Introduction

We stopped anticipating federal legalization, having an impact because the states were making change happen anyway. So we focus much more in our modeling on the individual state activities. But as far as consumers are concerned and consumer appetite and size of industry, it may not have a particularly big impact. Roy gets into it today, how we can think about it as investors,. How we can look at the landscape and think about it in terms of investing along with the data that we're seeing.