Podcast - 2025 Equine Policy Recap and What to Watch in 2026

Kayla Pragid: Welcome to "The Tack Room," your guide to the world of equine law and business and policy brought to you by Holland & Knight's Equine Industry Team. Join us today as we explore the legal landscape, both at the state level in the state of Florida and the federal level involving policies and laws that may affect both agricultural and equestrians. It is pleasure to introduce Elizabeth Craddock and Tori Deal, two distinguished policy professionals from Holland & Knight that I'm so excited to introduce you all to today. Elizabeth, or better known as Liz Craddock, is a government relations attorney here at Holland & Knight's D.C. office who co-leads the firm's [Agriculture] & Food Policy Team. Liz has facilitated the enactment of hundreds of legislative bills on high-profile, high-impact legislation that has directed billions of dollars to various projects. While working in the U.S. Senate, Liz was a key legislative staffer on all federal laws related to equine policy matters, including, some of her notable appearances were banning horse slaughter for human consumption in the U.S., and the Wild Horse and Burro Program, which is intended to essentially manage healthy wild horses and donkeys that live on public rangelands. In addition, she's also worked to secure federal appropriations for equine-related projects and accounts at the U.S. Department of Agriculture, which is commonly referred to as the USDA. We are also joined by Tori Deal, who is a public affairs advisor in Holland & Knight's Tallahassee office here in Florida. Tori is an avid equestrian who often assists our clients with equestrian lobbying and government consulting at the state level here in Florida. So Liz on the federal and Tori on the state. Tori advocates for policies and regulations beneficial to the equestrian community and often assists our clients with issues such as equine welfare, land use issues for equestrian activities and properties, and funding equestrian programs. And together, Liz and Tori represent our firm's commitment to providing insightful policy guidance and advocacy, both at the federal level with Liz and at the state level with Tori. So please join me in welcoming them today.

I’m really excited today to be joined by both Liz Craddock and Tori Deal in our equine group, and want to really ask them about what issues they saw in the prior session and what they expect to see in sessions going forward, and how these might impact equestrians, stable owners and anyone in the agricultural space. So I'm going to start with you, Tori. With respect to Florida, looking back, what were some of the major equestrian-related discussions during Florida's 2025 session that are top of mind for you, especially around, I know there was a lot of talk about decoupling, xylazine, land conservation and other issues that are top of mind for a lot our listeners.

Tori Deal: Yeah, sure, Kayla, thanks for the question. So for me, I would say four issues come to the top of my mind. Obviously, number one would be decoupling. That was a really heated debate through the last session. And so I just want to start by saying, what does that mean, right? For those who may not know, what is decoupling? So basically, it's where lawmakers were debating removing live racing requirements, which would let certain licensed gaming facilities stop offering live horse races while still keeping their gaming license. But the main issue is some of these facilities in Florida are already decoupled, which has created uneven rules in the industry and is part of why the issue resurfaced last session and ultimately did not make it past the finish line. So I'll back it up a little bit and talk about, you know, why are some decoupled and why are some coupled? Basically, it's the thoroughbred exception. And so for two facilities in our state, because they offer or have a thoroughbred license, they have to offer these live races in order to keep their gaming license as well. And so what that took us to was two bills that ultimately did not make it past the finish line last session, because obviously the equine industry came out and spoke on how it would actually hurt their industry and Florida came through and decided to protect the thoroughbred racing because it is the state's largest horse breeding and farm industry. The governor then made it clear when he said, "You can count on me as one that is not going to look favorably on legislation that is going to decimate any of our signature industries." And, in fact, Florida doubled down on its commitment to the equine industry. The Florida thoroughbred industry will keep its annual $27.5 million in state funding for fiscal year 25-26, as the legislature made the funding permanent for racing and breeding programs. And that keeps us competitive nationally, but it's also a strong signal of support from the governor to the equine industry. And it also shows this issue could return, however, in a new form, as I will mention later.

