The Dime

Federal cannabis reform is supposed to open the same door for everyone. The current market says otherwise.

The largest operators do not share one political agenda, and some of the barriers they complain about are also widening their moats. As capital markets, international medical standards, and state regulation collide, the operators built for uncertainty may be the ones hardest to dislodge.

This week we sit down with Jay Rosenthal

• Limbo as a moat
• EU GMP advantage
• Regulation's hidden winners

• 00:00 Federal limbo becomes the business model
• 02:17 The reform everyone agrees on
• 03:28 Capital markets and the bigger pond
• 05:35 Six hundred brands and no patience
• 06:55 Why Rochester can move New York
• 09:48 Strong operators become obvious
• 13:40 The cost of crossing state lines
• 16:28 Aurora Curaleaf and scarce EU GMP assets
• 20:26 The Canadian future that did not arrive
• 22:00 What mature industry compliance could bring
• 24:35 Cultivated's nonsecret sauce
• 31:41 Cannabis stigma still follows the operator
• 32:28 Why Cultivated launched membership
• 40:23 Quality media has a real cost
• 41:18 California and New York regulators share a market
• 44:02 Policy goals that fight each other
• 49:06 Competition cooperation and price compression
• 52:25 Where to find Jay and Cultivated

• Jay Rosenthal - Co-Founder and Managing Director of Cultivated Media
• Cultivated Media
• Cultivated events
• Sign up for the Cultivated Daily newsletter

• The Dime Podcast — website
• Bryan Fields on X
• The Dime on X
• The Dime on YouTube
• The Dime on Instagram
• Newton Insights — insights for extraction teams

Follow The Dime for more conversations on cannabis business, operations, and international markets.

Share this episode with an operator rethinking their edibles.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Fast-acting edibles can command a premium, but labels such as "nano" do not prove the final product works. The larger operating question is whether the formulation improves taste, shelf stability, manufacturing efficiency, and trust at the same time.

This week we sit down with Kim Sanchez Rael

Fast onset economics
The nano problem
Science/ AI and so much more

Fast-acting cannabis edibles promise a more predictable experience, but the language on the package does not always tell operators what happens in the final product.

Kim Sanchez Rael, President and CEO of Azuca, breaks down what "fast" should mean, why slow-onset edibles still dominate, and how formulation choices affect taste, stability, curing time, shelf life, and production efficiency. She explains why "nano" is often a measurement or marketing label rather than proof of a better consumer outcome, then offers four questions brands should ask any infusion supplier.

The conversation also moves beyond formulation. Kim describes the economics behind fast-acting products, the role of supplier behavior when production is at risk, the case for a single regulatory framework for the cannabis plant, and why operators cannot build a business that depends on an unpredictable regulatory change.

Topics include:

• The consumer value of predictable onset
• Manufacturing tradeoffs in gummy formulation
• What brands should demand from infusion partners
• Why structured quality systems matter
• How Azuca uses AI inside its team and customer experience

Learn more about Azuca and TiME INFUSION® at https://azuca.co/.

Guest: Kim Sanchez Rael, President and CEO, Azuca
Host: Bryan Fields, The Dime

Chapters

• 00:01 Why slow-onset edibles still dominate
• 01:47 The economics of fast acting
• 03:56 Can brands claim "fast"?
• 05:56 Predictability and consumer trust
• 08:06 The retail education gap
• 10:24 How Azuca licensing works
• 14:44 Formulation, cannabinoids, and flavor
• 15:30 When "fast" does not feel fast
• 18:18 Onset, peak, and duration
• 20:01 Manufacturing efficiency R&D
• 23:14 Validating infusion science
• 24:43 Why "nano" is a buzzword
• 27:38 The operational cost of change
• 28:24 Four questions for infusion suppliers
• 30:00 Supplier behavior as brand experience
• 32:31 The Fourth of July production rescue
• 33:48 What cannabis still gets wrong
• 34:15 The One Plant Solution
• 37:04 Policy resistance and incrementalism
• 38:41 AI and "Kimothy"
• 41:21 Quality systems and sustainable math
• 44:58 The question Kim wishes people asked
• 45:45 Where to find Azuca

Our Links

• The Dime Podcast — website
• Bryan Fields on X
• The Dime on X
• The Dime on YouTube
• The Dime on Instagram
• Eighth Revolution
• Newton Insights — insights for extraction teams

Follow The Dime for more conversations on cannabis business, operations, and international markets.

Share this episode with an operator rethinking their edibles.

