# The Dime Podcast > Cannabis business intelligence. Strategy conversations for operators, not observers. 304 episodes. Conversations with cannabis founders, executives, operators, and investors on capital, regulation, and operations. This is the complete catalogue. The curated index is at https://www.dimepodcast.com/llms.txt About the hosts: https://www.dimepodcast.com/about Video library: https://www.dimepodcast.com/videos Guest applications: https://www.dimepodcast.com/guests ## First Principles (written analysis) Human-written essays by Bryan Fields, one per episode. Not AI-generated. Archive: https://www.dimepodcast.com/newsletter - [The Cannabis Industry Fought for Medical Access. Why Is It Silent Now?](https://www.dimepodcast.com/newsletter/the-cannabis-industry-fought-for-medical-access-why-is-it-silent-now) (August 4, 2026): The federal hemp ban arrives in November. It was aimed at intoxicating products, but the language is broad enough to take therapeutic CBD with it. Episode: https://www.dimepodcast.com/episodes/paige-figi-the-cannabis-industry-is-cheering-a-ban-on-medicine - [The Cannabis Medical Thesis Was Never Wrong. The World Just Forgot.](https://www.dimepodcast.com/newsletter/the-cannabis-medical-thesis-was-never-wrong-the-world-just-forgot) (May 27, 2026): Cannabis started as a medical story, then the green rush buried it. The FDA's botanical drug pathway is what brings the original thesis back. Episode: https://www.dimepodcast.com/episodes/cannabis-was-medicine-now-the-proof-is-catching-up-ft-joel-stanley-and-dr-marcel-bonn-miller - [You Have Data. The Decisions Are Still Wrong](https://www.dimepodcast.com/newsletter/you-have-data-the-decisions-are-still-wrong) (May 11, 2026): Clean, organized data can still drive catastrophic decisions. The discount-spike loop that reads clearance as demand — and why it compounds. Episode: https://www.dimepodcast.com/episodes/the-hidden-margin-killer-for-msos-ft-braunz-muller - [The Payment Problem I Still Can't Explain](https://www.dimepodcast.com/newsletter/the-payment-problem-i-still-cant-explain) (April 13, 2026): Cannabis banking's hardest problem: compliance does not equal permission. Every payment solution runs on the card brands' tolerance. Episode: https://www.dimepodcast.com/episodes/the-legal-market-was-never-built-for-payments-why-cannabis-still-breaks-the-rules-ft-aubrey-amatelli - [Let's End the Year of the Prohibitionist.](https://www.dimepodcast.com/newsletter/lets-end-the-year-of-the-prohibitionist) (April 3, 2026): Access is a transaction. Influence is leverage. Cannabis has confused the two, and the scoreboard in Washington keeps saying so. Episode: https://www.dimepodcast.com/episodes/gretchen-gailey-cannabis-industry-has-no-idea-how-dc-works-why-rescheduling-is-delayed - [Professional Trader Will Sell Early on Catalyst, And Why He's Right](https://www.dimepodcast.com/newsletter/professional-trader-will-sell-early-on-catalyst-and-why-hes-right) (March 24, 2026): If you've been through multiple pump-and-dump cycles, you're not early. You're just still here. Why cannabis stocks trade on plumbing, not fundamentals. Episode: https://www.dimepodcast.com/episodes/15-years-of-cannabis-trading-why-ill-sell-early-unless-this-happens-ft-dan-mcdermitt - [The Internal Audit Most Companies Avoid](https://www.dimepodcast.com/newsletter/the-internal-audit-most-companies-avoid) (March 18, 2026): The market does not care about sunk costs. Separating the vision from the vehicles used to pursue it is the audit most leadership teams never run. Episode: https://www.dimepodcast.com/episodes/premium-vs-scale-in-cannabis-inside-rubicons-strategy-ft-margaret-brodie - [Your Neighbor Is Destroying Your Supply Chain](https://www.dimepodcast.com/newsletter/your-neighbor-is-destroying-your-supply-chain) (March 11, 2026): Pesticide drift means a cannabis team can do everything right and still fail testing. Vertical integration as environmental defense. Episode: https://www.dimepodcast.com/episodes/prop-64-fine-print-pesticide-drift-the-economics-behind-concentrates-ft-micah-anderson - [Optionality Beats Control in Chaos](https://www.dimepodcast.com/newsletter/optionality-beats-control-in-chaos) (March 5, 2026): In stable industries control compounds; in unstable ones flexibility does. Cannabis infrastructure is either a moat or an anchor. Episode: https://www.dimepodcast.com/episodes/jb-cheech-chong-ceo-building-a-national-cannabis-brand-through-trial-error-partnership - [It's Time to Admit Alcohol Is Paying ALOT of Attention](https://www.dimepodcast.com/newsletter/its-time-to-admit-alcohol-is-paying-alot-of-attention) (February 24, 2026): Beverage does not need to replace alcohol to matter. It only needs to capture one occasion per week. When ritual shifts, categories follow. Episode: https://www.dimepodcast.com/episodes/cannabis-beverages-are-bringing-new-consumers-into-cannabis-ft-kristin-eric-rogers - [Your Marketing Isn't Broken. The System Is. Here's Why](https://www.dimepodcast.com/newsletter/your-marketing-isnt-broken-the-system-is-heres-why) (February 5, 2026): Cannabis marketing doesn't create value, it distributes it. If you doubled spend tomorrow, would returns scale or just expose what's broken? Episode: https://www.dimepodcast.com/episodes/most-cannabis-marketing-fails-because-it-is-asked-to-solve-the-wrong-problems-ft-john-shute - [The Balance Between Art and Process in Extraction](https://www.dimepodcast.com/newsletter/the-balance-between-art-and-process-in-extraction) (February 2, 2026): Over-standardize and quality suffers. Over-index on intuition and repeatability disappears. How experienced extraction teams hold both at once. Episode: https://www.dimepodcast.com/episodes/how-top-teams-balance-art-and-process-in-extraction-ft-brian-adams - [Why Most Cannabis Automation Fails](https://www.dimepodcast.com/newsletter/why-most-cannabis-automation-fails) (January 23, 2026): Automation executes. Robotics adapts. Confusing the two is how cannabis companies make expensive mistakes and lock themselves into the wrong path. Episode: https://www.dimepodcast.com/episodes/robotics-vs-automation-in-cannabis-manufacturing-ft-nohtal-partansky - [There Is No Playbook for New York Cannabis](https://www.dimepodcast.com/newsletter/there-is-no-playbook-for-new-york-cannabis) (January 19, 2026): Jaunty's hockey stick in New York was never luck. New York punished assumptions fast, and what looks like momentum now is really accumulated lessons. Episode: https://www.dimepodcast.com/episodes/building-jaunty-into-one-of-new-yorks-top-cannabis-brands-ft-nicolas-guarino - [Before CBD Was a Category, It Was a Medical Necessity](https://www.dimepodcast.com/newsletter/before-cbd-was-a-category-it-was-a-medical-necessity) (January 13, 2026): CBD didn't earn acceptance through branding. It earned it because results showed up where nothing else worked — and Schedule III raises the bar again. Episode: https://www.dimepodcast.com/episodes/how-charlottes-web-unlocked-medical-cbd-ft-bill-morachnick - [Why Most Cannabis Brands Break at Scale](https://www.dimepodcast.com/newsletter/why-most-cannabis-brands-break-at-scale) (January 7, 2026): Product inconsistency costs you a customer who switches and never returns. Consistency isn't a slogan — it's engineered process control. Episode: https://www.dimepodcast.com/episodes/the-playbook-behind-consistent-cannabis-products-at-scale-ft-ryan-crandall - [CBD: The Gateway Cannabinoid](https://www.dimepodcast.com/newsletter/cbd-the-gateway-cannabinoid) (December 22, 2025): Schedule III put CBD first for a reason: it's the lowest-friction entry point for FDA oversight. The agency will apply the playbook it knows. Episode: https://www.dimepodcast.com/episodes/schedule-iii-changes-everything-this-is-just-the-beginning - [Cannabis Is a Commodity. Here's Where the Margin Lives](https://www.dimepodcast.com/newsletter/cannabis-is-a-commodity-heres-where-the-margin-lives) (December 16, 2025): Cannabis supply chains will commoditize. Margins won't disappear — they move into manufacturing efficiency and distribution discipline. Episode: https://www.dimepodcast.com/episodes/inside-sndls-hidden-scale-global-reach-supply-chain-powerhouse-ft-tyler-robson - [You're Thinking About Debt Wrong](https://www.dimepodcast.com/newsletter/youre-thinking-about-debt-wrong) (December 10, 2025): Debt isn't the problem — the terms are. If your margins beat your cost of capital, you're not borrowing to survive, you're borrowing to win. Episode: https://www.dimepodcast.com/episodes/youre-thinking-about-debt-wrong-the-secret-to-smart-financing-ft-adam-stettner - [Effects-Based Products Aren't Impossible — Here's Why Most Brands Can't Deliver](https://www.dimepodcast.com/newsletter/effects-based-products-arent-impossible-heres-why-most-brands-cant-deliver) (November 25, 2025): The gap between expectation and experience is why consumers don't return. Process control is the only way effects-based cannabis works. Episode: https://www.dimepodcast.com/episodes/how-level-delivers-effects-based-cannabis-tablets-ft-chris-emerson - [The Quiet Entry: What Tobacco & Alcohol Already Know About Cannabis](https://www.dimepodcast.com/newsletter/the-quiet-entry-what-tobacco-and-alcohol-already-know-about-cannabis) (November 20, 2025): Tobacco and alcohol are quietly building cannabis IP, infrastructure and data. It's not if they enter — it's when the rest of us notice. Episode: https://www.dimepodcast.com/episodes/what-tobacco-and-alcohol-taught-me-about-cannabis-ft-nick-kenny - [Before Target and DoorDash, Edible Arrangements](https://www.dimepodcast.com/newsletter/before-target-and-doordash-edible-arrangements) (November 12, 2025): Edibles.com quietly built one of the most intriguing cannabinoid access platforms in the country. Consumers can now shop by experience, not just by brand. Episode: https://www.dimepodcast.com/episodes/the-amazon-of-thc-how-ediblescom-will-take-cannabis-national-ft-thomas-winstanley - [Meet Singular: The Tightrope of Product Innovation](https://www.dimepodcast.com/newsletter/meet-singular-the-tightrope-of-product-innovation) (October 31, 2025): Product innovation in cannabis is a tightrope. The second-order effects — simplified SKUs, streamlined operations — are what quietly change everything. Episode: https://www.dimepodcast.com/episodes/introducing-singular-how-actives-modular-vape-platform-changes-everything-ft-alex-kwon - [The Lyft Playbook for Cannabis](https://www.dimepodcast.com/newsletter/the-lyft-playbook-for-cannabis) (October 23, 2025): Taxis didn't want rideshare. The world did. Every emerging industry has to earn its right to exist, and cannabis is living a version of the same story. Episode: https://www.dimepodcast.com/episodes/the-lyft-playbook-for-cannabis-building-trust-through-tech-ft-ashwin-raj - [The Tortoise Always Wins](https://www.dimepodcast.com/newsletter/the-tortoise-always-wins) (October 21, 2025): The disciplined operators looked slow and boring. As the debt wall closes in, the market will reward exactly one thing: prudent capital allocators. Episode: https://www.dimepodcast.com/episodes/built-for-consolidation-guided-by-icahn-like-discipline-and-poised-for-cannabis-next-iteration-ft-jared-maloof - [Would You Have the Courage?](https://www.dimepodcast.com/newsletter/would-you-have-the-courage) (October 9, 2025): Putting your family's name on a brand means there's nowhere to hide when things go wrong, and no shortcuts when things get hard. Episode: https://www.dimepodcast.com/episodes/chris-ball-betting-it-all-what-it-really-takes-to-build-a-brand-with-your-name-on-it-pain-patience-and-relentless-faith - [The Enemy of My Enemy Is My Friend, Except When It Comes to Cannabinoids](https://www.dimepodcast.com/newsletter/the-enemy-of-my-enemy-is-my-friend-except-when-it-comes-to-cannabinoids) (October 3, 2025): Logic doesn't work in the cannabinoid space. Power and influence do. Spirits, pharma, big ag and retail are all circling the same disruption. Episode: https://www.dimepodcast.com/episodes/284-billion-dollar-hemp-industry-cant-be-put-back-in-the-bottle-ft-jim-higdon - [Why Some Cannabis Research Can't Be Trusted](https://www.dimepodcast.com/newsletter/why-some-cannabis-research-cant-be-trusted) (September 25, 2025): When billions are on the line, research gets messy. Read closely, stay skeptical — and know which meta-analysis actually put the numbers on the table. Episode: https://www.dimepodcast.com/episodes/largest-medical-cannabis-cancer-study-ever-can-these-findings-push-rescheduling-ft-ryan-castle - [Vertical Integration Isn't Strategy — It's a Trap](https://www.dimepodcast.com/newsletter/vertical-integration-isnt-strategy-its-a-trap) (September 22, 2025): Cannabis runs six or seven businesses at once, in multiple states, every supply chain locked to one state. Most of it is solved next door. Episode: https://www.dimepodcast.com/episodes/strategy-truths-lies-mature-industries-already-know-ft-mitchell-osak - [THC Is Just an Ingredient — How Schedule III Will Reshape Cannabis, Pharma & Hemp](https://www.dimepodcast.com/newsletter/thc-is-just-an-ingredient-how-schedule-iii-will-reshape-cannabis-pharma-and-hemp) (September 15, 2025): What if cannabis operators had to buy cannabinoids from GMP-licensed manufacturers instead of retrofitting facilities? The supply chain flips overnight. Episode: https://www.dimepodcast.com/episodes/thc-is-an-ingredient-where-pharma-msos-hemp-collide-ft-zach-edge - [Beyond THC%: Unlocking Cannabis' True Language with Sensory Science](https://www.dimepodcast.com/newsletter/beyond-thc-unlocking-cannabis-true-language-with-sensory-science) (September 5, 2025): Nobody buys wine by ABV. THC% is pushing cannabis toward commodity, and sensory science backed by data is the missing lexicon. Episode: https://www.dimepodcast.com/episodes/sensory-science-unlocked-beyond-thc-inside-true-terpenes-ft-dan-cook - [Dr. Greenhouse and the Power of a Personal Monopoly: Plants, HVAC, and Yield](https://www.dimepodcast.com/newsletter/dr-greenhouse-and-the-power-of-a-personal-monopoly-plants-hvac-and-yield) (August 28, 2025): Dr. Greenhouse sits at the intersection of plant science, engineering, and HVAC — a rare overlap that makes her the irreplaceable expert on yield. Episode: https://www.dimepodcast.com/episodes/dr-greenhouse-the-1-mistake-killing-your-plants-ft-nadia-sabeh ## Topics Full topic index: https://www.dimepodcast.com/topics - [State Regulation](https://www.dimepodcast.com/topics/state-regulation): 68 episodes - [Branding & Marketing](https://www.dimepodcast.com/topics/branding-and-marketing): 62 episodes - [Consumer Trends](https://www.dimepodcast.com/topics/consumer-trends): 60 episodes - [Cultivation & Extraction](https://www.dimepodcast.com/topics/cultivation-and-extraction): 59 episodes - [MSOs & Multi-State Operators](https://www.dimepodcast.com/topics/msos-and-multi-state-operators): 53 episodes - [Regulatory & Compliance](https://www.dimepodcast.com/topics/regulatory-and-compliance): 51 episodes - [Rescheduling & Federal Policy](https://www.dimepodcast.com/topics/rescheduling-and-federal-policy): 51 episodes - [Data & Technology](https://www.dimepodcast.com/topics/data-and-technology): 45 episodes - [Retail & Dispensary Operations](https://www.dimepodcast.com/topics/retail-and-dispensary-operations): 37 episodes - [Medical & Research](https://www.dimepodcast.com/topics/medical-and-research): 30 episodes - [Supply Chain & Distribution](https://www.dimepodcast.com/topics/supply-chain-and-distribution): 30 episodes - [International Markets](https://www.dimepodcast.com/topics/international-markets): 29 episodes - [M&A](https://www.dimepodcast.com/topics/manda): 21 episodes - [Taxation & 280E](https://www.dimepodcast.com/topics/taxation-and-280e): 19 episodes - [Capital Raising & Funding](https://www.dimepodcast.com/topics/capital-raising-and-funding): 18 episodes - [Banking & Payments](https://www.dimepodcast.com/topics/banking-and-payments): 13 episodes - [Investor Perspective](https://www.dimepodcast.com/topics/investor-perspective): 12 episodes - [Labor & Workforce](https://www.dimepodcast.com/topics/labor-and-workforce): 11 episodes - [Litigation & Legal](https://www.dimepodcast.com/topics/litigation-and-legal): 10 episodes - [Real Estate](https://www.dimepodcast.com/topics/real-estate): 7 episodes - [Psychedelics & Mental Health](https://www.dimepodcast.com/topics/psychedelics-and-mental-health): 1 episode ## Episodes Full episode archive: https://www.dimepodcast.com/episodes - [Paige Figi: The Cannabis Industry Is Cheering A Ban On Medicine](https://www.dimepodcast.com/episodes/paige-figi-the-cannabis-industry-is-cheering-a-ban-on-medicine) — Paige Figi: In this episode, Paige Figi — mother of Charlotte Figi, whose story helped launch the modern medical CBD movement — breaks down the looming November 12th federal ban on hemp-derived CBD products and what it means for the roughly 45 million Americans who use therapeutic hemp daily. She explains the crucial legal and practical distinction between non-intoxicating therapeutic hemp/CBD and intoxicating cannabis or lab-manipulated 'Frankenhemp,' how a provision from two members of Congress ended up in a shutdown-ending spending bill, and why she believes dispensary-based 'alternatives' won't work for medically fragile patients. The conversation matters to anyone tracking federal hemp/cannabis policy, FDA regulation of cannabinoids, and the political fault lines between the medical hemp and licensed cannabis industries. Key takeaways: - A federal ban on hemp-derived CBD products is set to take effect November 12th, threatening access for an estimated 45 million Americans who use therapeutic hemp daily. - The ban was inserted into a shutdown-ending spending bill by just two members of Congress (Senator McConnell and Representative Andy Harris) without broader debate, not through a full congressional consensus. - Paige Figi draws a sharp distinction between non-intoxicating 'therapeutic hemp' (CBD) and marijuana/cannabis, and intentionally does not advocate on broader cannabis policy. - 'Frankenhemp' — lab-manipulated, intoxicating delta-8/9 products sold at gas stations — emerged as an unintended consequence of 2018 hemp legalization and is the real target regulators meant to curb, but the ban overreaches into medical CBD too. - CBD isolate products, which would remain legal under the ban, are far less medically effective than full-spectrum therapeutic hemp for conditions like epilepsy. - A Trump administration/Dr. Oz-backed Medicare pilot program was designed to cover full-spectrum CBD costs for seniors, creating a direct conflict with the incoming ban. - Johns Hopkins researcher Ryan Vandrey's data suggesting roughly 3mg of THC as a non-impairing threshold is central to ongoing negotiations over dosage caps for regulated hemp products. - Figi argues that as few as 60 personal emails or calls to a member of Congress can elevate an issue to the top of their priority list, making individual advocacy highly effective. FAQ: - Q: What is the November 12th federal hemp/CBD ban? A: It's a provision that would effectively ban most hemp-derived CBD and therapeutic hemp products, inserted into a government spending bill by two members of Congress during the record-long shutdown, set to take effect November 12th. - Q: Who is Paige Figi? A: Paige Figi is the mother of Charlotte Figi, whose case using CBD to treat Dravet syndrome-related seizures helped launch the modern medical CBD movement; she now runs the nonprofit Coalition for Access Now, advocating for therapeutic hemp access in Washington, D.C. - Q: What is 'Frankenhemp'? A: It's a term for lab-manipulated, intoxicating hemp derivatives like delta-8 THC that emerged as an unintended workaround after hemp was federally descheduled in 2018, often sold unregulated in gas stations and convenience stores. - Q: Why can't CBD patients just switch to buying products at cannabis dispensaries? A: Many states lack dispensaries altogether, minors generally can't enter adult-use dispensaries, the full-spectrum CBD formulations patients rely on often aren't sold there, and dispensaries typically only carry less-effective CBD isolate products. - Q: What regulatory solution does Paige Figi propose instead of a ban? A: She advocates for the FDA to regulate therapeutic hemp as a dietary supplement, with THC dosage limits (around 3mg based on Johns Hopkins research), age-gating, and warning labels, rather than eliminating the category entirely. - Q: What is the Medicare CBD pilot program mentioned in the episode? A: It's a Trump administration initiative, associated with Dr. Oz, designed to cover CBD costs for seniors on Medicare, intended to apply to full-spectrum hemp products — which would be undercut by the November 12th ban. - Q: How did this ban get into federal law without broader debate? A: It was inserted by Senator Mitch McConnell and Representative Andy Harris into a government funding bill needed to end the longest shutdown in U.S. history, bypassing normal committee review. - Q: How does Paige Figi suggest ordinary people get involved? A: She