It’s a cozy year-end check-in—and a clear-eyed look at what’s next. Recorded Tuesday, December 30, 2025, Ben & AnnaRae close out the year by revisiting their 2025 predictions, unpacking what actually happened across regulated cannabis and hemp-derived THC, and setting the tone for 2026: faster, sharper, and more focused.

From the surreal experience of finding cannabis policy debates in a 1969 Playboy issue to today’s rescheduling whiplash, this episode zooms out on the long arc of reform—and zooms in on what operators should be watching right now: enforcement, consolidation, mainstream retail adoption, and the fight for sensible regulation.

What You’ll Learn

• Which 2025 predictions came true (Farm Bill punt, beverages gaining share) — and which didn’t
• Why **states—not feds—**continue to shape enforcement (and where that breaks down)
• The real outlook on rescheduling vs. descheduling and why “it’s not enough” is the next phase
• How THC beverages are winning consumer mindshare—and pulling mainstream retail along with them
• What consolidation actually looked like in 2025 (and why the “real M&A wave” may still be ahead)
• Why 2026 demands speed, clarity, and fundamentals—aka the “Fire Horse” mindset

Have a question for us? Send us a text. We may answer it in the next show!

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Your hosts are Ben Larson and AnnaRae Grabstein.

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