Bruce Linton chatted with Corinne Cardina, Bureau Chief of Healthcare and Cannabis on Fool.com about what he's been up to during the coronavirus pandemic. After raising $150 million in a Special Purpose Acquisition Company (SPAC) this spring, he's deciding which hemp-focused companies to buy up. Linton told us about his other ventures including serving as a board member of two psychedelics companies, a cloud-first software company, and a peer-to-peer 'stuff' lending platform he's planning to take public soon. The former CEO of Canopy Growth (CGC 5.22%) also shared his observations on how COVID-19 has impacted the marijuana industry and explained why he thinks the future of cannabis is in hemp -- not CBD.
Corinne Cardina: Good morning, Bruce. I am Corinne Cardina, Bureau Chief of Healthcare and Cannabis on Fool.com. Thank you so much for spending your morning with us today. I so appreciate that. Are you much of a morning person?
Bruce Linton: I am too much of a morning person.
Corinne Cardina: How long have you been up already?
Bruce Linton: Well, the COVID thing has taught me that the ideal time to go to sleep is just around 10:00 maybe 10:30 and the perfect time to wake up is 5:00. Now, that's what my body tells me, but I will confirm to you there's not that much happening at 5:00 in the morning. But yeah, I'm a morning person. I really am and today is beautiful. I'm in Ottawa, Canada, and what's going to happen next is not going to be beautiful. It's going to have all the leaves fall off in snow fall. But today, it's crystal clear blue skies and one of the things COVID's taught us is that airplanes don't need to go over top of us all the time and we can have an expectation of crystal blue skies. I think one of the durable things that's going to happen is people are going to say, "I want an electric car. I want a hydrogen car. I want to see companies spend 25% of their prior maximum on travel and living," because we're getting a lot of s--- done and we're not going on planes, which means that companies could save money, environment could be better, and stuff still gets done. If they were smart companies, they'd take a third of their savings, so a third of that 75% of travel and living and say, "Hey Bruce, would you like to have a bike at your house on rollers? We'll pay a maximum of this much." I think there's going to be cascading good things unless you're a hotel or airline, then there's cascading bad things.
Corinne Cardina: Definitely. Most of us who watch the cannabis space, we're familiar with you, Bruce. But for anyone who may be new, Bruce Linton co-founded in 2013 Canopy Growth and ran the Canadian pot giant during a period of incredible growth. Then you moved to a brief stint at Vireo Health (VREOF +2.52%), which is a multi-state medical marijuana company, and now you've got your own thing going, Collective Growth (CGRO +0.00%).
Bruce Linton: I would say yes. I co-founded Tweed, is what it was called originally, Canopy, and it went from a bad idea to 16 rounds of financing which raised the total of a little more than $6 billion and 31 acquisitions, which were almost $4 billion of acquisitions from one location in one place in Canada to 10 in Canada and 16 countries in total. The reason I left is we had a strategic investor who came in and they have the right to take over and they did. Did I want to leave? No. But if you give me four-plus billion U.S. dollars for less than a majority of the six-year-old company, you too can fire me. Vireo was one of 10 things I started into right after. I was doing 10 concurrently. I picked them, each of them, so Gage Cannabis in Michigan is a dominating single-state operator. I wanted to see what it'd look like to do that. I've a fund in Europe that I started called Oskare, O-S-K-A-R-E, Capital, which is doing investing in third-generation cannabis research. Meaning, how do we get to curative state solutions in medical? How do we invest enough in science that we can actually start to utilize definitively various cannabinoids? That's €150 million fund. We've got our first investments we've already made up in Denmark and so I was doing that, a bunch of things. With Vireo. I liked it because they're in multiple states, they're out of money so my friends and I put in 10 million bucks but problem is when you put money and I think I have a view of what we should do and they didn't, so bye-bye. But the good news is my stock was $0.77, and your stock's showing right now it's about a $1.30 and I have a $0.96 warrant on Canadian dollars at $1.30, not a bad rate of return to make north of 75% in six months. But I'd also started into things like MindMed in the psychedelics which I prefer to call neuro-medicines. That was a very bad idea when I invested in July last year because it hadn't formed to go public and it didn't list til December and a lot of people thought it might not. I knew it would. There's lots of stuff going on.