recommends contacting your two U.S. senators and House representative directly via email or phone with a personal story, noting that as few as 60 messages can push an issue to the top of a lawmaker's agenda. - [Understand This Before You Use AI To Build Software ft. Chris Guthrie](https://www.dimepodcast.com/episodes/understand-this-before-you-use-ai-to-build-software-ft-chris-guthrie) — Chris Guthrie: Chris Guthrie of 365 Cannabis joins the podcast to explain why 'vibe coding' internal ERP, CRM, and supply-chain tools with AI is a tempting but dangerous shortcut for cannabis operators, arguing that without real computer-science and change-management discipline, businesses build tech debt and fragile 'houses of cards' instead of durable infrastructure. The conversation covers why established platforms like Microsoft's Business Central carry real value, why cannabis seed-to-sale data is only descriptive (not predictive), how M&A due diligence and looming FDA-style regulation will punish companies running on Google Sheets or homegrown tools, and how to calculate the real ROI and cost of building software in-house versus investing in proven ERP systems. Key takeaways: - Vibe coding internal software may feel fast and cheap at first, but code quality and reliability degrade with every iteration, creating hidden tech debt that's nearly impossible to diagnose later. - No other major industry is vibe coding its own ERP, CRM, or supply-chain systems — cannabis operators pursuing this are often driven by a pathological need to 'do it themselves' rather than sound business logic. - AI cannot infer hidden interdependencies between data fields (e.g., how a cultivation change affects finished goods downstream), which is why AI-built tools break in ways that are hard to trace. - Cannabis seed-to-sale software (Metrc, BioTrack, Leaf Data-era systems) is built for descriptive record-keeping, not predictive forecasting — true predictive ERP requires a solid data foundation first. - Established platforms like Microsoft Business Central benefit from millions of hours of real-world use cases and a stable, non-customized core, which is why they can handle edge cases homegrown tools can't. - Hosting, API/token costs, and the ongoing cost of maintaining vibe-coded tools are frequently underestimated; a 'free' or cheap DIY tool can end up costing more in lost time and rework than a proper ERP investment. - As M&A activity accelerates, buyers will expect clean books, defined processes, and documented assets/liabilities — a homegrown 'vibe-coded' tech stack is a red flag in due diligence. - Companies should prepare now for FDA-style regulation (traceability, defensibility, change logs, GAAP/GACP compliance) rather than assume they'll have time to react once federal rescheduling or FDA oversight arrives. FAQ: - Q: Should a cannabis company build its own ERP or software tools using AI ('vibe coding')? A: Generally no — while it's technically possible, no other major industry vibe codes its core supply chain, ERP, or CRM systems, and without deep computer-science understanding, teams end up with fragile, undocumented code that breaks under real operational pressure. - Q: What is 'vibe coding' and why is it risky for business-critical software? A: Vibe coding is building software by prompting AI tools like Claude or ChatGPT without a formal development environment or version control. It's risky because AI can drift mid-session, can't infer hidden dependencies between data fields, and produces code no one fully understands, making failures nearly impossible to trace or fix. - Q: Why can't cannabis seed-to-sale software provide predictive insights? A: Seed-to-sale platforms were built primarily as descriptive record-keeping systems (tracking what already happened) rather than predictive systems, so even feeding that data to AI won't produce reliable forecasts without a proper structured data foundation underneath it. - Q: Why does Chris Guthrie trust a platform like Microsoft Business Central over custom-built tools? A: Business Central benefits from millions of hours of real-world business use cases, a hardened and standardized core, and ongoing investment in stability and repeatability, meaning it has already encountered and solved edge cases a homegrown tool likely hasn't. - Q: What hidden costs do companies underestimate when building their own software with AI? A: Cloud hosting fees, ongoing AI token/API costs, and the labor cost of employees' time spent building and later fixing broken tools are commonly overlooked, often making DIY solutions more expensive than a proven ERP system in the long run. - Q: How does a homegrown tech stack affect a cannabis company's M&A prospects? A: Buyers conducting due diligence want clean books, documented processes, and clear asset/liability records; a company built on vibe-coded tools or spreadsheets signals disorganization and can make it far harder to attract serious acquisition interest. - Q: What ROI timeline should companies expect from a proper ERP implementation? A: For a roughly $500,000 project, Chris Guthrie estimates a realistic ERP ROI of about two years minimum, driven by time savings across teams, fewer missed orders, and better predictive decision-making. - Q: How should cannabis companies prepare for potential FDA oversight or federal rescheduling? A: Companies should build traceable, defensible, GAAP/GACP-compliant data systems now — similar to how tobacco, food, or cosmetics companies report ingredients and changes — rather than waiting until regulation forces compliance, since spreadsheets won't meet those future standards. - Q: Why do ERP implementations often fail to get adopted in multi-state cannabis operators? A: Change management is the biggest obstacle — aligning hundreds of employees across different states, facilities, and acquired company cultures around one standardized process is a massive undertaking that many organizations avoid due to lack of bandwidth. - [Hirsh Jain: Rescheduling Is Already Picking Winners](https://www.dimepodcast.com/episodes/hirsh-jain-rescheduling-is-already-picking-winners) — Hirsh Jain: This episode features cannabis strategist Hirsh Jain unpacking the confusing reality behind the April 2025 rescheduling order — explaining why medical cannabis moved to Schedule III while adult-use remains Schedule I, why states like Oklahoma, California, and Washington are interpreting the order in wildly different ways, and what the pending June 29–July 15 DEA hearing on full rescheduling could mean. The conversation also dives deep into the mechanics of DEA registration, the legal pathways toward interstate cannabis commerce, red-state medical market growth (Georgia, Texas, Arkansas), and the implications of the recent Supreme Court gun-rights ruling for cannabis users — making it essential listening for operators trying to navigate a rapidly shifting, still-uncertain federal and state regulatory landscape. Key takeaways: - The April 2025 order from Acting Deputy AG Todd Blanche rescheduled only medical cannabis to Schedule III via the 1961 UN Single Convention rationale; full adult-use rescheduling remains pending a separate DEA hearing from June 29–July 15. - Whether medical cannabis is truly 'federally legal' is contested — it remains a controlled substance under the CSA, but Trulieve's NYSE uplisting suggests institutions increasingly treat Schedule III as conditionally legal. - States are handling the rescheduling ambiguity in at least three distinct ways: Oklahoma treating DEA registration as mandatory, California/Illinois easing medical designation without mandating registration, and Washington/Ohio saying the order may not even apply to them or that they simply don't know. - DEA registration carries real trade-offs — a June 26th deadline offers expedited review, but the process includes potentially self-incriminating questions, unclear benefits (uncertain ties to 280E relief, uplisting, or interstate commerce), and a split in the industry over whether to register at all. - Interstate cannabis commerce is currently blocked mainly by state laws that grew out of the (now-rescinded) 2013 Cole Memo, not solely federal illegality; pathways to unlock it include dormant commerce clause litigation, changing state laws, or interstate compacts like California's SB 1326. - Georgia, Texas, and Arkansas stand out as high-upside medical markets — Georgia's program expands July 1st, Texas patient counts are up 30-40% after 2024 reforms, and Arkansas quietly generates more per-capita medical cannabis sales than Florida. - The Supreme Court's ruling limiting Second Amendment restrictions based on cannabis use status (not conduct) is seen as a culturally and legally significant 'win,' potentially encouraging more patients in red states to register without fear of losing gun rights. - It may be difficult to read clear signals from the July DEA hearing itself since witnesses are expected to be predominantly anti-rescheduling; outcomes and real clarity likely won't emerge until well after the hearing concludes. FAQ: - Q: Did Trump actually reschedule cannabis? A: Not fully. In April 2025, Acting Deputy Attorney General Todd Blanche issued an order that rescheduled medical cannabis to Schedule III and set a separate DEA hearing (June 29–July 15) to consider fully rescheduling cannabis, including adult-use. Adult-use cannabis remains Schedule I, and legal challenges to the medical rescheduling are still pending. - Q: Is state-licensed medical cannabis federally legal now that it's Schedule III? A: It's debated. Some argue it's still federally illegal because it remains a controlled substance under the Controlled Substances Act. Others, including Hirsh Jain, argue Schedule III effectively makes it 'legal under certain circumstances,' pointing to Trulieve's ability to uplist onto the New York Stock Exchange as evidence institutions increasingly treat it this way. - Q: What is the DEA cannabis registration portal, and what's the deadline? A: It's a new DEA portal for cannabis businesses (currently only for retail dispensary licenses) to register; completing it by June 26, 2025 qualifies applicants for 'expedited review' with a pledged six-month DEA decision. Applications after that date are still accepted but won't get expedited treatment, and a manufacturing/cultivation version of the portal had not yet launched as of late June 2025. - Q: Why are states interpreting the rescheduling order so differently? A: Because the order and its legal status remain ambiguous, states are applying their own risk calculus. Oklahoma has signaled DEA registration may become mandatory by 2027 to help clean up its illicit market; California and Illinois are making it easier for licensees to claim medical status without mandating registration; and Washington and Ohio have said the order may not clearly apply to their all-adult-use markets or that they simply don't know what it means yet. - Q: Why isn't interstate cannabis commerce currently allowed? A: Beyond federal illegality, most state cannabis laws were written under the shadow of the 2013 Cole Memo, which conditioned federal non-enforcement on preventing diversion across state lines — leading states to write anti-diversion provisions into law. Even though the Cole Memo was rescinded in 2018, those state laws remain, and dormant commerce clause challenges to them have so far failed because cannabis is still federally illegal. - Q: What are the possible legal pathways to opening interstate cannabis commerce? A: Three main pathways: (1) court challenges arguing that Schedule III status means state interstate bans now violate the dormant commerce clause; (2) direct changes to state laws removing interstate restrictions, complicated by varying legislative calendars; and (3) interstate compacts between consenting states, such as those authorized under California's SB 1326 and a similar recent Vermont law. - Q: Which state medical cannabis markets are expected to grow the most soon? A: Georgia, Texas, and Arkansas are highlighted as the biggest growth opportunities. Georgia's medical program expands significantly on July 1, 2025; Texas has seen 30-40% patient growth after 2024 reforms; and Arkansas already generates more per-capita cannabis sales than Florida despite having a much smaller population. - Q: How does the Supreme Court's gun rights ruling relate to cannabis? A: The Supreme Court ruled that cannabis use status alone isn't sufficient grounds to strip someone of Second Amendment rights, shifting the legal framework from 'status' to 'conduct.' This is seen as both a practical win — potentially encouraging more gun-owning cannabis users to register as medical patients — and a cultural signal that the Court sees cannabis use as widely accepted. - Q: Who is challenging the April 2025 medical cannabis rescheduling order? A: Challengers include the National Drug and Alcohol Screening Association, MMJ International Holdings, Smart Approaches to Marijuana (SAM), and several state attorneys general (including Indiana, Louisiana, and Nebraska), arguing the rescheduling process bypassed required formal rulemaking under a 1977 D.C. Circuit precedent, NORML v. DEA. - [Germany Is the Engine: What BAT Knows That Cannabis Doesn't ft. James Yamanaka](https://www.dimepodcast.com/episodes/germany-is-the-engine-what-bat-knows-that-cannabis-doesnt-ft-james-yamanaka) — James Yamanaka: In this episode, Organigram CEO James Yamanaka discusses his path from British American Tobacco to leading one of Canada's largest cannabis companies, explaining how BAT's long-term, disciplined investment thesis in cannabis shaped Organigram's strategy and ultimately its acquisition of Germany's Sanity Group. The conversation covers the complexity of Canada's provincial cannabis markets, the discipline needed around SKU rationalization and vape category investment, and why Germany — where Canadian producers already supply 46% of the market — represents a massive, still-early growth opportunity for global cannabis. It's a useful listen for anyone trying to understand how legacy consumer/tobacco corporate playbooks, capital, and international market access can reshape cannabis M&A and operations. Key takeaways: - BAT treated its cannabis investment in Organigram as a long-term bet contingent on eventual US federal legalization and removal of the UK's Proceeds of Crime Act (POCA) restrictions, never taking a majority stake. - BAT's due diligence process on acquisitions weighs historical performance, cash position, debt, brand strength, and distribution, but ultimately hinges most on trust in the management team. - Canada is not a single cannabis market — provincial-level differences create significant operational complexity that surprised Yamanaka more than almost anything else after joining Organigram. - Canadian cannabis is now a major global export force: the industry employs ~250,000 people, contributes ~$16 billion to GDP, and supplies about 46% of Germany's cannabis market and roughly 60% of the flower moving through Europe. - The Sanity Group acquisition was structured as a complementary deal, not a synergy/cost-cutting deal — Organigram gains supply security and reach into an exploding German medical market, while Sanity Group gains a scaled, reliable production partner. - Germany's medical cannabis market (~€2.5B) is projected to roughly double in a couple of years, yet still represents under 2 million of ~70 million adult patients potential, signaling significant runway. - Vape/device categories are riskier to chase than flower because unsold devices lose value immediately; Yamanaka's BAT experience taught him to make focused bets rather than chase every new product trend. - Yamanaka's management philosophy centers on listening first, avoiding micromanagement, and empowering teams to make ~80% of decisions independently while he focuses on data-driven strategic questions. FAQ: - Q: Why did British American Tobacco (BAT) invest in Organigram? A: BAT viewed cannabis as a long-term strategic bet tied to the eventual legalization of cannabis at the US federal level and the removal of UK legal restrictions (the Proceeds of Crime Act) that prevented UK companies from investing in businesses considered illegal elsewhere. Organigram served as BAT's investment hub in cannabis without BAT ever taking a majority stake. - Q: How big is Canada's cannabis industry in terms of economic impact? A: According to James Yamanaka, Canada's cannabis industry employs close to 250,000 people and contributes about $16 billion in GDP to the Canadian economy, while also being the largest exporter to Germany, the world's biggest cannabis market. - Q: What percentage of Germany's cannabis market is supplied by Canadian companies? A: About 46% of Germany's cannabis market is currently supplied by Canadian companies, largely because US companies are unable to export there due to federal legal restrictions. - Q: What is the Sanity Group and why did Organigram acquire it? A: Sanity Group is a leading German medical cannabis company with a strong distribution network across pharmacies, telemedicine, and doctors. Organigram acquired it to gain a ready-made European distribution and brand network, while Sanity Group gains reliable, scaled supply from Organigram — the deal was structured as complementary growth rather than a cost-cutting synergy deal. - Q: How is Germany's medical cannabis market expected to grow? A: Germany's medical cannabis market was roughly a €2.5 billion industry as of 2025 and is projected to nearly double to about €4.8 billion within a couple of years, driven by growth in patient numbers from roughly 800,000 toward an estimated 1.8 million, out of a population of about 83-84 million. - Q: Why is the vape/device category considered riskier than flower in cannabis? A: Unlike flower, which typically sells through even if there's a surplus, vape devices lose value almost immediately if a new product or flavor doesn't sell, making it costly to chase every new device or trend. James Yamanaka says this lesson comes directly from BAT's experience in nicotine vapor products. - Q: What is James Yamanaka's management philosophy as CEO? A: He favors listening before acting, avoiding micromanagement, and trusting his team to make the majority of day-to-day decisions. He focuses on setting the right guardrails, asking the key strategic questions, and relying on data supplemented by first-hand visits to facilities and dispensaries. - Q: Why does Organigram want to move away from a pure focus on revenue and market share in Canada? A: James Yamanaka explains that a headlong push for revenue and market share can lead to bad investments at the margins. Instead, Organigram is aiming for more balanced, quality growth with higher profitability, using Canadian profits to help fund investment in higher-growth European markets like Germany. - [Why Ohio Cannabis Is Built Different: Inside the Regulator-Operator Alignment That's Actually Working ft. Caroline Henry](https://www.dimepodcast.com/episodes/why-ohio-cannabis-is-built-different-inside-the-regulator-operator-alignment-thats-actually-working-ft-caroline-henry) — Caroline Henry: This episode features Caroline Henry of Buckeye Relief discussing why Ohio's slower, more deliberate approach to cannabis regulation — capped licensing, phased rule-making, and close collaboration between operators and regulators — has helped it avoid the pitfalls seen in states like Michigan, including a race-to-the-bottom pricing environment and untested product flooding dispensary shelves. Henry also unpacks the persistent stigma around cannabis even in legal markets, the dangers created by Ohio's now-closed intoxicating hemp loophole, and the opportunity and regulatory friction surrounding THC beverages. It's a useful listen for operators and regulators alike interested in how pragmatic, incremental rulemaking and treating regulators as partners rather than adversaries can build a more sustainable state cannabis market. Key takeaways: - Ohio deliberately capped licenses (one cultivation, one processing, up to eight dispensaries per company) to avoid the race-to-the-bottom pricing and oversupply problems seen in unlimited-license states like Michigan. - Ohio allowed adult-use sales to begin under existing medical rules rather than waiting years for a full adult-use rule package to be finalized, giving consumers and operators faster access. - Cannabis remains far less mainstream than industry insiders assume; stigma, misinformation (e.g., the 'gateway drug' myth), and NIMBY pushback are still common even in legal states. - Ohio's unregulated intoxicating hemp market — with roughly 10x more shops than licensed dispensaries — sold untested, candy-marketed THC products and significantly damaged public perception of the licensed cannabis industry. - Effective regulatory engagement comes from small, incremental wins (e.g., eliminating impractical 'man trap' security doors, adjusting testing batch sizes) rather than demanding sweeping changes from top regulators. - States often copy other states' regulations (like Aspergillus testing) without evaluating whether they're actually necessary or effective, driving up costs without improving safety. - THC beverages represent a major opportunity to reach consumers who would never enter a dispensary, potentially serving as a lower-stigma 'gateway' into the broader cannabis category. - Buckeye Relief has intentionally stayed Ohio-only, prioritizing deep operational expertise and team continuity (low turnover since 2017) over multi-state expansion, unlike many MSOs that struggle with state-by-state regulatory fragmentation. FAQ: - Q: Why did Ohio allow adult-use cannabis sales before finishing all its adult-use regulations? A: Ohio's regulators didn't want to make consumers wait years for a full adult-use rule package, so they allowed adult-use consumers to purchase under existing medical program rules (purchase limits and products) while the state continued writing separate adult-use rules in stages. - Q: How does Ohio's cannabis licensing structure differ from Michigan's? A: Ohio caps licenses — one cultivation license, one processing license, and up to eight dispensaries per company, with a statewide legislative cap of 400 dispensaries — whereas Michigan's unlimited licensing model led to oversupply, a race-to-the-bottom on pricing, and difficulty regulating untested product entering the market. - Q: What problems did Ohio's unregulated intoxicating hemp market cause? A: Ohio had roughly ten times more hemp/vape shops selling intoxicating hemp products than licensed dispensaries. These products weren't age-gated, were marketed like candy (e.g., copycats of Nerds or Oreos), often weren't tested, and contributed to accidental ingestions and public confusion between legal cannabis and unregulated hemp products. - Q: Is cannabis as socially accepted as people in the industry often assume? A: No — according to Caroline Henry, people outside the industry rarely think about cannabis day-to-day, and when they do, many still hold outdated views, including misconceptions like calling it a 'gateway drug,' even in states with legal medical and adult-use programs. - Q: Why is child-resistant packaging considered overregulated for some cannabis products? A: Henry argues that while gummies and edibles should require child-resistant packaging since they resemble candy, products like flower or pre-rolls don't need it (similar to how cigarettes aren't required to have it), and the requirement is often applied simply because a product is labeled 'marijuana' rather than based on actual risk to children. - Q: What is the opportunity for THC beverages in the cannabis industry? A: THC beverages can reach consumers who would never walk into a dispensary due to stigma but are comfortable ordering a beverage at a bar or restaurant, potentially serving as an entry point that later leads them to try other cannabis products like edibles. - Q: Why has Buckeye Relief chosen to stay an Ohio-only cannabis company? A: CEO Andy Rayburn's strategy is to be the best and most expert operator in a single state rather than spreading thin across multiple states with different regulations, which helps maintain low staff turnover, deep regulatory expertise, and consistent operations, unlike many multi-state operators (MSOs) that struggle with state-specific rule fragmentation. - Q: How should cannabis operators approach regulators most effectively? A: Henry recommends treating regulators as partners rather than adversaries, understanding what they realistically can and can't approve, pursuing incremental 'small win' changes rather than sweeping asks, and using logic and data instead of passion alone to make the case for regulatory changes. - [Cannabis Was Medicine. Now the Proof Is Catching Up, ft. Joel Stanley and Dr. Marcel Bonn-Miller](https://www.dimepodcast.com/episodes/cannabis-was-medicine-now-the-proof-is-catching-up-ft-joel-stanley-and-dr-marcel-bonn-miller) — Joel Stanley and Dr. Marcel Bonn-Miller: This episode features Joel Stanley, founding CEO of Charlotte's Web and now founder of Ozna Biosciences, and Dr. Marcel Bonn-Miller, a longtime cannabinoid researcher, discussing why proving cannabis as legitimate medicine has been so difficult despite decades of patient evidence and cultural acceptance. They walk through how a 2016 FDA botanical drug guidance finally created a path for whole-plant, multi-compound cannabis drugs to be developed with the same rigor as pharmaceuticals from companies like Pfizer, using their lead autism drug candidate AJA-001 (backed in part by British American Tobacco) as a case study in standardizing, characterizing, and de-risking botanical medicine. It's a useful listen for understanding the science, funding, and regulatory shifts now separating credible cannabinoid drug development from the hype and commoditization of the broader cannabis market. Key takeaways: - Botanical cannabis drugs must go through the identical FDA approval rigor as conventional pharmaceuticals from companies like Pfizer or Eli Lilly, with the added challenge of characterizing thousands of plant compounds. - A 2016 FDA botanical drug guidance finally created a legitimate pathway for whole-plant, multi-compound drugs like cannabis to be developed and approved, something not possible in earlier decades. - Charlotte's Web's decade of standardizing cannabis genetics, cultivation, and extraction gave Ozna Biosciences the reproducible raw material needed to pursue FDA-grade botanical drug development. - AJA-001, Ozna's lead drug candidate targeting irritability and aggression in autism spectrum disorder, is a full-spectrum CBD/THC formulation partly funded by a $15 million investment from British American Tobacco through a partnership called Deloria. - The 'green rush' commoditization of cannabis products created a market bubble and left a stigma that has overshadowed legitimate medical cannabinoid research and slowed public and scientific acceptance. - Real-world evidence from long-term cannabis users has historically been discounted by FDA drug development processes built around traditional clinical trials, though attitudes appear to be shifting. - Cannabinoids work through multiple mechanisms of action simultaneously, unlike single-molecule drugs, making them versatile therapeutically but far more complex to study and standardize. - AI and supercomputing tools are increasingly used to analyze complex mass spectrometry data and speed up identification of novel cannabinoid and plant compounds. FAQ: - Q: What is AJA-001 and what condition is it designed to treat? A: AJA-001 is Ozna Biosciences' lead botanical drug candidate, a full-spectrum, high-CBD/lower-THC cannabinoid formulation derived from Charlotte's Web genetics, being developed through the FDA to treat irritability and aggression associated with autism spectrum disorder. - Q: Why has proving cannabis as medicine been so difficult despite decades of patient testimonials? A: Until recently there was no FDA pathway for approving complex, multi-compound plants as drugs, and years of commoditized, inconsistent cannabis products sold for profit rather than medicine created a stigma that overshadowed the plant's legitimate therapeutic evidence. - Q: What role does British American Tobacco (BAT) play in cannabinoid drug development? A: Through a partnership called Deloria, British American Tobacco has invested $15 million to help fund AJA-001 through Phase 2 trials for autism spectrum disorder, directing tobacco-derived capital into health and wellness research. - Q: What makes developing a botanical whole-plant drug harder than a typical single-molecule pharmaceutical? A: Botanical drugs like cannabis contain thousands of compounds—AJA-001 alone has over 6,000—that must each be identified, characterized, and kept within tight specifications batch after batch, whereas conventional drugs deal with just one molecule and one mechanism of action. - Q: How did Charlotte's Web help pave the way for FDA-regulated cannabinoid drug development? A: Charlotte's Web spent about a decade building a vertically integrated, standardized process covering genetics, cultivation, harvesting, and extraction, giving Ozna Biosciences the reliable, reproducible raw material needed to meet FDA botanical drug standards. - Q: What is 'real world evidence' and why does it matter in cannabis medicine? A: Real world evidence refers to data collected from actual patients using cannabinoid products outside of formal clinical trials; despite being collected rigorously in some cases, it has historically been discounted by the FDA's clinical-trial-centric drug approval process, even though it could help validate cannabinoid therapies. - Q: Why did investor and public sentiment around cannabis-derived medicine go through a boom-and-bust cycle? A: The 'green rush' attracted speculative investment into commoditized, inconsistent products that prioritized profit over quality, creating a market bubble that later burst and left a stigma clouding legitimate cannabinoid medicine research. - Q: How does AI or supercomputing assist in cannabinoid drug development? A: AI and supercomputing help researchers rapidly process massive datasets from mass spectrometry and other analytical tools, speeding up the identification and characterization of novel cannabinoid and plant compound structures. - Q: Why might full-spectrum cannabis products be more effective at lower doses than isolated CBD? A: Data such as that from Epidiolex suggests full-spectrum CBD products require a lower dose to achieve similar efficacy compared to CBD isolate, which researchers attribute to the 'entourage effect' created by terpenes and multiple cannabinoids working together. - [Joe Lustberg: What Cannabis Lenders See That Operators Miss](https://www.dimepodcast.com/episodes/joe-lustberg-what-cannabis-lenders-see-that-operators-miss) — Joe Lustberg: In this episode, Bryan Fields talks with Joe Lustberg of Upwise Capital about what cannabis lenders actually look for versus what operators assume matters, drawing on Joe's dual perspective as a cannabis finance broker and as an operator stuck in a two-plus-year zoning and litigation battle to open a dispensary in Southampton, New York. The conversation covers loan-to-cost structures, debt service coverage ratios, why rescheduling and SAFE Banking won't immediately lower rates, how 280E repeal could transform operator profitability, and why location, profitability, and burn capital cushions matter more than hype around federal reform. It's a useful listen for cannabis operators and investors trying to understand real underwriting standards and capital market dynamics across mature and emerging state markets. Key takeaways: - Profitability, not rescheduling or SAFE Banking, is the key factor lenders require before extending capital to cannabis operators. - Joe Lustberg's own dispensary project has been tied up for over two years in a rezoning and permitting legal battle with the Town of Southampton, NY, while he continued paying rent on the property. - Location remains the top underwriting factor in cannabis real estate lending — properties with strong alternative-use value are far easier to finance than rural or isolated sites. - A common construction loan structure is roughly 65% loan-to-cost from the lender, with the operator contributing 35% plus an additional 35% cushion for burn capital. - Repeal of 280E, more than banking reform alone, could be the biggest profitability game-changer for cannabis operators of all sizes, including small single-store operators. - Overbuilt, over-financed facilities are increasingly being foreclosed on or sold at a discount as markets compress, creating acquisition opportunities for well-capitalized, profitable operators. - Limited-license and emerging markets (Missouri, Kentucky, Arkansas, Ohio, New Jersey) currently offer stronger lending conditions due to profitability and constrained supply. - Working with an experienced cannabis finance broker can help operators present pro forma projections that translate into better loan terms, especially around 280E and refinancing scenarios. FAQ: - Q: Will federal cannabis rescheduling immediately lower loan interest rates for operators? A: According to Joe Lustberg, no — he expects rates to stay largely the same and doesn't anticipate many new lenders entering the market in the six to twelve months following rescheduling, since profitability requirements will remain the deciding factor. - Q: What debt service coverage ratio do cannabis lenders typically require? A: Most lenders look for a minimum debt service coverage ratio around 1.25 to 1.3x, with some requiring a 1.5x global debt service coverage ratio when factoring in personal guarantees. - Q: What loan-to-cost ratio is typical for cannabis construction financing? A: A common structure is the lender providing about 65% of loan-to-cost, with the operator contributing the remaining 35% plus an additional 35% cushion set aside as burn capital for unexpected costs. - Q: What interest rates are common in cannabis lending today? A: Construction/bridge loans often run 13%–15%, bank loans secured by real estate can be 7%–9%, working capital loans are typically 10%–12%, and private debt financing is often in the high teens (around 18%). - Q: Why does location matter so much in cannabis real estate lending? A: Lenders evaluate a property's alternative-use value — a remote site with no viable non-cannabis use (like certain desert locations) is much harder to finance than a property near a city center with broader real estate appeal. - Q: How does 280E affect a cannabis business's ability to get financing? A: 280E prevents cannabis businesses from taking normal business tax deductions, which suppresses net profitability; lenders typically require around six months of demonstrated profitability, so if 280E were repealed, many EBITDA-positive operators would suddenly qualify for much better loan terms. - Q: What happened with Joe Lustberg's dispensary project in Southampton, New York? A: Joe has been in a legal battle with the Town of Southampton for over two years after the town attempted to rezone his property and impose special setback requirements; he won a lawsuit overturning the rezoning and permit process in December, though the case remains in the appellate process while he continues paying rent on the unopened location. - Q: Which cannabis markets are currently attractive to lenders? A: Limited-license or emerging markets such as Missouri, Kentucky, Arkansas, Ohio, and New Jersey are seen as attractive because reduced competition and constrained supply make it easier for operators to be profitable. - Q: What is the biggest red flag lenders look for when reviewing a cannabis operator's financials? A: A common warning sign is when a company's balance sheet shows the business is losing money while executive salaries alone exceed the size of that loss, indicating poor financial discipline. - [The Hidden Margin Killer for MSOS ft. Braunz Muller](https://www.dimepodcast.com/episodes/the-hidden-margin-killer-for-msos-ft-braunz-muller) — Braunz Muller: In this episode, Bryan Fields talks with Braunz Muller, former National Director of Manufacturing Operations at The Cannabist Company, about why cannabis manufacturers are drowning in data yet still failing to make good decisions. Muller explains how disconnected systems between cultivation, extraction, sales, and finance create margin-killing cycles of overproduction and discounting, why 'yield' is the wrong KPI compared to true THC efficiency, and how dynamic (rather than rigid) SOPs, better data hygiene, and holistic cross-departmental visibility can unlock significant hidden profit in multi-state operations. The conversation offers a practical look at the operational blind spots costing MSOs money and how better data infrastructure — and honest interpretation of that data — can fix them. Key takeaways: - Most manufacturing 'data problems' are really problems of interpretation, hygiene, and cross-departmental collaboration, not a lack of data. - Overproduction cycles (the 'bullwhip effect') driven by short-term demand spikes lead to aging inventory, steep discounting, and eroded margins. - Yield is a misleading KPI in extraction; efficiency — how much THC/cannabinoid content is actually recovered from starting material — is the metric that matters. - Naming-convention mismatches between front-of-house POS and back-of-house systems (data hygiene issues) can silently corrupt production planning. - Vertically integrated operators need to trace every finished product back to dry-weight flower equivalents to truly connect cultivation, extraction, and sales planning. - SOPs should be dynamic ('if this, then that') rather than rigid and unchanging, allowing teams to adapt to variable biomass while still building documented complexity over time. - Small upstream inefficiencies (e.g., a cultivation labor shortage raising trim-to-flower ratio) can quietly erode margins across the entire downstream manufacturing chain. - Following market-trend data blindly (e.g., copying whatever a competitor like Select does) leads to commoditized, undifferentiated products — data should guide decisions, not dictate them. FAQ: - Q: Why is yield considered a misleading KPI in cannabis extraction? A: Yield only measures the total mass extracted, not the actual cannabinoid content recovered. A high yield could just mean you extracted a lot of low-value material (like fats or waxes), while efficiency — how much THC or cannabinoid content you actually captured from the starting material — is a far more meaningful measure of extraction performance. - Q: What causes the 'overstock-then-discount' inventory cycle common in cannabis manufacturing? A: It typically happens when production planning reacts to short-term sales spikes by overproducing a product (like vapes), which then ages, gets discounted heavily to move before expiration, and the resulting discount-driven sales spike skews future demand averages, restarting the cycle and steadily eroding margin. - Q: What is a 'dynamic SOP' in cannabis extraction, and why does it matter? A: A dynamic SOP builds in conditional logic ('if this happens, then do this') rather than a single fixed process, allowing operators to adapt to highly variable inputs like moldy or fresh biomass. It should also evolve over time as teams learn, rather than staying frozen for years, which encourages operator skill growth and better outcomes. - Q: Why don't standardized SOPs work well across multiple cannabis manufacturing facilities in an MSO? A: MSOs typically grow by acquiring existing businesses, each with its own equipment, teams, and practices, and without active management, each facility keeps operating in its own way. Regulatory differences and equipment constraints across states also limit true standardization, requiring a flexible approach rather than one rigid system. - Q: How can cannabis companies reduce hidden margin loss in extraction and manufacturing? A: By tracking efficiency (THC/cannabinoid recovery) rather than just yield, monitoring data in real time during extraction instead of waiting weeks for lab results, closing data hygiene gaps, and paying attention to transfer loss and small process inefficiencies that compound across the supply chain. - Q: Why is connecting cultivation data to extraction and sales data so important for vertically integrated operators? A: Because every finished product traces back to raw flower, mapping products to dry-weight flower equivalents lets a company build a complete demand-planning model from cultivation through to retail, revealing how upstream cultivation issues (like short-staffed harvest teams) directly affect downstream manufacturing costs and margins. - Q: Should cannabis manufacturers always follow market trend data (like BDSA reports) when deciding what to produce? A: Not blindly. Following market data too literally often leads every company to make the same products (like copying a competitor's popular pack spec or hardware), flooding the market with undifferentiated goods; companies should use market data as a signal to inform a differentiated strategy, not a script to copy. - [Ed Rosenthal and Greg Baughman: You're Still Growing Cannabis Wrong](https://www.dimepodcast.com/episodes/ed-rosenthal-and-greg-baughman-youre-still-growing-cannabis-wrong) — Ed Rosenthal & Greg Baughman: This episode features Ed Rosenthal, the legendary cannabis cultivation author, and Greg Baughman of CryoCure, discussing why cannabis post-harvest processes — drying, curing, storage, and distribution — remain stuck in outdated, prohibition-era habits that hurt product freshness, consistency, and farmer economics. They dig into how freeze-drying technology preserves terpenes and cannabinoids far better than traditional drying, why dispensary storage and inconsistent supply chains undermine brand quality, and why cannabis cultivation itself needs to modernize toward efficient row-crop-style farming. The conversation matters for growers, processors, and retailers looking to understand how