The cannabis industry is getting squeezed from every angle—state AGs, ballot fights, and a federal regulator that can’t hit a deadline. On this week’s High Spirits business news roundup, Ben Larson and AnnaRae Grabstein break down the stories shaping operator strategy right now.

Episode #125 dives into Ohio’s escalating “legalization meets enforcement” showdown, including an antitrust lawsuit targeting major MSOs—and the messy split between regulated cannabis and hemp interests. Then it’s down to Texas, where the medical program is finally showing real growth… even as adult-use remains politically off-limits. We close with the FDA’s missed hemp guidance deadline and a notable bright spot: $15M raised to scale THC beverages nationwide.

What You’ll Learn

• What Ohio’s MSO antitrust lawsuit could mean for vertical integration and pricing scrutiny
  
  
• Why limited-license, vertically integrated markets create “accidental collusion” incentives
  
  
• How Texas’ medical program expansion changes the opportunity (and risk) for operators
  
  
• What recent ballot wins/losses in Maine, Florida, Massachusetts, Pennsylvania signal for 2026
  
  
• Why the FDA’s missed deadline adds more uncertainty for hemp cannabinoids and enforcement
  
  
• What Willlie’s Remedy’s $15M raise says about where capital still believes in cannabis-adjacent growth
  
  

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