High Spirits: The Cannabis Business Podcast

AnnaRae Grabstein and Ben Larson
  • 5.0 (2)
  • Entrepreneurship
  • 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. 1d ago

    Business News Roundup: Organigram & Aurora, DEA Chaos & Mass Q8

    The ballots are cast, the M&A landscape is shaking up, and the DEA is handing out federal registrations while simultaneously confusing everyone. In this week's news roundup, Ben Larson and AnnaRae Grabstein break down the most critical and chaotic updates impacting the cannabis and hemp industries today. But first: 🎉 High Spirits Morning Mixer – Dec 3rd! Grab your spot here: https://luma.com/65uzcu56 Special thanks to our incredible sponsors: Select Risk Captive, Kind, Sonar, Rythm, Canix, Grassi, GrowGeneration, Nabis, FundCanna, Sweed, Wyld, Grön, Uncle Arnie’s, ayrloom, Timeless, IgniteIt, Reklaim, Coastal Sun, Tumi Genomics. About This Episode: With no guest this week, Ben and AnnaRae dive straight into the headlines, starting with British American Tobacco's backing of Organigram's monumental acquisition of Aurora. They also untangle the tangled web of the DEA's latest guidance for Schedule III "timely applicants," highlighting the gaping blind spots between federal mandates and state-legal realities. Throw in a crucial Election Day update on the existential threat to adult-use cannabis in Massachusetts, insights into the seasonal surge in executive hiring, and the impending "last call" for hemp-derived THC beverages in Illinois, and you have an episode packed with essential strategic intelligence. What You’ll Learn: The Organigram-Aurora Megadeal: How big tobacco is picking the winner in Canada, the mechanics of the $187M BAT infusion, and what a 93% premium means for the future of global cannabis production.Decoding DEA Timely Applicants: Why the DEA’s mandate for a federally registered "closed-loop system" is creating a compliance nightmare for dual-use state markets and what operators need to know before the November 29th deadline.Executive Hiring in the AI Era: Why data fluency and AI competency are becoming the non-negotiable traits cannabis companies are searching for during the busy fall hiring and annual planning season.Hemp Beverage "Last Call": A legislative update on the impending bans threatening the hemp-derived THC beverage market in states like Illinois, and how brands are reacting.Meet the Hosts: Hosted by Ben Larson and AnnaRae Grabstein, High Spirits brings decades of combined executive leadership and operational expertise in the cannabis and hemp sectors. Ben and AnnaRae filter the week's noise through a strategic, data-driven lens to help operators make sense of an industry in constant flux. Why Tune In? Whether you are scrambling to understand your federal compliance requirements under the DEA's latest guidance, adjusting your retail strategy in the face of hemp bans, or planning your corporate roadmap for the coming year, this roundup delivers the unvarnished analysis operators and executives need to stay ahead of the curve. 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.

    Business News Roundup: Organigram & Aurora, DEA Chaos & Mass Q8

  2. 3d ago ·  Bonus

    TWICL (10/16/26) - Midterms, Regulators on the Hot Seat, & NY’s Massive LPA Repeal | This Week in Cannabis Live

    The midterm elections are just days away, and while sweeping legalization isn't on the ballot, the future of cannabis and hemp policy certainly is. Join us as we team up with Jay Rosenthal, Jeremy Berke (Cultivated), and Marc Hauser (Cannabis Musings) for another sharp, unfiltered episode of This Week in Cannabis Live. From candidates leveraging cannabis as a campaign strategy to the sudden repeal of New York’s Labor Peace Agreement (LPA) requirement, the regulatory landscape is shifting under our feet. Whether you're navigating price compression in retail or trying to forecast the lame-duck session in Congress, this episode breaks down exactly how these macro policy moves impact your bottom line as a cannabis or hemp operator. What You’ll Learn: Midterm Madness & The Lame Duck: Why a divided Congress might actually be the best-case scenario for upcoming hemp regulations, and how GOP candidates are starting to reframe cannabis as a "small business" issue.Inside the Regulators’ Playbook: Takeaways from the unprecedented joint appearance of NY OCM’s John Kagia and CA DCC’s Nicole Elliott/Clint Kellum. Why are states still regulating cannabis like "plutonium" while celebrating billions in sales?The LPA Repeal in NY: A massive win for small retail businesses. We dissect Gotham’s bold legal pushback and what this means for the realistic future of social equity programs.Market Realities: The current fire-sale on hemp THC beverages, navigating $23 eighths in New York, and why Canada’s mature market is suddenly facing an EU-GMP "brain drain."Why Tune In: Cannabis and hemp executives can't afford to operate in a vacuum. Tune in to cut through the political noise and get the unvarnished truth on how upcoming elections, federal silence, and shifting state regulations will directly dictate your operational strategy, retail margins, and growth opportunities going into the new year. 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.

