[00:00:03] Jon Landis: Well, we thought we'd seen the peak cold brew flow into the office, but it turns out that we haven't. There's still quite a bit of cold brew coming to the office, and probably a good time for us, because always a good time to wake up and smell the podcast, as it were. Hey, I'm Ray LaTee from BevNET. I'm here with Jon Landis and John Craven, as usual. Thanks again for listening. So today, on the heels of our Cold Brew on Fleek podcast, once again, you know, we can't seem to go a week without another, like, five new products. that are cold brew coffee coming from new producers or existing producers who are just coming out with new varieties.
[00:00:40] John Craven: And it's just pretty crazy looking at the stuff that's in our cooler right now. I feel like I'm at Expo West looking for something with gluten in it. It just doesn't exist. But it's just a sign of how this industry works. I think when people see opportunity, you just get the herd moving quickly, trying to get their troops kind of on the front line for this hopefully big surge in cold brew consumption. But right now there are, you know, certainly just too many brands relative to the amount of volume out there for cold brew. So really pretty interesting to see it happening. I mean, we've seen this happen in other categories. Energy drinks was probably the one that was totally over the top out of any of them, but cold brew definitely has a surge of those. I said the other day, 7 out of every 10 products that we get is like a cold brew or contains cold brew right now.
[00:01:30] Jon Landis: I feel like we saw this a couple of years ago too with cold-pressed juice. Cold-pressed juice was definitely a saturation point in terms of new producers, in terms of new suppliers and players coming to the market. I definitely remember looking at reviews on BevNET that were 3 out of 5 reviews seemed to be cold-pressed juice and we would get sent new ones all the time. And it feels like that's kind of slowed down a little bit with people kind of coming to the realization that you can't just produce cold-pressed juice and expect that you're going to be extremely successful on the level of like a Suja or an Evolution Fresh or even a Daily Greens, which is surprisingly actually a pretty small startup with an entrepreneur who hadn't been in the business and didn't really have a lot of experience in CPG, but kind of came to be a pretty successful brand at this point.
[00:02:13] John Craven: I think what's interesting about the cold brew thing, and then we'll get on to the sort of meat of the podcast here, I guess, is that unlike cold pressed juice, where what was happening when we saw that kind of blow up, and same with energy drinks when that was blowing up, and I guess coconut water for that matter. The products really only have one flavor. It's basically coffee, right? I mean, in some cases there's coffee with sugar, coffee with dairy, but that's kind of it. So I think that's the thing that seems pretty interesting about that particular category and just the way that the herd is kind of attacking it right now.
[00:02:46] Ray Latif: If you're not a coffee drinker.
[00:02:47] John Craven: Yeah, sorry, I guess. But that's kind of what we wanted to talk about today, which is all the other categories that I guess aren't really getting a lot of love right now.
[00:02:56] Jon Landis: It's sort of, if you're trying to stay on trend and just looking at one particular hot category, in this particular case cold brew, you might be missing the boat on other traditional categories where there is big opportunity for both innovation and volume.
[00:03:09] Ray Latif: I think one thing I want to mention that I find particularly interesting, especially with the cold press juice and the cold brew coffee, a lot of these entrepreneurs are building out their own facilities, bringing the manufacturing in under their own roof, and we're still seeing a lot of them jump in. With energy drinks and with coconut water, it was just find a co-packer, build a label, get some cans and throw them in a warehouse and try to sell them. It was all shelf-stable stuff. This is a much, much riskier proposition and a lot more capital intensive, but it's not stopping the masses. So that I find particularly interesting as far as these two categories and everybody running into them goes.
[00:03:48] John Craven: the one thing I would just maybe correct or add on is that I'm not sure that it's more capital intensive in that the difference here versus say an energy drink is that with energy drinks back in the day, there were, you know, minimum runs of say 10,000 cases, whereas there are little commercial kitchens and incubation places where people are cranking out tiny, tiny batches.
[00:04:08] Ray Latif: If you're going to expand the brand and build it and grow it, then you're going to end up buying bottling lines
[00:04:14] John Craven: You are, but my point, and I guess some of this that seems to be perpetuating the situation in cold brew is that the barriers to entry are like almost zero, right? Now, the barriers to entry with energy drinks were like being able to write a check or get some credit terms, I guess, which aren't too high. It is kind of an easy path to follow right now, which the challenges of trying to figure out how to innovate in say, tea, you know, that's totally different, right? I mean, that's a category that's been around for a long time, has had a lot of brands go through it. It's certainly not as sexy to try and innovate in tea and you could substitute that with anything, soda, juice, whatever.
