Cannabis Sativa Stock Price, News & Analysis (OTCMKTS:CBDS)

$4.14 0.04 (0.98 %)
(As of 12/11/2017 02:26 AM ET)
Previous Close$4.20
Today's Range$4.06 - $4.20
52-Week Range$2.61 - $9.50
Volume58,319 shs
Average Volume96,421 shs
Market Capitalization$83.90 million
P/E RatioN/A
Dividend YieldN/A
Beta-7.47

About Cannabis Sativa (OTCMKTS:CBDS)

Cannabis Sativa logoCannabis Sativa, Inc. develops and promotes natural cannabis products. The Company is engaged in the research, development and licensing of natural cannabis products, including cannabis formulas, edibles, topicals, strains, recipes and delivery systems. The Company plans to develop, produce and market products through joint ventures with companies licensed under state regulations applicable to cannabis businesses. It holds the license for a medicinal cannabis strain called NZT, a cannabis lozenge delivery methodology, and a cannabis trauma cream formula. The Company is also developing a third strain of cannabis plant named CT22. The Company also conducts its operations through its subsidiary, Wild Earth Naturals, Inc. (Wild Earth). Wild Earth is an herbal skin care products formulation and marketing company that plans to target the natural healthcare products market in the United States and abroad. It offers Go Deep, Go Deep EXTRA (GDX), Face Garden, Body Garden and Lip Garden.

Receive CBDS News and Ratings via Email

Sign-up to receive the latest news and ratings for CBDS and its competitors with MarketBeat's FREE daily newsletter.

Industry, Sector and Symbol

Industry Personal Services
Sub-IndustryCannabis
SectorServices
SymbolOTCMKTS:CBDS
CUSIPN/A
Phone+1-702-3463906

Debt

Debt-to-Equity RatioN/A
Current RatioN/A
Quick RatioN/A

Price-To-Earnings

Trailing P/E RatioN/A
Forward P/E RatioN/A
P/E GrowthN/A

Sales & Book Value

Annual SalesN/A
Price / SalesN/A
Cash FlowN/A
Price / CashN/A
Book ValueN/A
Price / BookN/A

Profitability

Trailing EPS($0.38)
Net IncomeN/A
Net Margins-933.35%
Return on Equity-110.30%
Return on Assets-65.71%

Miscellaneous

EmployeesN/A
Outstanding Shares19,510,000

Cannabis Sativa (OTCMKTS:CBDS) Frequently Asked Questions

What is Cannabis Sativa's stock symbol?

Cannabis Sativa trades on the OTCMKTS under the ticker symbol "CBDS."

Who are some of Cannabis Sativa's key competitors?

Who are Cannabis Sativa's key executives?

Cannabis Sativa's management team includes the folowing people:

  • Stephen Michael Downing, Chairman of the Board (Age 77)
  • David Tobias, President, Director (Age 65)
  • Mike Gravel, Chief Executive Officer, Director (Age 86)
  • Donald J. Lundbom, Chief Financial Officer
  • Catherine Carroll, Director (Age 75)
  • Deborah Goldsberry, Director (Age 49)

How do I buy Cannabis Sativa stock?

Shares of Cannabis Sativa can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Scottrade, Fidelity and Charles Schwab.

What is Cannabis Sativa's stock price today?

One share of Cannabis Sativa stock can currently be purchased for approximately $4.14.

How big of a company is Cannabis Sativa?

Cannabis Sativa has a market capitalization of $83.90 million.

How can I contact Cannabis Sativa?

Cannabis Sativa's mailing address is 1646 W Pioneer Blvd Ste 120, MESQUITE, NV 89027-7515, United States. The company can be reached via phone at +1-702-3463906.


MarketBeat Community Rating for Cannabis Sativa (CBDS)

Community Ranking:  2.2 out of 5 (star star)
Outperform Votes:  29 (Vote Outperform)
Underperform Votes:  36 (Vote Underperform)
Total Votes:  65
MarketBeat's community ratings are surveys of what our community members think about Cannabis Sativa and other stocks. Vote "Outperform" if you believe the stock will outperform the S&P 500 over the long term. Vote "Underperform" if you believe the stock will underperform the S&P 500 over the long term. You may vote once every thirty days.

