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The ballots are cast, the M&A landscape is shaking up, and the DEA is handing out federal registrations while simultaneously confusing everyone. In this week's news roundup, Ben Larson and AnnaRae Grabstein break down the most critical and chaotic updates impacting the cannabis and hemp industries today.
But first: 🎉 High Spirits Morning Mixer – Dec 3rd! Grab your spot here: https://luma.com/65uzcu56
Special thanks to our incredible sponsors: Select Risk Captive, Kind, Sonar, Rythm, Canix, Grassi, GrowGeneration, Nabis, FundCanna, Sweed, Wyld, Grön, Uncle Arnie’s, ayrloom, Timeless, IgniteIt, Reklaim, Coastal Sun, Tumi Genomics.
About This Episode: With no guest this week, Ben and AnnaRae dive straight into the headlines, starting with British American Tobacco's backing of Organigram's monumental acquisition of Aurora. They also untangle the tangled web of the DEA's latest guidance for Schedule III "timely applicants," highlighting the gaping blind spots between federal mandates and state-legal realities. Throw in a crucial Election Day update on the existential threat to adult-use cannabis in Massachusetts, insights into the seasonal surge in executive hiring, and the impending "last call" for hemp-derived THC beverages in Illinois, and you have an episode packed with essential strategic intelligence.
What You’ll Learn:
Meet the Hosts: Hosted by Ben Larson and AnnaRae Grabstein, High Spirits brings decades of combined executive leadership and operational expertise in the cannabis and hemp sectors. Ben and AnnaRae filter the week's noise through a strategic, data-driven lens to help operators make sense of an industry in constant flux.
Why Tune In? Whether you are scrambling to understand your federal compliance requirements under the DEA's latest guidance, adjusting your retail strategy in the face of hemp bans, or planning your corporate roadmap for the coming year, this roundup delivers the unvarnished analysis operators and executives need to stay ahead of the curve.
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.
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
The midterm elections are just days away, and while sweeping legalization isn't on the ballot, the future of cannabis and hemp policy certainly is.
Join us as we team up with Jay Rosenthal, Jeremy Berke (Cultivated), and Marc Hauser (Cannabis Musings) for another sharp, unfiltered episode of This Week in Cannabis Live.
From candidates leveraging cannabis as a campaign strategy to the sudden repeal of New York’s Labor Peace Agreement (LPA) requirement, the regulatory landscape is shifting under our feet. Whether you're navigating price compression in retail or trying to forecast the lame-duck session in Congress, this episode breaks down exactly how these macro policy moves impact your bottom line as a cannabis or hemp operator.
What You’ll Learn:
Why Tune In: Cannabis and hemp executives can't afford to operate in a vacuum. Tune in to cut through the political noise and get the unvarnished truth on how upcoming elections, federal silence, and shifting state regulations will directly dictate your operational strategy, retail margins, and growth opportunities going into the new year.
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
With the upcoming elections fast approaching, the cannabis industry is watching closely as local and state ballots shape the future of legalization. But what happens when a gubernatorial candidate in the world’s largest cannabis market decides to explicitly champion the industry?
**We’d love to see you at our upcoming Morning Mixer, December 3rd in Las Vegas during Cannabis Week. Space is very limited, so be sure to head over to https://luma.com/65uzcu56 to request your spot today. We can't wait to hang out with you all!Â
Big shout out to Kind Cannabis Advantage Program for sponsoring the Morning Mixer! Visit axelworkforce.com/kind and explore their solutions for cannabis operations.**
Special thanks to our incredible sponsors: Select Risk Captive, Kind, Sonar, Rythm, Canix, Grassi, GrowGeneration, Nabis, FundCanna, Sweed, Wyld, Grön, Uncle Arnie’s, ayrloom, Timeless, IgniteIt, Reklaim, Coastal Sun, Tumi Genomics.
In this special election roundup episode, Ben Larson and AnnaRae Grabstein break down key cannabis ballot measures and political divides across the country, from Massachusetts and Idaho to the contentious hemp debates in Texas. Then, they sit down with Steve Hilton, Republican candidate for California Governor, who shares his pragmatic vision for cutting red tape, battling the illicit market, and restoring "abundance" to the Golden State's cannabis operators.
What You’ll Learn:
Meet the Guest: Steve Hilton is a tech entrepreneur, former cable news host, and the Republican candidate for Governor of California. Originally from the UK, where he served as a senior advisor to Prime Minister David Cameron, Steve moved to California in 2012. He later founded Golden Together, a policy organization dedicated to restoring the California Dream through pragmatic, pro-business, and pro-abundance policies that aim to decentralize power and cut bureaucratic red tape.
Why Tune In? Whether you are tracking national policy shifts or fighting to survive in California's heavily regulated market, this episode delivers critical election insights and a provocative, fresh take on how to fix the broken systems holding the cannabis industry back.
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
Is the cannabis industry cannibalizing its own future just to protect its past?
