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Published by AnnaRae Grabstein and Ben Larson
Hosts Ben Larson and AnnaRae Grabstein serve up unfiltered insights, reveal their insiders' perspectives, and illuminate transformative ideas about the cannabis industry for people who want to make sense of it all.
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Is the cannabis industry getting in its own way? With shifting legislation, political action committees playing both sides, and an impending supply chain crunch, the divide between hemp and marijuana has never been more contentious. In this episode, Ben Larson flies solo while AnnaRae is out, welcoming Chris Fontes, Founder and CEO of High Spirits Beverages and President at U.S. Hemp Authority. Chris brings his polite but blunt perspective to unpack the hypocrisy of cannabis political funding, the strategic genius behind hemp-derived Delta-9 beverages, and why the current trade association infighting threatens the entire plant’s future. It’s a provocative deep dive into the policies, market dynamics, and tech shifts shaping the next era of mainstream access. What You’ll Learn: The Dispensary Alternative : Why mainstream retail and hemp-derived beverages are doing more to normalize cannabis for non-stoners than traditional dispensary models. Policy Hypocrisy Unpacked : A candid look at the political maneuvering, PAC funding, and ideological infighting between marijuana and hemp operators. 2027 Supply Chain Realities : Why impending legislative "extinction events" and historically low hemp planting could severely choke the global cannabinoid supply chain next year. The AI Arms Race : Why cannabis operators must pay attention to artificial intelligence and how the push for tech control mirrors regulatory battles over the plant. Meet the Guest: Chris Fontes is the Founder and CEO of High Spirits Beverages and Trojan Horse Cannabis, and a pioneering leader who brought hemp-derived Delta-9 THC to the national market. With a deep background as a technology entrepreneur, Chris previously created the Hemp Exchange and Project Hemp Flower. A committed activist and pragmatic voice in drug policy, he has served as the president of the US Hemp Authority and as a board member of the US Hemp Roundtable, continually consulting lawmakers, regulators, and brands to fight for the freedom of the plant. Why Tune In? If you want the unfiltered truth about where the hemp and marijuana markets are colliding, this episode cuts through the trade association noise. Tune in to arm yourself with the pragmatic insights needed to navigate looming regulatory shifts and position your beverage or cannabis brand for survival in a volatile landscape. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
Is a cannabis contract truly enforceable in federal court? The 6th Circuit Court of Appeals just delivered a ruling that sent shockwaves through the industry—and sent operators rushing to review their legal agreements. In this episode of This Week in Cannabis Live , High Spirits hosts Ben Larson and AnnaRae Grabstein join Jeremy Berke and Jay Rosenthal of Cultivated and Marc Hauser of Cannabis Musings to break down the massive legal precedents, regulatory hurdles, and market shifts altering the cannabis landscape. From Curaleaf’s contentious federal court win and the DC Circuit’s latest move on rescheduling to Virginia’s proposed $10M conversion fee for medical operators, the crew unpacks what these developments mean for creditworthiness, retail strategy, and long-term business survival. What You’ll Learn: The 6th Circuit Bombshell: Why federal courts rejected contract enforcement under federal illegality—and why operators must rethink jurisdiction clauses and state court strategies. Rescheduling Reality Check: What the DC Circuit’s decision to deny a temporary stay signals for the ongoing medical rescheduling timeline. Virginia’s $10M Adult-Use Blueprint: The business case behind the high conversion fee, the proposal for 350 retail licenses, and how store density impacts dispensary survival. Credit & Payment Terms in Cannabis: How federal illegality continues to disrupt supply chain payments, credit ratings, and banking options. Winners & Losers of the Week: Quick takes on Metrc tag subsidies in New York, major arbitration awards, and tax revenue vs. mainstream credit card processing. Why Tune In: Navigating the legal gray areas of cannabis requires more than just keeping up with news—it requires understanding the downstream commercial impacts. Tune in to get sharp, unfiltered analysis from industry insiders so you can protect your contracts, plan your expansion strategy, and navigate shifting state regulations with confidence. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