I would say the number two issue was the issue on xylazine. And so Florida's attorney general announced in August that he had filed to reclassify xylazine to a Schedule I controlled substance, with an exemption for veterinarian use. And that's a wonderful supportive move for the industry and also cleared up gray areas for those that were using the controlled substance legally versus those that weren't. So basically what that did was strike a balance between protecting public safety and ensuring Florida's agricultural and veterinarian communities could continue to use this medication for animal care. So just for those again that may not know, xylazine is often used by veterinarians as a sedative, and it's also approved by the USDA. And so basically it's a treatment for surgical care but also sedation for large species like cattle, horses, zoo animals and wildlife, but it's also the most safe and most effective sedative for these animals. So it's vital that we have this for our industry, but also the ultimate goal here is to keep this out of the hands of drug dealers and abusers whom our leaders were finding were mixing it with fentanyl and creating these drugs that are extremely harmful for our public, but also how could we keep this in the hands of the veterinarians? And so I think the move to reclassify xylazine with that caveat for veterinarians to be able to use it was really helpful for our industry.

Also, number three, I would say, is land conservation. So this is kind of what I would say — and Kayla, you may agree — is an adjacent matter, right? Without land, you know, we don't have the ag industry that we know and love. And so in 2025, Florida delivered some major wins for land conservation through two key programs and they're both equally important. They directly impact rural and equine communities. So you have the Florida Forever Program, which is the state's premier land acquisition program focused on protecting high-value natural lands, water resources, wildlife corridors and open spaces through the Department of Environmental Protection. And so in 2025, the state legislature put approximately $18 million with the governor, recommending additional support of up to $130 million for these acquisition categories. And basically what that does is it helps safeguard landscapes for horse farms, training facilities, rural economics, you know, development projects. And then we also have, on the other side of land conservation, is the rural family and lands protection program. That's through the Florida Department of Agriculture and Consumer Services. And so they're specifically focusing on working agricultural landscapes. Purchasing conservation easements from farmers and ranchers so that the land can stay in production, while then being protected from development. Which really hits a nail on the head with our equine community, right? Because you still want to be able to do those equine operations, but also be rewarded for protecting your land, your facility, and then still being able to utilize it. And so, I think in 2025, that program had one of its strongest years and they were funded about $250 million. And so again, it's just a critical tool for keeping these acres intact, defending your pasture land, preserving your character, and it's just supporting Florida's equine industry as a whole. And so it's really important to protect those things while this industry grows.

Number four is the therapy programs because it's kind of out of the box and it's a feel good to see that our leaders actually are giving back to these programs, but the state also supported some therapy programs for veterans. It's a therapy program for disabled children, veterans with PTSD, individuals with mobility challenges, seniors recovering from physical decline. And you've probably seen these, where you see on the news where they'll have horses walking around hospitals or bringing them into situations where people are having really bad days. And so that's similar to what these are doing. And so for example, in 2025, there was an equine-assisted therapy program that actually just assists veterans in their rehab. And so what I had noticed was our legislature had actually funded almost $300,000 for one individual therapy farm here in our state. And so you start to see those trends where your local delegations are wanting to support these programs. And I think it's wonderful. And so Kayla, these are probably the four issues that I saw in 2025 that really come to the top of mind for me, and it's just so important for stakeholders like breeders, trainers, horse owners, veterinarians, farm owners, therapy centers, industry associations, even your feed and equipment suppliers, which are your broader agricultural community, to have proper advocacy in place because these issues are moving targets. And without someone guiding the conversation, you do risk being left out when these policies and dollars are being decided. And so I would say those are probably the four in Florida from the last session.

Kayla Pragid: That's a great summary. And I think a lot of those issues go across different equestrian disciplines. But the other issues, you're talking about veterinarian health and checks on horses. And so these are things we certainly want our agriculture and equestrian folks here in Florida to know about. So, Liz, on the federal side, I mean, we know that you operate more in Washington, D.C., on the federal equestrian-type issues. What, looking back on it now, do you think are some of the major equine-related discussions during the 2025 session at the federal level that you think are important for the equine industry to know about?

