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.

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.

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.

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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.

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.

From Olympic hockey banter to Washington politics and THC drinks at major arenas, this episode proves there’s never a slow week in cannabis. AnnaRae joins a familiar roundtable to unpack policy signals, market stress, and why beverages keep stealing the spotlight.

About This Episode

On this week’s edition of This Week in Cannabis Live, Jay Rosenthal is joined by Jeremy Berke, Marc Hauser, and AnnaRae Grabstein for a wide-ranging conversation on the state of the industry. Topics include Senator Kirsten Gillibrand’s candid take on cannabis reform, GTI/Rhythm’s THC beverages landing at the United Center, MSO financial distress, and a surprise capital raise from Willie Nelson’s THC beverage brand.

AnnaRae also digs into what these headlines mean for operators navigating policy uncertainty, capital constraints, and shifting consumer behavior.

💡 What You’ll Learn

• What Senator Kirsten Gillibrand’s comments signal about cannabis reform under a Trump administration
• Why THC beverages are breaking into arenas, concerts, and hospitality venues
• How MSO distress (including asset sales and forbearance agreements) reflects a broader industry reset
• Why Willie’s Remedy raising $15M surprised many investors
• What New York’s Brand Power Rankings reveal about local vs. national cannabis brands
• How policy uncertainty is freezing capital—and where momentum still exists

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.

THC beverages are officially hitting the big leagues—and Chicago’s United Center is the proof point. 

In Episode 124 of High Spirits, hosts Ben Larson and AnnaRae Grabstein sit down with Rick Schepp (GM of Beverage, Señorita & RYTHM) and Charles Bieler (Co-Founder, Señorita) to unpack what it really takes to build hemp-derived THC drinks that can scale into major venues, national retail, and mass culture.

From on-premise conversion and the power of sampling, to effect-led product strategy and the looming “hemp ban” uncertainty, this conversation gets into the operational reality behind the headlines—and why low-dose beverages may be the clearest bridge between cannabis and everyday consumers.

What You’ll Learn

• How the United Center deal came together—and what it signals for concerts, sports, and mainstream adoption
• Why sampling is the #1 lever for driving trial and repeat purchases in THC beverages
• What “scale” actually requires: supply chain readiness, retailer support, and customer-first execution
• The difference between hemp retail vs. dispensary channels—and how dosage shapes the line
• How Rhythm is approaching effect-based beverages (uplift vs. wind-down) to mirror real cannabis use cases
• How leaders are scenario-planning for 2026 policy uncertainty without freezing growth

Meet the Guests

Rick Schepp is the General Manager of Beverage at RYTHM, where he leads strategy, innovation, and commercialization for its THC beverage portfolio, including Señorita. With prior leadership roles at Beam Suntory and experience at Boston Consulting Group, Rick brings a rare blend of CPG rigor and cannabis-specific insight to one of the industry’s fastest-growing categories.

Charles Bieler is a veteran beverage entrepreneur and Co-Founder of Señorita. Best known for his award-winning wine portfolio at Bieler Wines, Charles applies decades of winemaking expertise—flavor structure, ingredient integrity, and balance—to THC margaritas, helping elevate cannabis beverages from novelty to legitimate category.

Why Tune In?

If you’re building in cannabis, hemp, or beverages, this episode is a practical roadmap for navigating retail realities, policy turbulence, and the cultural shift toward low-dose alternatives—without losing sight of what consumers actually want.

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.

Policy and regulation across cannabis and hemp are shifting fast—and operators don’t get to pause the business while Washington debates definitions.

On Episode 123 of High Spirits, Ben Larson and AnnaRae Grabstein sit down with Thomas Winstanley, EVP of edibles.com, to unpack what it actually looks like to build and operate through policy uncertainty. From the urgency of 2026 (“do or die”) to the reality that “waiting for clarity” isn’t a strategy, Thomas shares how his team is planning in scenarios, engaging policymakers, and pushing for a framework that preserves consumer access while drawing a real line between good actors and bad actors.

They also zoom out to the market signals shaping this moment—like United Center’s multi-year THC beverage deal with GTI and the rise of employee ownership structures (ESOPs)—and why curated product strategies (not endless SKU sprawl) may be the most resilient way to grow.

