High Spirits: The Cannabis Business Podcast

AnnaRae Grabstein and Ben Larson
  • 5.0 (2)
  • ENTREPRENEURSHIP
  • UPDATED WEEKLY

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.

  1. #125 - Cannabis Business News Roundup: Ohio MSO Lawsuit, Texas Medical Growth, and FDA Countdown

    4D AGO

    #125 - Cannabis Business News Roundup: Ohio MSO Lawsuit, Texas Medical Growth, and FDA Countdown

    The cannabis industry is getting squeezed from every angle—state AGs, ballot fights, and a federal regulator that can’t hit a deadline. On this week’s High Spirits business news roundup, Ben Larson and AnnaRae Grabstein break down the stories shaping operator strategy right now. Episode #125 dives into Ohio’s escalating “legalization meets enforcement” showdown, including an antitrust lawsuit targeting major MSOs—and the messy split between regulated cannabis and hemp interests. Then it’s down to Texas, where the medical program is finally showing real growth… even as adult-use remains politically off-limits. We close with the FDA’s missed hemp guidance deadline and a notable bright spot: $15M raised to scale THC beverages nationwide. What You’ll Learn What Ohio’s MSO antitrust lawsuit could mean for vertical integration and pricing scrutiny Why limited-license, vertically integrated markets create “accidental collusion” incentives How Texas’ medical program expansion changes the opportunity (and risk) for operators What recent ballot wins/losses in Maine, Florida, Massachusetts, Pennsylvania signal for 2026 Why the FDA’s missed deadline adds more uncertainty for hemp cannabinoids and enforcement What Willlie’s Remedy’s $15M raise says about where capital still believes in cannabis-adjacent growth 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.

    50 min
  2. TWICL (Feb 6, 2026) - Cannabis, Congress, And The Olympic Moment

    5D AGO · BONUS

    TWICL (Feb 6, 2026) - Cannabis, Congress, And The Olympic Moment

    From Olympic hockey banter to Washington politics and THC drinks at major arenas, this episode proves there’s never a slow week in cannabis. AnnaRae joins a familiar roundtable to unpack policy signals, market stress, and why beverages keep stealing the spotlight. About This Episode On this week’s edition of This Week in Cannabis Live, Jay Rosenthal is joined by Jeremy Berke, Marc Hauser, and AnnaRae Grabstein for a wide-ranging conversation on the state of the industry. Topics include Senator Kirsten Gillibrand’s candid take on cannabis reform, GTI/Rhythm’s THC beverages landing at the United Center, MSO financial distress, and a surprise capital raise from Willie Nelson’s THC beverage brand. AnnaRae also digs into what these headlines mean for operators navigating policy uncertainty, capital constraints, and shifting consumer behavior. 💡 What You’ll Learn What Senator Kirsten Gillibrand’s comments signal about cannabis reform under a Trump administrationWhy THC beverages are breaking into arenas, concerts, and hospitality venuesHow MSO distress (including asset sales and forbearance agreements) reflects a broader industry resetWhy Willie’s Remedy raising $15M surprised many investorsWhat New York’s Brand Power Rankings reveal about local vs. national cannabis brandsHow policy uncertainty is freezing capital—and where momentum still existsHave 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.

    28 min
  3. #124 - Building THC Beverages That Actually Scale w/ Rick Schepp & Charles Bieler

    FEB 4

    #124 - Building THC Beverages That Actually Scale w/ Rick Schepp & Charles Bieler

    THC beverages are officially hitting the big leagues—and Chicago’s United Center is the proof point.  In Episode 124 of High Spirits, hosts Ben Larson and AnnaRae Grabstein sit down with Rick Schepp (GM of Beverage, Señorita & RYTHM) and Charles Bieler (Co-Founder, Señorita) to unpack what it really takes to build hemp-derived THC drinks that can scale into major venues, national retail, and mass culture. From on-premise conversion and the power of sampling, to effect-led product strategy and the looming “hemp ban” uncertainty, this conversation gets into the operational reality behind the headlines—and why low-dose beverages may be the clearest bridge between cannabis and everyday consumers. What You’ll Learn How the United Center deal came together—and what it signals for concerts, sports, and mainstream adoptionWhy sampling is the #1 lever for driving trial and repeat purchases in THC beveragesWhat “scale” actually requires: supply chain readiness, retailer support, and customer-first executionThe difference between hemp retail vs. dispensary channels—and how dosage shapes the lineHow Rhythm is approaching effect-based beverages (uplift vs. wind-down) to mirror real cannabis use casesHow leaders are scenario-planning for 2026 policy uncertainty without freezing growth Meet the Guests Rick Schepp is the General Manager of Beverage at RYTHM, where he leads strategy, innovation, and commercialization for its THC beverage portfolio, including Señorita. With prior leadership roles at Beam Suntory and experience at Boston Consulting Group, Rick brings a rare blend of CPG rigor and cannabis-specific insight to one of the industry’s fastest-growing categories. Charles Bieler is a veteran beverage entrepreneur and Co-Founder of Señorita. Best known for his award-winning wine portfolio at Bieler Wines, Charles applies decades of winemaking expertise—flavor structure, ingredient integrity, and balance—to THC margaritas, helping elevate cannabis beverages from novelty to legitimate category. Why Tune In? If you’re building in cannabis, hemp, or beverages, this episode is a practical roadmap for navigating retail realities, policy turbulence, and the cultural shift toward low-dose alternatives—without losing sight of what consumers actually want. 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.