Guest Links

• Kim Sanchez Rael — Azuca

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Global expansion is often pitched as an opportunity. For an undisciplined cannabis company, it is an expensive way to expose every weakness at once.

International markets reward specific operating capabilities, not ambition alone. Pharmaceutical standards, reliable supply, disciplined data use, and local market fit determine whether an operator can cross borders without compounding its problems.

This week we sit down with Jamie Pearson

• EU GMP's undervalued strategic value
• Regulation exposes operating weakness
• Matching strength to global markets

On The Dime, host Bryan Fields speaks with Jamie L. Pearson, President and Founder of New Holland Group, about European cannabis expansion, medical cannabis supply chains, and building operations that can succeed across borders.

• Jamie explains why European medical cannabis markets call for pharmaceutical reliability, consistent supply, and a different operating model from adult-use brands.
• EU GMP (European Union Good Manufacturing Practice) capability can be a strategic asset for cannabis manufacturing and international market entry.
• Match the company's repeatable strengths to local buyers, regulations, and supply chains before choosing a market.
• Prove standard operating procedures (SOPs) and quality controls in another U.S. state before adding language, currency, and cross-border complexity.
• The discussion spans the UK, Germany, Switzerland, Slovenia, Portugal, and Brazil, alongside cannabis data and U.S. hemp regulation.

00:00 Regulation is breaking the data layer
02:49 Finding trend data upstream
06:24 What EU GMP actually demands
10:19 Why compliant facilities become strategic assets
16:13 Canada-Europe regulatory harmony
19:20 Europe is medical first
25:28 First-mover advantage vs. disciplined execution
27:59 Medical supply rewards repeatability
30:48 Weak operations do not travel
32:24 Switzerland, Slovenia, and Portugal
35:54 Brazil and partner requirements
37:07 Practice expansion before global scale
40:08 The hidden U.S. hemp market
43:29 Turning customers into political force
47:10 Directness as respect

• Jamie L. Pearson — official bio
• New Holland Group
• New Holland Group on LinkedIn

Germany Is the Engine: What BAT Knows That Cannabis Doesn't ft. James Yamanaka — continue exploring Germany's cannabis market and operational discipline.

• The Dime Podcast — website
• Bryan Fields on X
• The Dime on X
• The Dime on YouTube
• The Dime on Instagram
• Eighth Revolution
• Newton Insights — insights for extraction teams

Follow The Dime for more conversations on cannabis business, operations, and international markets. Share this episode with an operator considering expansion.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Much of the licensed cannabis industry is quietly counting the volume it expects to inherit from the federal hemp ban coming this November. ** Now December.

What they may not realize is that the ban could eliminate the full-spectrum therapeutic hemp formulations that helped change America's view of cannabis and are used daily by an estimated 45 million Americans.

The provision was written by two members of Congress, without a conference or regular order, and inserted into a massive spending bill during the longest government shutdown in American history.

What should have been handled with a scalpel was done with a sledgehammer.

This week we sit down with Paige Figi to discuss

• Silence is a position

Chapters

00:00 Introduction to the legislative landscape of cannabis

00:21 The impact of Charlotte's story on cannabis perception

00:48 Distinguishing hemp from marijuana in legislation

02:11 The challenges of passing therapeutic hemp laws

02:52 Congress's need for simple, effective regulation

03:48 The slow progress of therapeutic hemp legalization

04:53 The importance of clear plant distinctions

05:56 The November 12 hemp ban and its implications

07:02 The dangers of Franken hemp and synthetic cannabinoids

08:00 The public health emergency posed by recent bans

08:49 The role of science and data in regulation

10:13 The importance of industry and public unity

10:58 How regulations can support medical and adult use

12:06 The impact of federal bans on patients and consumers

13:00 The need for a balanced, science-based approach

14:00 The political landscape and legislative hurdles

14:53 The power of public advocacy and individual action

16:07 The future of cannabis regulation and industry alignment

17:06 How to effectively communicate with policymakers

18:03 The importance of clear, science-backed legislation

19:00 The role of the FDA and federal agencies

20:01 The potential for bipartisan support and progress

21:08 The significance of the November 12 deadline

22:06 The ongoing fight for access and regulation

23:04 The moral and ethical considerations in cannabis policy

23:49 How consumers can influence policy change

24:47 The importance of unity within the industry

25:46 The potential for a balanced, effective regulatory framework

27:06 The role of science and data in shaping policy

28:03 The need for responsible, clear regulations

29:02 The future outlook for therapeutic hemp and CBD

30:02 Final thoughts and call to action

Guest Links

https://www.coalitionforaccess.org/

https://www.instagram.com/paigefigi/

https://realmofcaring.org/about/paige-figi/

Our Links

Bryan Fields on Twitter

The Dime on Twitter

Extraction Teams: Want to cut costs and get more out of every run? Unlock hidden revenue by extracting more from the same input—with Newton Insights.

