High Spirits: The Cannabis Business Podcast

AnnaRae Grabstein and Ben Larson
  • 4.6 (9)
  • 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. TWICL (Mar 13, 2026) - Cannabis Earnings Season, Florida Legalization Stalls, + Michigan’s $3B Market

    2H AGO

    TWICL (Mar 13, 2026) - Cannabis Earnings Season, Florida Legalization Stalls, + Michigan’s $3B Market

    On This Week in Cannabis Live, host Jay Rosenthal and Jeremy Berke (Cultivated.news) lead a high-stakes roundtable featuring Ben Larson & AnnaRae Grabstein (High Spirits) and Marc Hauser (Cannabis Musings). Special guest appearance by Bryan Fields of The Dime Podcast. The panel dives into the messy reality of cannabis earnings season, where "creative writing" often masks the bottom line. From the crushing price compression in mature markets like Massachusetts and Colorado to the legislative stalls in Florida and Pennsylvania, the group analyzes who is actually built to survive 2026. 💡 What You’ll Learn: The Earnings Illusion: Why "Adjusted EBITDA" is the industry’s favorite smoke screen and how to spot the real financial health of an operator.Price Compression Pain Points: Understanding the data behind $4 grams in Massachusetts and what it means for the future of premiumization.Legislative Gridlock: A deep dive into why Florida’s legalization has stalled and why Pennsylvania’s Governor Shapiro is still "beating the drum" without results.The "Mega-Farm" Factor: How massive 180-acre operations like LEEF are shifting the competitive math for craft growers.Hemp’s Faustian Bargain: A debate on the three-tier distribution system—is it a necessary path to the mainstream or a trap for small brands?🌟 Meet the Panel: This episode features a powerhouse of cannabis insights led by Jay Rosenthal and Jeremy Berke, the editorial voices behind Cultivated. They are joined by Ben Larson & AnnaRae Grabstein, the strategic minds behind the High Spirits podcast, and Marc Hauser, the legal and economic voice of Cannabis Musings. Together, they provide a 360-degree view of the policy, capital, and operational hurdles facing the industry today. 📅 Why Tune In? Whether you are an MSO executive or a craft operator, this TWICL roundtable is a masterclass in separating signal from noise. This conversation provides the strategic foresight needed to understand how state-level retail shifts and federal policy uncertainty will impact your bottom line this 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.

    36 min

  2. 4D AGO

    #129 - Cannabis Business News Roundup: Tilray’s BrewDog Bet & AI Regulatory Enforcement

    On this episode of High Spirits, hosts Ben & AnnaRae forgo the guest chair for a candid, deep-dive conversation into the shifting tides of the industry. From the sobering reality of Tilray’s latest $44M acquisition to the "perfect enforcement" threat of AI, this episode explores the evolution of cannabis leadership and the grit required to stay in the game. 💡 What You’ll Learn: The Tilray Strategy: Is Tilray still a cannabis company, or a global CPG powerhouse in disguise? We break down their acquisition of BrewDog and their $850M+ revenue split. AI and "Perfect Enforcement": How agentic AI could shift cannabis regulation from "imperfect oversight" to surgical, automated enforcement of every law on the books. Women in Cannabis: In honor of Women’s History Month, a reflection on leadership, "leaping to freedom," and why process automation is a secret superpower. The Hemp Cliff: A reality check on the looming November deadline and why the industry must stop arguing about concessions and start listening to Congress. 🛡️ Why Tune In? If you are an operator or investor trying to make sense of the "fallen from grace" public stocks or the looming technological shifts in regulation, this episode provides a grounded perspective. Ben & AnnaRae cut through the noise to discuss what a "durable" cannabis company actually looks like in 2026. Stay curious, stay informed, and keep your spirits high. “I did not fall from Grace. I lept to freedom.” — AnnaRae sharing the Autobiography of Eve in honor of Women's Month. 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.

    49 min
  3. TWICL (Mar 6, 2026) - Is New York the New Cannabis Capital? $4.6B Projections, SCOTUS Gun Rights, & Brand Power Shifts

    MAR 8

    TWICL (Mar 6, 2026) - Is New York the New Cannabis Capital? $4.6B Projections, SCOTUS Gun Rights, & Brand Power Shifts