[00:04:52] Ray Latif: Water.
[00:04:52] John Craven: But it's always interesting when cycles like this happen to see what brands kind of pop up in these categories where It's almost like everybody's focused in one direction and somebody kind of silently goes over in a, I don't know, tea and comes up with something different.
[00:05:08] Jon Landis: Yeah. One of the things you mentioned tea and in terms of categories that we're going to talk about where speaking for myself, I think there is opportunity. in the tea category, which is growing really fast. The ready-to-drink tea category, as we noted in the July-August issue of BevNET Magazine, grew at about an 8% clip last year over the last 52 weeks. And that's not a blip. I mean, that's been happening the last two or three years at least. The thing is, aside from, say, Matcha, which got a lot of interest over the last year or two, there hasn't been a ton of innovation in the category, at least not on a broad sort of category-changing or at least category-altering level. We are seeing some small producers do some cool things in terms of sparkling. I have in front of me a bottle of Bakti sparkling tea. Bakti Chai was the name of the original company. kind of segue to be more inclusive of other beverages. We also sell Sound Sparkling Tea, which is a small brand based in, are they based in Massachusetts or are they based in New York? Things like that. There's also other producers who are kind of keeping an eye on that as well. I mean, Runa and their revamp. made it clear that they think it's a tea product. It's guayusa, which is a leaf that's not necessarily a tea leaf, but in order to attract more consumers, they said this is tea. And, you know, with more people drinking tea, I think it's a pretty smart move on their part.
[00:06:23] John Craven: Well, it's also, you know, the sparkling tea thing I find pretty interesting in that, and this is another thing that happens a lot in New Beverage world, sparkling tea is not a new thing. You know, it's been something that people have tried over and over again, and it hasn't been successful. I mean, brands like Steeze, that started out as sparkling green tea. I remember another one called Teazaz that tastes, from what I remember, pretty similar to the sound. And ultimately, I think a lot of it is just timing, packaging, all of these variables that made a certain idea like sparkling tea not work in the past. But now, you know, it seems like a pretty good idea for present day 2016. So I think sometimes the places where people are finding innovation are not even things where they've come up with some totally revolutionary idea. And I feel like a lot of entrepreneurs are often out there looking for that, which is why we sometimes get these functional drinks that are so like everything about it is unique, but it also comes at the price of it's really hard to understand, right? Right. There's no category for it. And stuff like sparkling tea is great in that you take two things that are on trend and kind of marry them and you've effectively created something that, you know, it's the old, like, one plus one is three type thing, which doesn't always work out when you combine things. But with the sort of craft movement that's out there, there are ways to do that that, again, things that didn't work in the past might work out now.
[00:07:40] Jon Landis: And there's just more opportunity in different retail channels. It's not all natural anymore. You can definitely have a product that's an innovative take on a traditional category and get into a conventional grocery chain. And we've seen it before. Sure, it's going to take a few months, it's going to take maybe a few years, it's going to take some time, but there is opportunity to not just be a natural anymore. to not just launch a natural anymore with some of these products. Staying on the tea front for a second, we saw a couple big brands launch cold brew teas a couple of years ago. One was Sujo, one was Harmless Harvest with their Namacha product. Both have since been discontinued, but we do see a couple cold brew teas on the market right now by entrepreneurs that are really taking it slow. not trying to go wide with their products and getting some attention. I think they're doing a good job. One is Evy Tea based here in Boston. The other one is Cam, Camomile Tea as well. There's a few other producers out there as well, but I mean, it's sort of building on this whole allure of cold brewed coffee. How about a cold brewed tea?
[00:08:34] Ray Latif: I just want to add, too, I think that kombucha growing in popularity has led to a lot of people looking for just a sparkling tea instead of fermenting it and having maybe a little bit of a funky flavor. Let's just carbonate some tea. I mean, it seems like that might be attributing a little bit to the timing of sparkling tea working. And the cold brewed tea stuff is, it's a very different innovation, I think, in tea. It's just, it's a very strong flavored product. I really like it. If you go around the United States, I think sometimes, again, we get into a little bit of a bubble. We're in a big metropolis. We're in the major cities in the Northeast. You know, you go down to like the South and in middle America and tea is like jammed with sugar and it's like super sweet.