Analyst Ratings

Cannabis Sativa (OTCMKTS:CBDS) Analyst Ratings History


No equities research coverage for this company has been tracked by MarketBeat

Earnings

Earnings History for Cannabis Sativa (OTCMKTS:CBDS)


No earnings announcements for this company have been tracked by MarketBeat.com

Estimates

Cannabis Sativa (OTCMKTS:CBDS) Earnings Estimates

No earnings estimates for this company have been tracked by MarketBeat.com

Dividends

Dividend History for Cannabis Sativa (OTCMKTS:CBDS)


No dividend announcements for this company have been tracked by MarketBeat.com

Insider Trades

Cannabis Sativa (OTCMKTS CBDS) Insider Trading and Institutional Ownership History

Insider Trades by Quarter for Cannabis Sativa (OTCMKTS:CBDS)

Cannabis Sativa (OTCMKTS CBDS) Insider Trades by Quarter

Transaction DateInsider NameTitleBuy/SellNumber of SharesAverage Share PriceTotal TransactionDetails
12/7/2017Mike GravelCEOSell11,058$4.06$44,895.48View SEC Filing  
12/5/2017Mike GravelCEOSell15,000$4.00$60,000.00View SEC Filing  
11/29/2017Mike GravelCEOSell22,700$3.90$88,530.00View SEC Filing  
11/27/2017Debby GoldsberryDirectorSell1,500$3.80$5,700.00View SEC Filing  
11/22/2017David TobiasInsiderSell18,609$3.32$61,781.88View SEC Filing  
11/22/2017Mike GravelCEOSell22,750$3.27$74,392.50View SEC Filing  
11/20/2017David TobiasInsiderSell30,000$3.15$94,500.00View SEC Filing  
11/15/2017Debby GoldsberryDirectorSell1,000$2.95$2,950.00View SEC Filing  
11/14/2017David TobiasInsiderSell10,000$2.98$29,800.00View SEC Filing  
11/13/2017Mike GravelCEOSell5,000$3.00$15,000.00View SEC Filing  
11/7/2017David TobiasInsiderSell10,000$3.00$30,000.00View SEC Filing  
11/7/2017Debby GoldsberryDirectorSell6,000$3.02$18,120.00View SEC Filing  
11/7/2017Mike GravelCEOSell9,900$2.99$29,601.00View SEC Filing  
11/3/2017Donald LundbomInsiderSell13,500$2.87$38,745.00View SEC Filing  
10/27/2017Donald LundbomInsiderSell10,400$2.66$27,664.00View SEC Filing  
10/23/2017Donald LundbomInsiderSell4,850$2.83$13,725.50View SEC Filing  
10/13/2017Debby GoldsberryDirectorSell1,150$2.73$3,139.50View SEC Filing  
10/6/2017Debby GoldsberryDirectorSell2,200$2.90$6,380.00View SEC Filing  
9/29/2017David TobiasInsiderSell2,000$3.03$6,060.00View SEC Filing  
9/26/2017David TobiasInsiderSell4,507$3.10$13,971.70View SEC Filing  
9/13/2017David TobiasInsiderSell4,000$3.29$13,160.00View SEC Filing  
9/6/2017Debby GoldsberryDirectorSell1,600$3.25$5,200.00View SEC Filing  
7/20/2017David TobiasInsiderSell8,656$4.60$39,817.60View SEC Filing  
7/13/2017David TobiasInsiderSell10,753$4.71$50,646.63View SEC Filing  
7/12/2017Debby GoldsberryDirectorSell6,500$4.82$31,330.00View SEC Filing  
7/5/2017David TobiasInsiderSell10,000$4.65$46,500.00View SEC Filing  
6/27/2017David TobiasInsiderSell8,643$4.37$37,769.91View SEC Filing  
6/23/2017Mike GravelCEOSell4,042$4.10$16,572.20View SEC Filing  