This week, High Spirits co-hosts Ben Larson and AnnaRae Grabstein cross the streams to join Cultivated's Jay Rosenthal, Jeremy Berke, and Cannabis Musing's Marc Hauser for a fired-up episode of This Week in Cannabis Live (TWICL). From the boardroom to the cultivation fields, the crew breaks down a wildly busy week of global M&A rumors, tumbling license valuations, and the escalating civil war between hemp advocates and regulated cannabis lobbyists.
If you are a cannabis or hemp operator, entrepreneur, or executive, this episode is a mandatory listen. We cut through the noise of corporate press releases and trade association posturing to uncover the real economic and political forces shaping your market share and the future of THC access.
What You’ll Learn:
Why Tune In: Because you can't navigate the future of the cannabis and hemp industries by reading sanitized press releases. Tune in for unfiltered, slightly provocative, and deeply insightful analysis on the real mechanics driving our industry forward—from the dirt on the West Coast to the policy battles in D.C.
Catch the replay and join the conversation!
#Cannabis #Hemp #CannabisBeverages #CannabisRetail #CannabisPolicy #MergersAndAcquisitions #Cultivation #CannabisCommunity #BusinessStrategy #TWICL #HighSpirits
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
Is Pennsylvania poised to become the cannabis industry's next massive adult-use market? With a $7 billion budget shortfall and a pivotal election cycle underway, the Keystone State could be on the brink of historic legalization.
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But first, we want to give a huge shout-out to one of our big sponsors for the High Spirits Morning Mixer in Las Vegas: Select Risk Captive! Learn more about them at 6:35 and visit jpsquaredconsulting.net for more information.
Contact Jesse Parenti at 805-704-6607 or email [email protected] to learn more about Select Risk Captive.
And be sure to request your invite for our Fourth Annual High Spirits Morning Mixer in Las Vegas, Thursday December 3rd! Hope to see you there.
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In this episode of High Spirits, AnnaRae Grabstein (holding down the fort while Ben Larson is away) sits down with Peter Marcus, VP of External Affairs at Terrapin, to break down the complexities of the Pennsylvania cannabis market. They dive deep into the political gridlock in Harrisburg, the reality of operating as an independent challenger brand among tier-one MSOs, and how Terrapin navigated vertical integration loopholes to expand their retail footprint. Plus, AnnaRae covers the latest business news, including the brewing M&A bidding war for Aurora Cannabis and Square's sudden payment processing crackdown on hemp.
What You’ll Learn:
Meet the Guest:Â
Peter Marcus is the Vice President of External Affairs at Terrapin, one of Pennsylvania’s original medical cannabis growers and processors, which operates a 180,000-square-foot cultivation facility and three retail stores. Before joining Terrapin in 2017, Peter spent over a decade as a political journalist, earning recognition from the Washington Post as one of the nation’s top state-based political reporters. Today, he leverages his deep understanding of government to lead Terrapin's communications, lobbying, and community impact work in Harrisburg and beyond.
Why Tune In?Â
Whether you're an operator eyeing expansion in the Northeast, an executive tracking M&A trends, or an entrepreneur navigating the tricky waters of hemp regulations and payment processing, this episode delivers the insider intelligence you need to stay ahead of the curve.
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
Think international markets are the shiny new object that will save your struggling domestic cannabis brand? Think again. As the US waits on Schedule III, the global cannabis trade is booming—but the barriers to entry are brutally high and unapologetically strict.
 In this episode, Ben Larson and AnnaRae Grabstein sit down with Deepak Anand, VP of Global Government Affairs at Village Farms International, to unpack the harsh realities and massive opportunities of the global cannabis supply chain. We discuss why a "right to win" at home is required before expanding abroad, the critical importance of EU GMP certification, and what big tobacco's moves mean for the industry's future. Plus, Ben and AnnaRae tackle the latest news on DEA Schedule III delays, Curaleaf’s hostile bid for Aurora, and New York’s surging retail market.
What You’ll Learn:
Meet the Guest: Deepak Anand is the Vice President of Global Government Affairs at Village Farms International, one of the largest EU GMP-certified cannabis cultivators in the world. Starting his career in pharma and transitioning into patient access advocacy, Deepak has spent years building the global cannabis industry. Having previously consulted for over 40 cannabis, CPG, and tobacco companies looking to navigate global operations, he brings unparalleled, under-the-hood expertise at the intersection of cannabis policy, international markets, and global compliance.
Why Tune In?: If you're a cannabis operator, entrepreneur, or executive trying to understand where the real capital is flowing globally—and whether your business has the operational grit to compete on the world stage—this conversation is your masterclass in international cannabis strategy.
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
280E isn't just a cannabis problem anymore. If the federal hemp ban passes, liquor stores, distributors, and beverage brands could be staring down a tax nightmare they never planned for.