    1h 1m
  4. #123 - Operating While the Ground Is Moving w/ Thomas Winstanley of Edibles.com

    JAN 28

    #123 - Operating While the Ground Is Moving w/ Thomas Winstanley of Edibles.com

    Policy and regulation across cannabis and hemp are shifting fast—and operators don’t get to pause the business while Washington debates definitions. On Episode 123 of High Spirits, Ben Larson and AnnaRae Grabstein sit down with Thomas Winstanley, EVP of edibles.com, to unpack what it actually looks like to build and operate through policy uncertainty. From the urgency of 2026 (“do or die”) to the reality that “waiting for clarity” isn’t a strategy, Thomas shares how his team is planning in scenarios, engaging policymakers, and pushing for a framework that preserves consumer access while drawing a real line between good actors and bad actors. They also zoom out to the market signals shaping this moment—like United Center’s multi-year THC beverage deal with GTI and the rise of employee ownership structures (ESOPs)—and why curated product strategies (not endless SKU sprawl) may be the most resilient way to grow. What You’ll Learn Where advocacy is actually being focused as federal hemp policy heats up How to “operate while the rules are still being written” without losing business momentum Why Thomas sees 2026 as a defining year—and what a realistic path forward could include How to plan with contingencies (worst / middle / best case) when the regulatory floor could shift Why unity across competing interests matters—and how to have the hard conversations productively The consumer shift toward low-dose, ratioed products (THC + CBD) as a mainstream on-ramp Why Tune In? If you’re leading a cannabis or hemp business right now, this conversation is a tactical gut-check: how to stay proactive, keep building, and engage in advocacy without getting pulled off mission—especially when certainty isn’t on the table. 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.

    58 min
  5. TWICL (Jan 23, 2026) - Rescheduling Reality Check

    JAN 23

    TWICL (Jan 23, 2026) - Rescheduling Reality Check

    In this edition of This Week in Cannabis Live, our host Ben Larson joins Jay Rosenthal & Jeremy Berke of Cultivated and Marc Hauser of Cannabis Musings for a fast-moving, no-BS conversation on the biggest stories shaping cannabis right now.  From Schedule III claims and missed DOJ deadlines to a surprise hemp bill, New York’s track-and-trace chaos, and the realities behind M&A headlines, this episode is all signal, no fluff. What You’ll Learn: Why cannabis rescheduling is still very much unfinished business What the new “CBD bill” could mean for hemp, THC limits, and regulatory convergence How FDA inaction continues to stall real market clarity The hidden costs and legal risks of New York’s delayed track-and-trace rollout Whether 2026 will truly be an M&A boom—or just distressed deal-making Why regulatory capture, compliance costs, and IP disputes are becoming defining industry risks Meet the Panel: Jay Rosenthal (Cultivated), Jeremy Berke (Cultivated), Marc Hauser (Cannabis Musings), and Ben Larson (High Spirits) bring investor, legal, operator, and media perspectives together for a grounded, sometimes skeptical, always informed take on the week in cannabis. This is real-time analysis from people deeply embedded in the industry’s policy and business trenches. Why Tune In? If you want to understand what’s actually changing—and what’s just being marketed as progress—this episode delivers context, candor, and critical insight every cannabis operator, executive, and investor needs 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.