    TWICL (10/16/26) - Midterms, Regulators on the Hot Seat, & NY’s Massive LPA Repeal | This Week in Cannabis Live

  3. Oct 23

    Can CA's Rebel Spirit Save Cannabis? CA Gubernatorial Candidate Steve Hilton

    With the upcoming elections fast approaching, the cannabis industry is watching closely as local and state ballots shape the future of legalization. But what happens when a gubernatorial candidate in the world’s largest cannabis market decides to explicitly champion the industry? **We’d love to see you at our upcoming Morning Mixer, December 3rd in Las Vegas during Cannabis Week. Space is very limited, so be sure to head over to https://luma.com/65uzcu56 to request your spot today. We can't wait to hang out with you all!  Big shout out to Kind Cannabis Advantage Program for sponsoring the Morning Mixer! Visit axelworkforce.com/kind and explore their solutions for cannabis operations.** Special thanks to our incredible sponsors: Select Risk Captive, Kind, Sonar, Rythm, Canix, Grassi, GrowGeneration, Nabis, FundCanna, Sweed, Wyld, Grön, Uncle Arnie’s, ayrloom, Timeless, IgniteIt, Reklaim, Coastal Sun, Tumi Genomics. In this special election roundup episode, Ben Larson and AnnaRae Grabstein break down key cannabis ballot measures and political divides across the country, from Massachusetts and Idaho to the contentious hemp debates in Texas. Then, they sit down with Steve Hilton, Republican candidate for California Governor, who shares his pragmatic vision for cutting red tape, battling the illicit market, and restoring "abundance" to the Golden State's cannabis operators. What You’ll Learn: The 2024 Election Landscape: A breakdown of the key state and local ballot initiatives that could expand or restrict cannabis access.Tax Relief Strategy: Steve Hilton’s perspective on using the "Laffer Curve" to revitalize California’s legal cannabis market by lowering taxes.Combating the Illicit Market: How local regulations and unchecked illegal street sales are choking compliant operators, and what a new administration would do to enforce the law.Destigmatizing the Plant: Why California needs to start treating its legal cannabis industry with the same reverence and support as its iconic wine industry.Meet the Guest: Steve Hilton is a tech entrepreneur, former cable news host, and the Republican candidate for Governor of California. Originally from the UK, where he served as a senior advisor to Prime Minister David Cameron, Steve moved to California in 2012. He later founded Golden Together, a policy organization dedicated to restoring the California Dream through pragmatic, pro-business, and pro-abundance policies that aim to decentralize power and cut bureaucratic red tape. Why Tune In? Whether you are tracking national policy shifts or fighting to survive in California's heavily regulated market, this episode delivers critical election insights and a provocative, fresh take on how to fix the broken systems holding the cannabis industry back. 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.

