Jim Hagedorn: We try to change a lot at Bonnie and it was a little too much. So but I love that business and it is a gateway for us. I mean it still has that 6% to 8% growth, which is beyond the U.S. consumer and with the tie-in and the execution together is a path for our future growth. So not giving up on it.
Mike Lukemire: Yeah.
Jim Hagedorn: We are pulling back. We just want to execute it better is what I would say.
Bill Chappell: Yeah. And then one last one on Hawthorne New York a couple of times, I mean, can you just help me understand if you are going to invest further into that and why that — you say it could be the second biggest market in consumption. Some would say it already is the second biggest market in consumption, it’s just illicit. And so how does that actually benefit you if they still don’t get supplied by Oklahoma and Michigan and California, and how does that actually change and become an opportunity over the next four years or five years? Thanks.
Jim Hagedorn: Wow, that’s — you save the biggest one for last, I think. I’d start by if people are going to be selling out of their trunks or their cars or in bodegas and the state is not going to do anything to enforce. That’s a big problem and it’s a big problem in Canada. And you — to take a business that is the size of the beer industry and have people making the stuff in their backyard and selling in other chunks of cars. It’s not how the market should roll out. And there’s plenty of history, Colorado is a good example of the market being rolled out in a sort of much more thoughtful way. So I think you say it is a big market and we believe that, starting with the governor and the legislature that they will be rational in allowing the people who spent the money or have gotten permits from the social justice side that they can actually make money.
I don’t think that there’s any like short- or mid-term requirement for capital in that business. I think that business is properly capitalized. And had — and maybe one of the few permits in New York that is sitting on in excess of $100 million in cash. So this business is capitalized and giving up on it, just I don’t know really what it accomplishes. We don’t own shares in RIV. We are a creditor to RIV. And we believe that, that marketplace is right. I also want to talk to our sort of partners that are investors in RIV that we don’t view this as just a loan. We view this as this market matures and we have got very simple sort of rules internally on this conversion. I don’t know if we have actually talked about it outside, which is that the ability to normalize relationships with banks, meaning the plant-touching businesses can bank and U.S. exchanges, NASDAQ or NYSE allow companies to list that touch plants.
These are really our conversion sort of parameters. It doesn’t assume on legalization federally it assumes kind of that we can bank and have a relationship with the public exchange and I don’t think that’s that crazy. But I think what that tells people is, we act like we are equity holders, but we are not, we are sort of creditors to that business, the only creditor and the most senior creditor. But the business is capitalized. It is a monster market. We are not chasing multiple states down here. We basically say we won a big state. We kind of focused early on, and I think, you guys knew this. New Jersey or New York, one of the big states in New York, we landed that license. It would be very easy to say you overpaid for it. I think we probably would not our head to that.