Elizabeth Craddock: Thanks, Kayla. And Tori, what a wonderful exploration of all the issues happening in Florida. That was very thorough. And frankly, I learned a lot about what's happening in Florida. So thank you for that. You know, at the federal level, it's a little different. We obviously, in 2025, have a brand-new administration in town, as well as a unified Congress, meaning that both the United States Senate and the United States House are both controlled by the Republican Party. So we have a unified government in D.C., and that has for the first time in several years spelled an opportunity to move potential legislation swiftly through Congress through a process called budget reconciliation. For those of you who are avid civics geeks, perhaps you are familiar that the United States Senate has something called the Cloture Rule in which you need 60 votes to advance legislation regularly through the chamber. Budget reconciliation is a process that can be invoked to only need 50 votes to move measures that pertain to fiscal matters. So the budget, taxes, the deficit, through Congress in a more quick manner. And for much of 2025, we saw the United States Congress sort of focused on the One Big Beautiful Bill — OB3 as we like to call it in D.C.  — move through Congress. That definitely had most of the oxygen, I would say, in the halls of Congress. And there was hope in that opportunity that we might see a couple of tax revisions related to horses sort of move through in that package. One is the Race Horse Cost Recovery Act, which would make permanent the three-year depreciation schedule for racehorses, regardless of their age when placed into service. And the other was the Racehorse Tax Parity Act, which would shorten the holding period for equine assets to qualify for long-term capital gains treatment and align them with similarly situated investments, sort of ensuring a level playing field. So there was hope that maybe both of those or either of those might have made it into budget reconciliation. Unfortunately, that was not the case. But when we preview 2026, there may be another opportunity. I would say that process was definitely the focus of D.C., but I do think that horse and equine issues generally have a very big, broad base of support in D.C. I think it's obvious that they don't necessarily grab the headlines. You're not seeing lots of members of Congress sort of focus on this day in and day out. But there is a strong base for these issues in D.C., which is really nice to sort build off of in that we have seen in this 119th Congress, it's a two-year Congress at the federal level.

So for 2025, we've seen already about 50 bills related to equine and horse issues introduced. Those are ranging from a variety of topics, [and] some of the top ones are horse slaughter for human consumption — sort of banning horse slaughter for human consumption, wild horses and bureaus — legislation related to the racing industry, anti-soaring regulations and tax provisions. So there's a whole host of issues that we have seen via legislation in D.C. related to horses and equines. I think the main piece of legislation that most in the agriculture community were hoping to see was the Farm Bill, having that reauthorized permanently for the next five-year cycle. Unfortunately, we are in a one-year extension, so we haven't seen that bill go through its sort of final reauthorization, but hope springs eternal, and so we are definitely hoping that we might see some action on it in the following year. In the Farm Bill, there's a whole host of provisions related to USDA and giving authorizations for APHIS, research related to equines. There's a couple in this particular Farm Bill drafts from the House Agriculture Committee. There are a couple of provisions related to centers of excellence. One focused on livestock, including horses, and another center of excellence focused on veterinary medicine for large animals. So even at the federal level, we see a lot of attention through some key stakeholders very focused on these issues, and what I would say about the federal level [is] that you have to be very careful about how you're trying to move these bills through because the Senate and House floor schedules are often so busy that you're likely not going to see one of these particular bills take up an entire week's time on the Senate floor. So it's about being very strategic about how you're moving these bills through Congress. Who are your key stakeholders and coalition members that you're working with to advance these bills? What vehicles are moving through Congress that you may be able to attach these pieces of legislation to? So you want to be very strategic and careful as you work on these issues, I would say at the federal level.

Two other issues that I quickly want to highlight that have presented themselves in 2025. The first is tariffs. There has been a lot of commotion, if you will, regarding tariffs and how they may or may not relate to the equine industry. Obviously horses are imported to this country for a variety of reasons, perhaps they're breeding or racing, working horses on farms, etc. They each have their own sort of code, if you will, in the tariff schedule. And there was a lot of concern about the various tariff policies that are out there and have been proposed and how that may impact the equine industry. We're currently waiting on the Supreme Court to rule on President Trump's IEEPA tariffs. And I think once we have that ruling, that will give a strong indication of where we expect these tariffs to land moving forward with our various trading partners. So more to come on that, but I would say tariffs has definitely caused a lot of concern for the equine industry. And then the last is on the sort of federal reduction or downsizing of the federal workforce. USDA is going to see about a 20 percent cut in the number of employees that work at that agency. Obviously that will have an impact on the services that the agency is able to provide to the various consumers out there who utilize those services. So we are likely to see at least a 20 percent cut to APHIS and some other key agencies that the equine industry relies on. So that has also been a major highlight, I would say, for 2025 at the federal level.

Kayla Pragid: And Liz, one follow-up question on that. What are some of the services that you might get from USDA or from APHIS under USDA that could be impacted by the lower number of personnel in those agencies?