Corinne Cardina: So now you're back to doing 10 things at once.
Bruce Linton: Well, I was co-founder of Ruckify and when I founded Tweed, co-founded it, I was driving Tweed, but I was also running this one, Martello, and I ran it for four years while running Tweed as CEO. It went from under 300,000 in revenue on a total annual basis to now more than a million a month recurring revenue. It now has over 5,000 clients and it's getting ready to be bigger. Microsoft (MSFT 1.19%) is one other thing. I think you should do at least three things at once because they each influence each other. Part of the reason Tweed, Canopy scaled really rapidly was because living in tech I realized you should never buy a server. You have to be a cloud-first company. If you're going to be a cloud-first company, you start making rules like we can only bring applications in here which have published APIs and can actually be put together without any proprietary second-party work. It didn't matter when you take that logic if the place you're working is in Smiths Falls, Canada or in Germany, everything's equidistance when you're a cloud-first company and you actually seamlessly scale. I think you should do multiple things together because they actually totally influence how you perceive things. This morning, I was looking at my early wake up, I still don't have a car. I haven't owned a car since January 25th when it got totaled and I got busy and I've been looking at but I can't yet move to buy an electric car. The favorable things about buying an electric car is I think Elon Musk might be the most unbelievable entrepreneur in the last 150 years. The bad side is, I don't think electric cars should exist on a battery basis, I think hydrogen cars make more sense. But if I wait to buy a hydrogen car, it may never happen. But like hydrogen is a way smarter way. Why do you want to make these batteries? It's going to have a huge mountain of batteries in about three years going, what the hell do we do with these batteries?
Corinne Cardina: Yeah. That's so true.
Bruce Linton: While hydrogen, all we have to do is figure a way, like if you said, "I'm going to take a bunch of water out of the ocean," most people say, "Well, that's good. There's too much water in the ocean, they're rising." What we have to do is desalinate an ocean, parts of it, take that now, not saltwater, fraction it into hydrogen instead of storing things in the battery, store them in hydrogen, get everybody doing it. Then yesterday, Airbus announced I think by 2035, they plan to have the regional jets all operating on hydrogen. I didn't hear anybody making a bunch of Lindenberg jokes, it's actually a good idea. That's the stuff I think all these things cross-connect and cause you to be more interested and see ways to get stuff done.
Corinne Cardina: I love that. Lots of synergies with all these different things.
Bruce Linton: Well, they used to call it multitasking and now they call it medicated for ADHD. I like to reflect upon it as multitasking.
Corinne Cardina: Let's talk about Collective Growth Corporation. With this company and its a SPAC, we'll talk about that a little bit more later but I want to talk about the hemp market. You're looking beyond CBD, which has been the buzzword for several years now, and you're going all in on hemp. I think for a lot of us who follow the cannabis industry, CBD and hemp have become kind of synonymous but the truth is that there are some important distinctions. Can you share the reasoning behind that strategy?
