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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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.

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!

--
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.

Send us a text

On this special This Week in Cannabis episode Presented by Cultivated Media, High Spirits hosts Ben & AnnaRae join Jay & Jeremy from Cultivated and Marc Hauser of Cannabis Musings to break down the biggest cannabis policy story of the year: the federal push to reschedule marijuana to Schedule III.

Recorded live just days after the announcement, this conversation cuts through the hype to examine what actually changes—and what still hangs in the balance—for cannabis, hemp, banking, and dealmaking.

Tune in Fridays at 9AM PT / 12PM ET at youtube.com/@CultivatedMedia.

What You’ll Learn:

• What cannabis rescheduling to Schedule III actually does—and doesn’t—change
• Why 280E relief is the real financial unlock operators are watching
• How rulemaking, lawsuits, and Congressional action could still derail progress
• What this moment means for hemp-derived THC, CBD, and the Farm Bill fight
• Why deal flow, M&A, and market volatility may surge in early 2026
• The myths around SAFE Banking, uplisting, and credit card acceptance

Meet the Panel:
This episode features insights from Jay Rosenthal and Jeremy Burke of Cultivated Media, Marc Hauser of Cannabis Musings, alongside Ben Larson & AnnaRae Grabstein of High Spirits. Together, they bring perspectives from policy, media, finance, and operations to unpack one of the most consequential weeks in cannabis history.

Why Tune In?
If you’re a cannabis or hemp operator trying to separate real opportunity from political theater, this episode is essential listening. The headlines say “historic”—this conversation explains what survival, growth, and strategy actually look like next.

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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.