Chicago Atlantic's Steven Ernest, Head of Originations, pulls back the curtain on institutional cannabis lending — from how his firm evaluates operators and underwrites deals, to navigating distressed assets, ESOPs, and the murky road ahead for rescheduling and 280E. If you want to understand how capital really flows in this industry, this is the episode.

But before we talk to Steven, a quick catch up: Ben's back from Maui, AnnaRae just returned from Kauai as the newly minted president of organic farming nonprofit WWOOF USA, and both are already packing bags again for the Canna Bev Summit in Miami.

They hit two sobering news items: a reefer-madness-flavored California hearing where Assembly member Jaqui Irwin is gunning for tighter cannabis packaging and dosing rules in an already struggling market, and Michigan's 8.3% year-over-year sales drop — a one-two punch of a new 24% wholesale tax and record winter storms hammering operators across the Northeast.

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

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High Spirits is brought to you by Vertosa and Wolf Meyer.

Your hosts are Ben Larson and AnnaRae Grabstein.

Follow High Spirits on LinkedIn.

We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover?

Visit our website www.highspiritspod.com and listen to all of our past shows.

THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations.

Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

The 2026 Farm Bill draft is finally on the table, and while the "hemp loophole" remains untouched for now, the industry is already looking toward a post-cliff future. As big tobacco backs Canadian giants in Europe and stadiums open their doors to THC, the landscape of cannabis distribution is shifting under our feet.

In this week's edition of This Week in Cannabis Live (TWICL), hosts Jay Rosenthal and Jeremy Berke of Cultivated are joined by Ben Larson (High Spirits) and Marc Hauser (Cannabis Musings) to break down the latest legislative and market movements. From Organigram’s massive €250M move into Germany to the potential for THC beverages to hit New York liquor stores, the panel explores whether the industry is finally moving toward a "layered" regulatory reality.

What You’ll Learn:

• The Farm Bill First Look: Why the initial draft’s silence on hemp-derived THC is both a relief and a warning for operators.
• The "Canadian Advantage" 2.0: How federal coherence and tobacco backing (BAT) are allowing Canadian LPs to dominate the European medical market.
• Stadium Status: The significance of the United Center's 3-year THC beverage deal and what it means for consumer discovery.
• Retail Convergence: A deep dive into the New York bill that could pit liquor stores against dispensaries—and why brands are cheering for it.
• Risk vs. Revenue: A debate on whether regional distributors will keep moving products if the "hemp cliff" recriminalizes certain cannabinoids.

Meet the Panel:

This episode features a powerhouse of cannabis experts led by Jay Rosenthal and Jeremy Berke, the editorial voices behind Cultivated. They are joined by Ben Larson, host of High Spirits and seasoned venture catalyst, and Marc Hauser, the legal mind behind Cannabis Musings, to provide a 360-degree view of the industry's most complex hurdles.

Why Tune In?

Whether you are an MSO executive or a hemp beverage startup, the rules of distribution are being rewritten this month. This episode provides the strategic foresight needed to understand how federal policy, international M&A, and state-level retail shifts will impact your bottom line in 2026.

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

--
High Spirits is brought to you by Vertosa and Wolf Meyer.

Your hosts are Ben Larson and AnnaRae Grabstein.

Follow High Spirits on LinkedIn.

We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover?

Visit our website www.highspiritspod.com and listen to all of our past shows.

THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations.

Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

THC% might be the most overused number in cannabis—and it’s not helping consumers make better choices. In this episode, Ben nerds out with Dr. Riley Kirk on what actually drives effects, why “nose knows” matters, and how cannabis science can (and should) live outside academic journals.

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Ben Larson (solo this week while AnnaRae is off-grid in Kauai) welcomes Dr. Riley Kirk—PhD cannabis scientist, educator, and author of Reefer Wellness—for a conversation that bridges plant chemistry, consumer behavior, and real-world harm reduction. They unpack why flower delivers a “natural ratio” of compounds that’s hard to replicate in modern formulations, why skunky/gassy aromas often come from sulfur compounds (not terpenes), and how consumers can use sensory cues to find the right experience.

They also dig into the realities of cannabis education in the social media era—how Dr. Kirk built a massive audience on TikTok during COVID, what censorship changed, and why she ultimately pushed her science into a book deal with Penguin Random House. Plus: the surprising data behind why ~1 in 5 people may not feel edibles, and what the industry should be funding if it wants better labeling, better products, and better outcomes.

💡 What You’ll Learn

• Why THC% is a weak predictor of effects—and how to shop using aroma (“nose knows”)
  
  
• What creates skunky, gassy, and fruity profiles (and why it’s not always terpenes)
  
  
• Why Dr. Kirk believes flower offers a “natural ratio” vs. ultra-fortified vapes and formulations
  
  
• The roles of CBG and CBC—and why combusting CBC can convert it into CBL
  
  
• Why ~20% of people may not feel edibles, and the leading metabolism/genetics explanation
  
  
• How dry herb vaping can be a practical harm-reduction alternative to combustion
  
  
• What real-world data studies can reveal when you connect consumer experience to COAs
  
  
• How Dr. Kirk used short-form education to land a major publishing deal—and what surprised her about book marketing today
  
  

🌿 Meet the Guest: Dr. Riley Kirk

Dr. Riley Kirk is a cannabis scientist and educator focused on plant chemistry and real-world consumer research. She co-founded the nonprofit Network of Applied Pharmacognosy (NAP), teaches Cannabis as Medicine at Vermont State University, and hosts cannabis science content online as @CannaBiChem. She’s also the author of Reefer Wellness, published by Penguin Random House, translating cannabis science into accessible guidance for everyday consumers.

🎧 Why Tune In?

Whether you’re building products, educating customers, or just trying to find

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

--
High Spirits is brought to you by Vertosa and Wolf Meyer.

Your hosts are Ben Larson and AnnaRae Grabstein.

Follow High Spirits on LinkedIn.

We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover?

Visit our website www.highspiritspod.com and listen to all of our past shows.

THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations.

Remember to always stay curious, stay informed, and most importantly, keep your spirits high.