Bruce Linton: Don't take this the wrong way. I never was a huge fan of CBD unless you've got to super high dosage. I think a lot of this stuff has possibly a placebo effect but really, the dosage is the, you see GW (GWPH +0.00%) using in order to diminish or extinguish specificity are much higher than what people are using and I think a lot of the things we're people say they used to sleep. There is a lot of evidence that says that's only half the equation you'd actually have some proportionality of THC. I was never super fan of it but essentially if you look at the history of it. Hemp was massive in America, you didn't get to Canada and America unless you actually had hemp so you can make your sales and rigging and stuff. All of the history of hemp wasn't about CBD, it was about the fibers that were in that plant and the protein at the top. In 2018 when they returned it the only reason everybody didn't jump back to saying, how do we make better car bumpers with this? How do I make it prior to my jeans that I wear? How do I use the proteins that I actually have something that's a super stabilized protein and delicious and like all the virtues instead everybody went, "Man, I want to make CBD with this." What happened was a whole bunch of planting of crops which are more stout and not the tall 21-foot ones which ideally are used for the fibers and the core of it. Because the CBD song was playing so loudly, nobody questioned it. They planted a million acres and then you've got so much bio-mass it's like virtually free. Where what we wanted to do is I can make free CBD if what I do is monetize the plant. A 21-foot tall plant that's about the diameter of your thumb, means that running up all sides of it are these cables, fibers. What they do is keep it from falling over, because this is really good root which that root is great for soil. That fiber is as strong or stronger per diameter than if it was made a steel and so you can now buy a BMW made in Germany that's electric and it's 21% made with hemp fibers and hemp components. You can charge those hemp fibers if you twist them together the right way and they are lighter than copper as conducted. You can do a lot of stuff with it. We raised the money of the SPAC in May and because there's no giant company doing this, there's a whole bunch of them in Europe during parts of this. What you need to do is basically our SPAC is a special purpose acquisition company, which means we have to buy things and we have to use at least 80% of the 150 million of value or it doesn't qualify. There is nothing not one entity that I can buy to do that's so what we're going to do is hopefully buy several of them, put them together, make them become public, and use a balance of our cash to bring them to America. Open up facilities where they grow hemp, but now it's a field that doesn't have any way to go from the field to the factory because the intermediary step of turning up the value of all those things I described doesn't exist. People just keep using hydrocarbons and cotton, nylon, and all that kind of crap. The SPAC, if we do it right is that and if you ask anybody how you do the SPAC of course we're doing the wrong way. Where you're supposed to do. SPACs generally are some folks who raise a bit of money, maybe 120 million bucks and then they say to your company which is worth 800 million or a billion, you can become public now and have my money. The way I make money is I have super discounted stock. Maybe I make 10 million bucks, 20 million bucks, I don't know. But then you're not involved anymore you have nothing to do with that company they're gone. That's sounds super boring because you got to do another one you still didn't create anything all you did was make a little financial instrument. What we're doing the opposite, we want to take $150 million and create a billion-dollar company, which is not the way people do SPACs. But I don't know, it seems more interesting because then you're still running the resulting acquisitions.
Corinne Cardina: Yeah, absolutely. So, why did you decide to go this route specifically for the hemp industry?
Bruce Linton: That's a good question because clearly I'm not a big trend of SPACs based on my last rant. But if you are in Europe and you have a business and you've been building it for 20-30 years. Now you're a bit older and you want to sell it, you can just take cash. Cash is good but if you can take some cash and equity. Now do you like equities that are listed on like the Mumbai Stock Exchange? I'm in Europe, I never heard about the Mumbai stock exchange. I don't think I feel good about that or do you like Nasdaq stock? Oh, yeah, I like Nasdaq stock, that's the one in New York that's virtual and it's got all the tech companies, yeah. So now I'm a public company with two currencies of value, cash US dollars, Nasdaq listed equities. And so you can make transactions with people, where you're going to have them focused on a little longer because maybe 75% of the purchase price is stock. That now has alignment between their history and the future of the company in the hands of the new owner.
Corinne Cardina: That's so interesting. Very good point. You mentioned that the European hemp market, has been doing it's thing. You're based in Canada, Canopy didn't operate in the US but with hemp in the US the production of hemp became legal with the passage of the 2018 Farm Bill. Kind of a rhetorical question, but did that regulatory barrier being removed in America impact your decision to focus on the hemp market here?