post-harvest innovation and industry maturation will shape product quality and profitability as the market scales. Key takeaways: - Cannabis has a shelf life; terpene and cannabinoid degradation becomes noticeable around the 60-day mark after drying, though freezing can preserve freshness almost indefinitely. - Most consumers and even budtenders have no reliable way to gauge cannabis freshness; checking harvest, testing, and packaging dates on labels is one practical method. - Post-harvest handling can account for as much as 60% of production costs (cited at ~55 cents/gram in Canada), driven mainly by labor for trimming, packaging, and dehumidification. - Inconsistent in-store storage and overdistribution at dispensaries, not just the brand itself, are major causes of inconsistent product quality experienced by consumers. - CryoCure's freeze-drying process reportedly preserves roughly double the terpene content of traditional drying and achieves a three-log reduction in microbials, virtually eliminating mold risk. - Ed Rosenthal argues cannabis cultivation is still shaped by prohibition-era plant-count laws that favored large, bushy plants, rather than efficient, modern row-crop farming methods used for other crops. - As the cannabis industry matures, farmers may increasingly be squeezed out of profits by larger contracted-growing models, similar to the tobacco and poultry industries. - CryoCure's newer 'Hydro-Dry' method aims to replicate freeze-drying's terpene and cannabinoid benefits while matching the familiar texture of traditionally dried flower, easing consumer and budtender adoption. FAQ: - Q: Should cannabis be treated like produce in terms of freshness? A: Yes — both guests agree cannabis has a shelf life and terpene/cannabinoid quality degrades over time, similar to fresh produce, though proper cold storage can preserve it much longer, just as refrigeration extends produce freshness. - Q: How long does cannabis flower stay at peak quality after drying? A: According to Greg Baughman, flower tends to hit a pivotal decline point around 60 days after being brought out of a dry room, when terpenes and cannabinoids start degrading noticeably compared to the 30-day mark. - Q: How can a consumer tell if cannabis flower they're buying is fresh? A: Check the label for the harvest date, how long it took to reach lab testing, and how long it took to reach packaging — these timelines are strong indicators of freshness, since budtenders often don't have this information readily available. - Q: What percentage of cannabis production costs come from post-harvest processes? A: Greg Baughman cited figures suggesting up to 60% of the cost to produce indoor cannabis flower (around 55 cents per gram in Canada) comes from post-harvest steps like trimming, packaging, and dehumidification, largely due to labor. - Q: How does freeze-drying cannabis compare to traditional air-drying? A: Freeze-drying (as done by CryoCure) preserves roughly double the terpene content compared to traditional drying, produces a more shelf-stable product with a specific moisture content, and results in a three-log reduction in microbial contamination. - Q: Why does Ed Rosenthal think current cannabis cultivation methods are outdated? A: He argues that growing large, bushy plants stems from prohibition-era laws that penalized growers based on plant count, incentivizing fewer, bigger plants — a practice that persists today even though it's inefficient compared to modern row-crop-style farming. - Q: What is CryoCure's Hydro-Dry method? A: It's a refined version of CryoCure's freeze-drying process designed to produce flower with a texture nearly indistinguishable from traditionally dried cannabis, while still retaining significantly higher terpene and cannabinoid levels than conventional drying. - Q: How quickly does a CryoCure freeze-drying machine pay for itself? A: According to Greg Baughman, the company's largest machine pays for itself within about 14 processing runs, based on wholesale pricing benchmarks like those in Michigan. - Q: Will big companies like big tobacco eventually buy cannabis farms? A: Greg Baughman and Ed Rosenthal argue this is unlikely — large companies like big tobacco don't typically own farms directly, but instead contract growers to produce raw material, similar to how tobacco and poultry supply chains work today. - [The Legal Market Was Never Built for Payments, Why Cannabis Still Breaks the Rules ft. Aubrey Amatelli](https://www.dimepodcast.com/episodes/the-legal-market-was-never-built-for-payments-why-cannabis-still-breaks-the-rules-ft-aubrey-amatelli) — Aubrey Amatelli: In this episode, PayRio founder Aubrey Amatelli explains why cannabis payment processing remains fundamentally unstable even for companies that follow every card-network rule, drawing on her own experience getting shut down by Mastercard despite building a fully 'compliant' solution. She breaks down how card brands like Visa and Mastercard treat cannabis as a proxy for federal legality, why 180-day fund freezes and sudden shutoffs are an ongoing risk, and how PayRio builds redundancy, KYC-based consumer solutions, and even crypto on-ramps to keep dispensaries funded. The conversation is essential for anyone trying to understand why cannabis payments still don't work like normal retail, and what it will actually take — federal legalization, not just rescheduling — for that to change. Key takeaways: - Following Visa/Mastercard rules and using the correct MCC code does not make a cannabis payment solution 'bulletproof' — card networks can shut down processing at any time because cannabis remains federally illegal. - When a card brand pulls support, funds in flight can be frozen at the bank level for up to 180 days to account for chargebacks, fraud, and risk — a burden that hits cannabis operators especially hard. - Redundancy is critical: PayRio builds multiple processors, bank sponsors, and payment rails into a single terminal so that if one is shut down, another activates instantly with no disruption to the dispensary. - Visa and Mastercard function as a 'governing body' that mirrors federal law — real, industry-wide credit/debit card integration won't happen until cannabis is federally legal, not just rescheduled. - Consumer card payments in cannabis often require a KYC process (ID photo plus facial recognition) to protect dispensaries from fraud and chargebacks. - PayRio doesn't build its own technology — it sources and partners with tech providers, tailoring products (credit/debit, QuickBooks integration, crypto on-ramps) based directly on customer demand. - Cryptocurrency payments exist as an option (including a USDT/USDC-based on-ramp) but represent under 1% of transactions, and cash-only dispensaries have shrunk to roughly 10-15% of new onboards as card processing proves it can grow average ticket size significantly. - Even fully non-plant-touching cannabis-adjacent businesses face payment processor shutdowns from mainstream providers like Stripe due to zero-tolerance risk policies. FAQ: - Q: Why can't cannabis businesses just use standard Visa or Mastercard processing like other industries? A: Visa and Mastercard follow federal law, and since cannabis remains federally illegal, they won't support direct processing of cannabis transactions on their rails, regardless of how compliant a workaround solution is structured. - Q: What happens when a card network like Mastercard decides to shut down a cannabis payment processor? A: The network goes to the processor's sponsoring bank and requires an immediate shutoff of that payment rail. There is no appeals process before the shutoff takes effect — it happens right away, and funds in transit get frozen at the bank. - Q: How long can a dispensary's funds be frozen after a payment processor shutdown? A: Funds in flight can be frozen for up to 180 days to account for potential chargebacks, fraud, and returns — a standard risk practice across industries, but especially damaging for cash-dependent cannabis operators. - Q: How do cannabis payment companies protect dispensaries from sudden shutdowns? A: By building redundancy — using multiple payment processors, bank sponsors, and rails within a single terminal — so that if one is shut off, another activates automatically and the dispensary experiences no interruption in service. - Q: What is KYC and why does it matter for cannabis payments? A: KYC (Know Your Customer) is an identity verification process where a consumer uploads a photo ID and completes a facial recognition scan before making a card-based purchase, helping protect dispensaries from fraud and chargebacks. - Q: Will rescheduling cannabis to a lower federal drug schedule fix cannabis payment problems? A: Not significantly. Rescheduling would help with issues like 280E taxation, but Visa and Mastercard require full federal legalization before they will support cannabis payments the way they support other industries. - Q: Do cannabis dispensaries accept cryptocurrency as payment? A: Some do, through solutions like crypto-to-USD on-ramps, but adoption is minimal — less than 1% of transactions — and it's used far more on e-commerce sites than in physical dispensaries. - Q: What is the business impact of a dispensary moving from cash-only to card payments? A: Case study data shows moving from cash to debit can increase average ticket size by over 25%, and adding credit on top of debit can add another 20% — while integrated tipping solutions have been shown to increase bud tender tips by 67%. - [Gretchen Gailey: Cannabis Industry Has No Idea How DC Works, Why Rescheduling Is Delayed](https://www.dimepodcast.com/episodes/gretchen-gailey-cannabis-industry-has-no-idea-how-dc-works-why-rescheduling-is-delayed) — Gretchen Gailey: Longtime Capitol Hill strategist Gretchen Gailey joins Bryan Fields to explain why the cannabis industry's Washington strategy is fundamentally broken, arguing that occasional fly-ins and small donations can't compete with the sustained, aggressive, politically-savvy presence needed to move federal policy. She breaks down why rescheduling has stalled since Trump's executive order, why the state-by-state model can't produce interstate commerce, why SAFE Banking still matters to small operators, and why the industry needs to fund real lobbying, education, and political pressure campaigns (like her group Project Champion) instead of infighting over narrow carve-outs. It's a candid, insider look at the gap between cannabis industry priorities and how power actually operates in DC.
Key takeaways: - The cannabis industry lacks sustained, year-round presence in Washington and mistakenly believes occasional fly-ins or donations near a vote will move policy. - Washington moves incrementally; fighting for comprehensive legalization instead of sequential wins (rescheduling, then SAFE, then states rights) has repeatedly failed (MORE Act, CAOA). - Politicians rarely act on cannabis due to jobs or tax data alone — they respond to personal stories, especially from medical patients and small operators facing real hardship (denied mortgages, banking costs). - Access to lawmakers is not the same as influence; getting a meeting is easy, but getting genuine follow-through requires sustained pressure and leverage, not polite requests. - State-by-state legalization cannot deliver interstate commerce or consistent product safety standards; federal guardrails (banking, USP-style testing standards, USDA oversight) must come first before addressing niche carve-outs. - Rescheduling has stalled post-executive order largely because the DEA and DOJ are deprioritizing it amid other political crises, and the administration operates top-down, requiring explicit presidential pressure to act. - The industry drastically underinvests in lobbying and political organizing (tens of thousands vs. the estimated $40-50 million/year needed) while spending hundreds of millions on ballot initiatives with mixed ROI. - Groups like Project Champion (founded with NFL veterans Ricky Williams, Jim McMahon, and Kyle Turley) use celebrity access to get in front of key congressional committees and push medical cannabis access. FAQ: - Q: Why does Gretchen Gailey say the cannabis industry misunderstands how Washington works? A: She argues the industry treats Washington like a one-time transaction — showing up for an annual fly-in or donating right before a vote — instead of building the sustained, daily presence required to actually influence incremental, slow-moving legislation. - Q: Why hasn't cannabis rescheduling moved forward despite Trump's executive order? A: According to Gailey, the DEA (which she says opposes cannabis reform) and DOJ under AG Pam Bondi are responsible for finalizing the rule, and they've deprioritized it amid other political crises (like the Epstein files controversy), while the administration's top-down structure means nothing moves without direct, repeated presidential pressure. - Q: Why does SAFE Banking still matter if MSOs have already solved their banking problems? A: Gailey says SAFE Banking remains critical for small, independent operators who can't access loans, mortgages, or basic banking services, even though larger multi-state operators have often found workarounds. - Q: Why can't individual states solve issues like interstate cannabis commerce on their own? A: Gailey argues federal standards (similar to how USP/FDA ensures a Tylenol pill is identical nationwide) are required to guarantee product safety and consistency before interstate commerce can work; leaving it to states creates a patchwork that can't scale into a unified national industry. - Q: What is Project Champion? A: Project Champion is an advocacy group Gretchen Gailey formed with former NFL players Ricky Williams, Jim McMahon, and Kyle Turley to use their celebrity and media access to push for medical cannabis legalization and rescheduling. - Q: Why does Gailey say access to politicians isn't the same as influence? A: She explains that it's relatively easy to get a meeting with staffers or even the White House, but polite meetings often end with vague reassurances ('it's coming') and no real action, whereas actual influence requires sustained pressure, leverage, and willingness to publicly hold politicians accountable. - Q: What does Gailey think the industry should prioritize over niche regulatory requests? A: She says the industry should focus entirely on foundational guardrails — rescheduling, banking, and basic federal safety/testing standards — before lobbying for narrow carve-outs like beverage-specific rules, since none of that matters until the basic framework exists. - Q: Why did Cynthia Lummis stop supporting cannabis banking legislation? A: Gailey says Senator Lummis, a Wyoming Republican who co-sponsored SAFE Banking, received little support or engagement from the cannabis industry despite championing the issue, and ultimately declined to co-sponsor it again before deciding not to run for reelection. - [15 Years of Cannabis Trading . Why I'll Sell Early (Unless This Happens) ft. Dan McDermitt](https://www.dimepodcast.com/episodes/15-years-of-cannabis-trading-why-ill-sell-early-unless-this-happens-ft-dan-mcdermitt) — Dan McDermitt: In this episode, 15-year cannabis stock trading veteran Dan McDermitt of ChartGuys joins host Bryan Fields to break down why the cannabis equity sector remains stuck despite years of rescheduling promises, dissecting the unique and often illiquid trading mechanics behind ETFs like MSOS and MSOX. Dan explains the crucial mindset difference between trading and fundamental investing — emphasizing invalidation points, selling into euphoria, and avoiding emotional attachment — and how AI, social media, and algorithmic headline-trading are reshaping market behavior across sectors. The conversation offers practical risk-management lessons for anyone trying to navigate a historically volatile, catalyst-dependent industry without becoming a bag holder. Key takeaways: - Cannabis stocks have already cycled through multiple pump-and-dump periods, so claims of the sector being 'early' are misleading after 15 years without federal legalization. - MSOS is the most liquid cannabis trading vehicle but is prone to headline-driven halts and a repeatable 'bear playbook' of spike-then-slow-bleed price action. - Leveraged ETFs like MSOX carry built-in time decay and are designed to erode in value unless the underlying trend is strongly and consistently up. - Traders need clear invalidation points (like a support level) for their thesis, while many fundamental investors lack an exit plan, risking becoming bag holders. - Selling partial positions into strength and taking profit into euphoria has been a consistently effective strategy across cannabis, crypto, and penny stock cycles. - Uplisting to a major exchange (allowing individual MSOs to trade like normal equities) may be as important a catalyst for traders as federal rescheduling itself. - Detaching emotionally from a sector or individual stock — separating 'trader' identity from personal belief in the industry's mission — is key to long-term trading success. - AI and algorithmic trading are increasingly driving short-term narrative-based moves (both bullish and bearish), making agility and adaptability essential for traders. FAQ: - Q: Why hasn't cannabis rescheduling served as a real catalyst for cannabis stocks? A: According to Dan McDermitt, years of political promises without follow-through — especially during the Biden administration when Democrats controlled the presidency, House, and Senate but delivered no change — have made traders and investors jaded, so now they demand concrete legal change rather than reacting to rhetoric or headlines. - Q: What makes MSOS trade differently from a typical ETF? A: MSOS involves OTC market participants and uses swaps rather than holding underlying shares directly, creating unusual liquidity dynamics; even experienced traders like Dan McDermitt admit they don't fully understand its mechanics, but they observe patterns like headline-driven trading halts and cascading illiquid price moves. - Q: What is the risk with leveraged cannabis ETFs like MSOX? A: Leveraged ETFs have daily rebalancing that causes time decay, meaning they are designed to erode toward zero over time unless the underlying asset is in a strong, sustained uptrend, making them risky to hold outside of short-term momentum plays. - Q: What is the key difference between a trader's and a fundamental investor's approach to a stock? A: A trader sets a clear invalidation point (a price level where the thesis is proven wrong and they exit), while many fundamental investors lack an exit plan and can rationalize continuing to hold even as a stock falls significantly, risking becoming a bag holder. - Q: Why does Dan McDermitt say he will 'sell early' during a major cannabis catalyst? A: He prefers to leave some profit on the table rather than risk giving back gains in a historically volatile, illiquid sector, a strategy that has consistently protected him through past euphoric cycles in cannabis, crypto, and penny stocks. - Q: How is AI influencing stock trading right now? A: AI is both a bullish narrative driving up related stocks and a tool enabling automated, algorithm-driven reactions to headlines and tweets, creating fast, sometimes exaggerated price swings that professional traders exploit in both directions. - Q: What would be an ideal scenario for the cannabis sector according to Dan McDermitt? A: A concrete rescheduling announcement followed by a clear path to uplisting individual companies to major exchanges, then additional catalysts like a descheduling commission, would create a sustained uptrend rather than a single unsustained price spike. - Q: How does Dan McDermitt manage risk when trading on breaking headlines? A: He sets stop-losses and trade levels based on price action and technical levels rather than trusting headlines outright, so that whether a headline turns out true or false, his risk is controlled and he can benefit from favorable moves without significant downside exposure. - [Premium vs Scale in Cannabis: Inside Rubicon’s Strategy ft. Margaret Brodie](https://www.dimepodcast.com/episodes/premium-vs-scale-in-cannabis-inside-rubicons-strategy-ft-margaret-brodie) — Margaret Brodie: In this episode, Margaret Brodie of Rubicon Organics explains why the company bet on premium quality and a house-of-brands strategy instead of chasing scale and price competition in the Canadian cannabis market. She details the operational discipline behind that bet — from flower grading and quality evaluation panels to complaint tracking, contracted supply, and resource-allocation frameworks — and shares how Rubicon is now weighing genetics investment, EU GMP certification, added cultivation capacity, and a cautious international expansion into Europe. The conversation offers a candid look at building brand trust in a young, unregulated-feeling industry and making disciplined capital-allocation decisions under real financial constraints. Key takeaways: - Rubicon built its strategy around