High Rise: Cannabis MSOs, Products & Market Analysis

Headset, Inc.
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  • UPDATED WEEKLY

A laid-back, data-backed discussion on the cannabis market with notable industry leaders.

  1. APR 20

    E172: 420 2026 — Live! Inside the Data on Cannabis's Biggest Weekend

    Live from 4/20/2026 — Cy Scott (Headset) and Emily Paxhia (Poseidon) break down the fully-closed 420 weekend (Fri 4/17 – Sun 4/19) across every connected US and Canadian market in the Headset sample. Plus the culture, the myths, and what Grok 4.20 has to do with any of this. The headline numbers 13.4M units sold in US connected markets over the 420 weekend — +17% vs an average weekend. US dollars only +5% vs baseline. The 12-point gap between unit lift and dollar lift is the textbook 420 promo signature. US discount depth hit 32.8%, up +8.3 pp. Canada ran a completely different 420 — discount rates barely moved (+0.4 pp), units only +4.3%. The holiday is more flag-wave than promo event up north. Category & brand breakouts Flower anchors US dollars ($77M, units +11%). Vapor Pens $49M (+16%). Pre-Roll US unit leader at 4.1M (+14%). Edibles the discount play — +9.9 pp deeper promos, units +30%. Canada: Pre-Roll beats Flower in dollars ($13M vs $10.9M) — a structural difference from US markets. Michigan dominates the top-mover list: NOBO +$510K in dollars (units only +26%, price/mix doing the work). MKX Oil 167K vapor pen units, +106%. Peninsula Cannabis +220%, Michigrown +131%, Hytek +113%, Alien Labs +97%. Small-base explosions: Flavors Cannabis Co. +712%, Indica Cannabis Co. +459%. Michigan dispensary "House Brand" 1g flower ran 60–64% off — nearly $500K in discount dollars from that state alone. Chapters 0:07 — Welcome to the High-Rise: 420 on a Monday 0:52 — Headset Live: the real-time 420 dashboard 10:19 — Headline numbers: $204M, +5% dollars, 13.4M units 14:22 — Category breakdown: Flower, Vapor Pens, Pre-Roll, Edibles 22:45 — Canada vs. US: why the 420 lift stops at the border 28:33 — NOBO and the Michigan flower story 31:10 — Top movers: MKX Oil, Hytek, Alien Labs, Goldkine 36:53 — Where 420 came from: the Waldos and San Rafael High 44:28 — The 4/20 myths: police code, Pulp Fiction, Bob Dylan 45:40 — Grok 4.20: xAI's not-so-subtle naming 46:27 — 420 events: Ice Cube at Red Rocks, SweetWater Fest, KannaFest NYC 54:59 — Close Follow Headset Poseidon Cy's Substack Cy Scott on LinkedIn Emily Paxhia on LinkedIn Data: Headset connected-retailer sample, US & Canada, 4/17–4/19/2026. Baseline = average of prior four Fri-Sat-Sun weekends. Headset

    56 min

  2. APR 15

    E171: Gelatinous Cubes, Texas Hemp, and the 4/20 Weekend Setup

    Cy Scott and Emily Paxhia are back for a no-guest 4/20 special. They start in Alabama, where the state's first dispensary is set to open on May 4 with a menu that includes "gelatinous cubes" but no flower, no vapes, and no pre-rolls. From there, they move through Virginia's latest legalization delay, Texas's temporary win for smokable hemp, Colorado's market correction, and fresh movement in North Carolina and Pennsylvania. In the back half of the episode, they shift into the big 4/20 block: why a Monday 4/20 changes the sales pattern, what Headset's real-time dashboard will show, which categories historically win, how discounting can distort the headlines, and which markets they're watching most closely once the weekend lights up. In this episode: Alabama is finally opening its first medical cannabis dispensary, but the legal product mix is so constrained that Cy calls out the absurdity of "gelatinous cubes" replacing the products patients actually buy in nearby Mississippi.Virginia is still inching toward an adult-use market, but not without more delay and a proposed tax increase.Texas gets a temporary reprieve after a judge blocks new rules that would have effectively wiped out smokable hemp.Colorado's market correction keeps getting harsher, with layoffs, consolidation, and more evidence that mature markets are entering a tougher phase.North Carolina and Pennsylvania remain two of the most important holdout stories to watch.The 4/20 segment is the centerpiece: dashboard strategy, category winners, discounting behavior, and the markets Cy and Emily think will be most interesting this year.Links mentioned: Cy Scott on Alabama's "gelatinous cubes"Callie's ApothecaryVirginia amendments bill coverageTexas hemp ruling coverageColorado market comedownPharmaCann Denver layoffsNorth Carolina Advisory Council on CannabisPennsylvania legalization support pollHeadset annual 4/20 analysisHeadset real-time 4/20 dashboardHeadset

