Philadelphia, so.

28:04 Todd:

Got it, got it. Well, I appreciate you guys taking the time today. I hope we get to do this more often and, uh, you know, thank you for everything you do. Yeah,

28:12 Eric:

Absolutely Todd, same here. And, um, enjoy the rest of your day and we’ll, uh, we’ll definitely connect in the near future. And again, thanks for your time and insight and I think that this was a great, great session for, for the viewers and, um, keep doing what you’re doing ’cause it’s definitely, um, you know, providing impact and, and also, you know, supporting Weldon and, and what his initiatives are is just, is great for the industry.

28:36 Todd:

Great. Well, I thank you guys. I look forward to doing this again, uh, on the other side of the cycle. <laugh>.

28:41 Eric:

Sounds good, Todd, have a great day.

28:43 Isaac:

Absolutely. Thanks, hug.

28:49 Eric:

What’s going on, Isaac? How are we doing today? Got another, another? I’m doing good.

28:54 Isaac:

Yep. Another one down. How are you doing today?

28:58 Eric:

I’m good, man. Fired up to be here. Uh, excited. I think we have, you know, a really, really prominent guest, um, Todd Harrison from CB One Capital, you know, been a, a long time investor in this space. Um, and, and we’ll obviously learn a little bit more about CB One Capital and what he’s doing on the investment side, but also really excited to hear, you know, what he’s doing, um, with Weldon D’Angelos and, um, a lot of regulatory reform in DC. So I think it’ll be a really well-rounded conversation, um, to kick off kickoff his beautiful day in May.

29:34 Isaac:

Yeah, absolutely. I think, uh, he will provide some very unique insight given, you know, kind of the two, the two hats he’s currently wearing in the space, uh, on the surface, which I’m sure he does a bunch of other stuff that we’ll get into as well. So, uh, definitely excited to hear from Todd on, you know, the, what CB one’s doing, what their plans are for the next year, um, as well as what’s going on on the advocacy side.

29:56 Eric:

Yeah, and just a little bit more about Todd, but he’s the founder and partner and chief investment officer of CB one Capital Management. Todd has spent over three decades on Wall Street managing risk and researching financial market strategies. Um, his institutional experience includes Morgan Stanley, uh, the Galland group, Kramer Berkowitz, L L C, um, and he’s been, um, very active in research and financial market learning tendencies among college students and was a contributing author to threat intimidation and student financial market knowledge.

30:31 Eric:

Um, an empirical study published in the Journal of Education for Business. Um, he’s appeared on C N B C, Fox, Fox Business, M S N B C and Bloomberg, and Next Roots to Risk podcast. I would say probably similar size media outlet. So, um, definitely, definitely, definitely on par with Bloomberg and M S N B C <laugh>. Um, but, uh, but no, I, I think it’ll be a, a really great conversation and excited to, uh, to hear Todd’s perspective, so let’s bring him in.

31:06 Eric:

No, that was, uh, another great conversation, Isaac, and, uh, not, not to sound like, uh, you know, beating a dead horse, but I, I think the, we’ve been able to really get some solid people on. Um, and you know, Todd is a, is another one to add to the list and what he’s doing, you know, obviously on the investment side and the information that he is able to provide, you know, at the, I would say, operator level and, and what’s going on in the industry, but also on the regulatory side and those nuances, I think is, um, very, very interesting.

31:36 Isaac:

No, definitely. I think, uh, he provided great insight on both sides of it, right. Um, I think he has a pretty unique perspective, um, given what he does within the space and, uh, you know, I always think it’s really interesting to hear kind of how those, um, internal conversations down in Washington DC goes. ’cause I think that’s one of the, the least transparent parts of any industry, and obviously it’s the same for this industry. So, um, definitely cool to hear, hear that side of things as well.

32:04 Eric:

Yeah. And, and Weldon, Angela’s story outrageous. Um, yeah,

32:08 Isaac:

It’s ridiculous they’re doing

32:09 Eric:

And what they’re doing at Mission Green and how he’s been able to turn, you know, a, a really challenging time in his life into, you know, positive change is, is really, uh, commendable and um, you know, something to aspire to.

32:24 Isaac:

Yep, absolutely. I agree.

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