New year, new signals—and cannabis is entering 2026 with policy momentum, consolidation heat, and a growing demand for real numbers (not vibes). In Episode 120 of High Spirits, hosts Ben Larson & AnnaRae Grabstein sit down with Cy Scott, Co-Founder & CEO of Headset, to break down what 2025 actually told us—and what to watch as rescheduling moves forward and markets keep maturing.

From New York’s explosive growth to the margin squeeze hitting legacy states like California and Michigan, Cy brings a data-driven lens to the questions operators and investors are asking right now: Where is growth still real? Why do prices keep falling in mature markets? And how could Schedule III reshape profitability, M&A, and investment appetite across the industry?

What You’ll Learn

• The biggest 2025 market storylines (and why New York is still “emerging”)
• What price compression is really doing to top-line sales and retailer survival
• How discounting impacts baskets, margins, and the downstream supply chain
• The potential financial upside of rescheduling—especially via 280E relief
• Why cannabis retail data may be more reliable than traditional CPG measurement
• How hemp beverages and mainstream retail exposure could reshape consumer adoption

Meet the Guest

Cy Scott is the Co-Founder & CEO of Headset, a leading cannabis retail data and analytics platform used by brands, retailers, and investors to understand market performance in real time. Before Headset, Cy co-founded Leafly, helping define early consumer discovery in legal cannabis—and he’s been building in the space since the industry’s earliest days.

Why Tune In?

Because 2026 won’t reward guesswork. If you’re making bets on growth, pricing, capital, or brand strategy this year, this episode helps you read the signals—and stay ahead of what rescheduling, consolidation, and consumer behavior are about to change.

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

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