premium quality and a house-of-brands model (Simply Bare Organic, 1964, Wildflower) rather than competing on scale and lowest price. - Consistent quality is treated as the foundation of brand trust; every batch goes through a quality evaluation panel and gets physically smoked before release. - The company tracks complaints (down from double digits to single digits per 100,000 units) and uses a quality evaluation score (highest ever: 82/100) to keep pushing genetics and process improvement. - Not everything is grown in-house — Rubicon uses contracted supply and outside partners (e.g., Blue Swag Hemp Ventures for Wildflower) when it's not their core competency, and regularly re-audits those decisions. - Capital allocation is run like a ranked-opportunity-cost exercise (using the book 'Playing to Win'), forcing the team to kill projects that no longer make sense rather than continuing to fund sunk-cost investments. - Top priorities for future investment are EU GMP certification (to control export/channel) and a dedicated genetics facility, followed by added cultivation capacity, Quebec expansion, and cautious entry into European markets. - Rubicon is deliberately testing international expansion via wholesale in multiple markets before launching its own branded product in Europe, to avoid the broken promises and boom-bust cycles seen elsewhere in the industry. - Brand loyalty and 'attachment rate' data (about 47% for the 1964 brand) suggest that consistent quality across a product line drives cross-purchase, but industry-wide consumer data remains immature. FAQ: - Q: Why did Rubicon Organics choose a premium strategy instead of competing on scale and price? A: Margaret Brodie says the belief that quality wins is central to Rubicon's strategy: without consistent quality you can't build a lasting brand promise, and a discerning segment of cannabis consumers will pay for it, just as they do in markets like wine, scotch, or legacy cannabis. - Q: How does Rubicon Organics define and enforce quality internally? A: Every batch is graded by size (large, medium, small), goes through a Health Canada-recognized quality evaluation panel where it's physically smoked before release, and all consumer complaints from any channel are logged and tracked, with results feeding back into genetics and process decisions. - Q: What is Rubicon Organics' house-of-brands strategy? A: Rather than putting all products under one label (like Lululemon), Rubicon built multiple brands at different price/quality tiers — Simply Bare Organic as super-premium and 1964 as a more accessible premium brand — to meet different levels of consumer demand. - Q: Does Rubicon grow all of its own cannabis? A: Most biomass is grown in-house, but Rubicon also uses contracted supply from other Canadian growers to manage risk and support the broader industry, and it outsources non-core products, such as its Wildflower relief and cool sticks, to partners like Blue Swag Hemp Ventures. - Q: How does Rubicon decide which projects or business lines to keep funding? A: The leadership team ranks projects by complexity, risk, and strategic opportunity (an 'opportunity cost' framework informed by the book Playing to Win), and regularly re-audits existing initiatives to decide whether to keep investing, cut losses, or reallocate resources. - Q: What would Rubicon do with an extra $25 million in capital? A: Margaret Brodie says the priorities would be investing in internal systems, building a dedicated genetics facility, expanding cultivation capacity toward 30,000 kilos of premium output, adding a facility in Quebec, and pursuing EU GMP certification to unlock international channel opportunities. - Q: How is Rubicon approaching international expansion, particularly Europe? A: Rubicon has been running wholesale 'test and learn' sales in multiple international markets (not under its own brand) to vet buyers and market conditions before committing to a branded, controlled launch in a European market, aiming for a disciplined, small-footprint entry rather than a splashy mass rollout. - Q: Is the 'soccer mom' consumer the future of the cannabis market? A: Margaret Brodie argues that while more casual, low-frequency consumers (like a 'soccer mom' buying occasionally) may represent future growth, they aren't the current core, high-spending market, and brands should focus on today's discerning, higher-frequency consumers rather than chase a market that doesn't fully exist yet. - [Prop 64 Fine Print, Pesticide Drift, The Economics Behind Concentrates ft. Micah Anderson](https://www.dimepodcast.com/episodes/prop-64-fine-print-pesticide-drift-the-economics-behind-concentrates-ft-micah-anderson) — Micah Anderson: Micah Anderson of Leaf Brands joins Bryan Fields to dissect why California's Prop 64 rollout has left the legal cannabis market shrinking despite voter approval, and what a regulatory rewrite might look like. The conversation dives deep into the economics of concentrate production — including how pesticide drift from neighboring farms (not the cannabis industry itself) drives costly product failures — and why Leaf built its own large-scale farm and expanded into New York to control supply chain quality. Anderson also discusses reviving Leaf's CBD wellness brand with NBA star Jimmy Butler following Trump's hemp/CBD executive order, and shares an honest, mixed-results account of trying to add a Bitcoin treasury strategy to a cannabis company. Key takeaways: - Prop 64 is widely seen as poorly designed because it let individual cities and counties ban cannabis despite statewide voter approval, causing the legal market to shrink for nearly a decade. - The industry largely played defense instead of pushing back on high taxes and heavy regulation, and many now believe a ballot-initiative rewrite is needed. - Pesticide test failures in concentrates are mostly caused by drift from neighboring non-cannabis farms (like vineyards), not intentional misuse by cannabis cultivators, and have cost Leaf Brands millions of dollars. - Leaf Brands built its own large cultivation footprint (a ~180-acre permitted ranch) partly to control pesticide drift risk and supply chain consistency, while still purchasing 200-225 acres worth of material annually from third-party farms. - Trump's hemp/CBD executive order prompted Leaf to revive its dormant wellness brand, Leaf Organics, in partnership with NBA player Jimmy Butler on a recovery-focused product line. - Concentrate economics are more nuanced than they appear: cultivation yield per acre and extraction yield percentage can vary dramatically by strain, and companies often keep low-yield strains to satisfy client demand or terpene needs. - Leaf expanded into New York cannabis processing because existing California brand clients asked the company to follow them into that market. - Micah Anderson unsuccessfully tried to raise capital for a corporate Bitcoin treasury strategy, finding that investors saw the combination of cannabis and crypto complexity as too risky, though the company still holds Bitcoin and accepts it as payment. FAQ: - Q: Why does Micah Anderson believe California's Prop 64 was poorly designed? A: Because it let individual cities and counties ban or restrict cannabis sales even though the state overwhelmingly voted to legalize it, resulting in about 70% of California lacking legal retail access, heavy taxation, and a legal market that has declined almost continuously since 2016. - Q: What is the main cause of pesticide test failures in cannabis concentrates? A: According to Anderson, most licensed cannabis farms follow clean growing practices, but pesticide drift from neighboring non-cannabis agriculture (like vineyards spraying fungicides) blows onto cannabis crops, and because concentrates magnify any contamination in the plant material, batches that would pass at the flower level can fail once concentrated. - Q: Why did Leaf Brands invest in building its own cannabis farm? A: To gain supply chain consistency and reduce the risk of losing large amounts of purchased material to pesticide drift failures, which had cost the company millions of dollars when third-party farms they relied on suddenly failed testing. - Q: How is Leaf Brands responding to Trump's hemp/CBD executive order? A: The company is reviving its dormant wellness brand, Leaf Organics, pursuing cGMP and NSF certifications, and partnering with NBA player Jimmy Butler on a recovery-focused CBD product line and education campaign, aiming to get into locker rooms and potential Medicare-related wellness programs. - Q: Why does Leaf Brands offer multiple types of concentrates (distillate, hydrocarbon, solventless) instead of specializing in just the highest-margin one? A: To stay a one-stop shop for vape and product brands, since clients need different extract types (like live terpenes from hydrocarbon extraction) and offering the full range keeps the business 'sticky' with customers even if some product lines are lower margin. - Q: Why did Leaf Brands expand into New York's cannabis market? A: Several of Leaf's existing California brand clients were struggling to find reliable processing partners in New York and asked Leaf to expand there, essentially guaranteeing business if the company moved in, so Leaf took a cautious 'crawl, walk, run' approach to entering that market. - Q: What happened when Micah Anderson tried to add a Bitcoin treasury strategy to his cannabis company? A: He attempted to raise capital specifically to buy Bitcoin for the company's balance sheet, but investors interested in Bitcoin treasury strategies balked once they saw the added regulatory complexity of cannabis, and the fundraising effort was ultimately unsuccessful, though the company still holds a small amount of Bitcoin and accepts it as payment. - Q: Does Micah Anderson think fully autonomous robots will run cannabis labs within five years? A: He hopes not, citing the importance of human employees, though he acknowledges automation (like Tesla's Optimus robot) will likely take over specific repetitive tasks such as filling jars while humans handle more complex work. - [JB (Cheech & Chong CEO): Building a National Cannabis Brand Through Trial, Error & Partnership](https://www.dimepodcast.com/episodes/jb-cheech-chong-ceo-building-a-national-cannabis-brand-through-trial-error-partnership) — Guest: In this episode, JB, CEO of Cheech & Chong, breaks down how the iconic 50-year-old brand built a national cannabis and hemp beverage business through partnership, reverse IP licensing, and trial-and-error expansion across nearly 20 states and several international markets. He discusses the tension and complementary opportunity between MSOs and big tobacco as federal legislation evolves, how hemp beverages act as a low-dose on-ramp to cannabis rather than a competitor, and why brand trust and local partnership — not vertical control — have been the keys to scaling nationally despite a fragmented, state-by-state regulatory landscape. Key takeaways: - Cheech & Chong's strategy centers on turning consumers into brand followers and infiltrating as many markets and product formats as possible, rather than licensing a single celebrity product. - The company uses a reverse IP licensing model, currently focused on retail stores, that shares exit value with partners instead of charging upfront licensing fees. - JB frames Cheech & Chong as similar to United Artists in early Hollywood — a brand that helps other, locally strong but non-national brands trade shelf space within MSO-dominated systems. - Expansion into ~19+ states plus international markets (Guam, Peru, and past sales in Germany, Malta, Switzerland) came from years of trial and error, not an initial master plan. - Hemp-derived beverages act as a low-dose gateway experience that can migrate mass consumers toward dispensary/cannabis products rather than cannibalizing cannabis sales. - There are two competing legislative camps — MSOs pursuing a Schedule III framework and big tobacco pushing for full descheduling and interstate commerce — and JB believes both have merit but no clear winner yet. - Local partnership and trust (technology tools like Headset and Flowhub, customized store experiences, flexible territory/product exclusivity) matter more than rigid vertical control. - JB sees Missouri's cannabis market as overvalued, and New York (hemp beverage cap), Washington, California, and Texas as undervalued or still-developing major markets. FAQ: - Q: What is the core brand strategy behind Cheech & Chong's cannabis and hemp business? A: The goal is twofold: turn one-time buyers into repeat brand followers who tell others, and get the brand into as many markets and product formats as possible (apparel, pre-rolls, hemp beverages), rather than just licensing the name onto a single celebrity product. - Q: What is Cheech & Chong's reverse IP licensing model? A: It's a licensing approach where partners bring the brand into their stores or (eventually) production without paying a large upfront fee; instead, Cheech & Chong shares the value created at an eventual exit (public listing or buyout) with those partners, since they helped build the growth. - Q: Why does Cheech & Chong compare itself to United Artists rather than a studio like Paramount or MGM? A: Because instead of trying to vertically control distribution, retail, and manufacturing like early Hollywood studios (or today's MSOs), Cheech & Chong positions itself as a brand that partners with and brings other brands along, helping them get shelf space they couldn't access alone. - Q: How does hemp-derived beverage relate to the cannabis market? A: Rather than competing with cannabis, low-dose hemp beverages (e.g., 5mg drinks sold in liquor stores and retailers) serve as an approachable entry point that can migrate mass consumers toward trying cannabis products or visiting a dispensary later, as seen in states like Illinois where both categories grew together. - Q: What are the two main legislative camps shaping cannabis's federal future, according to JB? A: One camp is MSOs working toward a Schedule III reclassification framework; the other is big tobacco pushing for full federal descheduling paired with interstate commerce provisions in recreational states. Both have merit, but it's unclear which approach will prevail. - Q: Why does JB say alcohol's biggest competitor isn't hemp beverages? A: He argues GLP-1 weight-loss drugs are a bigger threat to alcohol consumption than hemp drinks, and that hemp beverages have actually helped alcohol industry jobs by giving struggling breweries, distributors, and retailers new product lines and revenue (10-20% of some retailers' sales). - Q: How does Cheech & Chong decide on exclusivity when entering a new state? A: For dispensary stores, they typically negotiate exclusivity by geographic area rather than an entire state, avoiding stores too close together competing for the same customers; for products, they usually pursue a statewide manufacturing arrangement unless a partner lacks certain capabilities (like vapes or gummies). - Q: Which markets does JB consider overvalued or undervalued in cannabis and hemp? A: He considers Missouri's cannabis market overvalued (benefiting from being surrounded by restrictive neighboring states) and considers New York (due to its 1mg hemp beverage cap), Washington, California, and Texas as undervalued markets with significant future upside. - [Cannabis Beverages Are Bringing New Consumers Into Cannabis ft Kristin & Eric Rogers](https://www.dimepodcast.com/episodes/cannabis-beverages-are-bringing-new-consumers-into-cannabis-ft-kristin-eric-rogers) — Kristin & Eric Rogers: This episode features Kristin and Eric Rogers, co-founders of cannabis beverage brand Levia, discussing how effects-based drinks are pulling new, often non-smoking consumers into cannabis. They dig into how dosing, formulation, and packaging must adapt state by state, why beverages offer faster onset and more predictable offset than edibles, the role of hemp beverages in expanding market reach, and the ongoing challenge of educating regulators, budtenders, and consumers about mixing cannabis with alcohol and dosing responsibly. It's a useful listen for anyone curious about how cannabis beverage brands build consistency, navigate regulation, and position themselves as a bridge between alcohol culture and cannabis. Key takeaways: - Success in cannabis can't be measured by how many states a brand operates in, since each state's regulatory system and consumer behavior differ dramatically. - Levia formulates with minor cannabinoids and adjusts packaging/storytelling state by state to maintain a consistent brand experience despite differing dosing caps and input availability. - Beverages offer faster onset and a shorter, more predictable 'offset' (about 3 hours) than edibles, giving consumers more control by letting them simply stop drinking if they feel the effects coming on. - Beverages act as a 'category opener' for consumers uncomfortable with smoking or edibles, especially younger non-drinkers and older generations wary of past bad experiences. - Hemp beverages, with fewer marketing restrictions, are seen as a way to build broader consumer education and a 'halo effect' for the regulated cannabis beverage market. - Cannabis and alcohol affect the body differently — alcohol lowers inhibitions while cannabis heightens awareness of them — which complicates driving-impairment testing and regulatory comparisons. - Educating regulators, lawmakers, and budtenders is viewed as the brand's own responsibility, including facility tours to demystify manufacturing and dosing consistency. - Cannabis industry timelines are consistently longer than expected because regulatory bodies are themselves new 'startups' that companies must help shape (e.g., moving from weight-based to unit-based regulations). FAQ: - Q: Why is being in many states not necessarily a sign of cannabis brand success? A: Because each state has its own insulated regulatory system, dosing caps, and consumer behavior, so a brand could be in 35 states and still make less money than one operating well in a single state. - Q: How do cannabis beverages differ from edibles in terms of onset and duration? A: Beverages use emulsification technology that bypasses the liver, creating faster onset (versus 45 minutes to 2+ hours for edibles) and a more predictable 'offset,' with effects generally fading within about three hours based on THC's half-life, compared to 10-12 hours for edibles. - Q: Why are cannabis beverages considered a good entry point for new or hesitant consumers? A: They're socially acceptable and don't require removing yourself from a social setting like smoking does, they offer dosing control similar to alcohol, and they let people 'try one and see how it goes' without commitment to a full edible dose. - Q: What is the difference in how alcohol and cannabis affect decision-making and driving risk? A: Alcohol lowers inhibitions and impairs judgment, often making people feel falsely confident about driving, while cannabis impairs but tends to make users more aware of their own limitations, which is why heavily intoxicated cannabis users often drive overly cautiously rather than recklessly. - Q: Is it safe to mix alcohol and cannabis beverages? A: According to Kristin Rogers, a licensed substance abuse counselor, mixing high doses of both is not recommended and can cause disorienting effects like nausea; low doses of both may work for some people, but reactions vary widely by individual. - Q: Why do full-spectrum cannabinoid products feel different from THC-only products? A: Full-spectrum products include minor cannabinoids beyond THC that create an 'entourage effect,' offering a smoother, more grounded experience (less racy or paranoid) compared to isolated THC, which some describe as a 'soft landing' similar to consuming the plant as nature intended. - Q: Why does everything in the cannabis industry seem to take three to five times longer than expected? A: Because regulatory bodies overseeing legal cannabis are themselves new and evolving, companies often have to help educate and shape those frameworks in real time — for example, helping regulators move from a weight-based to a unit-based measurement system for beverages. - Q: What is a common misconception people have about the cannabis industry and money? A: Many assume cannabis operators are getting rich due to the industry's growth, but very few companies have actually turned significant profit so far, especially given regulatory costs and restrictions like federal tax code 280E. - [Hidden Growth Unmasked: Rescheduling, the Farm Bill & What Comes Next ft Trent Woloveck](https://www.dimepodcast.com/episodes/hidden-growth-unmasked-rescheduling-the-farm-bill-what-comes-next-ft-trent-woloveck) — Trent Woloveck: Trent Woloveck of Jushi Holdings joins Bryan Fields to unpack when vertical integration actually pays off versus when it's smarter to lean on distribution, using Jushi's build-out in Virginia and Pennsylvania as a case study in capital allocation, medical-to-adult-use