High Spirits: The Cannabis Business Podcast

AnnaRae Grabstein and Ben Larson
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  • 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. 3 days ago

    #150 - Cannabis Investing Realities with Tiby Erdely of Key Investment Partners

    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 a******s 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.

    #150 - Cannabis Investing Realities with Tiby Erdely of Key Investment Partners

  2. 6 days ago ·  Bonus

    (TWICL (8/28/26) - Hostile Takeovers, EU Export Goldmine & Congress Presses the White House

    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.

    (TWICL (8/28/26) - Hostile Takeovers, EU Export Goldmine & Congress Presses the White House

  3. 19 Aug

    #149 - Building a Hemp Beverage Empire Inside Alcohol: Jason Dayton of Trail Magic

    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.

    #149 - Building a Hemp Beverage Empire Inside Alcohol: Jason Dayton of Trail Magic

  4. 12 Aug

    #148 - How CAM Built a $73M California Cannabis Brand with Anna Willey

    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.

    #148 - How CAM Built a $73M California Cannabis Brand with Anna Willey

  5. 30 Jul

    #147 - Reclaiming California’s Cannabis Market with DCC Director Clint Kellum

    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.

    #147 - Reclaiming California’s Cannabis Market with DCC Director Clint Kellum

  6. 23 Jul

    #146 - Building Anti-Fragile Cannabis Culture, Multi-State M&A, and the DEA's Schedule III Hearings

    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.

    #146 - Building Anti-Fragile Cannabis Culture, Multi-State M&A, and the DEA's Schedule III Hearings

  7. 20 Jul ·  Bonus

    TWICL (7/17/26) - DEA Hearing, Senate Dems Refile the CAOA, Pennsylvania Punts (Again) + Kiva x Conan

    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.

    TWICL (7/17/26) - DEA Hearing, Senate Dems Refile the CAOA, Pennsylvania Punts (Again) + Kiva x Conan

  8. 16 Jul

    #145 - Shifting Trends, AI, & State Markets with Leah Spokojny, CRO at BDSA

    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.

    #145 - Shifting Trends, AI, & State Markets with Leah Spokojny, CRO at BDSA
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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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