Building a Cannabis Giant: Jason's Leap from Pharma to Pot

In this episode of the Proud to Work in Cannabis podcast, host and fellow entrepreneur, Karson Humiston, sits down with Jason Wild, the chairman of TerrAscend one of the large publicly traded company in the cannabis industry. The episode is recorded live from MJBizCon in Las Vegas, Nevada.

The conversation begins with Karson expressing admiration for entrepreneurs and their inspiring stories. She asks Jason to take the listeners back to the beginning of his career and share how he got started. Jason reveals that he had always been entrepreneurial, even in his teenage years, and had bounced ideas off his father, who was also an entrepreneur. He shares a story from his senior year of high school when he started a food delivery service for restaurants that didn't offer delivery. This experience, although challenging, set him up for the dynamic and unpredictable nature of the cannabis industry.

Jason then discusses his path to becoming a pharmacist and how he discovered his talent for stock picking. He explains that he started investing in the stock market with $10,000 and quickly realized that he had a knack for it. In his first year as a pharmacist, he made over $400,000 in the stock market, which sparked his interest in pursuing a career in investing.

After several successful years as a pharmacist and investor, Jason decided to start his own hedge fund. He shares the challenges and successes he experienced during this time, including a significant market crash in 2008 that led to a decrease in assets under management. However, he persevered and eventually built his fund back up.

The conversation then shifts to Jason's entry into the cannabis industry. He explains that he was introduced to the industry through a banker in Canada who informed him about the legalization of medical cannabis. Intrigued by the potential growth of the industry, Jason made several trips to Canada to explore investment opportunities. He eventually invested in four cannabis companies which turned out to be highly successful investments.

Inspired by his experiences in the cannabis industry, Jason decided to start his own cannabis company, TerrAscend. He shares how he convinced the company to take a $52 million private placement and co-invested with Canopy Growth. The stock price of TerrAscend skyrocketed, causing Jason to feel the pressure to deliver on the market's high expectations.

To ensure the company's success, Jason made the strategic decision to pivot to the U.S. market, becoming one of the first Canadian LPs to do so. He explains that although they couldn't list on a U.S. exchange, he believed in the long-term potential of the U.S. cannabis market.

The episode concludes with a teaser for part two, where Jason will discuss TerrAscend's entry into the U.S. market and his strategy moving forward.

Overall, this episode provides listeners with an inside look into Jason Wild's entrepreneurial journey, his success in the stock market, and his transition into the cannabis industry. It highlights the importance of patience, perseverance, and seizing opportunities in the ever-evolving world of entrepreneurship.    https://terrascend.com/management-board/jason-wild/

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Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

The National Cannabis Roundtable Discusses Historic Recommendation to Reschedule Cannabis

The team from the National Cannabis Roundtable (NCR) joins the Karson Humiston to discuss the recent historic recommendation to reschedule cannabis from Schedule 1 to Schedule 3. The episode begins with an overview of the background and context of the recommendation, including the previous speculation about the HHS recommendation and the release of hundreds of pages of documents confirming the recommendation.

The NCR team, consisting of Saphira Galoob, Erin Moffet, and David Mangone, provides insights into the significance of the recommendation and its potential impact on the cannabis industry. They explain that the recommendation is a major milestone as it marks the first time a government entity has officially confirmed the need to move cannabis to Schedule 3. They emphasize that this recommendation aligns with the existing state programs and the growing acceptance of cannabis as a medical treatment.

The discussion delves into the process of rescheduling cannabis, highlighting the eight-factor analysis conducted by the Health and Human Services (HHS) and the role of the DEA in implementing the recommendation. The team addresses concerns about potential negative reactions from the DEA and the impact on DEA funding. They explain that while there may be some opposition, the robust scientific analysis and the support from other federal agencies, such as the National Institute of Drug Abuse (NIDA), provide a strong foundation for the recommendation.

The team also addresses questions about the timing of the DEA's response and the potential enforcement of the illicit market. They explain that the timing is uncertain, but the process is progressing steadily, and the DEA's response is expected to align with the HHS recommendation. Regarding enforcement, they clarify that the DEA's focus is primarily on illicit grows and that the rescheduling would not change the current restrictions on state-legal cannabis businesses.

The episode concludes with a discussion about the future of the cannabis industry and the investment landscape. The team encourages investors to consider the long-term potential of the industry and the progress being made in terms of federal reform. They acknowledge the challenges and uncertainties but emphasize the historic nature of the current developments and the opportunities for growth and success in the industry.