market flips, and biomass planning. They dig into how federal rescheduling to Schedule III and a capped 280E tax burden are already reshaping how bankers, insurers, and legislators view cannabis balance sheets and deal valuations, and why the closing of the 2018 Farm Bill's hemp loophole—with enforcement landing mid-November—is triggering a wave of intoxicating-hemp busts nationwide. The conversation also covers M&A discipline, state cannabis compacts, THC-infused drinks at Chicago's United Center, and Woloveck's advice for anyone trying to break into the industry. Key takeaways: - Vertical integration's value depends heavily on market maturity — in mature adult-use states like California or Colorado, specialization can beat vertical integration, while in newer or smaller markets like Virginia, Ohio, or Pennsylvania, controlling supply matters more. - Jushi is spending $100M+ (with tens of millions more planned) to expand its Virginia cultivation facility from six toward eight flower rooms ahead of an expected medical-to-adult-use flip that could grow the market roughly 10-20x. - No single operator — not Jushi, GTI, Columbia Care, or Verano — has anywhere near the capital needed to 'monopolize' a state market; claims of market domination are largely a farce given real biomass and canopy requirements. - Federal rescheduling to Schedule III is already changing how bankers, insurers, and state legislators talk to cannabis operators, even before a final rule, mainly by capping 280E tax exposure and normalizing terminal valuations for M&A. - Time, not paperwork, is what kills cannabis M&A deals — fragmented state-by-state regulatory approval, background checks, and mismatched tech stacks (ERP, POS, e-commerce) make integration far harder than in other consumer industries. - The 2018 Farm Bill's hemp loophole (THC-P, HHC, THCA flower) allowed an unregulated intoxicating-hemp market estimated at $15-20 billion or more to flourish; its closure, with enforcement beginning mid-November, is already driving nationwide busts of unlicensed smoke shops. - New York's early licensing missteps (high fees, farmers producing untested product) versus Maryland's smoother social-equity-driven rollout ($420M in six months) show why market design at launch determines long-term health. - Interstate cannabis sales or state compacts remain far off, since Congress hasn't even passed SAFE Banking or finalized rescheduling yet. FAQ: - Q: Does vertical integration actually create value in the cannabis industry? A: It depends on market maturity — in mature adult-use markets, specialized brand-focused operators can outcompete vertically integrated ones, but in newer or smaller markets like Virginia or Ohio, controlling cultivation and supply is critical to keeping shelves stocked and margins healthy. - Q: What is Jushi Holdings' facility strategy in Virginia? A: Jushi owns a 95,000-square-foot cultivation-and-processing building in Northern Virginia and is expanding it, adding grow rooms and building out on roughly six and a half acres of adjacent land, to prepare for Virginia's expected flip from medical to adult-use cannabis sales. - Q: How big could Virginia's cannabis market become after adult-use legalization? A: Virginia's medical market runs around $200 million a year, and Virginia's Joint Legislative Audit and Review Commission (JLARC) estimates the state could become a roughly $4 billion adult-use market, implying growth of up to 20x from current medical revenue. - Q: How has federal cannabis rescheduling to Schedule III affected the industry? A: Even ahead of a final rule, the executive order moving cannabis toward Schedule III has changed conversations with bankers, insurers, and legislators, primarily by capping the punitive 280E tax burden, which improves balance sheets and increases the terminal value operators can sell for. - Q: What is 280E and why does capping it matter? A: Section 280E is the tax code provision that bars cannabis businesses from deducting normal business expenses because the plant remains federally illegal; capping its effect under rescheduling reduces an unpredictable tax drag that previously suppressed valuations industry-wide. - Q: What is the 2018 Farm Bill hemp loophole that's closing in November? A: A drafting gap in the 2018 Farm Bill let hemp-derived cannabinoids like THC-P, HHC, and high-THCA flower be sold largely unregulated as 'intoxicating hemp'; closing that loophole (with total THC as the legal test) and enforcing it starting mid-November is already triggering busts of unlicensed products nationwide. - Q: Why is M&A difficult in the cannabis industry? A: Beyond deal math and legal costs, cannabis M&A is slowed by state-by-state regulatory approvals and background checks, mismatched technology stacks (ERP, POS, e-commerce), and different supply chains and corporate overhead, with time being the single biggest deal-killer. - Q: Why did New York's cannabis rollout struggle compared to Maryland's? A: New York's high licensing fees and hamstrung early infrastructure led to farmers producing product that failed testing, prompting regulators to weaken testing standards; Maryland's smoother, equity-focused rollout instead generated $420 million in sales in its first six months. - Q: Is interstate cannabis commerce or state compacts realistic anytime soon? A: No — Trent Woloveck argues that since Congress hasn't even passed SAFE Banking (rejected roughly a dozen times) or federal rescheduling yet, opening interstate cannabis sales or state compacts is far from imminent. - Q: What's Trent Woloveck's advice for someone trying to break into the cannabis industry? A: There's no single formula — success depends on understanding your own strengths, finding an entry point into a market that fits your goals, then proving yourself and executing consistently within organizations doing things the right way. - [Most Cannabis Marketing Fails Because It Is Asked to Solve the Wrong Problems ft. John Shute](https://www.dimepodcast.com/episodes/most-cannabis-marketing-fails-because-it-is-asked-to-solve-the-wrong-problems-ft-john-shute) — John Shute: In this episode, Bryan Fields talks with John Shute of Puff Creative about why so much cannabis marketing spend gets wasted — from over-reliance on untrackable social media to neglected email marketing, weak store-locator data, and disconnected website systems. John breaks down how brands and retailers can use tools like segmentation, co-marketing platforms, and store-locator analytics to make every dollar trackable, why niching down and prioritizing retention beats chasing SKUs and virality, and why marketing budgets are often the first (and wrongest) thing cut when leadership doesn't understand the ROI already in place. Key takeaways: - When cutting a marketing budget, kill untrackable channels like paid social first and protect owned assets like the website, email marketing, and organic search. - Cannabis brands historically prioritize 'retail real estate' (getting into dispensaries) over digital presence, which has left email marketing and site monetization chronically underused. - Store locator and 'shop now' click data can reveal mismatches between online interest and in-store sales, giving brands leverage to negotiate better shelf placement and co-marketing with retailers. - Audience segmentation by location and product category prevents irrelevant marketing (e.g., pitching a live rosin vape to a distillate-gummy buyer) that drives unsubscribes. - Retention and lifetime customer value matter far more than first-time acquisition; roughly 60-70% of retail customers never return after their first visit. - Niching down to a focused product line (e.g., just live rosin gummies) can be a competitive advantage over spreading thin across many SKUs. - Marketing is often the first budget cut during downturns because decision-makers don't understand or trust the attribution behind results, not because the marketing isn't working. - Effective marketing requires connecting multiple specialized functions (SEO, website, email, social, retention, design) rather than expecting one or two in-house people to cover it all. FAQ: - Q: If a cannabis brand's marketing budget is cut in half overnight, what should be cut first? A: According to John Shute, the first thing to cut is anything that isn't fully trackable, typically paid social media, while protecting owned channels like the website, email marketing, and organic search that the brand controls and can measure directly. - Q: Why do cannabis brands underuse email marketing? A: Because most cannabis brands can't transact directly on their own websites, they historically never had to build strong digital/e-commerce habits, so they defaulted to chasing retail placement and social virality instead of investing in email capture and segmentation. - Q: How can store locator data help a cannabis brand improve retail performance? A: By tracking clicks to 'shop now' and store locator links against actual in-store sales data, a brand can identify dispensaries with high online interest but low sales (suggesting poor shelf placement or visibility) and use that data to negotiate better positioning or co-marketing deals with the retailer. - Q: Why is customer retention more important than first-time acquisition in cannabis retail? A: Data shows roughly 60-70% of customers don't return after their first dispensary visit, so acquiring a customer is far more expensive than retaining one; brands and retailers should focus on segmentation, follow-up communication, and loyalty to keep customers coming back. - Q: Should a cannabis brand launch with many product SKUs or start small? A: John Shute recommends starting small, proving ROI, and expanding SKUs based on actual consumer feedback and polling (as seen with Colorado brand Taste Buds expanding into vapes after gummy customers requested concentrates), rather than launching wide out of ego or ambition. - Q: Why is marketing often the first budget line item cut when a cannabis company needs to save money? A: Often it's because decision-makers, especially those with an old-school marketing background, don't fully trust or understand the attribution showing that the marketing spend is directly tied to revenue, so they assume it's safe to cut without impact. - Q: What is a simple way for a cannabis brand to audit its own website? A: Pretend to be a consumer and go through your own purchase journey, noting every point of friction or confusion; this requires no marketing background, just five to ten minutes once or twice a month to identify and fix drop-off points. - Q: What is Puff Creative Cares? A: It's Puff Creative's giveback initiative launched in fall of the interview year, which has raised funds for causes including a Colorado recovery clinic and Freedom Grow (which helps free cannabis prisoners), with a mental health awareness campaign planned for the following year. - [How Top Teams Balance Art and Process in Extraction ft. Brian Adams](https://www.dimepodcast.com/episodes/how-top-teams-balance-art-and-process-in-extraction-ft-brian-adams) — Brian Adams: In this episode, Brian Adams of Nimbus discusses why rigid, one-size-fits-all extraction SOPs fail in practice, how his team learned to adjust processes based on material variability, and why proactively defining an end goal — yield versus flavor and color — beats reactive downstream fixes. The conversation also covers the hidden importance and inconsistency risks of vape hardware, the economics of when a brand should outsource extraction rather than run it in-house, why well-made BHO can rival or beat solventless concentrates on purity, and the industry's fight against a looming ballot initiative to roll back adult-use cannabis in Massachusetts. Key takeaways: - Identical SOPs don't guarantee identical extraction results because material variability, operator skill, and equipment consistency all significantly affect outcomes. - Top extraction teams empower operators to make real-time adjustments rather than rigidly following a fixed process, which requires significant coaching and development over time. - Defining the end goal (max yield vs. max color/flavor) before running an extraction is more effective than extracting first and deciding what to do with the result afterward. - Companies without equipment capable of maintaining consistent temperature/conditions throughout a run are often at the mercy of variable results and should consider outsourcing to specialists instead. - Vape hardware is often the hidden cause of consumer complaints even when the oil itself is high quality, and hardware manufacturers can become inconsistent once scaled to mass production. - One bad product experience can permanently lose a loyal customer, and most dissatisfied consumers never voice complaints — they simply stop buying, making the problem hard to track. - Well-made hydrocarbon (BHO) concentrate can be argued to be cleaner and more consistent than solventless products, which carry more variability tied to starting material quality. - A well-funded ballot initiative poses a real (roughly 7-out-of-10 likelihood, per the guest) risk of rolling back adult-use cannabis in Massachusetts, and the guest urges the industry to unite against it. FAQ: - Q: Why doesn't following the same extraction SOP guarantee consistent results? A: Because results are driven heavily by the operator and the incoming material, not just the process itself; even similar lots of material from the same source can behave differently, so extraction teams need to make on-the-fly adjustments rather than rigidly following one fixed procedure. - Q: When does it make more financial sense for a cannabis brand to outsource extraction rather than run it in-house? A: When a company can't achieve enough volume or consistent quality with its own equipment, the cost structure often doesn't make sense; outsourcing to a specialized processor with better equipment and cost efficiency can be more economical than continuing to invest in an underperforming in-house program. - Q: Why is vape hardware so important to the customer experience, even though the oil is the main product? A: Hardware acts like the 'producer' delivering the oil's experience to the consumer — even great oil can perform poorly, clog, or fail to vaporize properly if the hardware is inconsistent, especially once production scales to hundreds of thousands of units. - Q: Is BHO (butane hash oil) cleaner than solventless concentrates like rosin? A: According to extraction expert Brian Adams, when made correctly with proper equipment, SOPs, and quality material, hydrocarbon BHO can be the cleanest form of concentrate, preserving the plant's cannabinoids and terpenes without the waxes and fats sometimes present in solventless products, and offers more consistent quality control than solventless extraction. - Q: How real is the risk that Massachusetts could roll back adult-use cannabis? A: Guest Brian Adams rated the possibility at around a 7 out of 10, noting that a well-funded, organized ballot campaign has already gathered enough signatures to get a rollback measure on the ballot, timed strategically for a lower-turnout midterm election year. - Q: Why do some cannabis consumers stop buying a product after one bad experience? A: Cannabis consumers tend to be highly fickle; most people who have a subpar experience don't complain, they simply switch brands, making it hard for companies to track the true scope of dissatisfaction and lost repeat customers. - Q: What role might Schedule III rescheduling play in the push to roll back state cannabis programs? A: The guest speculates, without certainty, that the timing of Schedule III rescheduling alongside opposition ballot campaigns is curious, raising the question of whether pharmaceutical industry interests could be indirectly connected to anti-cannabis efforts, though he stresses this is speculation, not confirmed fact. - [Robotics vs Automation in Cannabis Manufacturing ft. Nohtal Partansky](https://www.dimepodcast.com/episodes/robotics-vs-automation-in-cannabis-manufacturing-ft-nohtal-partansky) — Nohtal Partansky: In this episode, Bryan Fields talks with Nohtal Partansky, founder of Stardust Robotics, about the real difference between automation and robotics in cannabis manufacturing, and why true feedback-driven robotic systems remain rare in the industry. Drawing on his background at NASA/JPL and running a cannabis co-packing company, Nohtal explains how to prioritize automation investments around bottlenecks rather than easy wins, how his company designs, deploys, and iterates machines like Chico and Stardust, and why he believes fully automated "lights-out" cannabis facilities are still roughly 20 years away due to capital, scale, and regulatory instability. Key takeaways: - Automation follows fixed, pre-programmed steps with little to no feedback, while robotics involves real-time decision-making and continuous adaptation based on feedback. - Jar packaging is one of the few cannabis manufacturing processes that can realistically reach ~90% automation; cultivation and full end-to-end manufacturing remain much harder. - Business owners are largely past the fear of automation displacing jobs — reducing costs is often what keeps the company (and any jobs) alive at all. - Effective automation design requires deep operator immersion; companies that don't account for real-world variability in their designs tend to fail or take far longer to build working systems. - The best automation ROI usually comes from targeting the biggest bottleneck, not the easiest task — sometimes a heavily optimized manual process can rival or beat a costly automated one. - Cannabis manufacturing tolerances are enormous compared to aerospace tolerances (thousandths vs. fractions of an inch), because raw materials like hand-rolled cones vary widely batch to batch. - Stardust Robotics protects IP through provisional and non-provisional patent filings, treating patents as both an offensive and defensive tool, while tolerating competitors who solve problems differently. - Full lights-out cannabis manufacturing is likely ~20 years away because it requires more capital, operational expertise, and regulatory/SKU stability than the industry currently has. FAQ: - Q: What's the difference between "automated" and "fully automated" in a manufacturing process? A: Fully automated means the entire end-to-end process runs without human interaction, requiring only supervision and loading, whereas automated typically refers to individual pieces of equipment (like a label maker) that still need to be integrated into a larger, partly manual process. - Q: What's the real difference between automation and robotics? A: Automation performs a fixed set of steps with little or no feedback, like a mechanical clockwork process, while robotics involves a system that makes decisions and continuously adjusts its behavior based on real-time feedback from its environment. - Q: Is fully automated, lights-out cannabis manufacturing realistic in the near future? A: According to Nohtal Partansky, it's roughly 20 years away, because it requires significant capital (tens of millions), deep operational knowledge, sufficient production scale, and stable federal/state regulations and SKUs that current cannabis operators largely lack. - Q: Where should a cannabis operator start when deciding what to automate first? A: Rather than automating the easiest tasks, it's often more valuable to target the biggest production bottleneck first, after doing a root-cause analysis to confirm that automation — rather than simply improving the existing manual process — actually solves the real problem. - Q: How does a company protect its intellectual property in a fast-moving industry like cannabis? A: Stardust Robotics files a provisional patent before publicizing any new machine to secure a filing date, then files a non-provisional patent within a year (which typically takes 18-24 months to be awarded), using patents as both an offensive and defensive tool. - Q: Why is manufacturing tolerance in cannabis so different from aerospace tolerance? A: Aerospace (like NASA/JPL) works with extremely tight tolerances, often within a few ten-thousandths of an inch, while cannabis products like hand-rolled cones vary so much from piece to piece that such precision is impossible — cannabis manufacturing requires designing for much larger variability. - Q: Why hasn't cannabis cultivation achieved the same automation level as other agricultural sectors like cut-flower farming? A: Unlike cut-flower operations that can be fully automated at scale, cannabis cultivation faces regulatory instability, fragmented state markets, and insufficient consolidation/scale, making it hard to justify or sustain a fully automated system. - Q: Are cannabis business owners still worried that automation will eliminate jobs? A: Per Nohtal Partansky, most operators who actually employ people have moved past that concern — they recognize that failing to reduce costs through automation risks the survival of the company itself, which would eliminate jobs anyway. - [Building Jaunty Into One of New York’s Top Cannabis Brands ft. Nicolas Guarino](https://www.dimepodcast.com/episodes/building-jaunty-into-one-of-new-yorks-top-cannabis-brands-ft-nicolas-guarino) — Nicolas Guarino: Nicolas Guarino, co-founder and CEO of New York cannabis brand Jaunty, joins The Dime to trace his path from a failed CBD startup that nearly bankrupted him to building one of New York's top-selling cannabis vape and concentrate brands after the state's 2022 legal market launch. The conversation digs into the brutal early days of New York's slow rollout, the importance of brand consistency and supplier relationships, the hidden cash-flow traps of fast growth, and what it will take for New York's cannabis market to grow from $1.8 billion toward its $4-6 billion potential. It's a candid look at operator-level survival, margin compression, and scaling strategy in one of the country's most-watched limited license cannabis markets. Key takeaways: - Nicolas Guarino's cannabis journey began with a failed CBD extraction startup that nearly led to bankruptcy, including a $900,000 mortgage taken against his sister's house to fund equipment. - New York's hemp-to-rec license pathway, pushed through by industry advocates after Governor Cuomo's resignation, gave early hemp processors like Jaunty a first-mover advantage in the state's 2022 legal market. - New York deliberately opened only one dispensary (Housing Works) by December 31, 2022, forcing early operators to survive on almost no retail distribution for months. - Jaunty grew from $6 million in sales in 2023 to $15 million in 2024 to $29.4 million in 2025, but rapid growth created constant working-capital strain rather than easing it. - Brand consistency — in product formulation, delivery service, and in-store presentation — is treated as the primary defense against low-cost, high-volume competitors and interstate price pressure. - New York's cannabis market is underperforming its $4-5 billion potential (around $1.8 billion in 2025) due to weak enforcement against illicit shops, low consumer education, and prices that remain too high relative to the illicit market and states like Michigan. - Jaunty is focused in 2026 on reducing inventory days, cutting cannabis and non-cannabis input costs (including a planned trip to China to cut out supply chain brokers), and building cash reserves rather than just chasing growth. - Guarino expects further price compression (potentially another 25% down to around $30) in New York and believes trusted, consistent brands are the best defense against commoditized, low-margin competition. FAQ: - Q: Who is Nicolas Guarino and what company does he run? A: Nicolas Guarino is the co-founder and CEO of Jaunty, one of New York's top-selling cannabis vape and concentrate brands, which he built after previously running a CBD extraction company that nearly went bankrupt. - Q: How did Jaunty get its start in New York's legal cannabis market? A: Jaunty's founders had been operating a hemp CBD extraction business since 2018, and when New York created an accelerated licensing pathway giving hemp farmers and processors first access to recreational cannabis licenses in 2022, they were one of only 13 companies on the state's initial list, allowing them to pivot into legal cannabis vapes. - Q: Why did New York only have one dispensary open at the end of 2022? A: According to Guarino, Governor Kathy Hochul's administration wanted to be able to say the legal cannabis program launched in 2022, so a single Housing Works store was opened on December 31, 2022, even though the broader retail rollout remained extremely slow afterward. - Q: Why does rapid revenue growth create cash-flow problems for cannabis brands? A: Guarino explains that growth requires paying suppliers, building inventory, and expanding operations before cash is collected, so unless a company gets favorable credit terms from suppliers, faster growth actually increases working-capital needs rather than resolving them. - Q: What does Jaunty do to maintain product consistency? A: Jaunty avoids changing vape hardware or terpene profiles once a formula succeeds, offers reliable 24-hour delivery to most of the state, maintains store-specific planograms for physical displays, and actively audits and updates digital menus and imagery across retail partners. - Q: Why are cannabis prices so much lower in Michigan than in New York? A: Guarino attributes Michigan's low prices (like $1 pre-rolls and $10 vapes) to abundant supply and intense competition among efficient producers, arguing that lower prices actually drive higher per-capita consumer spending rather than hurting the market. - Q: What does Guarino think New York needs to grow its cannabis market from $1.8 billion toward $4-6 billion? A: He points to opening more stores (especially on Long Island), cracking down harder on illicit bodega sales, better consumer education about legal protections like anti-drug-testing employment laws, and bringing legal prices down closer to illicit market prices. - Q: How is Jaunty preparing for expected price compression in the New York cannabis market? A: Jaunty is working to lower both cannabis and non-cannabis input costs (including a planned sourcing trip to China), automate more of its production, launch a wholesale program to clear excess inventory, and focus on cash building rather than pure growth in 2026. - Q: What role did farm relationships play in Jaunty's survival? A: Jaunty's hemp-era farm partners agreed to defer payment until the company's first legal cannabis sales came in, and those relationships continued to support the company through New York's slow retail rollout by extending credit terms. - [How Charlotte’s Web Unlocked Medical CBD ft. Bill Morachnick](https://www.dimepodcast.com/episodes/how-charlottes-web-unlocked-medical-cbd-ft-bill-morachnick) — Bill Morachnick: Charlotte's Web CEO Bill Morachnick joins The Dime to tell the origin story behind Charlotte Figi and the company's namesake, and to unpack a newly signed executive order that opens the door to Medicare and Medicaid reimbursement for CBD products recommended by licensed physicians. The conversation covers why CBD education has been such an expensive consumer lift, how Charlotte's Web's FDA-registered manufacturing and its DeFloria joint venture position it for a more medicalized hemp category, and why federal reimbursement could finally give doctors — and skeptical consumers — the trust signal cannabis has been missing. It matters because it marks a potential turning point where CBD shifts from a fringe wellness product to a physician-recommended, federally reimbursed medical option. Key takeaways: - A newly signed executive order opens a federal pilot allowing licensed physicians to recommend non-prescription CBD products that get reimbursed through Medicare, starting with oncology patients over 65 around Q1 next year and expanding to all seniors by Q1 2027. - Charlotte's Web traces directly back to Charlotte Figi, a young girl with a rare seizure disorder whose mother, Paige Figi, sourced a CBD extract from the Stanley Brothers that reportedly reduced her seizures from hundreds a day to about one a month. - Physician reimbursement is expected to solve the industry's biggest unsolved problem: CBD education is an unusually expensive consumer packaged goods lift, and doctor validation short-circuits the trust barrier that advertising alone couldn't. - Charlotte's Web operates across three medical tiers: integrative medicine (naturopaths, chiropractors), Medicare/Medicaid-reimbursed recommended products, and DeFloria, an FDA Investigational New Drug pathway product for autism-related irritability. - DeFloria is a joint venture involving Ajna Biosciences (founded by Joel Stanley), using genetics derived from Charlotte's Web's original formula; it has completed Phase 1 trials and is preparing for Phase 2. - Cannabis rescheduling to Schedule III is seen as a net positive for investment and research even though it doesn't directly affect DeFloria's current Schedule I research license. - A hemp-derived THC ban tucked into a continuing resolution/agriculture appropriations bill blindsided the industry, and it remains unclear whether that language will be revised before it takes effect in November 2026. - Virginia, under Governor Youngkin, is cited as a model state approach: eliminating high-potency Delta-8 hemp products while preserving access to full-spectrum medicinal CBD. FAQ: - Q: What is the story behind the Charlotte's Web brand name? A: It's named after Charlotte Figi, a young girl with a rare seizure disorder whose mother, Paige Figi, found a CBD extract grown by the Stanley Brothers that reportedly stopped her near-constant seizures almost immediately after she began using it. - Q: What did the recent executive order change for CBD and Medicare? A: It set in motion a federal pilot program through the Center for Medicare and Medicaid Innovation (CMMI) allowing licensed physicians to recommend non-prescription CBD products that patients can get reimbursed for through Medicare, beginning with oncology patients over 65 and later expanding to all seniors. - Q: Why has CBD education been so expensive for companies to do? A: Unlike most consumer packaged goods categories, CBD requires extensive consumer education before someone will even try the product, which makes the typical marketing funnel — trial, conversion, repeat use — far more costly and inefficient than for typical retail products. - Q: What is DeFloria? A: DeFloria is a strategic joint venture involving Charlotte's Web and Ajna Biosciences (founded by Joel Stanley) developing an FDA Investigational New Drug pathway product, using genetics derived from Charlotte's Web's original CBD formula, to treat irritability associated with autism spectrum disorder. It has completed Phase 1 clinical trials. - Q: Does cannabis rescheduling to Schedule III affect Charlotte's Web's drug development directly? A: Not directly for DeFloria's current research, since its partner Ajna Biosciences already holds a DEA Schedule I license for that work. But rescheduling is still viewed as a broad net positive because it lowers investment risk and could enable more research collaboration industry-wide. - Q: What happened with the hemp ban in the continuing resolution? A: Language banning certain hemp-derived THC products was added to an agriculture appropriations/continuing resolution bill without much warning, catching the industry off guard. It's scheduled to take effect in November 2026, and it remains unclear whether it will be revised given the more favorable direction signaled by the executive order. - Q: How did Virginia handle hemp-derived THC regulation? A: Under Governor Youngkin, Virginia moved to eliminate high-potency, hemp-derived Delta-8 products that fell outside the intent of the Farm Bill, while preserving access to full-spectrum medicinal CBD, which is held up as a model for balanced state-level regulation. - Q: What are the main uses customers report for Charlotte's Web CBD products? A: The most common reported benefits are help with sleep, pain, and anxiety or stress, along with reports of benefits for seizure disorders, veterans and first responders dealing with PTSD, and focus or mental acuity from CBG products. - Q: Is CBD a 'gateway' to other cannabinoids? A: Bill Morachnick disputes that framing, saying he's not aware of customers moving from CBD to more intoxicating cannabinoids; he views it as serving a different, non-intoxicating need state rather than acting as a gateway. - [The Playbook Behind Consistent Cannabis Products at Scale ft. Ryan Crandall](https://www.dimepodcast.com/episodes/the-playbook-behind-consistent-cannabis-products-at-scale-ft-ryan-crandall) — Ryan Crandall: In this episode of The Dime, host Bryan Fields talks with Ryan Crandall, Chief Commercial Officer of MariMed, about how the multi-state cannabis operator builds consistent, high-quality edibles and flower products across a fragmented, state-by-state regulatory system. The conversation covers MariMed's brand portfolio (Betty's Eddies, Nature's Heritage, InHouse, Bubby's Baked, and Vibations), the behind-the-scenes R&D and testing processes used to standardize dosing and quality, the role of budtender education and in-store experiences in building trust, and emerging opportunities and challenges around cannabinoid drinks, THCV/CBG effects, hemp-derived products, and interstate expansion. Key takeaways: - MariMed centrally controls non-cannabis ingredients through proprietary 'bomb bags' to keep recipes consistent across every state it operates in. - Carrier oils are tested at multiple stages (raw oil, infused oil, and finished product) to ensure dosing accuracy, even though this isn't mandated in most states. - Consistent testing helps new labs in newly launched states calibrate faster and produces more reliable, repeatable results over time. - Consumer trust and repeat purchases, not just first-time sales, are the real measure of a successful cannabis brand. - MariMed's brand portfolio spans premium and value flower (Nature's Heritage, InHouse), edibles (Betty's Eddies, Bubby's Baked), and powdered cannabis drink mixes (Vibations). - Budtender education and in-person experiences like cannabis dinners are key channels for teaching consumers about dosing, cannabinoid blends, and product differences. - Minor cannabinoids like THCV and CBG can produce distinct, noticeable effects (energy/appetite suppression vs. increased appetite) that companies are beginning to formulate around. - Cannabis beverages sell differently in dispensaries versus liquor stores/supermarkets, suggesting a mismatch between where consumers are primed to buy drinks versus edibles or flower. FAQ: - Q: How does MariMed keep edible and flower products consistent across multiple states? A: MariMed centrally sources and pre-measures non-cannabis ingredients into what it calls 'bomb bags,' controlling recipes and processes from one location so that products made in different states follow the same disciplined formula and dosing standards. - Q: Is testing carrier oil before it goes into a cannabis product required by regulators? A: No — according to Ryan Crandall, testing the raw and infused carrier oil before final product testing is generally not mandated by most states; MariMed does it voluntarily as an extra quality-control step to improve dosing accuracy. - Q: What was the early edibles market like in states such as Colorado? A: In early legal markets like Colorado, some leading edible brands (such as Edipure) simply sprayed bulk convenience-store candy with cannabis oil, leading to inconsistent dosing and lower-quality products before more quality-focused brands emerged. - Q: What is a 'cannabinoid trifecta' in edibles? A: It refers to combining three (or more) cannabinoids and full-spectrum oil in a single product formulation, tested through multiple consumer trials, to produce a more targeted and effective outcome (e.g., sleep, energy, pain relief) than THC alone. - Q: Why don't cannabis beverages sell as well in dispensaries as regular beverages sell in liquor stores? A: One theory discussed is that consumers walking into a liquor store or supermarket are already in a 'buying a beverage' mindset, while dispensary customers are typically there to buy edibles or flower, making cannabis drinks a less natural purchase in that setting. - Q: What effects do THCV and CBG have according to this conversation? A: THCV was described as producing an energizing, coffee-like effect along with appetite suppression, while CBG was described as significantly increasing appetite for at least one person interviewed — both illustrating how minor cannabinoids can produce distinct, noticeable effects. - Q: What is Vibations, MariMed's cannabis drink mix brand? A: Vibations is a powdered, THC-infused drink mix sold in small stick packs (similar to Liquid IV or Crystal Light) that can be poured into any beverage, designed for discreet, portable dosing at events like concerts, hikes, or sporting events where cans or pre-rolls aren't allowed. - Q: How does MariMed decide which brand to lead with when entering a new state? A: Nature's Heritage typically leads on the flower side and Betty's Eddies leads on the edibles side, since Betty's strong performance in other markets tends to make dispensaries eager to carry it, opening doors for the rest of MariMed's portfolio. - Q: Why does MariMed limit melatonin dosage in its sleep products? A: Even though 5-10 milligrams of melatonin is a commonly effective dose, MariMed uses only 1-2 milligrams because many consumers report feeling overdosed or groggy at higher amounts, showing that effective cannabis/supplement dosing is highly individual. - [Schedule III Changes Everything — This Is Just the Beginning](https://www.dimepodcast.com/episodes/schedule-iii-changes-everything-this-is-just-the-beginning) — Guest: This emergency episode of The Dime breaks down the same-day executive order moving cannabis toward Schedule III, featuring cannabinoid manufacturing experts Zach Edge and Matthew Moore of RHO Advisory and Madron Process Development. They unpack what rescheduling actually changes (and doesn't) for GMP compliance, interstate commerce, medical research access, hemp policy, and veteran access to CBD, while explaining why supply chain and extraction operators face the biggest strategic decisions ahead. It's a useful primer for understanding why this policy shift matters, who benefits first, and what regulatory hurdles (like 21 CFR Part 211 and rulemaking) still lie ahead. Key takeaways: - Schedule III rescheduling was signed via executive order, but no formal rules exist yet — implementation will happen through DOJ, FDA, DEA, and HHS rulemaking over the coming months, with likely litigation along the way. - Supply chain players — growers, extractors, and purification operators — face the most significant strategic and compliance decisions, since new GMP standards (like 21 CFR Part 211) may require major documentation, testing, and track-and-trace upgrades. - Compounding pharmacies are positioned to be fast, well-prepared new entrants into cannabinoids since they already operate under FDA/DEA compliance frameworks used for other prescription drugs. - The executive order surprisingly emphasized hemp policy, including revisiting full-spectrum hemp restrictions from the recent CR law that hemp advocates argue currently obliterates the supply chain. - Schedule III removes quota restrictions for research, which should dramatically improve real-world data quality and enable investigator-initiated trials through regular doctors rather than restrictive Schedule I research facilities. - Veterans represent a massive potential CBD market — hypothetically requiring tens of thousands of kilos of CBD isolate monthly at full VA prescription rates — though supply capacity and insurance/rulemaking hurdles remain. - Interstate distribution currently remains allowed for hemp-derived CBD products but restricted for marijuana and likely for medical cannabis, creating a competitive edge for federally licensed producers over state-licensed ones. - The guests argue this move is a win for both marijuana and hemp industries jointly, aligning with a long-advocated 'one plant' regulatory approach rather than treating them as separate battles. FAQ: - Q: What did the executive order actually change regarding cannabis scheduling? A: It initiated the process of moving cannabis to Schedule III, but it did not create final rules — those still need to go through rulemaking at the DOJ, FDA, DEA, and HHS, meaning the practical details of implementation are still to come. - Q: Does Schedule III mean marijuana is now legal to use anywhere in the US? A: No. Schedule III does not deschedule cannabis or make it legal in states where it's currently prohibited; state-level prohibition still applies in places like Texas or Idaho. - Q: Which types of cannabis businesses need to prepare most urgently for this change? A: Supply chain operators — cultivators, extractors, and purification/processing businesses — face the most significant compliance and capital decisions, since new GMP and testing standards will likely affect them most directly, more so than brands. - Q: What is 21 CFR Part 211 and why does it matter for cannabis? A: It's the section of the Code of Federal Regulations governing pharmaceutical GMP manufacturing, including strict QC/QA and track-and-trace requirements. No current state cannabis program fully meets these standards, and doing so will be necessary for insurance reimbursement or federal drug-pathway participation. - Q: Why might compounding pharmacies become major players in cannabis under Schedule III? A: Compounding pharmacies already operate under FDA/DEA compliance for other prescription substances like hormones and ketamine, and Schedule III makes off-label prescribing and direct-to-consumer shipping of cannabinoids much more feasible for them, giving them a head start over cannabis operators needing to build