Bruce Linton: Hundred percent. What exists behind prohibition of anything often is a bunch of things that are misunderstood and have value that has not been realized for a long time. Prohibition generally is a multi-generational stupid act. In 2018, I was pretty excited to see it open and it was quite evident by late 2019, people planted mostly the wrong crop and there's too much. We've been working on this in 2019 and we brought it out. I was beginning to raise the SPAC on March 12th, I believe was a Thursday. If you go back to March 12th and you look at the front cover of the Wall Street Journal. Here I am I'm beginning to go out and see clients to raise money and the cover the Wall Street Journal has two headlines; Pandemic declared and end of 12-year or 11-year bull-run today. Pretty lucky I'm going marketing today they shouldn't be many other people dumb enough to be out marketing today. That turned out over 10 meetings only two happened for real, the rest were phone calls. We did a couple of more on the Friday virtually and by the Tuesday we had to stop, because you remember then everything really it was just like falling knife so park, and then at the beginning of may and mid-May, I did two and a half days of marketing using this --Zoom (ZM +5.07%). It was amazing because that was still early enough that all the portfolio managers were sitting at their kitchen table or in a basement or God knows where they were but they actually paid attention. In two and a half days presented the people I think in six cities and had 250 million bucks offered or so and raised 150 million. To me, it was the big aha, you can actually do more faster with Zoom.
Corinne Cardina: Definitely. You've got a captive audience.
Bruce Linton: Yeah. You know what, I didn't have to do? Shuttle through airports, gets stuck in Manhattan traffic thing. Are we going to catch the last commuter over to Boston? Oh, we missed it, we'll get the first one in the morning, none of that.
Corinne Cardina: Yeah. Great. How a SPAC works, Special Purpose Acquisition Company, is that you've raised the capital through the IPO, but then you're going to use those funds to acquire private companies. What kind of company are you looking to purchase, or what's your criteria as you evaluate possible acquisitions?
Bruce Linton: I think we've had around 100 and some that we've flossed through and we've got maybe a dozen that we really like. What you're looking at first is, we can do anything we want with the money. We could maybe buy a small bank, but we probably wouldn't do that because I don't know anything about banks, except that I generally dislike them. We're trying to aim at things we think would help. We're looking at that whole industrial process. In that world of hemp, there are two portfolios I would say one is food to pharma, and the other is sustainable industrial. So everything we look at currently lands in one of those two portfolio areas, and then you think, "Well, do they fit together? If I own both of them, will they be worth more than only owning one of them?" Once you got that logic, the biggest headache private companies have to become public, is do they run their books and their financial reporting to a standard to become ready as a reporting issuer? I'd say for the most part, no. A big part of our due diligence is how rapidly can we bring them to a PCOAB standard and how consistently could they be able to report and what do we have to do for our ERP system. But it goes back to the beginning. I'm less afraid of how do we slide a general ledger and an ERP system under a company and make them a reporter than maybe average, because I see these as a cloud-first, pick it, place it, bring them all under one system, and you are up and running. The big thing is, both what do they do, and can we actually be public with them in a timely fashion? Because SPACs don't last forever. We have about 18 months, and so you can't spend 19 months trying to get them an accounting system.
Corinne Cardina: Definitely. On that same token, are there any risks about SPACs that investors should really be aware of?
Bruce Linton: Well, there are. If you bought the stock in the first, I think it's 52 or 54 days, you get both the share and a part warrant. After a certain period of time, they split apart. Now you have two things. You can be either buying a partial warrant, or the stock. When you get to the vote, what happens, as I understand it is, if the stock is trading over $10, which is the price they pay, people will say, "Yes, I'm in favor," and mostly they won't ask for the cash back. But if it's trading under $10, they'll say, "Yes, we're in favor of this deal, but I want my cash back," which could mean that the whole thing unravels so then the people running the SPAC have to have a plan where they might raise a private investment in public equity, so they have secondary financing, but there is a risk that really good idea doesn't get done because the value of the stock is less than $10 price and the original investors are the people who hold the stock have the right to get that 10 bucks back. Part of our job is to make sure, as we get further out, we need to explain what we're doing clearly and we'd ideally have the names of potential clients who would agree that they're clients if we bring them this new, better, environmentally sustainable, excellent hemp offering. They could be car manufacturers to clothing manufacturers. They could be pharmaceutical companies to food companies. If we have this bouquet coming together and you can hear good names as customers subject too, maybe it trades up to 10, 11, 12, 13 bucks, it all goes. But if we don't execute and goes to $9.99, or $10.05, I bet we have a problem. You got to avoid those things.