What You’ll Learn

• Where advocacy is actually being focused as federal hemp policy heats up
  
  
• How to “operate while the rules are still being written” without losing business momentum
  
  
• Why Thomas sees 2026 as a defining year—and what a realistic path forward could include
  
  
• How to plan with contingencies (worst / middle / best case) when the regulatory floor could shift
  
  
• Why unity across competing interests matters—and how to have the hard conversations productively
  
  
• The consumer shift toward low-dose, ratioed products (THC + CBD) as a mainstream on-ramp
  
  

Why Tune In?
If you’re leading a cannabis or hemp business right now, this conversation is a tactical gut-check: how to stay proactive, keep building, and engage in advocacy without getting pulled off mission—especially when certainty isn’t on the table.

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.

In this edition of This Week in Cannabis Live, our host Ben Larson joins Jay Rosenthal & Jeremy Berke of Cultivated and Marc Hauser of Cannabis Musings for a fast-moving, no-BS conversation on the biggest stories shaping cannabis right now. 

From Schedule III claims and missed DOJ deadlines to a surprise hemp bill, New York’s track-and-trace chaos, and the realities behind M&A headlines, this episode is all signal, no fluff.

What You’ll Learn:

• Why cannabis rescheduling is still very much unfinished business
  
  
• What the new “CBD bill” could mean for hemp, THC limits, and regulatory convergence
  
  
• How FDA inaction continues to stall real market clarity
  
  
• The hidden costs and legal risks of New York’s delayed track-and-trace rollout
  
  
• Whether 2026 will truly be an M&A boom—or just distressed deal-making
  
  
• Why regulatory capture, compliance costs, and IP disputes are becoming defining industry risks
  
  
  

Meet the Panel:

Jay Rosenthal (Cultivated), Jeremy Berke (Cultivated), Marc Hauser (Cannabis Musings), and Ben Larson (High Spirits) bring investor, legal, operator, and media perspectives together for a grounded, sometimes skeptical, always informed take on the week in cannabis. This is real-time analysis from people deeply embedded in the industry’s policy and business trenches.

Why Tune In?

If you want to understand what’s actually changing—and what’s just being marketed as progress—this episode delivers context, candor, and critical insight every cannabis operator, executive, and investor needs right now.

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.

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!

--
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.

Two of the most durable edibles brands in cannabis just joined forces—and the backstory is pure “mature-market grit.” 

On Episode 121 of High Spirits, hosts Ben Larson & AnnaRae Grabstein sit down with Aaron Morris (Founder & CEO of Wyld) and Draper Bender (President of Grön) for their first interview together following Wyld’s acquisition of Grön.

They unpack why Oregon breeds profitable operators, how “market compressions” shape winning playbooks, and what it takes to build a real national platform in cannabis without hype, bankers, or venture-fueled burn. Plus: a rapid-fire policy rundown—from the federal “Baird bill” hemp delay to state-by-state adult-use pushes and rollback campaigns—setting the stage for what 2026 could mean for operators.

What You’ll Learn

• Why Oregon’s repeated price compressions create tougher (and better-prepared) brands
• How Wyld and Grön scaled with distribution-first strategy and strong retail relationships
• What “one plus one equals five” actually looks like when two profitable operators combine
• The real role of form factor + product consistency in consumer loyalty (and why “innovation” is often overrated)
• How they think about hemp vs. regulated cannabis distribution—and what’s changing fast in 2026
• Why most cannabis M&A dies at the finish line… and how this one got done

Meet the Guests

Aaron Morris is the CEO of Wyld, one of the largest edibles companies in the U.S., known for disciplined execution, quality, and a distribution engine built to scale. Draper Bender is the President of Grön, the brand behind the iconic Pearls and Megas—playful products with serious operational rigor and deep retail relationships.

Why Tune In?

If you’re building in cannabis through margin pressure, policy whiplash, and retail gatekeeping, this episode is a masterclass in durability, distribution, and dealmaking the hard way—from two operators who’ve already survived multiple rounds of compression and came out bigger.

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.