Overall, the episode provides a comprehensive analysis of the recent recommendation to reschedule cannabis and offers insights into the potential implications for the cannabis industry. The NCR team's expertise and knowledge contribute to a nuanced and informative discussion that will be valuable for industry professionals, investors, and anyone interested in the evolving landscape of cannabis policy.

https://nationalcannabisroundtable.org/

00:00:14 - Introduction to the Podcast
00:00:25 - National Cannabis Roundtable Guests
00:00:57 - HHS Recommendation on Cannabis Scheduling
00:02:03 - Why Not Deschedule Cannabis?
00:03:41 - Release of Documents Under FOIA
00:05:07 - No Confirmation on DEA's Stance Yet
00:05:58 - Historical Precedent for DEA Recommendations
00:08:36 - Attorney General's Position on Cannabis Enforcement
00:12:06 - HHS's Analysis and Schedule III Criteria
00:13:04 - Significance of HHS's Acknowledgment of Medical Use
00:16:16 - Audience Questions: DEA's Timeline and Public Comment Period
00:22:16 - DEA Funding and Enforcement Post-Scheduling Change
00:26:55 - Public Discourse Impact on DEA Reaction
00:31:10 - Investment Considerations in the Cannabis Industry
00:37:11 - DEA's Potential Reaction to Public Discourse and Illicit Market Enforcement
00:40:09 - DEA Funding Concerns and Illicit Market Enforcement Post-Scheduling Change
00:42:51 - DEA's Reaction to Public Discourse on Cannabis Scheduling
00:48:12 - Investment Strategy in the Current Cannabis Industry Climate
00:52:54 - How to Get in Touch with NCR and Closing Remarks

Quotes:

"Hey everybody and welcome back to another episode of the Proud to Work in Cannabis podcast." - 00:00:14-00:00:24

"This is exciting because a lot of the work that we've been doing is starting to really start to pay off." - 00:00:35-00:00:46

"So on Friday, the U.S. government released hundreds of pages of documents related to its ongoing review of cannabis status under federal law." - 00:01:07-00:01:18

"This is really a big deal because this is the first time that a government entity has come out and confirmed that we want to move cannabis from Schedule 1 to Schedule 3." - 00:01:29-00:01:39

"The fact that we did get confirmation from Health and Human Services that a Schedule III was a recommendation is not only historic and outstanding, but it really was what the criteria would have allowed us to get to." - 00:03:10-00:03:20

"The release of the documentation was actually the result of a request under something called the Freedom of Information Act or FOIA." - 00:03:41-00:03:52

"The largest health agency in the U.S., globally recognized, has determined a medical significance, its currently accepted medical use of cannabis, and gone through its analysis in our favor." - 00:05:17-00:05:28

"I can't imagine a scenario where this would be different. Of course, there is a possibility, and in fact, this document even makes note of this on the first page." - 00:07:57-00:08:07

"It is pretty illogical to think that his position would change now that there is this acknowledgment by another federal agency." - 00:09:24-00:09:34

"This is unprecedented, where you have such an established regulated industry for something that is scheduled in this way, that then is trying to move, move down." - 00:13:15-00:13:25

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

In this episode of the "Proud to Work in Cannabis" podcast, Karson Humiston had the pleasure of interviewing Matt Darin, the CEO of Curaleaf, the largest public cannabis company in the United States. They recorded this episode live at MJBizCon, one of the biggest cannabis conferences in the industry.

Matt shared his journey into the cannabis industry, starting back in 2014 when he read about Illinois passing a medical cannabis law in the newspaper. Intrigued by the potential of the industry, Matt and his partners decided to apply for licenses to open dispensaries in Illinois. Despite facing challenges and uncertainties, they successfully opened three stores in 2016 under the Greenhouse brand.

From there, Matt and his team saw the opportunity to expand and become vertically integrated. They acquired a cultivation license and expanded into other states like Maryland, Pennsylvania, and Ohio. Eventually, their business caught the attention of Curaleaf, and they decided to join forces. Matt stayed on as a regional president before becoming the CEO of Curaleaf in May 2022.

During our conversation, Matt emphasized the importance of resilience in the cannabis industry. He shared stories of the early days when they would only see 15 patients in a 10-hour day and how they had to navigate the challenges of a pilot program and an unsupportive governor. Matt also highlighted the need for employees to have a genuine interest in the cannabis plant and the industry, as it is a unique and ever-evolving business.