Elizabeth Craddock: Yeah, great question, Kayla. You know, it really comes down, I would say, to a broad bucket of maybe animal health. So, you know, if there's a virus or a disease that's spreading through the horses or the equine community, do we have the ability to rapidly respond to that? Do we have vaccines or other provisions in place? So APHIS does a lot of that work, also just importing and exporting of horses. You definitely have to have government approval to be able to do that. And APHIS signs off on all of that paperwork. So that could slow down the ability to transport horses across borders here in the U.S.

Kayla Pragid: That was a great update, I think, both from Florida and on the federal side, as far as what happened in 2025. So I want to ask Tori a Florida-specific question next. Tori, last year one bright spot of the Florida session was that the Florida Department of Agriculture's cost-sharing program was fully funded. And I meet so many folks in the agriculture and equestrian space that have never heard of this cost-sharing program. And so I wanted you to explain what it does for the equine community in Florida and what other highlights or bright spots kind of for the horse or equine-adjacent community might be implicated, and Liz, I'll ask you that on the federal level. So if you could just give us a little bit of a background on that, because for me, it was definitely a highlight and something that, you know, the clients that we service found as a highlight. But I think it's such an undervalued resource that folks here in Florida don't realize exists.

Tori Deal: Yeah, sure. So basically, I've probably spoken on this before, but so it was a bright spot for last session, especially for our community that the BMP program, or the Best Management Practices Program, through the Florida Department of Agriculture and Consumer Services — a mouthful — was fully funded. And so "fully funded" means farms can access cost-sharing money to implement the best management practices once they are enrolled into this program through the department. And what that is, is the department's basically saying, hey, if you enroll into this program and you help us keep the environment clean and the water clean and you do all these literal best management practices at your operations, you can qualify for funding to do X, Y and Z if you apply, right? And they want to help you with these funds. And so, usually what that means is it's manure management, water system upgrades, facility upgrades, basically environmentally friendly upgrades to your operations once you are enrolled into this best management practice program. And so last session, they received about $40 million into this pot of money. And so it's there until it's spent, and then they will obviously ask for more money to fund that program in the coming session. And so it has a real impact, up to 90 percent reimbursement. I believe they cap it at $150,000 per project. And so that's a direct benefit to horse and adjacent operations. They're definitely not programs you want to miss out on. And like what we do, proper advocacy is ensuring your operation is first in line and you're letting these legislatures understand how these dollars do translate into real environmental and economic wins. And so seeing these programs funded year after year, it's a rewarding feeling for the equine community. And so I would say that's probably one of my favorite highlights from the last session, is seeing these programs actually receive the funding they deserve. And so, I think that might answer the question, Kayla, but let me know if you need me to go [into] any more detail on kind of what the program is. But it is exactly what it is. They want small farms, large farms, to enroll into these voluntary programs and then in return it's, hey, thanks for doing that. Let's see if there's any funding you can apply for. Let's get some inspectors out there to see, can you upgrade this system or this water system, and we will help you do that. And so that's, I would say, one of the highlights for me from last session.

Kayla Pragid: Definitely. And I've had so many clients interested in that. And for those who don't entirely understand what that program is, essentially the state of Florida has prioritized supporting agricultural, including equestrian-type, property. And so if you all have something that you need upgraded, renovated on, designated equestrian or agricultural property, and you are voluntarily in this BMP program that Tori just described, there's an opportunity for you to apply for funds from the state of Florida to help support that. And Tori has been instrumental in helping some of our clients get that funding that really does make a difference in their ability to keep their operations open and function with better facilities that are better for the environment as well, so that's something that people are always interested in. So thanks, Tori.

I want to switch now to 2026. So we talked about 2025. Liz and Tori both gave us a really good overview of what was talked about, what was in session, what did and didn't make it through. And I now want to switch gears to 2026. And so I thought this episode of the podcast would be really timely to do because we could both recap '25 and tell our listeners what to expect in '26. So as we look ahead, what should equestrian stakeholders, whether that be trainers, owners, folks that own equine property, industry groups, what should they be watching for in the 2026 session at the state level and then at the federal level? So Tori, if you want to get us started at the state level, that would be helpful.