    Can CA's Rebel Spirit Save Cannabis? CA Gubernatorial Candidate Steve Hilton

  4. Oct 19 ·  Bonus

    TWICL (10/16/26) - Aurora Deal Drama & Rescheduling Still on Ice

    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, this episode is a mandatory listen. We cut through the noise of corporate press releases and trade association posturing to uncover the real economic and political forces shaping your market share and the future of THC access. What You’ll Learn: The Global M&A Chessboard: Jeremy breaks down the Aurora, Curaleaf, and Organigram speculation. Plus, why the sudden flood of EU-GMP and GACP press releases from Canadian LPs might be more about shareholder comms than actual market maturation.The Hemp vs. Regulated Civil War: Ben Larson takes the gloves off regarding ATACH and the Marijuana Policy Project (MPP). Discover why conflating lobbying (protecting legacy moats) with advocacy (expanding access) threatens the entire category—especially the booming hemp beverage sector.Florida’s Valuation Reality Check: Why a Florida license—once a golden ticket—was just listed for under $1 million, and the stark reality of the $20M+ infrastructure cost required to actually compete in the Sunshine State.The West Coast Harvest Report: AnnaRae Grabstein shares why this year’s "gangbuster" outdoor harvest is a massive win for consumers and the extraction supply chain, plus the looming agricultural threat of Fusarium wiping out fields.Why Tune In: Because you can't navigate the future of the cannabis and hemp industries by reading sanitized press releases. Tune in for unfiltered, slightly provocative, and deeply insightful analysis on the real mechanics driving our industry forward—from the dirt on the West Coast to the policy battles in D.C. Catch the replay and join the conversation! #Cannabis #Hemp #CannabisBeverages #CannabisRetail #CannabisPolicy #MergersAndAcquisitions #Cultivation #CannabisCommunity #BusinessStrategy #TWICL #HighSpirits 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.

    TWICL (10/16/26) - Aurora Deal Drama & Rescheduling Still on Ice

  5. Oct 16

    Unlocking Pennsylvania Cannabis: Politics, Policy & Adult-Use with Terrapin's Peter Marcus

    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. -- 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 jparenti@HISIG.com to learn more about Select Risk Captive. And be sure to request your invite for our Fourth Annual High Spirits Morning Mixer in Las Vegas, Thursday December 3rd! Hope to see you there. -- In this episode of High Spirits, AnnaRae Grabstein (holding down the fort while Ben Larson is away) sits down with Peter Marcus, VP of External Affairs at Terrapin, to break down the complexities of the Pennsylvania cannabis market. They dive deep into the political gridlock in Harrisburg, the reality of operating as an independent challenger brand among tier-one MSOs, and how Terrapin navigated vertical integration loopholes to expand their retail footprint. Plus, AnnaRae covers the latest business news, including the brewing M&A bidding war for Aurora Cannabis and Square's sudden payment processing crackdown on hemp. What You’ll Learn: PA's Path to Adult-Use: How the state's budget shortfall and the current election cycle could finally force the transition to recreational legalization.Navigating Retail & MSOs: The strategies Terrapin used to successfully lobby for retail permits in a market heavily dominated by large, vertically integrated operators.Product Innovation in a Strict Market: Why Terrapin is launching cannabis "pouches" in a medical state that currently restricts edibles and pre-rolls.The Hemp Infrastructure Crisis: The immediate fallout of Square dropping hemp and CBD merchants, and what it signals for federal policy and payment processing. Meet the Guest:  Peter Marcus is the Vice President of External Affairs at Terrapin, one of Pennsylvania’s original medical cannabis growers and processors, which operates a 180,000-square-foot cultivation facility and three retail stores. Before joining Terrapin in 2017, Peter spent over a decade as a political journalist, earning recognition from the Washington Post as one of the nation’s top state-based political reporters. Today, he leverages his deep understanding of government to lead Terrapin's communications, lobbying, and community impact work in Harrisburg and beyond. Why Tune In?  Whether you're an operator eyeing expansion in the Northeast, an executive tracking M&A trends, or an entrepreneur navigating the tricky waters of hemp regulations and payment processing, this episode delivers the insider intelligence you need to stay ahead of the curve. 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.

    Unlocking Pennsylvania Cannabis: Politics, Policy & Adult-Use with Terrapin's Peter Marcus