[00:09:18] John Craven: That's a good point. You know, one of the things that there seems to always be this misconception is coffee and tea are two like pretty different things. Now, a lot of times the lines blur and what works in coffee is tried to be applied to tea and vice versa. all the way down to, you know, there was that one crazy Sweet Leaf tea product at one point that mixed both coffee and tea in one bottle, which might be one of the strangest things I've ever tasted. It's not on the market anymore. It's not on the market anymore, but cold brew tea is not cold brew coffee, just because the story of cold brewing coffee, which cold brew coffee has been around for like a long time as a thing. Certainly cold brew tea, I suppose, has in terms of sun tea and whatever, It's just a different animal. You know, the problem that cold brewing coffee is solving is one that people understand the like acidity of it. Cold brewing tea, it's like a totally different type of thing. And I think to your point, like it creates almost a more intense flavored tea, whereas the teas that are most successful are not the most intense, right?
[00:10:16] Ray Latif: No, they're sugar bombs.
[00:10:18] Jon Landis: One last point on tea, another sort of way that people are innovating with tea, not necessarily a lot of traction happening there, but is in kids' beverages as well. Ruby Roo has been around for a long time and they have a kids' product. All the kids' beverages obviously are decaffeinated, but you know, at the New Beverage Showdown at BevNET Live, summer of 2016, we saw one kids' brand, I think we may have seen another one there on stage as well.
[00:10:39] Ray Latif: Bossy was the tea and, oh shoot.
[00:10:42] Jon Landis: Leaf & Love Lemonade? Leaf & Love, yes, absolutely. That was the lemonade. Well, Leaf & Love was the lemonade, right, but Bossy. Juicy Juice, to throw out a bigger brand, I mean, they came out with a teasers product, which blends juice with tea as well. And Little Me has been around for a long time. Yeah, Little Me tea for sure, yeah. These brands have, for some of the ones that have been around for a while, they've been around for a reason, I gotta think. And then with Juicy Juice going into it, it's just a different form, different take for some of these kids' beverages.
[00:11:06] John Craven: It is. I mean, I personally, you know, and I say this as, you know, BevNET guy and parent as well, but I feel like the kids beverages sort of segment is like one of the most stagnant that's out there. And that's not a knock at any of the brands that are trying, but it's a good segue. It is. It's a category that has been really resistant to new ideas. So the stuff that is popular today compared with what was popular, you know, 20 years ago, the key difference is simply that there's more water in the products, which is, you know, I suppose great for product margins or something, but all of these ideas that have been tried to make unique kids beverages, they really haven't worked. And it's not just little entrepreneurs that are struggling to do that. It's, Bigger companies, you know, I think of the coconut water-based kids drinks, the one out there, you know, Hanson Natural had one, Vitacoco, like it just didn't work. The stuff that's popular is still, again, it's like cranberry, apple, lemonade, like really simple sort of stuff. Props to Honest Tea, of course, for having an organic offering that's been successful.
[00:12:07] Jon Landis: And that seems to be one of the few things that's really moved the needle is Vive Organic stuff. I mean, I just wrote a story on kids beverages for the September issue of the magazine. And, you know, at the top, the category is still Capri Sun. You know, it's a $400 million brand just for their flagship product. But they're losing market share. They're losing sales. It's pretty significant. It's going to happen year over year. They just recently released an organic product that they're going full steam ahead with. If you go to their website, it's all Capri Sun organic. It feels like they're taking a cue from Honest. You know, and Apple and Eve is another example. Apple and Eve, their flagship apple juice and juice boxes, losing market share, losing sales, but they have an organic variety that is gaining share. So the key, it seems to be for parents, is obviously less sugar. Organic is really great. And again, you know, we're seeing some entrepreneurs kind of go that route. Leaf & Love, they're really trying to promote the fact that they had a great tasting product for kids and one that parents can feel good about because it was very low in sugar and very low in calories. I think it was zero sugar, wasn't it?
[00:13:02] John Craven: Yeah, I think so.
[00:13:02] Jon Landis: And with sweetened stevia.
[00:13:04] John Craven: A lot of it just comes back to the fact that with kids' beverages, you effectively have to please two different consumers, right? The end user and the purchaser. So that's something that all of these ideas that sound great from a parent perspective, the kid doesn't care how much you paid for it, right? So that's something that's just, you know, this huge challenge for it again, to that point of it being a stagnant, resistant category. That's why, you know, kids are stubborn, right? And price too is a big thing too.
[00:13:32] Jon Landis: I mean, like, Ella's Kitchen, which is a Hanes Celestial-owned brand, recently released, or actually they debuted at Expo West. It's a line of kids' beverages that are cold-pressed juice designed for kids. And each one is $3.99 for eight ounces. It's a pretty expensive proposition for any parent to give to their kids, but they really feel like there's an opportunity there, especially in this budding refrigerated category at Target, which we just partnered with the brand, sell these cold-pressed juices in about 65 stores across the country. But the reality is, You know, we've seen that too. We've seen cold press juice for kids and sort of had mixed results with that too. You know, Daily Green's Half Pine is a good example where initially it came out and said, hey, this is a product for kids. And then they sort of revamped their positioning to make it, this is for everyone.
[00:14:16] Ray Latif: That's the key, right? I mean, that was the knock on Green Mustache in the New Beverage Showdown three years ago, too, right? It was like a $5, 8-ounce bottle of juice for kids. And what if your kid doesn't like it? You already have a really small demographic that you're going after, people who can actually afford this type of product for their children, and then their children have to also like that product. It's a very difficult thing. I think that kids and sports beverages kind of go hand in hand here. We've definitely seen a number of entrepreneurs come out with products that are, you know, better for you, Gatorades, things like that, because they see their kids drinking all these artificial colors and flavors and they want to stop that. So there's almost like a crossover between the kids beverages and the sports beverages trying to do better for you products. And in both of those categories, It's very, very difficult to compete with the big guys who can just put their stuff on sale and just blow you out.
[00:15:07] Jon Landis: Sure. I feel like that's a category, the sports drink category. Even if you are innovative and you do come to the table with a ton of money, it's a tough, tough road ahead. But again, you know, there are other categories out there. At least one thing that comes to mind, you know, I mentioned cold pressed juice for kids beverages. But cold-pressed juice in shot format, that's also something we've seen a few entrepreneurs dip their toes into or get into the waters with. What is the cliche there? I'm not sure what the cliche is, but everyone knows what I'm talking about. Anyway, I'd always thought that shots were a good format for juice, just in terms of gross margin. You're selling two ounces of juice in a really tiny bottle. hey, you know, it's not like, it seems like it's not gonna cost you a heck of a lot of money to do that.
[00:15:48] Ray Latif: But I could be wrong. Well, they're all really concentrated too. And a lot of them use expensive ingredients like turmeric and ginger. But I do agree with you. I think the temple turmeric prana shot that they've been running with for a number of years now is very popular around here. We're all fans of it. And since they've been doing it, I mean, I've asked Daniel a number of times, when are you guys gonna do more shots? And it just seems kind of like a no brainer to me for someone to come out with just a line of shots because there's a really good product.
[00:16:16] John Craven: Well, the problem with it is just really how you actually sell it. I mean, you say it's really popular. I mean, realistically in the office. Yes. Just to be clear about that. You know, I think it is a real challenge in terms of, you know, how you actually merchandise that and get the consumer to buy it. Now, if you look at the category, five hour, which basically is the shot category as a whole, they were able to be successful by, you know, placing their product where beverages weren't. typically sold, registers and stuff like that. And these shots have sort of another problem, which is that while they need to be refrigerated New Beverage refrigerators aren't designed for little loose products like that. So it's been interesting as right now there's core shots that's out there in Whole Foods. I don't know if it's national or they're at least in a couple of regions that I've seen. I've seen it in the Southeast and I've seen it up here in the Northeast now, but you know, it's interesting just seeing that product and it's something where Again, it's placed at retail. It doesn't really feel right. It's at a higher price point. And the reality of New Beverage cooler is that you're going there. It is somewhat of an impulse buy, and these companies have to get you to pick the little thing that costs the most, right? Right. I feel like there's an opportunity there, but there's still this big hurdle to clear, which is how do you actually get the right retail presence? How do you get the consumer excited about it?
[00:17:41] Jon Landis: I know that on FIFA, they had talked about trying to get small refrigerators that they can put somewhere near the cash register or at least within New Beverage cooler or within New Beverage set to sort of differentiate exactly where they're putting it.
[00:17:52] John Craven: And that seems to be... And Coors is doing that too. There you go. I mean, I think the issue with that is, you know, just the Coors coolers that I've seen, it's not where New Beverage are. it was somewhere else. So it's sort of like, you have to stumble upon it or go seek it out. But if you're someone going to your regular old store, it's like, we all know where New Beverage are in your grocery store, right? So you're still probably just looking at that same place.
[00:18:13] Ray Latif: And how do you find it? Reason why well, maybe not I wasn't part of the judges But a big reason why I'm on FIFA won the New Beverage showdown was because they did address that merchandising angle They sell it in a box That's easy to open and just place the whole box in the cooler and then also on the box It tells you you know You don't always have to drink this straight add it to water add it to juice add it to something and it's a hot water And no, I know it's an ingredient
[00:18:38] John Craven: You're right. I mean, that definitely was a part of the whole judging. But as we discussed that part of the last New Beverage Showdown, it seemed clear that they still need to do more for this to really have scale. Right. And I think they're aware of that. Again, I mean, it's just the challenge of doing something unique.
[00:18:54] Ray Latif: Well, they at least recognized that it was a shortcoming and took efforts to work on that with their packaging.
[00:19:03] John Craven: It exists for any of these. I mean, whether you're Temple Who's established or Core or Vive, Momfifo, I mean, I'm sure there are others. I think there's Juicera, excuse me, not the juicer, shots out there. And I'm sure there are others that are coming to market.
[00:19:18] Jon Landis: All the ones from the cold press juice shops that are sold at retail, Project Juice, they have a ton of them.
[00:19:23] John Craven: I mean, there's a lot of them that are out there. I mean, they're just in the same boat. The ones that are offering it as a bolt-on certainly have different stakes than the ones who their whole company is being shot companies. Yeah.
[00:19:35] Jon Landis: I mean, in the end, it might be something where it needs to come to a critical mass of brands that can really define a category. And again, for me, I think if you're looking for a functional beverage and you don't want to drink 12, 16 ounces of juice, You just want a shot of ginger or a shot of turmeric. That's a really good format to do it in. And then if people really are still in that function kick, when they all signs point to yes, I personally think there's opportunity in big things ahead for that two shot category.
[00:20:00] Ray Latif: Can I bring this back around to cold brew and just one thought?
[00:20:04] John Craven: Why not? It's been what, 15 minutes since we've thought about cold brew?
[00:20:08] Ray Latif: So is there an opportunity to have regional producers of cold brew similar to how we have craft beer when you're traveling around? I know when I like to travel to a new city, you know, I'm looking for the local beer on tap. Sure. Is there similar to kombucha, how big of an opportunity should people be worried that that's not enough to sustain their business?
[00:20:27] John Craven: Well, let me give my two cents on that, which goes a lot more broad than that specific thing, but I think applies. I think at the end of the day, predictability, value and consistency are what went out, which is why if you look at sort of the landscape of the US right now, you have things like McDonald's, you have Starbucks, You have national brands in every category. I mean, even if you look at something like craft beer, that in theory is all about variety and this and that, the things that people want, look at the success of something like a ballast point, right? Why do people buy that? And again, I think that's ultimately what trumps all, you know, there are people like us that, great, I go to whatever region I want to drink the local craft beer. I'm not at a point where I'm like, wow, I want the local bottle of cold brew coffee. I'm generally pretty psyched if I see a Stumptown or something that I've had before. And I think that's what challenge all of these brands have to deal with. And we saw that play out in cold pressed juice too. I mean, people thought that there would be all these regional players and what do we have? I mean, we have Suja Evolution Fresh that are the most, and Blueprint that are the most widely available.
[00:21:33] Ray Latif: It's being able to pick up what you're going to know exactly what you're going to get when you pick it up.
[00:21:37] John Craven: With cold pressed juice, I sort of believed that maybe it would happen, you know, that locally made might be better. Although someone pointed out that at the end of the day, all the produce is coming from California anyway. So I think in cold brew, I just feel like it's such a challenge to convince me that I should drink your coffee versus somebody else's Coffee Tea I already know what it tastes like. Coffee differences aren't, you know, they're not that great in the first place. Why would I risk buying something that I don't know what it is?
[00:22:05] Ray Latif: When I can have a sure shot good thing right here.
[00:22:08] Jon Landis: Right.
[00:22:09] Ray Latif: Yeah. There you go.
[00:22:10] Jon Landis: All right. We're going to wrap this up. But before we do, it's time for everyone's favorite game. What are the BevNET podcast guys drinking?
[00:22:23] Ray Latif: All right, Landis, why don't you tell us? All right, you want me to go on my little spiel here? I have infusion Ayurvedic teas. This is hemp lemonade flavored tea, and it's a CBD New Beverage. Right up your alley. Are you going to try this? Do you want to try it?
[00:22:40] John Craven: You know, look, I'm a cynic on all that stuff. It seems like, no, but let me give my two cents real quick, okay? These beverages for the most part can't stand on their own. So I feel like if you took the CBD out and I wouldn't want to drink it, well, I'm not somebody who's chasing CBD, but like, are you going to drink this? I've never tried this infusion one, so I'm not speaking specifically about it, but some of the ones that we've received, they're just bad drinks. So are you going to drink a bad drink to get CBD? I don't know. I'm not.
[00:23:07] Ray Latif: That's not my thing. threshold of THC available in them for them to be able to extract the CBD and then sell it nationally. What function does it provide? CBD is the healing aspect of the cannabis plant. There's some studies happening right now that say basically the nerves and cells in your body have two signals on and off. And the off signal is a cannabidol. So everybody's body naturally has cannabidols occurring inside of them. And by supporting them, by adding more to your body, you can potentially thwart things like cancer, where these cells are not turning the reproductive aspect of them off, and they just start spawning. So that's the theory. It's very wild, out there type of stuff. But there are real doctors working on this. You guys are looking at me like I have a tinfoil hat on.
[00:24:11] John Craven: No, I'm just looking at your eyes. They're all bloodshot.
[00:24:13] ??: I'm just kidding.
[00:24:13] Ray Latif: It sounds like you've researched this quite a bit. I actually went to a show here in Boston, the New England Cannabis Convention, and sat in on a couple of presentations. It was very, very interesting stuff. There is a lot of steam happening with medical marijuana. I am very bullish on CBD as a functional ingredient in the long term. I think it has a very, very long way to go. And I think that the largest problem that they're facing right now is exactly what John just said. This beverage is a stevia-flavored, lemonade-flavored tea, and it's just not something that I would pick up to drink.
[00:24:49] John Craven: I mean, couldn't you just pop a pill or something?
[00:24:52] Ray Latif: Yeah, absolutely. So there's a lot of challenges here and people are looking at beverages like it's the natural, like, oh, this is going to be so easy type of thing. But then they get involved in New Beverage industry and they realize, you know, that that might, might've been a backwards way of thinking. So anyways, this has a long way to go, but in general I am bullish on the function.
[00:25:12] Jon Landis: Okay. For the non-CBD beverages on the table, John Craven, what are you drinking?
[00:25:16] John Craven: I have this really bleeding edge product. No, it's a Runa Guayusa Clean Energy. I'm a big fan of Runa, have been since the early days, pretty much in every form, the teabags, the bottles, the cans. They've come a long way just with the packaging and I feel like it's a great way to get kind of natural caffeine when I'm like right now, kind of sick of drinking a cold brew and please don't make a cold brew, Runa. Thank you. But yeah, that's what I'm drinking.
[00:25:49] Ray Latif: Well done. Can I add real quick, what I love about those guys is the business model that they built about sourcing the Guayusa tea leaves and supplying them to other brands. You know, they support a lot of farmers down there. It's all very, it's really, really good.
[00:26:04] John Craven: Totally right. I mean, I think all of that, what they've done just to tell the story of Guayusa and it's taken a while, right?
[00:26:09] Ray Latif: Yeah.
[00:26:10] John Craven: But that's something that, I would choose this over a Yerba Mate for sure.
[00:26:14] Jon Landis: That's good stuff. As I mentioned, in front of me is a bottle of Bakhti sparkling tea. This is the mint mate variety. It's great stuff. We first saw this at Expo West. I'm a nutrition facts guy. I always turn around the bottle. On this one, it's got 13 grams of sugar, which is palatable, especially when it doesn't say 13 grams of sugar per serving and there's like 12 servings in this one bottle. It's for the entire bottle, which I really appreciate. So great job, Bakhti. Great job, Bruna. And great to hear about CPT beverages. All right, folks, thanks again for listening. We'll hear from you. You'll see from us. We'll talk next time. One of those. Yeah.
[00:26:45] Ray Latif: Goodbye.
