I'm a broker and we’ve been working with a few hemp and cannabinoid businesses recently in Texas and the Mountain West, and they raise underwriting questions that don’t come up in most other search deals. I’m curious how this community thinks about them. Questions for the group: - How do you view earnings, or set multiples, for revenue tied to regulatory risk? Do you strip out THC-adjacent revenue entirely and value only the non-intoxicating base? - What multiples have you seen for hemp/CBD manufacturers or extractors, compared with general nutraceutical or ingredient manufacturing? - What structures make sense here? Earnouts tied to compliant revenue, seller notes, escrow against regulatory changes? - Who’s lending in this space right now? Any lenders who have done hemp or CBD deals, SBA or otherwise? - Has anyone bought or seriously diligenced a THC/CBD-forward business? What surprised you, and what would you do differently? Would love to hear from anyone who’s been in the "weeds" on this.