They discussed the scrappy and entrepreneurial spirit that has been ingrained in the cannabis industry since its early days. Matt emphasized the importance of maintaining that culture even as companies grow larger and face new challenges. He shared a recent example of how his team mobilized to reverse a potentially damaging decision by a regulatory agency in New Jersey, showcasing the power of a united and determined workforce.

Looking ahead to 2024, Matt expressed optimism for the industry's future. He mentioned upcoming state-level catalysts, such as the launch of the adult-use market in New York and the potential growth of the European market, particularly in Germany. Matt also highlighted the importance of hiring top talent and encouraged listeners to explore the job opportunities available at Curaleaf.

Overall, this episode provided valuable insights into the journey of building a successful cannabis business and the qualities that make employees thrive in the industry. Matt's story serves as an inspiration for those looking to enter or advance their careers in cannabis.

TIMESTAMPS

00:00:10 - Introduction to the podcast episode

00:00:26 - Discussion about attending MJBizCon

00:01:06 - Matt Darin's decision to get involved in the cannabis industry

00:02:05 - The early days of starting a cannabis business

00:03:56 - Opening the first dispensaries in Illinois

00:06:49 - The acquisition of Grassroots by Curaleaf

00:08:09 - Matt Darin joining the Curaleaf team and becoming CEO

00:10:00 - Traits that make employees successful in the cannabis industry

00:12:32 - Advancement opportunities and common threads among successful employees

00:14:13 - The most challenging experience in the cannabis industry

00:16:47 - Maintaining a scrappy and entrepreneurial culture in a growing company

00:18:19 - Optimism and hopes for the cannabis industry in 2024

00:20:47 - Advice for Matt Darin's past self in 2013

00:22:20 - Conclusion and appreciation for the partnership with Vangst

QUOTES

"I'm doing great. How are you?" - 00:00:26

"Yeah, I think this is number 10." - 00:00:31

"I was thinking back to 2014 when I was here for my first MJBizCon." - 00:00:31

"I had to be involved from the ground floor." - 00:01:06

"We got to apply for these licenses. This is a once-in-a-lifetime opportunity." - 00:01:42

"It was immediately fascinating and just the excitement about kind of being part of this new industry that was just developing was really unique." - 00:03:08

"I remember working a 10-hour day in our dispensary where we might see literally 15 patients in 10 hours." - 00:05:14

"The number one trait that I look at is resilience." - 00:10:26

"I think it is somebody that is interested in being very knowledgeable about the cannabis plant and the industry that we're in and the consumer and that." - 00:13:35

"I call it the entrepreneurial spirit and it's something that I have." - 00:17:54

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

In this episode, Karson Humiston announces a breaking partnership between Vangst and the Cannabis Business Office to launch a new program. Karson is joined by Emma Howard, the program manager of the Cannabis Business Office, and Tristan Watkins, the Deputy Director for the Business Support Division.

Emma provides an overview of the Cannabis Business Office, which was established in 2021 to provide access to capital and technical assistance programming for social equity cannabis businesses. The office offers grants, loans, and technical assistance programs to support business development in the cannabis industry.

Karson and Tristan discuss the need for more specialized technical assistance for cannabis businesses. They highlight the gap in the market for expert-led courses on topics such as accounting, HR, compliance, cultivation, and more. The partnership between Vangst and the Cannabis Business Office aims to fill this gap by creating a program of 50 courses that provide real tactical business help and guidance.

Emma explains the process for accessing the resources provided by the Cannabis Business Office. Clients need to contact the office with their social equity license or finding a suitability letter from the Marijuana Enforcement Division (MED) to access the program.

Tristan shares details about the loan program offered by the Cannabis Business Office. The program takes a unique approach by working with a lending group that specializes in character-based lending, focusing on the business's ability to repay rather than traditional metrics like credit and collateral. This approach reduces the risk for borrowers and allows for more flexible repayment structures.

The conversation then shifts to the potential impact of rescheduling cannabis at the federal level. Emma and Tristan discuss the benefits, such as lessening the tax burden and opening up banking options, but also highlight the potential risks of larger businesses taking advantage and pushing out smaller businesses.

In the final segment, Karson asks Emma and Tristan for their predictions for the cannabis industry in 2024. Emma predicts that federal legalization will be a major topic in the 2024 presidential election, bringing the industry closer to nationwide legalization. Tristan predicts an increase in high-quality, specialized products and a decrease in stigma as the market evolves.

