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The path to cannabis normalization has never been straightforward, but as our industry faces critical regulatory crossroads, a fundamental truth emerges: consumers want cannabinoids. The "great hemp experiment" initiated by the 2018 Farm Bill has conclusively demonstrated mainstream appetite for these products across political spectrums and geographic boundaries.

Our wide-ranging conversation examines this pivotal moment through both strategic and philosophical lenses. We unpack the implications of the appropriations bill threatening hemp's future while reflecting on how regulatory uncertainty shapes business strategies. For cannabis entrepreneurs navigating this landscape, we identify markers of resilience: purpose-driven leadership, operational efficiency, and the ability to adapt continuously as market conditions evolve.

Those building successful cannabis companies today display distinct characteristics—they maintain realistic planning horizons (typically 6-12 months rather than speculative multi-year forecasts), track metrics like revenue-per-employee, and cultivate leadership teams capable of wearing multiple hats. Most importantly, these organizations build cultures where purpose permeates from top leadership through every aspect of operations. As we observe, "When a leader truly metabolizes values into their actions daily, it becomes pretty easy to filter that down through the company."

The conversation explores potential exit strategies for well-positioned operators, from strategic acquisitions (particularly in the beverage category) to employee ownership models that preserve company culture. Despite ongoing challenges, we remain fundamentally optimistic about cannabis's trajectory—public sentiment continues improving, with unprecedented mainstream support emerging even during regulatory battles.

For industry participants committed to this journey, remember that resilience isn't just surviving today's challenges but building organizations designed to thrive within uncertainty. As we conclude, "We can do hard things," and the future, while uncertain in its timeline, remains bright for those who maintain focus on building sustainable businesses while advocating for sensible regulation.

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High Spirits is brought to you by Vertosa and Wolf Meyer.

Your hosts are Ben Larson and AnnaRae Grabstein.

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