Cannabis is leaving its “startup era”—and the next phase won’t be won by hype. It’ll be won by operators who can build trust, standardize the experience, and run tighter businesses in a margin-crushed market.

On Episode 122 of High Spirits, hosts Ben & AnnaRae sit down with Ashwin Raj, CEO of LeafLink, to unpack what he’s seeing from the center of cannabis wholesale—where billions in transactions reveal the real signals of industry health. Ashwin draws sharp parallels to ride-sharing and e-commerce, and makes the case that consumer education, product standards, and tech-driven compliance are the keys to unlocking the next wave of growth.

They also go inside LeafLink’s pricing-model backlash (and reversal), the strategic logic behind acquiring DAMA Financial, and why the industry’s biggest bottlenecks aren’t just regulatory—they’re operational.

What You’ll Learn

• Why consumer education + product standards are still a massive gap in cannabis (especially vs. alcohol)
• The “signals from the middle” LeafLink sees that predict operator distress before it hits the headlines
• How policy decisions (like license caps or overload) drive price compression and market instability
• What Ashwin learned from the LeafLink pricing uproar—and why predictability matters in cannabis
• How the DAMA Financial acquisition connects payments, AR/AP, and compliance into one system
• Verticalization vs. specialization: what’s winning now—and what likely wins long-term

Meet the Guest

Ashwin Raj is the CEO of LeafLink, a platform at the center of cannabis wholesale powering billions in transactions across thousands of companies. Before cannabis, Ashwin led in industries that scaled ahead of regulation—holding leadership roles at Lyft, Amazon, and ezCater across marketplaces, payments, and operational infrastructure. He brings a “build for the long term” mindset to cannabis, with a clear emphasis on listening to customers, simplifying complexity, and using tech to turn compliance into confidence.

Why Tune In?

Because this episode isn’t about wishful thinking—it’s about what the data actually says. If you’re an operator, brand, retailer, or investor trying to survive (and win) the next phase of cannabis, Ashwin’s “middle-of-the-market” view will sharpen your strategy fast.

Have a question for us? Send us a text. We may answer it in the next show!

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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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