High Spirits: The Cannabis Business Podcast

AnnaRae Grabstein and Ben Larson
  • 4.7 (12)
  • 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. 4d ago

    #152 - Bootstrapping to $100M in California Cannabis with Big Oil Co.’s John LaFata

    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.

    #152 - Bootstrapping to $100M in California Cannabis with Big Oil Co.’s John LaFata

  2. 6d ago ·  Bonus

    TWICL (9/4/26) - Hemp Gets a One-Month Lifeline, M&A Power Plays & Michigan’s Tax Reality

    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.

    TWICL (9/4/26) - Hemp Gets a One-Month Lifeline, M&A Power Plays & Michigan’s Tax Reality

  3. Sep 2

    #151 - Cannabis Business News Roundup w/ Ben & AnnaRae: De-cluttering, DEA & PPP

    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.

    #151 - Cannabis Business News Roundup w/ Ben & AnnaRae: De-cluttering, DEA & PPP

  4. Aug 31 ·  Bonus

    TWICL (8/28/26) - 2,500 Pages of Rescheduling Testimony, $CURA vs. $ACB, and New York's High Art

    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.

    TWICL (8/28/26) - 2,500 Pages of Rescheduling Testimony, $CURA vs. $ACB, and New York's High Art

  5. Aug 26

    #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 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.

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

  6. Aug 24 ·  Bonus

    TWICL (8/21/26) - 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 (8/21/26) - Hostile Takeovers, EU Export Goldmine & Congress Presses the White House

  7. Aug 19

    #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

  8. Aug 12

    #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
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4.7
out of 5
12 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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