While most operators treat California as an impossible market, Big Oil Co. is scaling past $26M in revenue and setting its sights on $100M—completely bootstrapped. In this episode of High Spirits , hosts Ben Larson and AnnaRae Grabstein sit down with John LaFata , CEO and co-founder of Big Oil Co. (parent company of Bear Labs). John pulls back the curtain on processing 16,000+ pounds of biomass monthly, navigating customer concentration risks, and building an operational fortress in the world’s most competitive cannabis market. He also shares a contrarian operator’s view on why federal Schedule III and the repeal of 280E could trigger unforeseen challenges for independent producers. What You’ll Learn The "No Deal" Strategy: How strict 50% target margins and saying "no" to small or unprofitable contracts keeps a bootstrapped business thriving. Extraction & Co-Packing at Scale: The operational realities of running hydrocarbon and solventless extraction while processing up to 1 million white-label units monthly. The Dark Side of 280E Repeal: Why a Schedule III shift might reopen the floodgates for deep-pocketed capital willing to sustain long-term losses to grab market share. Transitioning from Micromanager to CEO: How empowering key leaders and leaning on dedicated HR helped John step back from daily firefighting to focus on long-term strategy. Meet the Guest John LaFata is an entrepreneur and cannabis industry veteran with nearly two decades of experience dating back to California's Prop 215 era. He is the founder and CEO of Big Oil Company, a premier California cannabis manufacturing, extraction, and distribution firm known for its Bear Labs brand and extensive white-label B2B partnerships. Drawing on a background in finance, John brings rigorous operational discipline, margin focus, and supply chain consistency to large-scale hydrocarbon and solventless extraction. Why Tune In? If you want a raw, fluff-free look at how a legacy-rooted operator builds a multi-million-dollar B2B and retail engine without taking on predatory capital, this conversation is essential listening. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
The cannabis and hemp industries are navigating a pivotal crossroads where federal timelines, policy battles, and high-stakes corporate maneuvering collide. In this episode of This Week in Cannabis Live , host Jay Rosenthal ( Cultivated ), Ben Larson ( High Spirits ) and Marc Hauser ( Cannabis Musings ) unpack a week packed with major regulatory and commercial shifts. The crew breaks down what the short-term CR extension means for hemp operators, how MSO strategies are evolving around public M&A, and the harsh lessons coming out of state-level tax policy. What You’ll Learn: The Federal Hemp Lifeline: What the 30-day CR extension actually means for hemp beverages and operators, and why the real policy battle lies in the upcoming December funding deadline. Capital, M&A & Optionality: Insights from Verano’s leadership on footprint reinvestment, share repurchases, and why preserving optionality remains the ultimate survival strategy while waiting for federal clarity. Curaleaf vs. Aurora Takeover Drama: A front-row look at the rare, public hostile takeover attempt playing out in real-time—and what it signals for the future of cannabis consolidation. The Diminishing Returns of High Taxes: Why Michigan’s tax hike to 24% severely missed revenue projections, offering a stark reminder to state legislators about tax elasticity. Why Tune In: Navigating federal regulatory uncertainty while managing capital requires real-time insights from industry experts who understand both policy mechanics and balance sheets. Tune in to get a clear breakdown of where the market is moving, how operators are positioning themselves for the end of the year, and what these legislative delays mean for your business strategy heading into Q4. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
As business leaders settle back into fall routines, the cannabis industry is undergoing its own massive season of spring cleaning, federal audits, and regulatory reckoning. In this episode of High Spirits, hosts Ben Larson and AnnaRae Grabstein dive into the latest headlines shaping the cannabis and hemp landscapes. From Glasshouse's historic NYSE listing to the DEA's bizarre new operator questionnaires, they break down what recent policy moves mean for operators on the ground. Plus, they examine the real-world fallout of tax hikes in Michigan and the high-stakes lobbying battle surrounding the federal continuing resolution and hemp regulations. What You’ll Learn Why Glasshouse’s NYSE listing marks a major milestone for cannabis legitimization. What the DEA’s new 26-question operator audit signals about federal intentions and interstate commerce. How predatory AI whistleblower lawsuits are forcing cannabis software companies to repay PPP loans. The unintended economic consequences of state tax hikes on retail markets like Michigan. Why Tune In? Get clear, expert commentary on the shift in federal oversight, tax policy, and federal funding fights so you can navigate the dynamic road ahead for your business. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