    50 min

  3. MAR 31

    E170: The Army Wants Stoners Now — And Other Cannabis Contradictions

    This week on The High-Rise: The US Army drops marijuana barriers for recruits while DHS deports people for possession — the federal hypocrisy is getting surreal. The White House schedules emergency CBD policy meetings, Ohio breweries go to war over hemp drinks, and Michigan’s new 24% tax is already cratering sales. Plus: Headset data shows 10 of 15 states declining, but cannabis beverages might be the bright spot. Cy and Emily break down the numbers and the nonsense. Hosts: Cy Scott (Headset) & Emily Paxhia (Poseidon) Sources & Links: White House CBD Meetings — Marijuana MomentUS Army Enlistment Changes — The Guardian, NYTDHS “Worst of the Worst” List — Marijuana MomentRescheduling Update — Marijuana Moment, Cannabis Business TimesOhio Hemp Beverages — Marijuana MomentWSWA Regulate Hemp — wswa.org/regulate-hempMichigan Cannabis Tax — Cannabis Business Times, MI Public RadioMississippi Medical Cannabis — Marijuana MomentDormant Commerce Clause — Law360, ReutersMSO Earnings — MMJ DailySCOTUS & Guns — SCOTUSblog, NBC NewsMarket Data — Headset InsightsFollow The High-Rise: Newsletter: cyscott.substack.com Twitter/X: @TheHighRisePod Web: headset.io Headset

    55 min

  4. MAR 17

    E169: Vape Pens vs. Flower in California, Texas Hemp Ban & State Market Updates

    Cy and Emily dive into the data showing vapor pens closing in on flower as the top cannabis category in California — with only a $5M gap in February 2026 sales. They explore the Gen Z consumer shift driving vape growth, then cover Texas banning smokeable hemp through new THCA testing rules affecting 9,000 stores, plus updates from Florida, New York, and Massachusetts markets.Headset

    57 min

  5. MAR 3

    The $28 Billion Ban: Hemp's Last Stand | The High-Rise Ep. 168

    The FDA just blew past a congressionally mandated deadline on hemp regulation — and a $28 billion industry is counting down to a November ban. Missouri is already passing state-level bans, while New York wants liquor stores selling cannabis drinks. Illinois posted its first-ever annual sales decline. The DOJ says cannabis users can't own guns even after rescheduling. Hawaii's trying "legalization lite." Plus: Texas ballot questions, Virginia retail sales, NJ wholesale crashes, and four states pushing medical marijuana into hospitals. We've got the Headset data to make sense of all of it. This is The High-Rise.Chapters:00:00 — Welcome Back to The High-Rise05:24 — News Roundup: Hemp Ban & FDA Deadline10:56 — Illinois Posts First-Ever Sales Decline15:58 — Texas Cannabis Ballot & Democratic Primary19:11 — Virginia Retail Marijuana Sales Bill20:48 — New Jersey Wholesale Prices Crater25:29 — Missouri Passes Hemp THC Ban28:01 — New York: Cannabis Beverages in Liquor Stores31:29 — NYC Mayor Projects Rising Cannabis Tax Revenue34:12 — DOJ Urges Gun Ban for Cannabis Users37:17 — Hawaii Approves Limited Legalization39:20 — Four States Advance Medical MJ in Hospitals41:22 — Deep Dive: The Hemp Ban — Who Wins, Who Loses55:10 — Closing & What's NextHosts: Cy Scott (Headset) & Emily Paxhia (Poseidon)Data powered by Headset: https://www.headset.ioHeadset

