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A hundred episodes in, and the journey has only just begun. This milestone celebration of High Spirits offers a candid look into what we've learned about cannabis entrepreneurship, regulation, and the future of this evolving industry.

When we first started recording our conversations with friends in the cannabis space, we couldn't have predicted the wealth of knowledge that would emerge. Now, as industry veterans share that our show has brought them hope during challenging times, we're reminded of why we press record each week – to create a community where cannabis entrepreneurs don't have to feel alone.

Our Ask Me Anything format yielded thoughtful questions that cut to the heart of today's cannabis landscape. What would we wish for if a genie could fix cannabis regulations? For AnnaRae, it's full federal descheduling paired with a tiered retail model that honors dispensary pioneers while expanding access through conventional channels. Ben took a more incremental approach, advocating for cannabinoids to be recognized as their own unique category in federal regulations rather than trying to fit them into existing frameworks.

When discussing which states offer the best cannabis business opportunities, we acknowledged a difficult truth – none are truly set up for long-term profitability by traditional standards. Yet some markets like Maryland, New Mexico, and Illinois present better conditions with their constrained license models and tax reform momentum. We caution against markets with unrealistic valuation hype and suggest looking for indicators like wholesale pricing stability and retail density before expansion.

The conversation turned emotional when addressing the struggles of legacy farmers in California. These pioneers who built the industry now find themselves crushed by over-taxation and over-regulation. Our proposed solutions include tax reform, ending local control barriers, and potentially implementing programmatic canopy caps tied to market demand – controversial perhaps, but potentially necessary to protect the value of the plant.

Looking forward to the next decade, we debated whether traditional retail channels would eventually overtake dispensaries. Will normalization mean beverages and edibles in grocery stores while dispensaries remain for high-potency products? The answers might surprise you.

What questions do you have about the cannabis industry? Let us know what topics you'd like us to explore in our next hundred episodes as we continue helping you stay curious, informed, and keeping your spirits high.

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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.