At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.

The Dime is a top 5% most shared  global podcast

The Dime is a top 10 Cannabis Podcast

The Dime has a New Website. Shhhh its not finished.

🎥 YouTube:  The Dime

📸 Instagram:  The Dime

https://www.newton-insights.com/

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

AI has made software easier than ever to build. That does not mean every internal tool should become the backbone of your business.

In this episode, Bryan sits down with Chris Guthrie to break down the growing temptation inside cannabis companies to vibe code internal tools, dashboards, CRMs, ERPs, and operational systems in the name of saving money.

The problem is not the first version. The problem is what happens two months later, when a field does not map, the workflow breaks, the person who built it is unavailable, and a production team is now relying on code nobody fully understands.

Chris explains the difference between a useful AI-built prototype and an enterprise-grade system that can survive real operators, messy data, security needs, compliance, multiple departments, M&A diligence, and future FDA-style requirements.

This conversation covers why descriptive data does not create predictive insight, why Google Sheets to vibe coding can become a path to failure, and why the real AI opportunity starts after the business has clean data, clean processes, and a system strong enough to trust.

This episode covers:

Chapters

00:00 The Rise of AI in Software Development

03:07 Challenges of Internal Software Development

06:09 Understanding What 'Works' in Software

09:10 The Risks of Vibe Coding

12:05 The Importance of Established Infrastructure

14:58 Cost Considerations in Software Development

17:56 Predictive Insights and Data Utilization

21:13 Defining Core Business Focus

23:17 The Challenges of AI Implementation

27:00 Understanding AI's Limitations

28:58 The Importance of Data Governance

31:11 Navigating Change Management in Cannabis

35:51 Preparing for Industry Evolution

40:09 The ROI of ERP Systems

Our Links:

Bryan Fields on Twitter

The Dime on Twitter

Extraction Teams: Want to cut costs and get more out of every run? Unlock hidden revenue by extracting more from the same input—with Newton Insights.

At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.

The Dime is a top 5% most shared  global podcast

The Dime is a top 10 Cannabis Podcast 

The Dime has a New Website. Shhhh its not finished.

🎥 YouTube:  The Dime

📸 Instagram:  The Dime

https://www.newton-insights.com/

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Cannabis rescheduling is not as simple as “Trump rescheduled cannabis.”

States are interpreting rescheduling completely differently depending on their license structure. These tiny details are widening the gap between potential winners and losers.

In this episode, we break down what actually changed, what is still unresolved, and why rescheduling may already be picking winners and losers.

This week, we sit down with Hirsh Jain to discuss:

• What the April order and June 29 hearing actually mean

• How the DEA registration portal could impact operators

• The three pathways for interstate commerce

• Why state license structure may determine who is positioned for a national market

Chapters

00:00 Understanding Cannabis Rescheduling

02:53 The Implications of Medical vs. Adult Use Cannabis

05:48 Navigating Federal Legality for Medical Cannabis

09:03 DEA Registration: A New Era for Cannabis Businesses

11:53 The Complexities of DEA Registration

15:02 Interstate Commerce: The Future of Cannabis Trade

17:46 State Models and Their Impact on Cannabis Regulation

21:02 Winners and Losers in the Cannabis Market

24:04 The Role of Politics in Cannabis Regulation

27:01 The Future of Interstate Commerce in Cannabis

38:15 Understanding the Dormant Commerce Clause

40:46 Interstate Commerce and Political Friction

42:43 Legal Challenges to Cannabis Rescheduling

44:37 The April Order and Its Implications

51:05 Upcoming Hearings and Their Significance

59:22 Emerging Markets in Red States

01:05:34 Cultural Shifts and Legal Implications

01:10:16 Looking Ahead: Signals for Progress

Guest Links:

https://www.anandastrategy.com/

Our Links:

Bryan Fields on Twitter

The Dime on Twitter

Extraction Teams: Want to cut costs and get more out of every run? Unlock hidden revenue by extracting more from the same input—with Newton Insights.

At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.

The Dime is a top 5% most shared  global podcast

The Dime is a top 10 Cannabis Podcast 

The Dime has a New Website. Shhhh its not finished.

🎥 YouTube:  The Dime

📸 Instagram:  The Dime

https://www.newton-insights.com/

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Predictable cash flow is the whole game. In cannabis, predictable is the one thing almost nobody has.