    29 min
  6. #122 - Signals from the Middle: Ashwin Raj on Cannabis’ Next Phase

    JAN 21

    #122 - Signals from the Middle: Ashwin Raj on Cannabis’ Next Phase

    Cannabis is leaving its “startup era”—and the next phase won’t be won by hype. It’ll be won by operators who can build trust, standardize the experience, and run tighter businesses in a margin-crushed market. On Episode 122 of High Spirits, hosts Ben & AnnaRae sit down with Ashwin Raj, CEO of LeafLink, to unpack what he’s seeing from the center of cannabis wholesale—where billions in transactions reveal the real signals of industry health. Ashwin draws sharp parallels to ride-sharing and e-commerce, and makes the case that consumer education, product standards, and tech-driven compliance are the keys to unlocking the next wave of growth. They also go inside LeafLink’s pricing-model backlash (and reversal), the strategic logic behind acquiring DAMA Financial, and why the industry’s biggest bottlenecks aren’t just regulatory—they’re operational. What You’ll Learn Why consumer education + product standards are still a massive gap in cannabis (especially vs. alcohol)The “signals from the middle” LeafLink sees that predict operator distress before it hits the headlinesHow policy decisions (like license caps or overload) drive price compression and market instabilityWhat Ashwin learned from the LeafLink pricing uproar—and why predictability matters in cannabisHow the DAMA Financial acquisition connects payments, AR/AP, and compliance into one systemVerticalization vs. specialization: what’s winning now—and what likely wins long-termMeet the Guest Ashwin Raj is the CEO of LeafLink, a platform at the center of cannabis wholesale powering billions in transactions across thousands of companies. Before cannabis, Ashwin led in industries that scaled ahead of regulation—holding leadership roles at Lyft, Amazon, and ezCater across marketplaces, payments, and operational infrastructure. He brings a “build for the long term” mindset to cannabis, with a clear emphasis on listening to customers, simplifying complexity, and using tech to turn compliance into confidence. Why Tune In? Because this episode isn’t about wishful thinking—it’s about what the data actually says. If you’re an operator, brand, retailer, or investor trying to survive (and win) the next phase of cannabis, Ashwin’s “middle-of-the-market” view will sharpen your strategy fast. 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.

    1h 1m
  7. #121 - Why Wyld and Grön Joined Forces w/ Aaron Morris and Draper Bender

    JAN 14

    #121 - Why Wyld and Grön Joined Forces w/ Aaron Morris and Draper Bender

    Two of the most durable edibles brands in cannabis just joined forces—and the backstory is pure “mature-market grit.”  On Episode 121 of High Spirits, hosts Ben Larson & AnnaRae Grabstein sit down with Aaron Morris (Founder & CEO of Wyld) and Draper Bender (President of Grön) for their first interview together following Wyld’s acquisition of Grön. They unpack why Oregon breeds profitable operators, how “market compressions” shape winning playbooks, and what it takes to build a real national platform in cannabis without hype, bankers, or venture-fueled burn. Plus: a rapid-fire policy rundown—from the federal “Baird bill” hemp delay to state-by-state adult-use pushes and rollback campaigns—setting the stage for what 2026 could mean for operators. What You’ll Learn Why Oregon’s repeated price compressions create tougher (and better-prepared) brandsHow Wyld and Grön scaled with distribution-first strategy and strong retail relationshipsWhat “one plus one equals five” actually looks like when two profitable operators combineThe real role of form factor + product consistency in consumer loyalty (and why “innovation” is often overrated)How they think about hemp vs. regulated cannabis distribution—and what’s changing fast in 2026Why most cannabis M&A dies at the finish line… and how this one got doneMeet the Guests Aaron Morris is the CEO of Wyld, one of the largest edibles companies in the U.S., known for disciplined execution, quality, and a distribution engine built to scale. Draper Bender is the President of Grön, the brand behind the iconic Pearls and Megas—playful products with serious operational rigor and deep retail relationships. Why Tune In? If you’re building in cannabis through margin pressure, policy whiplash, and retail gatekeeping, this episode is a masterclass in durability, distribution, and dealmaking the hard way—from two operators who’ve already survived multiple rounds of compression and came out bigger. 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.

    1 hr
  8. This Week in Cannabis Live (Jan 2, 2026) - Predictions: Buying Year or Waiting Game?

    JAN 13

    This Week in Cannabis Live (Jan 2, 2026) - Predictions: Buying Year or Waiting Game?

    What actually changes for cannabis in 2026—and what’s still just wishful thinking?  Join the teams from Cultivated Media, High Spirits: The Cannabis Business Podcast, and Cannabis Musings for This Week in Cannabis Live | 2026 Prediction Show.  From rescheduling realities and 280E implications to M&A strategy, hemp-derived beverages, and where not to start a cannabis business, this conversation cuts through the noise with grounded, operator-first insight. What You’ll Learn: Why rescheduling may help strong operators—but won’t save bad businessesAnnaRae’s take on why “Big CPG is coming” is still mostly hype for 2026Whether 2026 is the year to buy cannabis assets—or stay patientWhat actually gets easier if 280E goes away (and what stays broken)The uncertain future of hemp-derived THC beverages and low-dose carveoutsWhich parts of the cannabis value chain to avoid entirely right now Why Tune In? If you’re a cannabis or hemp operator trying to separate real opportunity from recycled narratives, this episode delivers clarity. AnnaRae’s predictions aren’t about hype—they’re about timing, discipline, and surviving long enough to win. Catch This Week in Cannabis Live on LinkedIn with Cultivated every Friday @ 9AM PT / 12PM ET. 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.

    28 min
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Ratings & Reviews

5
out of 5
2 Ratings

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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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