The episode concludes with Karson expressing excitement about the partnership and the opportunity to help entrepreneurs in the Colorado cannabis industry through the technical assistance program.

00:00:00 - Introduction and Announcement of Partnership with Cannabis Business Office

00:00:51 - Introduction of Guests and Overview of Cannabis Business Office

00:03:21 - Discussion on the Need for Technical Assistance Programs

00:06:13 - Process of Accessing Resources for Social Equity License Holders

00:08:21 - Influence of Colorado's Social Equity Program on Other States

00:09:29 - Overview of the Cannabis Business Office's Loan Program

00:12:53 - Impact of Potential Rescheduling on the Cannabis Industry

00:15:23 - Potential Benefits and Challenges of Rescheduling

00:18:54 - Instructions for Accessing the Technical Assistance Program

00:19:48 - Predictions for the Cannabis Industry in 2024

00:23:27 - Conclusion and Thanks for Partnership

Quotes:

"Vangst has partnered up with the cannabis business office to launch a program that we're going to talk all about today." - 00:00:00

"We run three different types of programs for our clients. Those include grants, loans, and like I said, technical assistance, so business support, mentorship, training, anything that kind of falls under business development." - 00:01:11

"We really needed to offer our constituency a more technical online learning content that would have the same easy to access feature as the Canada Business Foundations program." - 00:03:21

"I think it really depends on the background of the individual running the business." - 00:05:31

"We work really closely with our colleagues over at the Marijuana Enforcement Division, the MED, and they are actually the body that regulates the social equity license and handles all the eligibility criteria." - 00:06:44

"We've had some really helpful conversations with Massachusetts and Oakland to learn from what they're doing." - 00:08:21

"We found a really interesting way to structure where the state sort of reserved their own dollars for a loan program." - 00:09:29

"I think it's a double-edged sword in a lot of ways." - 00:15:23

"I think that cannabis is going to be a big topic of conversation in the 2024 presidential election." - 00:20:59

"What I'm expecting coming out in 2024, is that the higher dollar per milligram products are going to start buying them out even more, which is only going to benefit the consumer." - 00:22:55

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

In this episode of the Proud to Work in Cannabis podcast, Karson Humiston is joined by Bishop Mitchell Taylor, the co-founder and CEO of Urban Upbound. They discuss the journey of Urban Upbound, a nonprofit organization dedicated to breaking cycles of poverty in public housing neighborhoods. Bishop shares how his father's ministry inspired him to create a movement that addresses the socioeconomic issues faced by residents in public housing.

Bishop explains that Urban Upbound focuses on four key areas: business development, career development, one-on-one financial counseling, and youth development. They also offer tax preparation services and have their own credit union. The organization aims to empower individuals and provide them with the tools and resources for economic mobility and self-sufficiency.

The conversation then shifts to the topic of cannabis and how Urban Upbound decided to enter the industry. Bishop saw an opportunity to reduce their dependency on conventional philanthropy by opening a cannabis dispensary. He shares the challenges they faced in navigating the cannabis industry, including the unique requirements set by the Office of Cannabis Management (OCM) in New York.

Bishop recounts the story of how they acquired a building for their dispensary on Steinway Street in Queens. Against all odds, they managed to purchase the building from a family that traditionally does not sell property. He also discusses the process of renovating the space and the importance of repurposing materials to save costs.

They then delve into the hiring process for Urban Weeds and the importance of finding the right team members. Bishop expresses his gratitude for the assistance of Vangst and the team at Vangst in recruiting qualified candidates, including their new general manager, Desiree Sookoo. He emphasizes the focus on customer service and hospitality, ensuring that every customer has a personalized experience and leaves the store with something, even if they don't make a purchase.   He reminds people that there are job opportunities available, and interested individuals can visit vangst.com to apply.

Overall, this episode showcases the inspiring journey of Urban Upbound and their foray into the cannabis industry with the opening of Urban Weeds. Bishop's entrepreneurial spirit and dedication to making a difference in his community shine through, and listeners are encouraged to support this groundbreaking endeavor. 