6/21/2017Mike GravelCEOSell26,307$4.50$118,381.50View SEC Filing  
6/19/2017David TobiasInsiderSell7,500$4.71$35,325.00View SEC Filing  
6/16/2017David TobiasInsiderSell8,000$4.09$32,720.00View SEC Filing  
6/16/2017Debby GoldsberryDirectorSell2,500$4.22$10,550.00View SEC Filing  
6/16/2017Mike GravelCEOSell10,000$4.06$40,600.00View SEC Filing  
6/12/2017Mike GravelCEOSell3,564$3.37$12,010.68View SEC Filing  
6/9/2017Mike GravelCEOSell6,436$3.84$24,714.24View SEC Filing  
6/8/2017David TobiasInsiderSell5,000$4.00$20,000.00View SEC Filing  
6/7/2017Debby GoldsberryDirectorSell4,750$4.36$20,710.00View SEC Filing  
3/29/2017David TobiasInsiderSell19,190$6.54$125,502.60View SEC Filing  
3/27/2017David TobiasInsiderSell4,659$6.25$29,118.75View SEC Filing  
2/21/2017David TobiasInsiderSell10,000$7.15$71,500.00View SEC Filing  
2/15/2017Catherine J CarrollCFOSell6,480$7.37$47,757.60View SEC Filing  
2/15/2017David TobiasInsiderSell19,470$7.05$137,263.50View SEC Filing  
2/3/2017David TobiasInsiderSell13,157$7.30$96,046.10View SEC Filing  
1/27/2017David TobiasInsiderSell18,766$8.22$154,256.52View SEC Filing  
1/19/2017Mike GravelCEOSell49,423$9.08$448,760.84View SEC Filing  
1/19/2017Sadia P BarramedaMajor ShareholderSell26,300$7.34$193,042.00View SEC Filing  
1/4/2017David TobiasInsiderSell39,632$5.71$226,298.72View SEC Filing  
1/4/2017Sadia P BarramedaMajor ShareholderSell19,664$5.38$105,792.32View SEC Filing  
12/30/2016David TobiasInsiderSell45,000$5.30$238,500.00View SEC Filing  
11/3/2016Stephen Michael DowningDirectorSell12,841$6.24$80,127.84View SEC Filing  
10/19/2016Sadia P BarramedaMajor ShareholderSell31,000$5.19$160,890.00View SEC Filing  
10/5/2016David TobiasInsiderSell47,115$3.33$156,892.95View SEC Filing  
10/4/2016Mike GravelCEOSell32,222$3.31$106,654.82View SEC Filing  
10/4/2016Sadia P BarramedaMajor ShareholderSell35,730$3.16$112,906.80View SEC Filing  
9/29/2016David TobiasInsiderSell20,000$2.86$57,200.00View SEC Filing  
9/23/2016David TobiasInsiderSell33,000$2.80$92,400.00View SEC Filing  
9/22/2016Mike GravelCEOSell2,778$3.14$8,722.92View SEC Filing  
9/12/2016Sadia P BarramedaMajor ShareholderSell35,300$2.34$82,602.00View SEC Filing  
8/19/2016David TobiasInsiderSell18,938$2.05$38,822.90View SEC Filing  
8/8/2016Sadia P BarramedaMajor ShareholderSell71,070$1.84$130,768.80View SEC Filing  
8/2/2016Mike GravelCEOSell10,000$1.90$19,000.00View SEC Filing  
7/25/2016Mike GravelCEOSell10,000$1.90$19,000.00View SEC Filing  
7/15/2016David TobiasMajor ShareholderSell10,000$2.00$20,000.00View SEC Filing  
7/12/2016David TobiasMajor ShareholderSell20,000$1.96$39,200.00View SEC Filing  
7/7/2016David TobiasMajor ShareholderSell4,626$1.96$9,066.96View SEC Filing  
1/11/2016David TobiasCEOSell1,750$0.70$1,225.00View SEC Filing  
8/11/2014Sadia P BarramedaMajor ShareholderBuy18,000$5.56$100,080.00View SEC Filing  
(Data available from 1/1/2013 forward)

Headlines

Cannabis Sativa (OTCMKTS CBDS) News Headlines

Source:
DateHeadline
Insider Selling: Cannabis Sativa Inc (CBDS) CEO Sells 11,058 Shares of StockInsider Selling: Cannabis Sativa Inc (CBDS) CEO Sells 11,058 Shares of Stock
www.americanbankingnews.com - December 8 at 2:14 PM
Insider Selling: Cannabis Sativa Inc (CBDS) CEO Sells 15,000 Shares of StockInsider Selling: Cannabis Sativa Inc (CBDS) CEO Sells 15,000 Shares of Stock
www.americanbankingnews.com - December 6 at 2:40 PM
Cannabis Sativa Inc.: Online Medical Marijuana Evaluations Provider PrestoDoctor Expanding its Services into New YorkCannabis Sativa Inc.: Online Medical Marijuana Evaluations Provider PrestoDoctor Expanding its Services into New York
www.finanznachrichten.de - December 4 at 9:28 AM
Cannabis Sativa Inc (CBDS) CEO Mike Gravel Sells 22,700 SharesCannabis Sativa Inc (CBDS) CEO Mike Gravel Sells 22,700 Shares
www.americanbankingnews.com - November 29 at 8:46 PM
Medical Cannabis Data Shows Strong Sales and Growth - PR Newswire (press release)Medical Cannabis Data Shows Strong Sales and Growth - PR Newswire (press release)
www.prnewswire.com - November 28 at 5:19 PM
Cannabis Sativa, Inc. :CBDS-US: Earnings Analysis: Q3, 2017 By the Numbers : November 28, 2017Cannabis Sativa, Inc. :CBDS-US: Earnings Analysis: Q3, 2017 By the Numbers : November 28, 2017
finance.yahoo.com - November 28 at 5:19 PM
Reviewing NutriSystem (NTRI) & Cannabis Sativa (CBDS)Reviewing NutriSystem (NTRI) & Cannabis Sativa (CBDS)
www.americanbankingnews.com - November 27 at 10:08 AM
Analyzing Cannabis Sativa (CBDS) and Graham (GHC)Analyzing Cannabis Sativa (CBDS) and Graham (GHC)
www.americanbankingnews.com - November 26 at 9:24 AM
Head to Head Analysis: Cannabis Sativa (CBDS) vs. Graham (GHC)Head to Head Analysis: Cannabis Sativa (CBDS) vs. Graham (GHC)
www.americanbankingnews.com - November 25 at 9:18 PM
Financial Analysis: Cannabis Sativa (CBDS) vs. Weight Watchers International (WTW)Financial Analysis: Cannabis Sativa (CBDS) vs. Weight Watchers International (WTW)
www.americanbankingnews.com - November 24 at 9:10 PM
Financial Analysis: Cannabis Sativa (CBDS) & Graham Holdings (GHC)Financial Analysis: Cannabis Sativa (CBDS) & Graham Holdings (GHC)
www.americanbankingnews.com - November 24 at 11:30 AM
Analyzing Cannabis Sativa (CBDS) & Graham Holdings (GHC)Analyzing Cannabis Sativa (CBDS) & Graham Holdings (GHC)
www.americanbankingnews.com - November 24 at 1:24 AM
Cannabis Sativa Inc (CBDS) Insider Sells $61,781.88 in StockCannabis Sativa Inc (CBDS) Insider Sells $61,781.88 in Stock
www.americanbankingnews.com - November 22 at 8:45 PM
Insider Selling: Cannabis Sativa Inc (CBDS) CEO Sells 22,750 Shares of StockInsider Selling: Cannabis Sativa Inc (CBDS) CEO Sells 22,750 Shares of Stock
www.americanbankingnews.com - November 22 at 8:44 PM
Insider Selling: Cannabis Sativa Inc (CBDS) Insider Sells 30,000 Shares of StockInsider Selling: Cannabis Sativa Inc (CBDS) Insider Sells 30,000 Shares of Stock
www.americanbankingnews.com - November 20 at 10:54 PM
Analyzing Weight Watchers International (WTW) & Cannabis Sativa (CBDS)Analyzing Weight Watchers International (WTW) & Cannabis Sativa (CBDS)
www.americanbankingnews.com - November 17 at 5:22 AM
Mike Gravel Sells 5,000 Shares of Cannabis Sativa Inc (CBDS) StockMike Gravel Sells 5,000 Shares of Cannabis Sativa Inc (CBDS) Stock
www.americanbankingnews.com - November 15 at 9:59 PM
Cannabis Sativa Inc (CBDS) Insider David Tobias Sells 10,000 SharesCannabis Sativa Inc (CBDS) Insider David Tobias Sells 10,000 Shares
www.americanbankingnews.com - November 15 at 9:32 PM
PrestoDoctor Co-Founder Kyle Powers Named To Forbes 30 Under 30 ListPrestoDoctor Co-Founder Kyle Powers Named To Forbes 30 Under 30 List
finance.yahoo.com - November 15 at 3:32 AM
Contrasting Cannabis Sativa (CBDS) and Service Corporation International (SCI)Contrasting Cannabis Sativa (CBDS) and Service Corporation International (SCI)
www.americanbankingnews.com - November 14 at 3:40 PM
Critical Contrast: Graham Holdings (GHC) & Cannabis Sativa (CBDS)Critical Contrast: Graham Holdings (GHC) & Cannabis Sativa (CBDS)
www.americanbankingnews.com - November 14 at 11:28 AM
Insider Selling: Cannabis Sativa Inc (CBDS) Director Sells 6,000 Shares of StockInsider Selling: Cannabis Sativa Inc (CBDS) Director Sells 6,000 Shares of Stock
www.americanbankingnews.com - November 9 at 3:28 PM
Cannabis Sativa Inc (CBDS) CEO Mike Gravel Sells 9,900 SharesCannabis Sativa Inc (CBDS) CEO Mike Gravel Sells 9,900 Shares
www.americanbankingnews.com - November 9 at 3:28 PM
Cannabis Sativa Inc (CBDS) Insider Sells $38,745.00 in StockCannabis Sativa Inc (CBDS) Insider Sells $38,745.00 in Stock
www.americanbankingnews.com - November 3 at 9:44 PM
Donald Lundbom Sells 10,400 Shares of Cannabis Sativa Inc (CBDS) StockDonald Lundbom Sells 10,400 Shares of Cannabis Sativa Inc (CBDS) Stock
www.americanbankingnews.com - October 30 at 2:32 PM
Medical Cannabis Sales Projected to Rise Thanks to Legalization ... - PR Newswire (press release)Medical Cannabis Sales Projected to Rise Thanks to Legalization ... - PR Newswire (press release)
www.prnewswire.com - October 25 at 6:28 PM
Donald Lundbom Sells 4,850 Shares of Cannabis Sativa Inc (CBDS) StockDonald Lundbom Sells 4,850 Shares of Cannabis Sativa Inc (CBDS) Stock
www.americanbankingnews.com - October 23 at 7:46 PM
Cannabis Sativa Names Former LAPD Deputy Chief Of Police Stephen Downing Chairman Of BoardCannabis Sativa Names Former LAPD Deputy Chief Of Police Stephen Downing Chairman Of Board
finance.yahoo.com - October 12 at 10:50 PM
Legal Cannabis Expected to Benefit From New Technologies - PR Newswire (press release)Legal Cannabis Expected to Benefit From New Technologies - PR Newswire (press release)
www.prnewswire.com - October 12 at 5:47 PM
Cannabis Sativa Names Former LAPD Deputy Chief Of Police Stephen Downing Chairman Of Board - PR Newswire (press release)Cannabis Sativa Names Former LAPD Deputy Chief Of Police Stephen Downing Chairman Of Board - PR Newswire (press release)
www.prnewswire.com - October 12 at 4:35 AM
David Tobias Sells 4,507 Shares of Cannabis Sativa Inc (CBDS) StockDavid Tobias Sells 4,507 Shares of Cannabis Sativa Inc (CBDS) Stock
www.americanbankingnews.com - September 27 at 10:50 PM
The Hemp CBD Market Projected to SurgeThe Hemp CBD Market Projected to Surge
www.prnewswire.com - September 18 at 5:17 PM
David Tobias Sells 4,000 Shares of Cannabis Sativa Inc (CBDS) StockDavid Tobias Sells 4,000 Shares of Cannabis Sativa Inc (CBDS) Stock
www.americanbankingnews.com - September 15 at 12:26 AM
Hemp Cannabis Product Sales Projected To Hit $1 Billion In 3 YearsHemp Cannabis Product Sales Projected To Hit $1 Billion In 3 Years
www.forbes.com - August 23 at 5:15 PM
Hemp Cannabis Product Sales Projected To Hit $1 Billion In 3 YearsHemp Cannabis Product Sales Projected To Hit $1 Billion In 3 Years
www.forbes.com - August 23 at 5:15 PM
Cannabis Sativa, Inc. :CBDS-US: Earnings Analysis: Q2, 2017 By the Numbers : August 23, 2017Cannabis Sativa, Inc. :CBDS-US: Earnings Analysis: Q2, 2017 By the Numbers : August 23, 2017
finance.yahoo.com - August 23 at 5:15 PM
Cannabis Sativa, Inc. :CBDS-US: Earnings Analysis: Q2, 2017 By the Numbers : August 23, 2017Cannabis Sativa, Inc. :CBDS-US: Earnings Analysis: Q2, 2017 By the Numbers : August 23, 2017
finance.yahoo.com - August 23 at 5:15 PM
Cannabis Sativa Acquires 51% of PrestoDoctor, a Premier Medical Marijuana Telemedicine PlatformCannabis Sativa Acquires 51% of PrestoDoctor, a Premier Medical Marijuana Telemedicine Platform
finance.yahoo.com - August 2 at 5:44 PM
Cannabis Sativa Acquires 51% of PrestoDoctor, a Premier Medical Marijuana Telemedicine PlatformCannabis Sativa Acquires 51% of PrestoDoctor, a Premier Medical Marijuana Telemedicine Platform
finance.yahoo.com - August 2 at 5:44 PM
Insider Selling: Cannabis Sativa Inc (CBDS) Insider Sells 8,656 Shares of StockInsider Selling: Cannabis Sativa Inc (CBDS) Insider Sells 8,656 Shares of Stock
www.americanbankingnews.com - July 21 at 7:53 PM
Insider Selling: Cannabis Sativa Inc (OTCMKTS:CBDS) Insider Sells 10,753 Shares of StockInsider Selling: Cannabis Sativa Inc (OTCMKTS:CBDS) Insider Sells 10,753 Shares of Stock
www.americanbankingnews.com - July 14 at 9:08 PM
Cannabis Sativa Inc (OTCMKTS:CBDS) Director Sells $31,330.00 in StockCannabis Sativa Inc (OTCMKTS:CBDS) Director Sells $31,330.00 in Stock
www.americanbankingnews.com - July 12 at 8:44 PM
David Tobias Sells 10,000 Shares of Cannabis Sativa Inc (OTCMKTS:CBDS) StockDavid Tobias Sells 10,000 Shares of Cannabis Sativa Inc (OTCMKTS:CBDS) Stock
www.americanbankingnews.com - July 5 at 8:08 PM
Legal Cannabis and CBD-Based Products Projected to Gain PopularityLegal Cannabis and CBD-Based Products Projected to Gain Popularity
www.prnewswire.com - June 28 at 4:58 PM
Market Data Shows Growth in the Cannabis Industry - PR Newswire (press release)Market Data Shows Growth in the Cannabis Industry - PR Newswire (press release)
www.prnewswire.com - June 22 at 11:23 AM
The Global Legal Cannabis Industry is Expected to Gain Momentum - PR Newswire (press release)The Global Legal Cannabis Industry is Expected to Gain Momentum - PR Newswire (press release)
www.prnewswire.com - June 15 at 9:42 PM
Legal Cannabis and CBD Markets are Projected to Grow - PR Newswire (press release)Legal Cannabis and CBD Markets are Projected to Grow - PR Newswire (press release)
www.prnewswire.com - June 6 at 3:30 PM
CBD Market Becomes Major Part of the Cannabis IndustryCBD Market Becomes Major Part of the Cannabis Industry
www.prnewswire.com - May 24 at 12:53 PM
Marketplace Roundtable: Marijuana Money - Seeking AlphaMarketplace Roundtable: Marijuana Money - Seeking Alpha
seekingalpha.com - May 19 at 4:03 PM
Legal Cannabis Products are Gaining Popularity - PR Newswire (press release)Legal Cannabis Products are Gaining Popularity - PR Newswire (press release)
www.prnewswire.com - May 16 at 4:13 PM

SEC Filings

Cannabis Sativa (OTCMKTS:CBDS) SEC Filings

DateFilerForm TypeView

Social Media

Financials

Financials are not available for this stock.

Chart

Cannabis Sativa (OTCMKTS CBDS) Stock Chart for Monday, December, 11, 2017

Loading chart…

This page was last updated on 12/11/2017 by MarketBeat.com Staff

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.