    From New York’s bold $4.6 billion market forecast to the unlikely intersection of the Second Amendment and cannabis at the Supreme Court, the team explores the shifting tectonic plates of the U.S. industry. Are we witnessing the "locus of the cannabis world" moving East, or does California still hold the crown? 💡 What You’ll Learn: The New York Surge: Why the OCM’s new leadership is projecting a $4.6B market by 2028—and how that stacks up against California.SCOTUS & The Second Amendment: The surprising "habitual drunkard" logic being used to debate cannabis users’ gun rights.Brand Power Rankings: Why edible brands like Wild and Wyld are climbing the charts while flower faces a systemic decline.The Louisiana "Golden Ticket": Analyzing the controversial proposal to give medical licensees a 3-year monopoly on adult-use sales.Cultural Flashpoints: A look at the "smell of weed" debate and why conservative backlash is becoming a key political narrative.🌟 Meet the Guest Panel: This episode features insights from Jeremy Berke (founder of Cultivated), Marc Hauser (cannabis attorney and author of Cannabis Musings), and Jay Rosenthal. Together with Ben & AnnaRae, they provide a cross-disciplinary look at the legal, financial, and cultural trends defining the current cannabis landscape. 📅 Why Tune In? Whether you're a multi-state operator (MSO) tracking New York's messy but massive rollout, or a brand strategist wondering why consumers are ditching flower for gummies, this conversation provides the macro context you need to stay ahead. We cut through the political noise to find the real economic signals. 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.

    32 min
  4. #128 - Redefining Medicine & Schedule 6 w/ Steph Sherer of Americans for Safe Access

    MAR 5

    #128 - Redefining Medicine & Schedule 6 w/ Steph Sherer of Americans for Safe Access

    The federal government has finally acknowledged the "accepted medical use" of cannabis—but for millions of patients, the battle for true integration into the US healthcare system is just beginning. As we face a shifting regulatory landscape, is Schedule III a victory or a trap? About This Episode: In this episode of High Spirits, hosts Ben Larson & AnnaRae Grabstein are joined by Steph Sherer, the powerhouse Founder and Executive Director of Americans for Safe Access (ASA). With nearly 25 years of advocacy under her belt, Steph provides a masterclass on the political realities of rescheduling, the critical need for a "Schedule 6" designation, and why the cannabis industry must stop "waiting" for policy to happen to them. From the fallout of the CannaBev Summit in Miami to the nuances of the recent executive orders, this conversation cuts through the noise of social media to reveal what is actually happening in the halls of DC. 💡 What You’ll Learn: The Schedule III vs. Schedule 6 Debate: Why moving cannabis to Schedule III helps businesses with taxes but fails to provide the federal framework patients actually need.The "Triage" of State Programs: How current state medical markets were designed as temporary fixes and why it’s time to move toward national integration.The Redefinition of Medicine: Why the FDA's current pathway is broken for complex botanicals and how the proposed Office of Medical Cannabis Control could fix it.The Power of "The Patient": Why simply mentioning the word "patient" remains the most effective tool for shifting the perspective of federal regulators.🌟 Meet Steph Sherer: Steph Sherer is a pioneer in the medical cannabis movement, having founded Americans for Safe Access in 2002 in response to federal raids on California dispensaries. She has trained over 100,000 advocates, worked with the World Health Organization to change international drug treaties, and is currently leading ASA’s "second act" to fully integrate cannabis into the US healthcare system. Steph is widely recognized as one of the most influential advocates in the history of the movement. 📅 Why Tune In? Whether you are a hemp operator worried about the Farm Bill or a cannabis executive navigating rescheduling, Steph Sherer explains why the "patient perspective" is the ultimate leverage for long-term industry stability. If you want to understand the difference between social media rumors and DC reality, this episode is essential. 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 3m
  5. #127 - $3 Billion In: What Cannabis Lenders Look For w/ Steven Ernest of Chicago Atlantic

    FEB 25

    #127 - $3 Billion In: What Cannabis Lenders Look For w/ Steven Ernest of Chicago Atlantic

    Chicago Atlantic's Steven Ernest, Head of Originations, pulls back the curtain on institutional cannabis lending — from how his firm evaluates operators and underwrites deals, to navigating distressed assets, ESOPs, and the murky road ahead for rescheduling and 280E. If you want to understand how capital really flows in this industry, this is the episode. But before we talk to Steven, a quick catch up: Ben's back from Maui, AnnaRae just returned from Kauai as the newly minted president of organic farming nonprofit WWOOF USA, and both are already packing bags again for the Canna Bev Summit in Miami.  They hit two sobering news items: a reefer-madness-flavored California hearing where Assembly member Jaqui Irwin is gunning for tighter cannabis packaging and dosing rules in an already struggling market, and Michigan's 8.3% year-over-year sales drop — a one-two punch of a new 24% wholesale tax and record winter storms hammering operators across the Northeast. 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.