Organigram CEO James Yamanaka came up over 20 years at British American Tobacco, where that discipline is the entire model. He thinks the opportunity starts there: trim the portfolio, stop chasing every trend, tighten the supply chain, lean on the science, and align operations. Germany's market could nearly double in the next two years, but capturing it will take more than expansion.

This week we sit down with James Yamanaka, CEO of Organigram:

Chapters:

00:00 Introduction to Organigram and BAT's Involvement

05:24 Shifting Perspectives: From BAT to Organigram

09:08 Understanding the Complexity of the Cannabis Market

13:12 Balancing Listening and Leadership

17:24 Data-Driven Decision Making in Cannabis

21:18 Strategic SKU Management and Market Forecasting

24:17 Leveraging BAT's Expertise in Cannabis

30:04 The Strategic Importance of the Sanity Deal

39:57 Navigating Regulatory Challenges in the Cannabis Industry

Guest Links:

Our Links:

Bryan Fields on Twitter

The Dime on Twitter

Extraction Teams: Want to cut costs and get more out of every run? Unlock hidden revenue by extracting more from the same input—with Newton Insights.

At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.

The Dime is a top 5% most shared  global podcast

The Dime is a top 10 Cannabis Podcast 

The Dime has a New Website. Shhhh its not finished.

🎥 YouTube:  The Dime

📸 Instagram:  The Dime

https://www.newton-insights.com/

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

When a regulator asks what the downside is of adding one more testing requirement, what is the downside? Just a little more safe. Just in case. Especially when adding one more item to an already exhaustive testing panel.

That logic is how licensed cannabis markets end up buried under compliance layers copied from other states, calibrated to someone else's problems.

It is also exactly how two adjacent markets with nearly identical consumer bases, Ohio and Michigan, ended up with completely different market structures.

 What they do not share is regulatory philosophy. When one state watches another add a rule and asks itself whether it should do the same, the answer it lands on shapes the entire cost structure of every licensed operator inside its borders. Ohio learned to ask the follow-up question. Most states never do.

Ohio closed the intoxicating hemp loophole on March 20th, ahead of the federal government, and those shops are starting to close. The next unlock may already be here: THC beverages reaching the customers who will never walk into a dispensary, sold at the restaurant down the street.

This week we sit down with Caroline Henry, VP of Government and Regulatory Affairs at Buckeye Relief.

Chapters

00:00 The Disconnect in Cannabis Perception

03:12 Navigating Stigma and Misconceptions

05:48 Regulatory Challenges and Industry Standards

08:55 Building Relationships with Regulators

11:54 Small Wins in Regulatory Negotiations

15:02 The Impact of Over-Regulation

17:48 Child-Resistant Packaging and Its Irony

25:38 Navigating Regulatory Challenges in the Cannabis Industry

26:00 The Role of Beverages in Reducing Stigma

30:37 Learning from Michigan: Ohio's Cannabis Strategy

39:31 Focusing on Ohio: The Case for Local Expertise

44:00 The Realities of Working in the Cannabis Industry

Guest Links

Our Links:

Bryan Fields on Twitter

The Dime on Twitter

Extraction Teams: Want to cut costs and get more out of every run? Unlock hidden revenue by extracting more from the same input—with Newton Insights.

At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.

The Dime is a top 5% most shared  global podcast

The Dime is a top 10 Cannabis Podcast 

The Dime has a New Website. Shhhh its not finished.

🎥 YouTube:  The Dime

📸 Instagram:  The Dime

https://www.newton-insights.com/

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The cannabis industry convinced the world it had a medicine before the science caught up. Now the science is here, and almost no one is paying attention.

CBD is not a panacea. When Charlotte's Web opened hearts and minds, the messaging of what it could do ran years ahead of what the data could actually support. That gap created a backlash the legitimate medical thesis didn't deserve. What's left on the other side of the green rush is a near-complete forgetting of the reason this industry started in the first place. The medicine. Now the infrastructure to prove it is finally in place. Standardized genetics. Reproducible extraction. Full compound characterization. An FDA botanical drug pathway that has existed since 2016 that most investors have never heard of. Organic medicine versus synthetic single-molecule will be a real choice at the pharmacy counter sooner than most people expect. The foundational work is already here.