  6. Oct 7

    Why International Cannabis Won't Save You with Deepak Anand of Village Farms

    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 GMP certification, and what big tobacco's moves mean for the industry's future. Plus, Ben and AnnaRae tackle the latest news on DEA Schedule III delays, Curaleaf’s hostile bid for Aurora, and New York’s surging retail market. What You’ll Learn: The EU GMP Golden Ticket: What European Good Manufacturing Practices actually entail from seed to sale, and why it's the mandatory standard for international export.Finding Your Right to Win: Why US brands shouldn't look to global markets as a bailout, and how to audit your core competencies before going global.The Capital Shift: How Big Tobacco and Big Pharma are aggressively positioning themselves in international markets while the US remains federally stalled.Global Legalization Pathways: How the legacy of America's drug war impacts global policy, and why CBD is acting as a strategic gateway for legalization in countries like Australia and India. Meet the Guest: Deepak Anand is the Vice President of Global Government Affairs at Village Farms International, one of the largest EU GMP-certified cannabis cultivators in the world. Starting his career in pharma and transitioning into patient access advocacy, Deepak has spent years building the global cannabis industry. Having previously consulted for over 40 cannabis, CPG, and tobacco companies looking to navigate global operations, he brings unparalleled, under-the-hood expertise at the intersection of cannabis policy, international markets, and global compliance. Why Tune In?: If you're a cannabis operator, entrepreneur, or executive trying to understand where the real capital is flowing globally—and whether your business has the operational grit to compete on the world stage—this conversation is your masterclass in international cannabis strategy. 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.

    Why International Cannabis Won't Save You with Deepak Anand of Village Farms

  7. Oct 2

    Hemp Taxes & 280E Survival Guide with Nick Richards, Greenspoon Marder LLP

    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 the complexities of Schedule III rescheduling or building out state-level hemp programs, this is a masterclass in protecting your revenue. What You’ll Learn: The Hemp Tax Trap: Why the potential Schedule I status for hemp could subject retailers and beverage brands to the brutal reality of 280E.Corporate Structure Defenses: How to use C-corps, separate entities, and Section 471(c) to protect your profitable business from risky trafficking liabilities.The Trulieve Playbook & Clawback Risks: The truth behind the massive tax refunds claimed by MSOs and why companies like TerrAscend are being sued by the government to return them.Retroactive vs. Retrospective Relief: What Schedule III actually means for your bottom line and why the DEA's historical findings might force the IRS to play fair. Meet the Guest:  Nick Richards is a Partner and Co-Chair of the Cannabis Law Practice Group at Greenspoon Marder LLP. With over 20 years of experience in tax law, Nick began his career at the IRS as a trial attorney and Chief Counsel advisor before switching sides to represent a Colorado cannabis company in one of the legal industry's very first audits. Today, he is a go-to expert on 280E, BSA cash reporting, M&A, and tax strategy, defending cannabis and hemp companies across the country. Why Tune In?  Navigating federal tax law is a high-stakes game that can literally make or break your cannabis or hemp operations. Tune in to arm yourself with the strategic legal insights and structural defenses you need to keep the IRS out of your pockets and protect your bottom line. 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.

    Hemp Taxes & 280E Survival Guide with Nick Richards, Greenspoon Marder LLP

  8. Sep 28 ·  Bonus

    TWICL (9/25/26) - Florida's License Value Collapse, NY's Debt Crisis, & Record Low Teen Cannabis Use

    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, directly undercutting the narratives of anti-cannabis lobbying groups like SAM.Florida’s License Reality Check: 22 new licenses just dropped in a vertically integrated market dominated by four massive MSOs. We break down the brutal math of building supply chain infrastructure and why license valuations have plummeted from $50M to under $4M.New York’s $3.9M Retail Debt Canary: A leaked COD list reveals NY retailers owe millions to small brands and growers. We explore the supply-chain domino effect, predatory lending terms, and how this compares to California’s billion-dollar accounts receivable crisis.The Metrc Silver Lining: How mandatory track-and-trace compliance in New York is unexpectedly cleaning up messy product and brand data across the state.Executive Action & Policy: A brief masterclass on what cannabis advocates can learn from top geopolitical leaders when it comes to lobbying the executive branch. Why Tune In:  For cannabis and hemp operators, entrepreneurs, and executives, headline noise can easily distract from operational reality. This episode cuts through the political spin to deliver the unvarnished truth about asset valuations, supply chain risk, and the actual capital required to survive in hyper-competitive markets. You will walk away with the data and strategic foresight needed to navigate regulatory hurdles, protect your margins, and position your brand for sustainable 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.

    TWICL (9/25/26) - Florida's License Value Collapse, NY's Debt Crisis, & Record Low Teen Cannabis Use
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Ratings & Reviews

5
out of 5
2 Ratings

About

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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