    54 min
  6. TWICL (Feb 20, 2026) - Farm Bill Drafts, German M&A, and the "Social" Retail Revolution

    FEB 24

    TWICL (Feb 20, 2026) - Farm Bill Drafts, German M&A, and the "Social" Retail Revolution

    The 2026 Farm Bill draft is finally on the table, and while the "hemp loophole" remains untouched for now, the industry is already looking toward a post-cliff future. As big tobacco backs Canadian giants in Europe and stadiums open their doors to THC, the landscape of cannabis distribution is shifting under our feet. In this week's edition of This Week in Cannabis Live (TWICL), hosts Jay Rosenthal and Jeremy Berke of Cultivated are joined by Ben Larson (High Spirits) and Marc Hauser (Cannabis Musings) to break down the latest legislative and market movements. From Organigram’s massive €250M move into Germany to the potential for THC beverages to hit New York liquor stores, the panel explores whether the industry is finally moving toward a "layered" regulatory reality. What You’ll Learn: The Farm Bill First Look: Why the initial draft’s silence on hemp-derived THC is both a relief and a warning for operators.The "Canadian Advantage" 2.0: How federal coherence and tobacco backing (BAT) are allowing Canadian LPs to dominate the European medical market.Stadium Status: The significance of the United Center's 3-year THC beverage deal and what it means for consumer discovery.Retail Convergence: A deep dive into the New York bill that could pit liquor stores against dispensaries—and why brands are cheering for it.Risk vs. Revenue: A debate on whether regional distributors will keep moving products if the "hemp cliff" recriminalizes certain cannabinoids. Meet the Panel: This episode features a powerhouse of cannabis experts led by Jay Rosenthal and Jeremy Berke, the editorial voices behind Cultivated. They are joined by Ben Larson, host of High Spirits and seasoned venture catalyst, and Marc Hauser, the legal mind behind Cannabis Musings, to provide a 360-degree view of the industry's most complex hurdles. Why Tune In? Whether you are an MSO executive or a hemp beverage startup, the rules of distribution are being rewritten this month. This episode provides the strategic foresight needed to understand how federal policy, international M&A, and state-level retail shifts will impact your bottom line in 2026. 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
  7. #126 - Beyond THC: Dr. Riley Kirk on Smell, Science, and Cannabis Education

    FEB 19

    #126 - Beyond THC: Dr. Riley Kirk on Smell, Science, and Cannabis Education

    THC% might be the most overused number in cannabis—and it’s not helping consumers make better choices. In this episode, Ben nerds out with Dr. Riley Kirk on what actually drives effects, why “nose knows” matters, and how cannabis science can (and should) live outside academic journals. - Ben Larson (solo this week while AnnaRae is off-grid in Kauai) welcomes Dr. Riley Kirk—PhD cannabis scientist, educator, and author of Reefer Wellness—for a conversation that bridges plant chemistry, consumer behavior, and real-world harm reduction. They unpack why flower delivers a “natural ratio” of compounds that’s hard to replicate in modern formulations, why skunky/gassy aromas often come from sulfur compounds (not terpenes), and how consumers can use sensory cues to find the right experience. They also dig into the realities of cannabis education in the social media era—how Dr. Kirk built a massive audience on TikTok during COVID, what censorship changed, and why she ultimately pushed her science into a book deal with Penguin Random House. Plus: the surprising data behind why ~1 in 5 people may not feel edibles, and what the industry should be funding if it wants better labeling, better products, and better outcomes. 💡 What You’ll Learn Why THC% is a weak predictor of effects—and how to shop using aroma (“nose knows”) What creates skunky, gassy, and fruity profiles (and why it’s not always terpenes) Why Dr. Kirk believes flower offers a “natural ratio” vs. ultra-fortified vapes and formulations The roles of CBG and CBC—and why combusting CBC can convert it into CBL Why ~20% of people may not feel edibles, and the leading metabolism/genetics explanation How dry herb vaping can be a practical harm-reduction alternative to combustion What real-world data studies can reveal when you connect consumer experience to COAs How Dr. Kirk used short-form education to land a major publishing deal—and what surprised her about book marketing today 🌿 Meet the Guest: Dr. Riley Kirk Dr. Riley Kirk is a cannabis scientist and educator focused on plant chemistry and real-world consumer research. She co-founded the nonprofit Network of Applied Pharmacognosy (NAP), teaches Cannabis as Medicine at Vermont State University, and hosts cannabis science content online as @CannaBiChem. She’s also the author of Reefer Wellness, published by Penguin Random House, translating cannabis science into accessible guidance for everyday consumers. 🎧 Why Tune In? Whether you’re building products, educating customers, or just trying to find 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
  8. #125 - Cannabis Business News Roundup: Ohio MSO Lawsuit, Texas Medical Growth, and FDA Countdown

    FEB 11

    #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
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4.6
out of 5
9 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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