Corinne Cardina: Absolutely. I've read that you've said in an 'all things go right' scenario that collective growth could become a billion-dollar enterprise within those 18 months. Pretty astonishing, particularly in the middle of a pandemic and global economic turmoil. I'm wondering, do you think hemp can actually play a role in the recovery, specifically in the agricultural and manufacturing industries?
Bruce Linton: So much so, yes. Let's just start with the ag level. The US absolutely needs a third strong crop. You've got corn, you've got wheat, what else? Canola maybe. No, need something else. Now, that something else should be able to remediate the soil so that is less likely to continue to have contamination cascade into the waterways. Hemp's pretty good for that, especially dealing with some of the nitrogen overload. Now, what would you do with that crop? Well, you would say, "During a pandemic, we don't like long supply chains, and apparently, America and China aren't best buddies anymore and nor is Canada. So what can we grow in our own country process that shortens the supply chain, puts work in the geography that needs it and puts the farmers onto something?" Because when the price of oil is super low, growing corn to make ethanol is a bad idea. Hard to compete. Now you're really down, we don't have very many good crops. When we look at where hemp could impact, there are over 200 categories of existing products we think we'd disrupt. Everything from injection molding to, how do you make a plant-based product that's edible and delicious? How do you make the pulp and cellulose necessary to make things that range from boxes to insulation? You start to see where this is going to say, "Well, maybe we could even disrupt and make it so that if we made jeans, you'd really want some strong proportionality of hemp in them." I think the demand in the market for something made in America, environmentally defensible and sustainable, and it's crop rotation that farmers need means that very rapidly you should be able to start knocking on doors of being industrialist. Because, why is a car made in Germany? You can get Bentleys and stuff made in Europe that have hemp in them, but you can't seem to find anything made with hemp in it in the US. Do we have many cars in the US? Yeah, we have a lot of cars. Do people like cars that are a little stronger and a little lighter, better to recycle? Oh yeah, they like that. Well, it's a screaming obvious demand. I think there can be a few billion-dollar companies that are in the process of converting a field crop into a functional input for industry. That is a massively available disruptible chain, and I don't care. You could say at the low end, we're going to make plastic bags and they're not going to have hydrocarbons in. Well, OK. Solo cups, sure. We're going to work all the way up to the fender of a car, but you can just see where it goes. We don't have to invent Google. Google had to invent Google to become Google to change the world. But what we have to do is simply make displacement offerings that are superior in price performance and environmental output to take away stupid choices so that we're the only choice. Way easier than inventing Google again.
Corinne Cardina: That's for sure. Getting back to the cannabis industry a little bit. I'm curious as an industry expert, have you observed anything specific about how this industry has been impacted by the coronavirus pandemic? Are you glad you got out of cannabis when you did, to be focused more on hemp?
Bruce Linton: Well, I would say, it's very interesting to me to watch how rapidly it's caused a, these are the big ones and these are the ones that could disappear. I don't care if you're looking at the US, Canada, or Europe. The pandemic, we're not even fully seven months into it, has almost definitively established who are the top two or three in every region. That was a much more active debate a year ago today. I would also say, it's been really clear that people really perceive the product. If you would've told everybody in the US, "We're going to have a pandemic in three years, and most of the states are going to declare cannabis as an essential service." I bet you could have taken a lot of bets with pretty good odds that not many people would have agreed that that's a likely outcome. It goes from being of ballot initiative to an essential service in rapid order. The perception of the product, the offering method by which is presented obviously has shifted so that the regulators, if they would've said it's not, as some did, they are actually viewed quite negatively as a Governor. I think the perception things changed. What has been negatively for me is that the rate at which other jurisdictions are changing the regulatory environment stopped because all they're doing is pandemic. The rate at which companies were investing in ongoing clinical trials stopped. All they're doing is pandemic stuff. I think what we've seen is a stronger commercialization engine and a slower regional development and a slower definitive answers on what dosages for what ailments and moving it toward an insurable product.