    56 min

  6. 02/05/2025

    E167 - Bluegrass Bud: Kentucky Medical Cannabis Arrives

    The Bluegrass State is joining the green rush—but in true Kentucky fashion, they're doing it their own way. Join Emily Paxhia (Poseidon) and Cy Scott (Headset) as they break down Kentucky's cautious entry into medical cannabis, and what it means for operators, investors, and entrepreneurs. In this episode, our hosts dive deep into: Kentucky's unique approach to medical cannabis (spoiler: leave your rolling papers at home)Why most licenses went to out-of-state operators, and what that means for the marketHow Kentucky stacks up against Missouri, Mississippi, and FloridaWhere the real opportunities lie for entrepreneurs who missed the licensing lotteryMarket projections and investment potential that might surprise youWhether you're an MSO executive, an ancillary business owner, or an investor eyeing the next frontier market, this episode offers critical insights into one of the newest medical markets in the United States. Plus, Emily and Cy share their signature market analysis on whether Kentucky could follow Florida's highly profitable path or face Mississippi's growing pains. Pour yourself a bourbon (or your favorite alternative), and join us for an hour of market intelligence, strategic insights, and maybe even a table flip or two. 🥃 Headset

    39 min

  7. 12/19/2024

    E166 - Headset Wrapped 2024 and Looking Ahead to Next Year

    In this year-end edition of The High-Rise, Cy Scott (Headset) and Emily Paxhia (Poseidon) revisit their 2024 cannabis industry predictions to see where they hit the mark and where reality diverged from their forecasts. They delve into the growth (and growing pains) of key state markets—highlighting Ohio’s adult-use ramp-up, New York’s steady climb in retail availability, and the stalled progress in Florida and Pennsylvania. They also discuss the swirling uncertainties around hemp-derived THC products, as states implement—or contemplate—stringent regulations to keep these products out of unregulated channels and away from children. Cy and Emily reflect on the year’s challenges, including the ongoing push for federal reform that has yet to materialize, and look ahead to 2025. Will next year bring long-awaited legislative clarity, or will states continue to forge their own unique paths in managing adult-use cannabis and hemp-derived products? Tune in to hear their insights, data-backed analysis, and predictions for what the next chapter of cannabis legalization might hold. Topics Covered: 2024 Prediction Recap: Reviewing last year’s forecasts for Ohio’s adult-use sales, Florida’s ballot efforts, and Pennsylvania’s stalled legalization push.Progress in Key Markets:Ohio: Adult-use launch and near-$100M monthly sales targets.New York: Steady increase in licensed cannabis retail and brand growth amidst ongoing legal and regulatory challenges.Hemp-Derived THC Products: Exploring how intoxicating hemp sales exploded in 2024 and the ensuing state-by-state crackdowns on unregulated sales, with particular attention to recent actions in California, Texas, Tennessee, and Illinois.State-Level Regulations vs. Federal Stasis: States forging ahead with their own rules to protect consumers, while federal reforms remain elusive.Looking to 2025: Predictions on potential movement from the new administration, the Supreme Court case, and what evolving hemp regulation frameworks might mean for the broader cannabis industry. If you’re looking for a clear-eyed, data-driven year-end wrap-up and a practical preview of the cannabis industry’s future, this episode offers valuable insights. Cy and Emily’s grounded perspectives will help investors, operators, and stakeholders navigate the uncertainty and identify trends to watch in 2025. Show Notes: - Headset Vapor Pen Data (Bringing the Receipts) Headset

    42 min

  8. 12/10/2024

    E165 - Making cannabis fun again!

    Cy & Emily return fresh (or maybe not so fresh) from MJ BizCon in Las Vegas to dish on their 25-second meetup, cowboys everywhere, and what happens when you mix cannabis conference attendees with rodeo folks and AWS techies! 🤠 Plus: Green Wednesday numbers are in! Beverages went absolutely bonkers with a 130% spike (Cy may have helped with that...)The scoop on a game-changing brand that's "making cannabis fun again"Texas says "y'all need to stop" to thousands of hemp-derived THC storesCanada flexes on the illegal market with some seriously impressive statsPennsylvania considers state-run cannabis stores (Emily has thoughts™️)Fun fact of the episode: OnlyFans started as a recipe and DIY website! Who knew? 👩‍🍳 Bonus: Listen for Cy's attempt at a "news broadcast" sound effect - it's... something! Join us for another laid-back, data-backed conversation about all things cannabis, from MSOs to LPs, products and market analysis. Whether you're an industry veteran or just cannabis curious, pull up a chair and hang with us! 🎧 #cannabis #data #industry #MSO #retail #cannabisbusiness #MJBizCon Show notes: - CAKE: She hits different - Headset's Green Wednesday Retailer Benchmarking Tool Headset

    42 min
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A laid-back, data-backed discussion on the cannabis market with notable industry leaders.

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