Tori Deal: Sure. So I'll just back it up a little bit, Kayla. Right now, Florida is currently towards the end of our committee weeks, which are set to end December 12. And so what those are, for those that may not be in the process, as I once had to learn it myself, the committee weeks are used to prepare our leaders for the next session. That's where you're filing bills, they're educating themselves, they're meeting with people, they're hearing from their constituents, they're hearing from everyone. They gather their ideas, they get them in by their deadline so we can hit the ground running in session. And so right now that's the process we're in for the 2026 session, which is going to actually officially run January 13 to March 13 of 2026, give or take. I say that because it's also an election year and Florida's hot right now. So I would not be shocked if we have special sessions, etc., but I'm going to go with I hope not.

So these are a few items I would say the industry needs to keep an eye on. And again, you'll have heard some of these prior, but obviously conservation dollars and property taxes, that's going to be up for discussion. With Florida's growth, we're going to expect pressure on land use policy and property tax drama that could impact horse farms and agricultural operations. Obviously anything related to property tax, the state is going to want to keep their eye on. Currently on the property tax side, we have about eight proposals being discussed. The idea is for these proposals to be decided by the voters. Speaker Danny Perez said that the House does not need to limit itself in preparing one single plan, but instead will allow the people of Florida the ability to choose some, all or none of the proposals on their 2026 ballot. All of these proposals will have two components. First, they will have language that specifically prohibits a government entity from reducing funding for law enforcement. And second, they will exempt school taxes. Property taxes actually, I think, make up 40 percent of school funding, somewhere around $21 billion. On the conservation dollar side, such as the programs I mentioned already — Florida Forever through DEP and the Rural Family Lands Protection through FDACS — they have already submitted their request. DEP's 26-27 budget includes $150 million to protect Florida's conservation lands through one-time investments and by restoring $65 million in recurring funding to Florida Forever. While DACS, or Florida Department of Ag, is requesting around $150 million in conservation easement funds. And an additional $200 million in recurring funding for acquisitions for land protections that we discussed earlier. So that's obviously something you're going to want to keep an eye on.

And then our favorite topic, decoupling. As I mentioned, it has come back, but not because of a new bill, but because of a 2021 law that let some gaming facilities drop live racing. And so now it's being challenged in court. So the bill dies, obviously we go the court route. The lawsuit is actually cracking the door back open. And so depending on how the judge rules, it could actually reignite the entire decoupling debate in 2026, the session and beyond. Basically, even if the governor keeps backing live racing, the industry still needs to be ready. The future of horse racing is literally sitting in a courtroom. So we'll keep our eye on that and see how that plays out.

And then also on xylazine, it has come back, but actually in more of a formalizing method. So the attorney general, like I said, he has filed to reclassify it to a Schedule I controlled substance with the exemption for veterinarian use, within his emergency rule. And so this is actually going to run in two currently filed bills in our 2026 session. That's House Bill 309 and Senate Bill 432. And so the bill currently does the following: It's exempting the FDA-approved animal drug product containing xylazine to a Schedule I status, and it's going to impose a first-degree felony and mandatory minimum prison term for selling, manufacturing, delivering or possessing xylazine with the intent to sell or deliver. It is also going to create a new "trafficking" xylazine offense, with increasing a mandatory minimum sentence and fines based on the amount of xylazine that was involved. And so we're going to be watching that bill. It's a controlled substance bill, has two very strong champions on both sides, and so I expect that to be finalized. Which, again, it's helpful for our community to clear up gray areas like that.

Last but not least, one that I do see also possibly tying in federally is solar on ag and equine lands. This is just something I've seen, I've heard people are talking about it. And so for agriculture, the growing interest in solar on farm and equines lands is cutting both ways. Simply because on one hand, it's going to open the door to potential benefits, things like long-term lease revenue for landowners, possible grants or tax incentives tied to renewable energy and new funding streams that can help operations be financially stable. However, on the other hand, this state is looking closely at how these projects are going to affect farmland preservation and whether solar fields can be responsibly restored back to ag use when that lease ends. So currently we have two bills — Senate Bill 200, House Bill 193 — that are for the 2026 session that are showing that lawmakers are trying to get ahead of those questions for 2026. And so, how do we balance that, right? And because federal agencies are also exploring how renewable energy is fitting into the broader conversation, Farm Bill, producers should expect this conversation to continue both at a state and federal level. I will say, if we're going to talk public awareness, it is definitely worth noting the broader political backdrop. President Trump recently highlighted energy costs on his social media, calling rising electricity prices record-breaking and labeling large-scale wind and what he described as, in quotations, "farmer destroying solar" as the "scam of the century," saying his administration would not approve those kinds of projects. Whether people agree or disagree, to me, comments like that [show] how national politics are going to start to shape renewable energy in that conversation. And so one way or the other, I think this is just something you need to keep your eye on this ball. And so right now we'll be watching the two state bills in Florida that are filed, Senate Bill 200 and House Bill 193. And we'll also be leaning on Liz for our federal support.