Corinne Cardina: Yeah, those are some great trends to pull out for sure. Joe Biden has said that he would decriminalize, not legalize, marijuana if he were elected president of the US. If that were to happen, would it change how you think about the US cannabis industry?
Bruce Linton: I think, Joe, what exactly does that mean? When it's not criminal, does that mean that anybody can make it any way and supply it in any way, and there's no regulatory oversight. Either you regulate or you leave things as it is. Because to say something has no authority, means, I believe in a short order, trust will be lost, the trust I just described. So Mr. Biden, please either jump forward, or backwards, or stand still, but don't straddle nowhere.
Corinne Cardina: Right, that's where we've been for a long time.
Bruce Linton: I would think that the opportunity to get to answer is to create really disruptive, durable outcomes that people want is by regulation, not decriminalization. I don't like people going to jail for this because that's nonsense, what I'm talking about is actually training to something awesome. It also makes it dirty, I think. We're not going to arrest you, but we don't want to look at it. Could you do it around the corner, please? Could you just stay out of sight with this? I don't like that.
Corinne Cardina: I hear you. Speaking of industries that are on the curve of popular opinion, you're on the board of two. I was going to say Psychedelics, but we're saying neuro-medicine.
Bruce Linton: Well Red Light Holland is psychedelics for sure. So Red Light Holland is like microdosing, so it's not trying to take you, I would say, so there in the Netherlands they could go to maybe to Jamaica and Brazil, a few other countries that have appropriate rules. They're microdosing and they're accurate in terms of what's is in their container. It used to be that if you went to Netherlands and you're a tourist, where you from which city?
Bruce Linton: So you're from Raleigh, what happens because you're from an area which you should behave properly. You might go as a tourist to the Netherlands and you would get some massive amount of psilocybin and destroy yourself for a day or so. Now, what they are doing is, no, this is Red Light Holland and it's a micro-dose, and when you there for the week, you'll see what the right dosages is for you, so that maybe you're not anxious but focused and things like that, so that's that one. I would say, MindMed is about really truly building a platform for clinical trials to get outcomes with combinations or derivatives of molecules that used to be called psychedelics. For example, one of the trials with something that's a derivative of ibogaine. The trials are conducted right now in Australia to see if there's a way to reduce, eliminate, manage addictive behavior outcomes of opioids. That's very interesting because that's a very needed thing and it's because of the amendment to the molecule makes it not hallucinogenic. As they are worked on not hallucinogenic and not impacted the cardiovascular system in the way that ibogaine might. That could be something that if successful, could be regulated by the FDA. They have that, they have activities in Switzerland. These are all neuro-medicines saying, "Well, we know these things have an effect on you, can we work with them so that they fit a regulatory system?"
Corinne Cardina: Yeah, definitely. Do you think that'll be an uphill battle with the FDA?
Bruce Linton: If you've got a cousin, a friend, a sister or brother who's addicted to something and this is the path that works for them. I think if the companies are smart and make it so it doesn't have the hallucinogenic effect, which means the FDA shouldn't have an objection, you are going to be screaming at the door of the FDA saying, "I need an answer."
Corinne Cardina: Yeah, absolutely.
Bruce Linton: I think that there is a rapid route that rides on the back of a bunch of other things. The amount of science done around neuro-medicines and psychedelics and those ingredients is far, far deeper and more and longer than what I was able to ever find in cannabinoids.
Corinne Cardina: Yeah, great point. As if you didn't have enough going on, you are now getting into software. Tell me about Ruckify, is this the Uber or Airbnb for your neighbor's tools?