This week we sit down with Joel Stanley and Dr. Marcel Bonn-Miller:

Chapters

00:00 Why Medical Validation Remains a Challenge for Cannabis

00:12 The FDA Approval Process for Plant-Based Medicines

01:03 Historical Market Dynamics and Their Impact on Cannabis Perception

02:48 Removing the Veil: How Science Can Validate Cannabinoid Therapies

03:15 The Complexity of Plant Molecules and Real-World Evidence

06:20 Focus in Drug Development: The Case of Autism Spectrum Disorder

07:10 The Impact of Charlotte's Web and Media Hype

08:52 Balancing Hype and Reality in Cannabinoid Medicine

10:01 Legitimization of Cannabis Research in Academia

12:10 The Evolution of Cannabis Research and Acceptance

13:54 The Future of Botanical Medicine and Academic Research

16:15 The Long Road of Drug Development for Cannabis-Based Medicines

20:50 Introducing AJA-001: A Botanical Drug for Autism

22:44 Standardization and Characterization of Botanical Drugs

24:01 Partnerships and Funding in Botanical Drug Development

24:40 Challenges of Multi-Compound Botanical Drugs

27:28 Reproducibility and Quality Control in Botanical Manufacturing

29:06 FDA Pathways for Botanical Drugs and New Chemical Entities

34:29 Identifying and Characterizing Thousands of Plant Compounds

39:48 The Role of AI and Supercomputing in Drug Discovery

41:11 Balancing Exploration and Focus in Botanical Research

44:38 What the World Will Understand About Cannabinoids in 10 Years

47:24 The Promise of Botanical Medicine Over Single Molecule Drugs

Guest Links:

AJNA Biosciences Website
https://ajnabiosciences.com/

AJNA Biosciences LinkedIn
https://www.linkedin.com/company/ajna-biosciences/posts/?feedView=all

AJNA Biosciences Instagram

Charlotte’s Web Website
https://www.charlottesweb.com/

Charlotte’s Web LinkedIn
https://www.linkedin.com/company/charlottesweb/posts/?feedView=all

Charlotte’s Web Instagram

Joel Stanley LinkedIn
https://www.linkedin.com/in/joel-stanley-2885116b/

Joel Stanley Instagram

Dr. Marcel Bonn-Miller LinkedIn
https://www.linkedin.com/in/marcel-bonn-miller-897a581/

Our Links:

Bryan Fields on Twitter

Kellan Finney on Twitter

The Dime on Twitter

Extraction Teams: Want to cut costs and get more out of every run? Unlock hidden revenue by extracting more from the same input—with Newton Insights.

At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.

The Dime is a top 5% most shared  global podcast

The Dime is a top 10 Cannabis Podcast 

The Dime has a New Website. Shhhh its not finished.

🎥 YouTube:  The Dime

📸 Instagram:  The Dime

https://www.newton-insights.com/

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The number in your head and the number you actually need are not the same number. That gap is where most cannabis businesses break.

Joe Lustberg has financed operators across the country for years and watched that gap swallow businesses that looked fine on paper. He has also spent over two years paying rent on a Hamptons dispensary he cannot open because a municipality tried to rezone his property out from under him. The person telling you to build in 1.5X as your burn capital cushion has been living inside exactly the scenario he warns everyone about.

When the lender financing your industry has lived the same nightmare, the advice changes.

This week we sit down with Joe Lustberg,  to discuss the following 

Chapters

00:00 Navigating the Cannabis Landscape: A Personal Journey

02:51 Understanding the Financial Risks in Cannabis Operations

06:01 The Importance of Burn Capital for Cannabis Startups

09:02 Lending Dynamics in the Cannabis Industry

11:55 Market Trends and the Future of Cannabis Financing

14:51 The Impact of Rescheduling on Cannabis Operators

18:01 Identifying Strong Operators in a Competitive Market

21:05 Evaluating Financial Health: Key Indicators for Success

26:01 Evaluating Limited Markets: The Ohio Perspective

28:24 Navigating Unique Financing Requests

29:12 Surprising Success Stories in Cannabis Financing

32:04 The Importance of Experience in New Ventures

35:46 Identifying Undervalued Markets in Cannabis

38:00 The Future of Cannabis Markets and Interstate Commerce

Guest Links

https://www.linkedin.com/in/joseph-lustberg-23076722

Our Links:

Bryan Fields on Twitter

Kellan Finney on Twitter

The Dime on Twitter

Extraction Teams: Want to cut costs and get more out of every run? Unlock hidden revenue by extracting more from the same input—with Newton Insights.

At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.

The Dime is a top 5% most shared  global podcast

The Dime is a top 10 Cannabis Podcast 

The Dime has a New Website. Shhhh its not finished.

🎥 YouTube:  The Dime

📸 Instagram:  The Dime

https://www.newton-insights.com/

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.