Kayla Pragid: Very interesting developments and lots to look forward to, I think, in the new session on bills that could have an impact on the agriculture and equestrian industries. So Liz, turning it over to you on the federal side, I'd be interested to know if there's anything coming up in 2026 federally that you think our listeners should keep an eye out for.

Elizabeth Craddock: Yeah, thanks, Kayla. And just following up with what Tori was just speaking about regarding solar projects support from the federal level, we did see much of the IRA  — Inflation Reduction Act bill, legislation that was enacted under the Biden Administration — it had a lot of tax provisions for renewable energy in it, including for solar. We did see a lot of those provisions struck down entirely or modified under the One Big Beautiful Bill or OB3 over the summer. So there has been significant changes for the solar industry tax credits through that legislation and how they may impact private lands in Florida. There's definitely a lot to explore there. You know, as far as federal lands, I don't anticipate to see too much renewable energy placed in service under this administration. But I do think that there will be opportunities to see those measures move forward, perhaps in the years to come. But that is also a hot topic that is not necessarily equine-related. So let me get back to 2026 at the federal level, focused on equine issues.

You know, I do think that the outcome of the Supreme Court's ruling on the IEEPA tariffs is going to have a significant impact potentially on the equine industry and whether or not we are going to see tariffs on the industry and the import and exportation of horses in and out of this country. So I definitely think that that is something key to watch as 2026 unfolds. I would also say that we are very hopeful that we are going to see a Farm Bill sort of permanent extension, if you will, for five years. We've been in these one-year extensions year after year for the past several years. And frankly, some of the authorizations are a little stale. So it would be great if we could get a five-year Farm Bill passed. I do think that there is an appetite to do it. But we are going to run out of time at the federal level. The midterm [elections] will start to creep in, and we will be limited on time and when we can make that happen. So if we don't see it, I would say in Q1 of 2026, then I think the next likely opportunity for us to see a five-year Farm Bill will be after the midterms, so in November or December of 2026. So there's plenty of time to still shape that bill if there are those out there who have a particular interest in doing so, but the iron is hot. So you need to get in and get your advocacy needs heard.

It's been interesting in D.C. We've been told there's going to be a second budget reconciliation bill, but frankly, I think after the first one was passed over the summer, that talk sort of died down in D.C. So I do think that there's a potential appetite to do a second reconciliation bill. Next year, I think that maybe that is where we're going to see the Affordable Care Act, — ACA — healthcare measures enacted through. So that is part of the reason why we're hearing reconciliation talk creep back into the discussion. So maybe there'll be an opportunity there to do things to help equine business owners. It would certainly be a great opportunity to do so. I also think that USDA or Ag Appropriations Bill — I know appropriations gets a lot of flack in this town because they're hardly ever done on time — but we did see the Ag Appropriations Bill enacted for the upcoming fiscal year, which is great news. It is a wonderful opportunity to have programs that are important to the equine industry funded at USDA. So it's a good opportunity for those, again, who may be interested in using that to fund some key priorities in the industry.

And then the last thing for 2026 that I think is going to be really important is just what happens sort of on the labor and immigration level. There's a lot of talk about labor needs throughout the agriculture community. It sounds like Chairman Thompson, who is chair of the House Ag Committee, has potentially an ag labor bill that he may be introducing in the near future that would focus on a temporary visa program, so H-2A programs. So I do think that that's another opportunity to impact the equine industry in D.C. through the discussion on labor needs in the agriculture sector. But that's sort of, I think, the four topics that I would expect us to focus on in 2026 moving forward for equine issues.

Kayla Pragid: That was a really great overview of, I think, where we're going in 2026, both stateside for Florida, which is a big equestrian hub, and also on the federal level. So I can't thank you, Tori and Liz, enough for giving us an overview and recap of what we saw and what to expect in the future. So thank you very much for joining us. And hopefully all of our listeners got something out of it that they can use for their equestrian or agricultural business.