Is the DEA's surgical strategy at the rescheduling hearing setting the stage for Schedule III? On this edition of This Week in Cannabis Live , the gang unpacks the massive 2,500-page rescheduling transcript, the ongoing corporate proxy battle between Curaleaf ($CURA) and Aurora ($ACB), and how mainstream anti-cannabis PR is shaping public opinion. Plus, the crew sits down with special guest Rachel Bell , Curator of High Art at Gotham, to discuss her recent profile in The New Yorker , how to build viral, narrative-driven content within strict state marketing restrictions, and driving foot traffic without showing a single gram of flower on Instagram. What You’ll Learn: Behind the 2,500-Page Transcript: How the DEA lawyers narrowly tailored their arguments for Schedule III and where the opposition’s medical testimony hit home. PR Strategy vs. Public Opinion: Why anti-cannabis reform groups are winning mainstream media headlines while the industry stays hyper-focused on balance sheets. The $CURA vs.$ACB Hostile Push: Inside Curaleaf's potential "bear hug" offer for Aurora Cannabis and what international consolidation signals for M&A. Creative Marketing Under Restrictions: How Gotham’s Rachel Bell leverages lifestyle storytelling to drive real retail foot traffic and brand awareness. Why Tune In: As policy decisions and market consolidation reshape the cannabis landscape, staying ahead requires understanding both the legal maneuvers in D.C. and the cultural shifts on the ground. Tune in to get sharp, unfiltered analysis on where the industry is heading and how operators can adapt their strategy right now. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
As capital markets reset and the hype cools, the cannabis industry isn’t collapsing—it’s maturing. So, what does it take to deploy institutional capital and build a resilient business in today’s environment? About This Episode In this episode of High Spirits , hosts Ben Larson & AnnaRae Grabstein sit down with Tiby Erdely, Founding Partner at Key Investment Partners . Drawing from his institutional private equity background at Goldman Sachs and Partners Group, Tiby breaks down how Key has deployed tens of millions into cannabis and why he believes the industry is still only in the "bottom of the first inning." The trio dives into market cycles, red flags in founder diligence, hostiles takeovers, and why a strict "no assholes policy" is vital for long-term venture success. What You’ll Learn The Valuation Bubble & Reset: Why the 2022–2023 venture capital exit happened and how to spot real value among distressed assets. Mastering Investor Diligence: What private equity firms look for in management teams and how to survive a 4-month vetting process. Navigating Market Uncertainty: How federal delays, intoxicating hemp bans, and state-by-state regulatory dynamics shape investment strategy. Expanding Beyond Cannabis: How institutional investment frameworks apply to adjacent frontier technologies like quantum, aerospace, and energy. Meet the Guest Tiby Erdely is a Founding Partner at Key Investment Partners, a Denver-based private equity firm co-founded in 2018. Over the past eight years, Key has deployed between $80M and $100M across more than a dozen plant-touching and ancillary cannabis companies. Before entering the cannabis sector, Tibi honed his fundamental equity and private market experience at Goldman Sachs and Partners Group. Why Tune In? Whether you’re an operator trying to raise capital, an investor navigating regulatory shifts, or an executive planning your next strategic move, this candid conversation provides an unvarnished insider look at what institutional financiers are actually seeing—and backing—on the ground. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
The cannabis landscape is shifting rapidly, and global moves are redefining M&A. Join us for a high-stakes breakdown with the Cultivated and Cannabis Musings crew as we digest Curaleaf’s hostile takeover bid for Canadian OG Aurora Cannabis ($ACB)—a calculated $4 per share push targeting prized EU GMP export assets. High Spirits Host AnnaRae Grabstein teams up with Jay Rosenthal, Jeremy Berke (Cultivated), and Marc Hauser (Cannabis Musings) to unpack what this aggressive play signals for international trade, domestic valuations, and the reality of US export timelines. Plus, the team dives into congressional pressure surrounding rescheduling, the DEA’s surprising admissions, and why media narratives around cannabis legalization continue to polarize. What You’ll Learn: The Curaleaf ($CURLF) vs. Aurora ($ACB) Playbook: Why EU GMP-certified assets are worth a hostile proxy fight and what it reveals about European vs. US market growth trajectories. The EU Export Reality Check: Why converting US cultivation to EU GMP standards is nearly impossible—and why buying existing infrastructure beats building. Rescheduling & Federal Friction: What the recent Congressional letters and DEA administrative hearing filings signal for operators, state regulators, and capital markets. Data & AI Integration in Cannabis: How Model Context Protocol (MCP) and Cloud AI tools are quietly revolutionizing how operators process POS and BDSA market intelligence. Why Tune In: Whether you're an operator scaling footprint, an investor evaluating depressed valuations, or an executive tracking federal policy moves, this conversation delivers raw, hype-free analysis on where the capital and supply chains are actually moving. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
What happens when a craft alcohol company accidentally builds one of the fastest-growing hemp THC beverage brands in America? As federal regulations loom and state lines shift, the traditional beverage world and hemp supply chains are colliding faster than ever. In this episode of High Spirits , hosts Ben Larson and AnnaRae Grabstein sit down with Jason Dayton, Co-Founder of Minneapolis Cider Company and Trail Magic —Minnesota’s first hemp-derived THC beverage. Jason shares the wild 19-day sprint that launched Trail Magic, how his team acquired national hard cider brand Crispin from Molson Coors to hack three-tier distribution, and why Minnesota’s two-tier model might just be the blueprint for federal cannabis regulation. What You’ll Learn The 19-Day Launch : How Trail Magic went from a "Vegas epiphany" to Minnesota’s first-on-shelf THC beverage. The Three-Tier Hack: Why acquiring Crispin Cider from Molson Coors gave Trail Magic a national distribution footprint ahead of the competition. High-Dose vs. Low-Dose Realities : What taproom and retail data actually reveal about who buys 3mg vs. 10mg+ THC drinks. Navigating the Federal Ban: How brands are restructuring operations, 280E strategies, and supply chains ahead of impending federal policy shifts. Meet the Guest Jason Dayton is the Co-Founder of Minneapolis Cider Company and Trail Magic. What started as a University of Minnesota class project in 2015 has scaled into a two-time Inc. 5000 honoree and one of the nation's fastest-growing beverage companies. Under Jason’s leadership, Trail Magic won Best Infused Ready-to-Drink Beverage at the 2024 High Spirits Awards and expanded into over 20 states via traditional alcohol distribution networks. Why Tune In? Whether you're an operator navigating changing state rules, an executive weighing direct-to-consumer vs. three-tier distribution, or a founder preparing for federal uncertainty, Jason provides an unmatched, real-time masterclass on building a resilient beverage brand in today’s volatile market. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
In a California market defined by ruthless price compression and distressed assets, how does a quiet operator scale to $73M in retail sales while commanding nearly double the average market price? About This Episode In this solo-hosted episode, AnnaRae Grabstein sits down with Anna Willey, Founder and CEO of California Artisanal Medicine (CAM). Anna reveals the operational strategy behind building California's #2 branded flower line, why she completely avoids buying distressed assets, and how CAM maintains high margins through tight distribution control and vertical integration. Before the conversation, AnnaRae breaks down the week's biggest headlines, including Curaleaf’s unsolicited takeover bid for Aurora Cannabis and new federal hemp beverage legislation. What You’ll Learn The "Everyday Value" Pricing Strategy: How CAM holds a $7.50/gram average without relying on deep retailer discounting or race-to-the-bottom pricing. In-House Distribution vs. 3PLs: Why managing their own 12-van distribution fleet keeps operational costs down to just 3% of sales. Why Distressed Assets Are a Trap: The real financial and human costs of buying struggling cultivation facilities instead of building from scratch. The Inter-State Commerce Long Game: How CAM is quietly positioning its massive 2,500-light Sacramento footprint for future federal rescheduling and state-to-state shipping. Meet the Guest Anna Willey is the Founder and CEO of CAM (California Artisanal Medicine). A pioneer in the space, she opened one of Colorado's first dispensaries in 2009 as the first female dispensary owner in the state. After launching CAM in California in 2018, she has grown the company into the #2 flower brand in the state with over $73 million in annual retail sales and a 2,500-light cultivation footprint in Sacramento. Why Tune In? If you are an operator, executive, or investor trying to figure out how to build a profitable, debt-free cannabis brand in the country's most competitive market, this episode offers a masterclass in disciplined growth, real estate strategy, and operational execution. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
As California crosses its eighth year of adult-use legalization, operators find themselves caught between a stubborn illicit market and rigid regulatory oversight. In this pivotal episode of High Spirits , hosts Ben Larson & AnnaRae Grabstein sit down with Clint Kellum, Director of the California Department of Cannabis Control (DCC), to unpack the structural friction facing the world’s largest cannabis economy. From the rollout of an innovative AI-powered image analyzer for packaging compliance to a massive transition away from individual plant tagging, Clint gives an insider’s look at how the regulatory body is trying to ease operational burdens. The conversation takes a sharp turn into the future, exploring the fallout of the state's intoxicating hemp ban, an immediate crackdown on testing loopholes for 14 new pesticides, and California’s long-term play as federal rescheduling under Schedule III looms. What You’ll Learn AI & Packaging Overhaul: How the DCC is implementing an AI image analyzer to cut down on label compliance friction and protect against child-appealing packaging rules. The Death of Plant Tags: Inside the regulatory shift toward group plant tagging launching next year and how the state is navigating the recent worker safety debate around metric tags. The 2028 Hemp Deadline: What the implementation of AB8 means for the future integration of hemp-derived cannabinoids into the licensed California supply chain. Rescheduling & Border Control: Why the DCC is actively leaning on the DEA for formal guidance regarding interstate commerce and the preservation of the California cannabis brand. Meet the Guest Clint Kellum is the Director of the California Department of Cannabis Control (DCC), where he guides state licensing, compliance, public health policy, and enforcement efforts. Bringing over 18 years of public service experience rooted in state budgeting and organizational leadership, Clint previously served as the DCC’s Chief Deputy Director starting in January 2025. Prior to regulating the cannabis market, he served as the Chief Deputy Executive Director of the California Infrastructure and Economic Development Bank (IBank) and worked extensively as a cannabis coordinator for the Department of Finance immediately following the passage of Prop 64. Why Tune In? If you are an entrepreneur or executive trying to out-maneuver the regulatory complexity of the cannabis supply chain, this episode provides direct clarity straight from the state’s top enforcement official. Tune in to understand where the compliance goalposts are moving next so you can keep your business secure, compliant, and ready for federal shift parameters. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
The cannabis landscape is shifting at light speed, and navigating the turbulence requires more than just keeping up—it demands rigorous strategic alignment and radical organizational transparency. In this one on one, business news roundup episode of High Spirits , hosts Ben Larson and AnnaRae Grabstein sync up for a dynamic news and culture roundup, pulling back the curtain on the internal mechanics of building an agile corporate structure before unpacking the industry's latest macro shifts. Ben shares firsthand insights on leading a team through rapid market volatility by implementing 360-degree customer feedback loops and employee transparency surveys. They discuss the critical shift from a traditional "leader-follower" model to an empowered "leader-leader" framework, explaining how clarity in strategic intent eliminates operational bottlenecks. Moving to macro updates, they break down the structural realities of Vireo Growth’s recent multi-state distressed asset roll-up, the operational metrics of the shrinking Colorado market, and the critical legal nuances of the DEA's Schedule III hearings—specifically contrasting the legacy five-part test with the newly introduced two-part test for medical efficacy. What You'll Learn: The Leader-Leader Framework : How to deconstruct executive bottlenecks, empower middle management to act autonomously, and transition away from high-stress "zero-based budgeting" cycles. The Anatomy of a Distressed Asset Deal: A look into how operators like Vireo Growth leverage strategic debt restructuring to acquire massive retail footprints without absorbing unsustainable legacy liabilities. The Five-Part vs. Two-Part Test Battle: A breakdown of the crucial legal arguments inside the DEA’s Schedule III hearings and how the definition of "Currently Accepted Medical Use" (CAMU) dictates the timeline of federal rescheduling. The Impending Interstate Commerce Conflict: Why the regional battle over state borders and protectionist supply chains will soon eclipse the hemp vs. regulated cannabis debate for multi-state operators. Why Tune In? Get the unfiltered, executive-level analysis on the exact cultural frameworks, macro trends, and regulatory shifts that will redefine cannabis supply chains, balance sheets, and corporate valuations heading into the upcoming strategic planning season. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
It was a massive week in cannabis policy — and we're breaking it all down live with the teams from Cultivated, High Spirits and Cannabis Musings, Friday at 12 PM ET. On the docket: 🏛️ The DEA's rescheduling hearing wraps up — what did we learn, and what happens next? 📜 One day later, Senate Democrats reintroduced the Cannabis Administration and Opportunity Act — led by Sens. Booker, Schumer, and Wyden — which would fully deschedule cannabis, expunge low-level federal convictions, and stand up a federal regulatory framework across FDA, ATF, and TTB. 🚫 Pennsylvania does it again: another legislative session ends without adult-use over the line. What's actually blocking the sixth-largest state? 📈 Ascend Wellness preps for an uplisting — what it signals for capital markets and who might follow. 💰 ICYMI: Cultivated teamed up with Moby for a webinar on the shifting landscape of cannabis investing — we'll share the highlights. 🎬 Plus, a bonus segment: Jay's interview with Melissa Henry of Kiva Confections on the brand's work with the Conan O'Brien show — a case study in cannabis breaking into mainstream entertainment. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
Are you running your cannabis business on gut instinct or hard numbers? In a volatile, state-by-state landscape where headlines rarely tell the whole story, relying on assumptions is a fast track to getting left behind. In this episode of High Spirits, hosts Ben Larson & AnnaRae Grabstein are joined by Leah Spokojny, Chief Revenue Officer of BDSA , the industry’s leading market research and analytics firm. Together, they dive deep into the changing dynamics of mature versus emerging markets, the shifting consumer preferences of Gen Z versus Millennials, and how cutting-edge AI integrations like Claude’s Model Context Protocol (MCP) are transforming how operators interact with market intelligence. What You’ll Learn The Inhalable Divide : Why Gen Z is flocking to vapes while Millennials still prefer rolling their own joints, and what this means for your product development. Deciphering the Hemp THC Boom : A realistic look at the retail future of hemp-derived THC beverages and whether they act as a gateway or a threat to traditional dispensaries. SaaS vs. Raw Data Quality : Why user interfaces are taking a backseat to clean, structured data as AI and conversational LLMs become the ultimate analytical assistants. State-by-State Realities : Under-the-hood insights into Michigan’s relentless price compression, California’s category shifts, and Virginia's trajectory toward 2030. Meet the Guest Leah Spokojny is the Chief Revenue Officer at BDSA, where she leads the charge in translating complex, fragmented cannabis market data into actionable retail and brand strategy. Bringing over a decade of foundational experience in mainstream CPG and healthcare market research, Leah joined the cannabis sector in 2019. Since then, she has focused on pioneering methodology and consumer insights to help brands, retailers, and investors successfully navigate the industry's messiest data challenges. Why Tune In? If you want to stop guessing your market position and start pricing, packaging, and scaling with precision, this episode provides the data-backed roadmap you need to gain a true competitive edge. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
The rules of the cannabis economy are being rewritten right now in a small, secure federal courtroom in Northern Virginia. While July usually signals a summer slowdown for the industry, the exact opposite is happening. In this week's live episode breakdown, AnnaRae Grabstein (Co-Host of High Spirits ) steps into the arena alongside Jay Rosenthal ( Cultivated ) and legal analyst Marc Hauser ( Cannabis Musings ). Together, they pull back the curtain on the opaque DEA administrative hearings regarding the federal rescheduling of adult-use marijuana. From the bizarre bifurcation of medical versus adult-use policy to Virginia’s impending local market launch, this conversation cuts through the legal jargon to deliver the raw, unvarnished market realities that mainstream headlines completely miss. 💡 What You’ll Learn: The Schedule III Mystery: Why the federal government took pains to fit medical cannabis into a specific DEA buy/sell framework, yet left adult-use trapped in administrative purgatory. The Litigation Chess Match: Why the seemingly dry, "bibliography-style" DEA hearings are actually a methodical setup for the massive federal court battles ahead. The Interstate Commerce Catch-22: How shifting to Schedule III without explicit DEA registration might keep state-line walls up—and why top law firms won't bless exchange up-listing just yet. Virginia for Virginians?: A realistic look at the Commonwealth’s upcoming 2027 market, skyrocketing license values, and whether states can truly box out major Multi-State Operators (MSOs). The Capital Gap: Why state-level, SBA-style funding—not just local protectionism—is the only real way independent craft operators can survive against heavily funded players. 🚀 Why Tune In? If you are a cannabis or hemp operator, entrepreneur, or executive trying to forecast where your capital and supply chains should go over the next 24 months, you cannot afford to guess. This episode offers an expert-level breakdown of the legal mechanics and regulatory hurdles shaping the future of retail, investment, and interstate trade. Tune in to get the strategic insights you need to navigate an increasingly complex, fragmented marketplace. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
While most multi-state operators are racing to build massive houses of brands, one independent Ohio operator made the exact opposite bet—and won. About This Episode: In this episode of High Spirits , hosts Ben Larson & AnnaRae Grabstein sit down with Zach Weprin, President of Certified Cultivators, to unpack how his family-owned, vertically integrated company captured an impressive 7% market share in Ohio. Zach shares the raw, behind-the-scenes journey of transforming a former auto parts warehouse into a top-tier cultivation facility, navigating the shift from medical to adult-use, and why they choose to double down on a single brand name across flower, vapes, edibles, and beverages. What You’ll Learn: The Single-Brand Strategy: Why Certified rejected the "house of brands" model and how putting all their equity into one name drove massive consumer trust. Wholesale vs. Retail Economics: Why Zach is prioritizing a robust wholesale engine over retail footprint saturation in a limited-license market. The Three Pillars of Cultivation Success: How balancing genetics, environmental control, and team culture creates "lightning in a bottle." Bootcamp for Cannabis: Why a background in the high-stakes hospitality and restaurant industry is the ultimate foundation for scaling a cannabis business. Meet the Guest: Zach Weprin is the co-founder and President of Certified Cultivators, one of the premier independently owned, vertically integrated cannabis companies in Ohio. Before entering the cannabis industry in 2017 alongside his father, Zach spent a decade building a highly successful fast-casual sushi chain. His deep hospitality background shapes Certified’s focus on culture, operational efficiency, and community-driven brand building, cementing their spot at the top of the rapidly growing Ohio market. Why Tune In? If you are an operator, entrepreneur, or investor trying to navigate market compression and brand differentiation, this conversation provides a masterclass on capital efficiency, vertical integration tactics, and true brand discipline in a shifting regulatory landscape. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
What happens when a 115-year-old family farm bets its entire legacy on the future of cannabis? You get New York’s top-selling beverage and vape brand, bringing in over $75M in retail sales. In this episode of High Spirits , host AnnaRae Grabstein holds down the fort while Ben Larson is away on paternity leave. She sits down with Eddie Brennan , CEO of ayrloom , to dissect their meteoric rise in the New York market and how they utilized centuries of agricultural and alcohol distribution expertise to dominate cannabis. Plus, the episode kicks off with an exclusive, boots-on-the-ground debrief from Laura Fogelman , Chief of Staff at PAX , who sharing her firsthand, unfiltered notes from inside day one of the historic DEA rescheduling hearings. What You’ll Learn The DEA Hearing Inside Scoop: Why the recent DEA hearings had tighter security than a fortress, who was actually in the room, and how the DEA is vigorously defending Schedule III. The Blueprint for $75M in Retail Sales: How ayrloom scaled to millions of units in New York by prioritizing true vertical integration and agricultural consistency. Borrowing from Big Alcohol: Why hiring from CPG giants like Anheuser-Busch and Proctor & Gamble beats relying solely on cannabis industry transplants. Navigating the Looming Hemp Cliff: Eddie’s candid, changing outlook on the future of the hemp-derived THC beverage market ahead of upcoming November regulations. Meet the Guests Eddie Brennan is the President of Beak & Skiff and the CEO of ayrloom . As a fifth-generation leader of a 1,000-acre New York apple orchard, Eddie successfully pivoted the legacy farm into a top 10 national hard cider brand ( 1911 Established ) before betting the farm on regulated cannabis and hemp-derived beverages. Laura Fogelman is the Chief of Staff and Head of Strategic Communications at PAX . With a deep background in public affairs and brand strategy, Laura sits at the intersection of product innovation and federal cannabis policy reform. Why Tune In? Whether you are trying to navigate shifting state regulations or scale a beverage brand across state lines, this conversation delivers an essential masterclass in applying institutional CPG discipline to the chaotic realities of modern cannabis. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
The cannabis industry is sprinting toward major U.S. stock exchanges, but a high-stakes showdown in Washington could completely rewrite the rules of the game. On this episode of This Week in Cannabis Live , host Jay Rosenthal and the Cultivated Media team (Jeremy Berke) are joined by regular panel experts AnnaRae Grabstein ( High Spirits ) and Marc Hauser ( Cannabis Musings ) to break down a massive transparency battle unfolding at the DEA. As major operators find creative new legal pathways to land on the NYSE, the federal government is preparing to hold its historic Schedule III rescheduling hearings entirely behind closed doors. From "prohibitionist theater" in DC to trade association collapses in Canada, the panel cuts through the noise to show operators, entrepreneurs, and executives where the industry is actually heading. What You’ll Learn: The "Medical-Until-Retail" Loophole: How Glass House Brands followed Trulieve's fast follow to the NYSE by deconsolidating its supply chain, and what it means for up-supply chain operators. The DEA’s Secret Hearings: Why the public and media are being locked out of the historic Schedule III rescheduling trial, and the grassroots legal effort to force a live stream. The Skepticism Behind Schedule III: Will the DEA actually defend cannabis reform in court, or are we witnessing performative prohibitionist theater? Why Trade Associations are Failing: What the sudden shutdown of the Cannabis Council of Canada teaches us about fractured supply chain desires and industry normalization. The Federal Lobbying Boom: Why Washington lawyers and lobbyists are the biggest financial winners of the current regulatory whiplash. Meet the Panel: Jay Rosenthal & Jeremy Berke: Co-founders of Cultivated Media , the leading daily briefing for cannabis business and policy professionals. AnnaRae Grabstein: Regular panel guest, cannabis compliance expert, and co-host of High Spirits: The Cannabis Business Podcast . Marc Hauser: Cannabis legal strategist and author of Cannabis Musings . Why Tune In? If you are an operator trying to project your 2026 tax burden, a hemp brand surviving daily regulatory whiplash, or an investor tracking macro capital inflows, this breakdown is essential. The Cultivated panel uncovers the hidden structural risks of asset deconsolidation and gives you a front-row seat to the most consequential federal drug policy battle in fifty years. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
Live from the media stage at IgniteIt Chicago , High Spirits co-host AnnaRae Grabstein conducts five lightning-round interviews with the industry’s sharpest minds. From the realities of major M&A integration and enterprise AI deployment to a wild on-stage metaphor involving a literal caterpillar, this special bonus episode captures the exact energy, momentum, and anxiety of the current market. Featuring insights from Patrick Lane, Ed Keating, Sarah McLaughlin, Jordan Eisenstat, and Dr. Lucas McCann. What You’ll Learn: Data-Driven AI: How Claude and custom AI tools are replacing manual analytics for conference organizers and content creators. Navigating Consolidation : The operational reality of merging with your top competitor and how to manage staff during a surprise buyout. Formulation & Hemp Risk : Why the upcoming November hemp regulations are forcing a strategic pivot for edible and beverage brands. The Global Opportunity : How Canadian export data shows a clear survival blueprint for lean American operators looking overseas. Why Tune In? Get a seat on the expo floor and hear exactly how top cannabis executives, PR strategists, and scientists are preparing their businesses for the next 12 months of federal policy changes. Timestamps : 0:00 - Live Podcast Kickoff with Patrick Lane (IgniteIt) 5:30 - M&A Data & Vendor Shakeouts with Ed Keating (Emerald Intel) 14:25 - Why Gummies Dominate the Market with Sarah McLaughlin (Melt Make) 20:45 - AI Disrupting PR Workflows with Jordan Eisenstat (Marino PR) 29:20 - Bold Policy Forecasts & Global Markets with Dr. Lucas McCann (CannDelta) 36:30 - Final Wrap-Up Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
The federal government has officially rewritten the history books by shifting medicinal cannabis to Schedule III—and Glass House Brands is making a massive, unprecedented chess move to capitalize on it. About This Episode In this episode of High Spirits , hosts Ben Larson & AnnaRae Grabstein sit down with Graham Farrar , Co-Founder, President, and Chief Cannabis Officer of Glass House Brands. Graham breaks down Glass House’s recent structural deconsolidation to position itself as a 100% medicinal company ready for a historic NYSE up-listing. The trio dives deep into why the DEA's recent actions aren't standard bureaucracy, how the Dormant Commerce Clause will eventually force a 50-state open market, and why the West Coast is uniquely positioned to dominate the global cannabis stage. What You’ll Learn The Deconsolidation Strategy : Why Glass House split its retail operations from cultivation to align with federal Schedule III protections and target a major US stock exchange listing. Reading the DEA’s Playbook : Inside the unexpected speed, proactive drug code updates, and "pendency rules" that show the current administration’s true intention to move fast. The Dormant Commerce Clause & Interstate Trade : Why state-level protectionism will inevitably fall, and how shipping bulk, non-final form cannabis circumvents current regulatory gridlocks. The European Premium : Graham's key takeaways from Berlin on why international markets are willing to pay a premium for California culture and sun-grown genetics. Meet the Guest Graham Farrar is the President, Co-Founder, and Chief Cannabis Officer of Glass House Brands (NEO: GLAS.A.U) (OTCQX: GLASF), one of the largest vertically integrated cannabis companies in the United States. A serial entrepreneur and tech alumnus (including being part of the founding teams at Software.com and Sonos), Graham has spent the last decade building Glasshouse into a powerhouse that operates the largest legal greenhouse facility in the world in Carpinteria, California. Beyond cannabis, he is a dedicated music enthusiast who served on the board of the Santa Barbara Bowl for 18 years. Why Tune In? If you are an operator, investor, or executive waiting for "the other shoe to drop" on scheduling, this episode is a blueprint for proactive leadership. Learn how the biggest players are shifting from a defensive posture to an offensive, global scale strategy before the ink on federal reform is even dry. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.
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Observed September 20, 2026. Cached outside the daily freshness window; the positions keep the date they were taken on.
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