In this episode, hosts Ben Larson and AnnaRae Grabstein sit down with Nick Richards, Partner and Tax Attorney at Greenspoon Marder LLP, to unpack the chaotic intersection of cannabis, hemp, and federal taxes. From Trulieve’s $100M+ tax refund playbook to the looming threat of 280E crushing the hemp beverage market, Nick breaks down exactly how operators need to prepare for the road ahead. Whether you're navigating the complexities of Schedule III rescheduling or building out state-level hemp programs, this is a masterclass in protecting your revenue.
What You’ll Learn:
Meet the Guest:Â
Nick Richards is a Partner and Co-Chair of the Cannabis Law Practice Group at Greenspoon Marder LLP. With over 20 years of experience in tax law, Nick began his career at the IRS as a trial attorney and Chief Counsel advisor before switching sides to represent a Colorado cannabis company in one of the legal industry's very first audits. Today, he is a go-to expert on 280E, BSA cash reporting, M&A, and tax strategy, defending cannabis and hemp companies across the country.
Why Tune In?Â
Navigating federal tax law is a high-stakes game that can literally make or break your cannabis or hemp operations. Tune in to arm yourself with the strategic legal insights and structural defenses you need to keep the IRS out of your pockets and protect your bottom line.
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
Is the multi-million dollar Florida cannabis license dead? How is New York handling millions in unpaid retail debts? This week, the market is serving up harsh financial realities alongside some surprising data wins.
AnnaRae brings her sharp operator's edge to This Week in Cannabis Live. Joining Jay Rosenthal, Jeremy Berke, and Marc Hauser, the crew dissects the most disruptive headlines impacting cannabis operators, retail dynamics, and state-level policy.
What You’ll Learn:
Why Tune In:Â
For cannabis and hemp operators, entrepreneurs, and executives, headline noise can easily distract from operational reality. This episode cuts through the political spin to deliver the unvarnished truth about asset valuations, supply chain risk, and the actual capital required to survive in hyper-competitive markets. You will walk away with the data and strategic foresight needed to navigate regulatory hurdles, protect your margins, and position your brand for sustainable 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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
While the cannabis industry fixates on the slow drip of domestic legislation, the real momentum might be hiding in executive actions and international political shifts. Are you paying attention to the right signals, or just the loudest ones?
In this episode, Ben Larson and AnnaRae Grabstein sit down with Jason Adelstone, attorney at Harris Sliwoski, to unpack the complex realities of international cannabis markets and US federal rescheduling. They break down how a global surge in right-leaning governments is impacting cross-border cannabis policy, decode the confusing dual-track Schedule III process, and explore why executive action might be the ultimate key to federal descheduling.
What You’ll Learn
Meet the GuestÂ
Jason Adelstone is an attorney at Harris Sliwoski tackling cannabis policy at the intersection of federal and international law. His practice spans corporate formation, market entry, and regulatory compliance, guiding operators through the nuances of US rescheduling and cross-border markets. Before law, Jason spent two decades in the restaurant industry, and he is now the co-founder of Project Four 2029, an initiative built on the premise that significant cannabis reform is more likely to arrive through executive action than traditional congressional lobbying.
Why Tune In?Â
If you’re a cannabis or hemp operator trying to parse through the noise of Schedule III, 280E relief, or international expansion, this episode cuts through the hype to deliver the unvarnished legal truths and strategic foresight you need to survive and scale in a volatile landscape.
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
Is the cannabis industry getting in its own way? With shifting legislation, political action committees playing both sides, and an impending supply chain crunch, the divide between hemp and marijuana has never been more contentious.
In this episode, Ben Larson flies solo while AnnaRae is out, welcoming Chris Fontes, Founder and CEO of High Spirits Beverages and President at U.S. Hemp Authority. Chris brings his polite but blunt perspective to unpack the hypocrisy of cannabis political funding, the strategic genius behind hemp-derived Delta-9 beverages, and why the current trade association infighting threatens the entire plant’s future. It’s a provocative deep dive into the policies, market dynamics, and tech shifts shaping the next era of mainstream access.
What You’ll Learn:
Meet the Guest:Â
Chris Fontes is the Founder and CEO of High Spirits Beverages and Trojan Horse Cannabis, and a pioneering leader who brought hemp-derived Delta-9 THC to the national market. With a deep background as a technology entrepreneur, Chris previously created the Hemp Exchange and Project Hemp Flower. A committed activist and pragmatic voice in drug policy, he has served as the president of the US Hemp Authority and as a board member of the US Hemp Roundtable, continually consulting lawmakers, regulators, and brands to fight for the freedom of the plant.
Why Tune In?Â
If you want the unfiltered truth about where the hemp and marijuana markets are colliding, this episode cuts through the trade association noise. Tune in to arm yourself with the pragmatic insights needed to navigate looming regulatory shifts and position your beverage or cannabis brand for survival in a volatile landscape.
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.Â
Remember to always stay curious, stay informed, and most importantly, keep your spirits high.Â
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