00:00:00 - Introduction and Background of Urban Upbound

00:03:48 - Programs and Initiatives of Urban Upbound

00:10:26 - Starting a Cannabis Business and the Decision to Open Urban Weeds

00:12:06 - See a Problem, Solve a Problem Approach

00:17:54 - Navigating the Cannabis Industry and Winning the License

00:20:49 - Challenges and Successes in Acquiring a Building for Urban Weeds

00:25:15 - Renovating and Building Out the Urban Weeds Dispensary

00:30:04 - Hiring and Building the Urban Weeds Team

00:34:57 - Focus on Customer Service and Hospitality at Urban Weeds

00:38:19 - Details of the Soft Opening and Location of Urban Weeds

00:39:55 - Job Opportunities at Urban Weeds and Future Projects

QUOTES:

"We wanted to create a movement and we did 20 years ago, that could break cycles of poverty in public housing neighborhoods by giving residents the tools and resources for economic mobility and self-sufficiency." - 00:01:00

"We wanted to create something from the inside out and from the bottom up." - 00:01:00

"Being in the business means being able to protect myself." - 00:23:33

"A crisis is a terrible thing to waste." - 00:31:28

"We're going to double and triple down on customer service and hospitality." - 00:38:01

"We want you to have an experience. We want you to have education and we want you to have elevation." - 00:38:01

"We're located right in the heart of Astoria. 3135 Steinway Street in between 31st Avenue and Broadway." - 00:39:13

"Come out and be with us on January 12th." - 00:39:13

"It's an incredible opportunity to join a cannabis company in New York where you will be working with, in my opinion, the best team in New York." - 00:39:55

"I can't wait till you get here, Carson." - 00:39:58

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

Setting the Stage for MJBizCon 2023: Insider Tips with Jess Tyler

Discover the insider insights you need for MJBizCon 2023 with Jess Tyler, Chief Revenue & Experience Officer at MJBiz, and host Karson Humiston,  CEO & Founder of Vangst’s. Uncover expert tips on navigating the event, including dos, don'ts, and must-see features. Don't miss out on this dynamic episode shaping your MJBizCon experience!

Produce By PodConx

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

MJBizCon - https://mjbizconference.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

How Chelsea Kossower Became PuffCo’s VP of Global Expansion

Dive into the extraordinary journey of PuffCo's success with Chelsea Kossower, who started as Employee #1. From humble beginnings to global expansion, Chelsea's story is a testament to dedication and innovation. Hosted by Karson Humiston, join us for an inspiring adventure in the cannabis industry.

Join host Karson Humiston,  CEO & Founder of Vangst’s in 

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Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Chelsea Kossower -

PuffCo -

Recorded on Squadcast

Sound Design by Jamie Humiston

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

Lessons learned while working for a startup.

 Meet Claire Moloney, the first woman to work in cannabis tech and the first employee at LeafLink. Claire joins Karson Humiston to share her story and discuss her journey as LeafLink's first hire and all of the lessons she has learned along the way. Claire shares advice for other women looking to break into the cannabis industry and shares tips for how to be successful in a rapidly growing startup. 

Produced by PodConx

Proud To Work In Cannabis - https://podconx.com/podcasts/proud-to-work-in-cannabis

Karson Humiston - https://podconx.com/guests/karson-humiston

Vangst - https://vangst.com/

Claire Moloney - https://podconx.com/guests/claire-moloney

LeaflLnk - https://www.leaflink.com/

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

Unlocking $100 Million Success in Cannabis with Mood CEO David Charles

Embark on a thrilling journey with David Charles as he reveals the incredible ascent of Mood, a Delta-8 cannabis ECommerce powerhouse set to achieve a remarkable $100 million in revenue. Join host Karson Humiston,  CEO & Founder of Vangst’s in unraveling the secrets behind Mood's meteoric rise in the cannabis industry. This is a story of entrepreneurial tenacity and unrelenting commitment to quality and growth. Don't miss this extraordinary episode! 

Produce By PodConx

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

David Charles - https://www.linkedin.com/in/david-charles-b105911a5/

Mood - https://www.linkedin.com/company/hellomood/

Recorded on Squadcast

Sound Design by Jamie Humiston

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

Charting a New Course: Cannabis Legislation's Future Unveiled

Explore the future of cannabis legislation with Saphira Galoob, Executive Director of the National Cannabis Roundtable and host Karson Humiston,  CEO & Founder of Vangst’s. From the recent strides made in SAFE Banking to the potential impact of cannabis rescheduling; discover the key insights shaping the cannabis industry's future in 2023.

Produce By PodConx

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston

Produce By PodConx

Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston