High Spirits: The Cannabis Business Podcast

Is the cannabis industry cannibalizing its own future just to protect its past?

This week, High Spirits co-hosts Ben Larson and AnnaRae Grabstein cross the streams to join Cultivated's Jay Rosenthal, Jeremy Berke, and Cannabis Musing's Marc Hauser for a fired-up episode of This Week in Cannabis Live (TWICL). From the boardroom to the cultivation fields, the crew breaks down a wildly busy week of global M&A rumors, tumbling license valuations, and the escalating civil war between hemp advocates and regulated cannabis lobbyists.

If you are a cannabis or hemp operator, entrepreneur, or executive...

Is Pennsylvania poised to become the cannabis industry's next massive adult-use market? With a $7 billion budget shortfall and a pivotal election cycle underway, the Keystone State could be on the brink of historic legalization.

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But first, we want to give a huge shout-out to one of our big sponsors for the High Spirits Morning Mixer in Las Vegas: Select Risk Captive! Learn more about them at 6:35 and visit jpsquaredconsulting.net for more information.

Contact Jesse Parenti at 805-704-6607 or email [email protected] to learn more about Select Risk Captive.
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Think international markets are the shiny new object that will save your struggling domestic cannabis brand? Think again. As the US waits on Schedule III, the global cannabis trade is booming—but the barriers to entry are brutally high and unapologetically strict.

In this episode, Ben Larson and AnnaRae Grabstein sit down with Deepak Anand, VP of Global Government Affairs at Village Farms International, to unpack the harsh realities and massive opportunities of the global cannabis supply chain. We discuss why a "right to win" at home is required before expanding abroad, the critical importance of EU GM...

280E isn't just a cannabis problem anymore. If the federal hemp ban passes, liquor stores, distributors, and beverage brands could be staring down a tax nightmare they never planned for.

In this episode, hosts Ben Larson and AnnaRae Grabstein sit down with Nick Richards, Partner and Tax Attorney at Greenspoon Marder LLP, to unpack the chaotic intersection of cannabis, hemp, and federal taxes. From Trulieve’s $100M+ tax refund playbook to the looming threat of 280E crushing the hemp beverage market, Nick breaks down exactly how operators need to prepare for the road ahead. Whether you're navigating th...

Is the multi-million dollar Florida cannabis license dead? How is New York handling millions in unpaid retail debts? This week, the market is serving up harsh financial realities alongside some surprising data wins.

AnnaRae brings her sharp operator's edge to This Week in Cannabis Live. Joining Jay Rosenthal, Jeremy Berke, and Marc Hauser, the crew dissects the most disruptive headlines impacting cannabis operators, retail dynamics, and state-level policy.

What You’ll Learn:

Teen Use Hits Record Lows: The latest CDC data proves that regulated, age-gated markets work, di...

While the cannabis industry fixates on the slow drip of domestic legislation, the real momentum might be hiding in executive actions and international political shifts. Are you paying attention to the right signals, or just the loudest ones?

In this episode, Ben Larson and AnnaRae Grabstein sit down with Jason Adelstone, attorney at Harris Sliwoski, to unpack the complex realities of international cannabis markets and US federal rescheduling. They break down how a global surge in right-leaning governments is impacting cross-border cannabis policy, decode the confusing dual-track Schedule III process, and explore why executive action might be...

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 fu...

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 Circ...

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...

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:...

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.<...

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 s...

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...

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...

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 thre...

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...

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...

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 fee...

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...

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 Cont...

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...

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 si...

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 of...

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 I...

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 manua...

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 dive...

Cannabis Business News Roundup w/ Ben & AnnaRae

The landscape of cannabis and hemp policy is shifting beneath our feet faster than ever, forcing operators to constantly adapt to changing regulatory enforcement and market expansions. In this rapid-fire roundup, hosts Ben Larson and AnnaRae Grabstein dial in from across the country to break down the massive institutional shifts happening this week in public markets, state enforcement, and national policy.

In this episode, Ben joins directly from a break at the invitation-only CANRA (Cannabis Regulators Association) meeting in Oklahoma City to share what regulators are...

As the cannabis industry matures, the conversation is shifting from basic intoxication to precise, effect-based wellness. But how do we bridge the gap between consumer anecdotes and true scientific validation for minor cannabinoids?

About This Episode

In this episode of High Spirits, Ben Larson and AnnaRae Grabstein sit down with Alleh Lindquist, CEO of FloraWorks, to explore the rapidly evolving landscape of minor cannabinoids. Alleh shares how FloraWorks transitioned from a wholesale supplier to a clinical research pioneer, paving the way for CBN to become a mainstream, trusted ingredient in...

This week on This Week in Cannabis Live, Jay Rosenthal, Jeremy Berke (Cultivated), plus Ben Larson of High Spirits and Marc Hauser of Cannabis Musings, break down the biggest stories in cannabis business and policy.

New York's fiscal 2027 state budget locks in roughly $10 million for the seed-to-sale track and trace system — a win Cultivated first reported after an interview with Assemblymember Landon Dais. 

Curaleaf announced a 1-for-3 reverse stock split ahead of a potential Nasdaq uplisting, with CEO Boris Jordan targeting a major U.S. exchange as the company consolidates its share price. 

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Nothing in the cannabis and hemp markets moves in a straight line, and lately, the operational whiplash has been more intense than ever. In this unpolished and deeply personal episode, hosts Ben Larson and AnnaRae Grabstein step away from the usual guest format to unpack what it actually takes to lead when the industry forces you to slam on the brakes.

About This Episode

In Episode 139, Ben and AnnaRae pull back the curtain on their own recent business realities, reflecting on the transition from the hyper-growth of hemp beverages in '24 and...

In an industry squeezed tight by relentless global price compression, cannabis operators can no longer afford to pay a premium for operational inefficiency. Yet, an invisible enemy is quietly draining up to 40% of cultivation yields across the country.

About This Episode

In this episode of High Spirits, hosts Ben Larson & AnnaRae Grabstein go back to the roots of the industry to explore the critical, often misunderstood world of plant genetics and pathogen prevention. They sit down with Melanie Nash, CEO of TUMI Genomics, to pull back...

Join the teams from Cultivated, High Spirits, and Cannabis Musings for your weekly roundup of the biggest stories in cannabis.

The DEA just announced it's opening a new registration window for cannabis manufacturers, growers, labs, and distributors — and with nearly 400 dispensary applications already in the pipeline, the race is on. We break down what operators need to know before applying, including the disclosure questions that are most likely to sink an application.

Then we're joined by Judson Hill of Fine Fettle for a live segment on what Georgia's newly signed medical cannabis expansion means on th...

Is the "Christmas of BevAl" about to change forever? While federal policy looms like a shadow, the world’s largest retailers and data giants are leaning into a category that is proving to be 100% incremental to the bottom line.

About This Episode: In this episode, Ben Larson and AnnaRae Grabstein dive deep into the numbers with Jason Zelinski, VP of North American Retail at NielsenIQ. As one of the most prominent voices translating THC beverage performance for mainstream retail, Jason shares exclusive insights into why Target is expanding its hemp-derived drink program and how data is finally le...

The DEA has finally spoken, but the path forward for cannabis operators is far from simple. As we move into a post-rescheduling world, the industry is bracing for a complex, bifurcated future that could redefine winners and losers overnight.

About This Episode: 

On this episode of High Spirits, hosts Ben & AnnaRae go deep into the technical and human sides of the rescheduling order with two of the industry’s sharpest minds: Gail Rand (Founder of Grand Consulting) and Michael Harlow (National Cannabis Lead at Coh...