Bruce Linton: Yeah. Well, for your everything. I co-founded Ruckify about four years ago, because I like cutting up trees and the chains I had at that time, because I'm cheap, was a crappy chainsaw. When my neighbor's tree fell down, it was pretty huge and I cut up what I could, then stopped and turned over piece of wood and said, "Sit down, Steve, let's talk about this." In our neighborhood, there are 120 homes, most have two or three garages, I bet, four to five percent of them have the exact piece of hardware I need, but we don't know where it is and they probably won't lend it to us in case I cut my leg off or I wreck it. What would the resolution be of accessing this immediately? It will be to have insurance so that replacement occurs if I damage it, a waiver, that makes it so there's no liability. Then why would they be motivated to put it there? We've had a couple of ideas which we're OK. Now, what's happened with the pandemic is, if you own assets and don't have income, you're going to try and Ruckify those assets. We have people who've made over $10,000 in the last 60 days. One person, her husband had a business, pandemic killed the business, as she said, he had a bunch of crap in the garage. She was Ruckifying out, she bought one thing, one more paddleboard. With another person made over 7,000 bucks Ruckifying out. What happens is a pandemic, if you have assets, you might want to monetize them. Don't sell them, because when you sell them there's nothing left to monetize again, so it's a recurring rental income to you. If you're on the other side of the equation, which is that you have suspect income, but you still want to have experiences. You can typically rent on Ruckify for less than one-tenth or around one-tenth of the purchase price of anything. That means that if you want to go paddle boarding and we had a paddleboard fest in Austin a couple of weeks ago, or if it gets a little cooler and you make a sous vide cooking.
Corinne Cardina: Those things are expensive.
Bruce Linton: Right. It's too nice now, but in about two or three weeks it will be less nice here, I was already on Ruckify checking for sous vide. I'm going to be rotor tilling my garden in probably three or four weeks, I don't own a rotor tiller, I Ruckify a rotor tiller because they're stupid things to store. Ruckify is anything that comes to your mind that you have, you put it into the store and the more you put into the store, you make your own little store. It's like a combination of Etsy, Uber, Airbnb, but it's stuff between people. It's catching on enough that one of my goals for that one is that we make it a publicly listed company in Q1. We had some meetings on that yesterday, because we had over in August spending basically zero on marketing. We had over a thousand transactions just on things they described. It doesn't include one of our divisions, which is the RV division. When I say RV, we have a whole line of things that don't have engines on them, they're just towable. That happens to be about 90% of the rentals and camping outdoors, how humongous are these, there are actual other stuff. What happens as you rent a towable you say, "Oh, shoot. I need a cook stove as well." "Oh wait, when we go with two bikes we could use a third one," all of that gets Ruckify into a whole bundle. Ruckify is that. Martello has been super busy, because it's trying to make things like Microsoft Teams, a competitor of Zoom, work effectively. What IT matters have concluded is they now have almost no control over the infrastructure that you use. If they get all of the complaints when crap doesn't work. They don't know what didn't work except they know that the CEO is pissed off at them, the head lady for divisions pissed off at them. What would I do? You get Martello and it can see what's going on so they know how to manage their environment.
Corinne Cardina: That's great. Lastly, just to bring it back full circle to cannabis, because we are Fool.com and we've got a whole lot of people interested in cannabis investing. What is one thing you think cannabis investors should know right now, about seven months into the pandemic, anything top-of-mind for you?
Bruce Linton: Well, you touched on it a little bit. I don't know, the election is going to have potentially an impact. I thought that people in the context of the election would be more expected to definitively state their position. But because of the pandemic, all I can tell is I think the election's about now two things: Arguing over the Supreme Court appointment and arguing over competency of managing an economy. I don't know how well we'll fit into that as part of the discussion. But I am holding certain stocks anticipating a pop in the context of the election. But I'm also hedging in the overall markets, I can see going down 35%. Many people seem to dislike Trump, but I would say that the market seemed to have liked him. My concern is if you're sitting on a portfolio of equities, do you have a hedge on the market saying, "Party's over for a couple of years," and maybe cannabis is part of that hedge.
Corinne Cardina: Yeah, absolutely. Well, Bruce, any last thoughts you want to add?
Bruce Linton: No, thank you. The Fool, I have my phone every morning, I get the feed and I seem to get an awful lot of stuff coming in that are branded with you guys. Keep up the good work.
Corinne Cardina: Awesome. Well, we will keep up with all of your many ventures and keep in touch. Good luck with everything.
Bruce Linton: Thank you, talk to you soon.
Corinne Cardina: Thanks, Bruce.
