The DEA has finally spoken, but the path forward for cannabis operators is far from simple. As we move into a post-rescheduling world, the industry is bracing for a complex, bifurcated future that could redefine winners and losers overnight.

About This Episode: 

On this episode of High Spirits, hosts Ben & AnnaRae go deep into the technical and human sides of the rescheduling order with two of the industry’s sharpest minds: Gail Rand (Founder of Grand Consulting) and Michael Harlow (National Cannabis Lead at CohnReznick). We explore the potential for retroactive 280E relief, the looming battle for market share, and why your business fundamentals matter more now than ever before.

💡 What You’ll Learn:

• The 280E Retroactivity Debate: Can operators actually expect tax refunds for prior years, and how should you be planning your cash flow today?
• The Bifurcation Challenge: Why the industry might split into distinct Medical vs. Adult Use silos and what that means for your licensing strategy.
• M&A and the Horizontal Shift: How the move toward Schedule III could trigger a wave of consolidation and a departure from the traditional vertical integration model.
• Operational Readiness: Why "cleaning up your books" is the most critical move you can make while waiting for federal agencies to harmonize their rules.

🌟 Meet the Guests:

Gail Rand is a CPA and the Founder of Grand Consulting, bringing over 30 years of finance expertise to the industry. Her journey began as a patient advocate, helping pass Maryland’s medical cannabis legislation to secure access for her son, and she eventually became the CFO of the state’s first cultivation licensee.

Michael Harlow is the Managing Partner of CohnReznick’s DC Metro office and leads the firm’s National Cannabis Practice. With a decade of experience advising everyone from single-site dispensaries to the largest MSOs, Michael is a preeminent expert on the tax, accounting, and regulatory hurdles facing cannabis businesses.

📅 Why Tune In?

If you are an operator or investor trying to make sense of the "gobbledygook" of federal policy, this conversation provides the roadmap you need. Ben & AnnaRae cut through the noise to help you understand how to protect your margins and position your business for the next era of American cannabis.

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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