GMP compliance from scratch. - Q: How does rescheduling affect cannabis research? A: Removing quota restrictions under Schedule III makes it far easier to run investigator-initiated trials through regular doctors instead of restrictive, quota-limited Schedule I research facilities, which should produce better real-world data on both flower and extract products. - Q: Can cannabis products be shipped across state lines under the new rules? A: Hemp-derived CBD products can already move interstate, but marijuana products cannot, and medical marijuana licenses are also unlikely to get interstate leeway, giving federally licensed producers a competitive advantage over state-licensed ones. - Q: What did the executive order say about hemp specifically? A: It included more discussion of hemp than expected, including a callout to revisit restrictive language from a recent continuing resolution that currently makes full-spectrum hemp products (containing THC and other minor cannabinoids) very difficult to legally manufacture. - Q: Is current CBD/hemp supply enough to meet potential new demand, such as from veterans through the VA? A: It's uncertain — estimates suggest full VA-level CBD prescription demand could require around 47,000 kilos of CBD isolate per month, and current US production capacity is estimated near 50,000 kilos monthly at full efficiency, meaning the market is close to capacity-constrained even before accounting for isomerization use of CBD for other cannabinoids. - [Inside SNDL’s Hidden Scale: Global Reach & Supply Chain Powerhouse ft. Tyler Robson](https://www.dimepodcast.com/episodes/inside-sndls-hidden-scale-global-reach-supply-chain-powerhouse-ft-tyler-robson) — Tyler Robson: In this episode of The Dime, hosts Bryan Fields and Kellan Finney sit down with Tyler Robson, President of SNDL (Sundial), to unpack the scale and strategy behind one of Canada's largest and most diversified cannabis companies. Robson traces his path from early Colorado cultivation through building The Valens Company into the world's largest cannabis manufacturing and derivatives platform, and explains how that business merged into SNDL to create a global operator spanning Canadian liquor and cannabis retail, manufacturing, and international distribution in markets like Germany, the UK, Israel, Poland, and Australia. The conversation offers a rare look at SNDL's behind-the-scenes role as a white-label manufacturer for top Canadian LPs, its asset-light, extraction-focused strategy, and its measured approach to future US expansion in Texas and Florida. Key takeaways: - SNDL is Canada's largest liquor retailer, one of its largest cannabis retailers, and its largest cannabis manufacturer/derivatives producer, with global distribution in Poland, the UK, Israel, Germany, and Australia. - SNDL manufactures branded products for nearly every top-tier Canadian LP, meaning consumers likely use SNDL-made products without realizing it. - Tyler Robson built The Valens Company into the world's largest cannabis manufacturing and derivatives platform before it merged into SNDL, chased for over two years by CEO Zach George. - SNDL's strategy is 'fewer, bigger, better' — it's the largest global biomass purchaser and deliberately avoids competing in cultivation or premium/beverage segments, focusing instead on extraction and derivatives at scale. - The company uses a 'Five Whys' framework internally to push teams past firefighting and toward root-cause problem solving. - Each international and state market (Germany, UK, Denmark, Israel, Michigan, Florida) has completely different regulatory rules on potency, product formats, and vertical integration requirements, forcing SNDL to run distinct localized strategies rather than one global playbook. - SNDL is intentionally staying capital-light in Texas and Florida ahead of anticipated legalization/legislative change, planning to lead with manufacturing and derivatives rather than cultivation once markets open. - Robson sees major underappreciated global opportunity in markets like Germany (surging medical imports), Thailand, and eventually South America, and believes formulation/R&D (e.g., vape mouthfeel) remains a largely unsolved opportunity in cannabis. FAQ: - Q: What is SNDL (Sundial) known for beyond cannabis? A: SNDL is Canada's largest liquor retailer in addition to being one of the country's largest cannabis retailers and its largest cannabis manufacturing and derivatives company, giving it diversification and stability across two consumer categories. - Q: Does SNDL manufacture products for other cannabis brands? A: Yes. According to President Tyler Robson, SNDL manufactures branded products for nearly every top-tier licensed producer in Canada, meaning many popular cannabis brands are actually produced using SNDL's manufacturing platform. - Q: How did The Valens Company merge with Sundial (SNDL)? A: Tyler Robson built The Valens Company into the world's largest cannabis manufacturing and derivatives platform. SNDL's CEO pursued a deal with Valens for over two years before the companies merged, after which SNDL laid off roughly 2,000 people and closed multiple facilities to reset strategy and integrate operations. - Q: What is SNDL's core competency in cannabis? A: SNDL's core competency is extraction and manufacturing/derivatives (vapes, edibles, pre-rolls, concentrates), not cultivation or flower. It positions itself as the low-cost, high-volume producer rather than a premium or flower-focused brand. - Q: What is SNDL's US strategy? A: SNDL is a top-five operator in Florida under the Parallel banner due to forced vertical integration requirements, holds one of three cannabis licenses in Texas, is retail-only in Michigan, and is present in Massachusetts — while deliberately keeping a lean footprint in Texas until hemp/cannabis legislation clarifies. - Q: How does cannabis regulation differ across international markets like Germany and the UK? A: In Germany, nearly every cannabis product format except whole flower is banned; in Denmark it's the opposite; and in the UK, all formats (vapes, edibles, beverages) are allowed. Potency limits also vary sharply, such as Israel's 24–28% THC cap versus the UK market favoring around 30% THC flower. - Q: What is the 'Five Whys' method Tyler Robson uses at SNDL? A: It's a problem-solving framework where teams repeatedly ask 'why' up to five times to trace an issue back to its root cause, rather than just addressing surface-level symptoms, which Robson says improves long-term decision-making and prevents repeat mistakes. - Q: Which international cannabis markets does Tyler Robson think are underrated? A: He highlights Germany as rapidly growing and underappreciated, Thailand as already producing significant cannabis volume, and South America as a future major cultivation hub given its agricultural advantages. - [You’re Thinking About Debt Wrong: The Secret to Smart Financing ft. Adam Stettner](https://www.dimepodcast.com/episodes/youre-thinking-about-debt-wrong-the-secret-to-smart-financing-ft-adam-stettner) — Adam Stettner: In this episode of The Dime, Fund Canna CEO Adam Stettner joins hosts Bryan Fields and Kellan Finney to reframe how cannabis operators should think about debt — not as inherently bad, but as a tool that, when the cost of capital is lower than a business's margins, can be used to accelerate growth without tying up scarce cash. Stettner walks through how his firm underwrites cannabis businesses across cultivation, manufacturing, retail, and ancillary categories despite regulatory complexity, banking restrictions, and thin bankability in the space, and shares real examples of clients who scaled hundreds of percent by revolving short-term capital rather than relying solely on their own cash. The conversation matters for cannabis operators and investors trying to understand smart financing structures, working capital strategy, and how specialized lenders evaluate risk in a federally illegal, highly nuanced industry. Key takeaways: - Debt is a neutral tool, not inherently bad — if your business margin exceeds the cost of capital, borrowing to fund growth is a wise financial decision. - Fund Canna focuses on short-duration financing (two years or less) for inventory, raw materials, equipment, and bridge needs rather than real estate or long-term capital. - Cannabis underwriting requires accounting for industry-specific nuances: cash-outlay-to-revenue timelines, delinquent AR, high tax rates, shifting municipal tax rules, and compliance/banking constraints. - Fund Canna segments its portfolio by vertical (cultivation, manufacturing, retail, ancillary, brands) and by state/geography due to the lack of interstate commerce and differing regulatory environments. - Revolving capital lets operators turn borrowed money multiple times within a single manufacturing or sales cycle, compounding returns (e.g., a 35% margin repeated three times in a cycle equals roughly 105% annualized return on someone else's capital). - Fund Canna reports a 69.7% approval rate for cannabis businesses, versus a typical 20-25% bank approval rate for non-cannabis small businesses, because they built a credit model specific to the industry rather than a one-size-fits-all bank approach. - Lenders should not dictate operational or technology decisions (e.g., which equipment to buy) — underwriting should focus on whether financials support repayment, not on judging business strategy. - Debt used for personal consumption or non-revenue-generating purposes (e.g., the anecdote of a client taking a Disney cruise with borrowed funds) is a cautionary example of poor debt use, distinct from strategic operating capital. FAQ: - Q: Is taking on debt bad for a cannabis business? A: Not inherently — according to Adam Stettner of Fund Canna, debt is a powerful growth tool as long as the business's profit margin exceeds the cost of the capital. It only becomes harmful when it's used for non-revenue-generating purposes or when it costs more than the business can earn from it. - Q: What kind of financing does Fund Canna provide to cannabis businesses? A: Fund Canna primarily provides short-duration financing of two years or less, focused on inventory purchases, raw materials, equipment, and bridge capital — rather than long-term financing like real estate loans. - Q: How does Fund Canna's approval rate compare to traditional banks for cannabis businesses? A: Fund Canna approves roughly 69.7% of applicants, compared to a typical 20-25% approval rate banks give non-cannabis small businesses, because Fund Canna built its credit model specifically around cannabis industry dynamics rather than applying generic bank criteria. - Q: Why is underwriting cannabis businesses more complex than underwriting traditional small businesses? A: Cannabis underwriting must account for factors like compliance and licensing, state-by-state regulatory differences, lack of interstate commerce, delinquent accounts receivable, high and shifting tax rates, and long cash-outlay-to-revenue cycles that don't align with standard payment terms. - Q: Does Fund Canna evaluate whether the equipment or technology a business wants to buy is a good investment? A: No — Fund Canna evaluates only whether the business's financials support repayment. Adam Stettner explains that lenders shouldn't dictate operational decisions like which equipment or technology to purchase, since operators know their own business best. - Q: What does it mean to 'revolve' capital in a cannabis manufacturing business? A: Revolving capital means borrowing funds to buy inputs, generating revenue from selling the finished product, repaying the loan, and then borrowing again for the next cycle — allowing a business to fund multiple orders without tying up its own cash, and to compound returns across each cycle. - Q: How much has Fund Canna funded and what's a typical client outcome? A: As of the episode recording, Fund Canna had approved almost $500 million and deployed roughly half of that. On average, clients grow just over 70% in topline revenue, and a typical client draws about 220% more capital over time as a repeat borrower. - Q: Why do successful businesses like Apple, Google, or Nike still use debt despite having cash reserves? A: Because debt, used properly, compounds business growth — companies borrow to fund expansion even when they have cash on hand, since the goal is to earn more from deployed capital than the capital costs, not to avoid all financing. - [How LEVEL Delivers Effects-Based Cannabis Tablets ft. Chris Emerson](https://www.dimepodcast.com/episodes/how-level-delivers-effects-based-cannabis-tablets-ft-chris-emerson) — Chris Emerson: In this episode of The Dime, Bryan Fields and Kellan Finney talk with Chris Emerson, founder of Level, about building an effects-based cannabinoid tablet company grounded in his PhD chemistry background. Emerson details how Level engineers cannabinoid and terpene ratios to reliably deliver targeted experiences like energy, sleep, or socialization, and why rigorous in-process analytical testing, standardized (non-strain-specific) formulations, and real-world research studies are core to product consistency, multi-state expansion, and consumer trust. The conversation also covers the decline of medical cannabis markets, the company's hemp-market strategy, and emerging cannabinoids like THCV, CBDV, and acidic cannabinoids that could shape the next generation of effects-based products. Key takeaways: - Level was founded in 2015 on the thesis of 'effects-based' cannabis, using isolated and purified cannabinoid formulations (including acidics and rare cannabinoids like THCV and CBN) rather than relying on plant-derived full-spectrum extracts alone. - Rather than marketing by strain name, Level intentionally builds blended sativa/hybrid/indica formulations so product consistency doesn't depend on sourcing one specific cultivar, and so effects stay within a predictable range for most consumers. - Achieving consistency required deconstructing and rebuilding the supply chain in-house early on, including sourcing aligned terpene vendors and developing internal cannabinoid/terpene testing capabilities. - Level uses inline process control, testing product potency and homogeneity at multiple stages (input, infused particle, post-tableting) rather than relying solely on third-party lab tests at the end. - Boost, Level's high-THCV product, is informally described as combining cannabis's relaxing qualities with stimulant-like focus and energy, appealing to consumers looking for an alternative to products like Adderall. - Expanding into new states (Nevada, New York, Pennsylvania, New Jersey) was made easier by a maturing national cannabinoid/terpene supply chain and Level's own validated manufacturing and lab-vetting process. - Level is investing in real-world and clinical research (an IRB-approved veteran sleep study on CBG, and pain/sleep studies with MoreBetter and the University of Michigan) to validate its effects-based claims rather than pursuing a formal FDA monograph. - Emerson sees THCV/CBDV ('varin') cannabinoids and acidic cannabinoids (like THCA, CBDA) as the most promising underexplored frontier for future effects-based formulations. FAQ: - Q: What is Level's core philosophy behind its cannabis tablets? A: Level, founded by Chris Emerson in 2015, is built around 'effects-based' or 'targeted-effects' cannabis — using purified and ratioed cannabinoid, terpene, and flavonoid formulations to reliably deliver specific outcomes like energy, sleep, pain relief, or socialization, rather than relying solely on strain names. - Q: Why doesn't Level make strain-specific products like 'Blue Dream' or 'Sour Diesel'? A: Level decided early on not to be a strain-specific company so it wouldn't be dependent on sourcing one particular cultivar. Instead, it creates blended sativa, hybrid, and indica formulations designed to deliver a consistent experience within a predictable range, regardless of which specific inputs are available. - Q: What is 'inline process control' in cannabis manufacturing? A: It refers to testing a product's potency and quality at multiple stages of production — the raw input, the infused particle, and the finished tablet — rather than only relying on a single third-party lab test at the end. Level uses this approach to catch potency or consistency issues before products ever reach a lab or consumer. - Q: How does Level's 'Boost' product relate to THCV and Adderall? A: Boost is Level's high-THCV cannabinoid formulation, informally described by founder Chris Emerson as feeling 'like weed and Adderall had a kid' — delivering focus and energy alongside cannabis's effects, offering an alternative for people seeking stimulant-like focus without a pharmaceutical stimulant. - Q: Why has the medical cannabis market declined in states that legalize adult-use cannabis? A: According to Chris Emerson, once a state moves from a medical-only program to adult-use legalization, the medical market tends to evaporate because it no longer makes financial sense for operators to maintain a separate medical supply chain, even though some patients still need higher-THC, targeted products that adult-use formats don't always support. - Q: How is Level approaching the hemp-derived cannabinoid market differently from other companies? A: Instead of building THC-limited gummies or beverages, Level uses the hemp channel to bring to market highly therapeutic, low-or-no-THC formulations (using CBDA, CBD, CBG, CBC, and THCV) that address needs like pain, sleep, anxiety, and stress, targeting consumers who specifically want no-THC options. - Q: What research has Level conducted to validate its effects-based cannabinoid formulations? A: Level ran a decentralized, IRB-approved, triple-blinded randomized pilot study on CBG's effect on veterans' sleep, and has partnered with MoreBetter and the University of Michigan on studies examining its products for pain modalities and sleep, aiming to generate real-world validated data rather than pursue a formal FDA monograph. - Q: What emerging cannabinoids does Chris Emerson think will become more prominent in the next few years? A: Emerson points to the 'varin' class of cannabinoids (like THCV and CBDV) and acidic cannabinoids (like THCA and CBDA) as the most promising underexplored areas, citing their outsized effect on physiology relative to their small structural differences from more common cannabinoids. - Q: What dosing advice does Level give to first-time or unsure consumers? A: Level recommends splitting even its lowest-dose (10mg) tablets in half or quarters for new or cautious consumers, since its tablets are designed to be easily broken apart and many first-time users still underestimate the effect of a full standard dose. - [What Tobacco and Alcohol Taught Me About Cannabis. ft. Nick Kenny](https://www.dimepodcast.com/episodes/what-tobacco-and-alcohol-taught-me-about-cannabis-ft-nick-kenny) — Nick Kenny: In this episode of The Dime, hosts Bryan Fields and Kellan Finney sit down with global strategic advisor Nick Kenny, a former tobacco industry marketing executive turned cannabis consultant, to unpack how Big Tobacco and alcohol companies are quietly investing in cannabis R&D and IP while waiting for federal stability before entering the plant-touching US market. Kenny explains why regulatory fragmentation, not lack of revenue, keeps major players on the sidelines, how they're focusing on adjacent, non-plant-touching technologies like vapor devices and oral pouches, and what today's cannabis operators can learn from tobacco's decades-long innovation cycle around standardization, consumer data, and brand differentiation. Key takeaways: - Major tobacco and alcohol companies are already active in cannabis R&D and IP development, but avoid plant-touching US operations due to federal instability. - Companies prioritize entering stabilized markets (medical cannabis, Canada, Germany) or lower-risk categories like API/CBD before committing to adult-use CPG. - Federal fragmentation, not lack of consumer demand or revenue potential, is the core barrier keeping big corporations from full US market entry. - Tobacco firms are investing in adjacent, non-plant-touching technologies — vapor devices, oral pouches, bioavailability research — that can transfer into cannabis. - The cannabis industry currently lacks the standardized, consistent, high-quality products that mature consumer industries expect and that big players will eventually bring. - Cannabis and hemp operators often try to do everything (cultivation, extraction, distribution, retail) rather than specializing, which can dilute competitiveness for investment. - Consumer data is a valuable, leverageable business asset in a data-poor industry, whether used internally or sold/licensed to others. - Sensible regulation and taxation, not prohibition, is viewed as the effective path forward, since consumers already have access regardless of legal status. FAQ: - Q: Why haven't major tobacco and alcohol companies fully entered the US cannabis market? A: According to Nick Kenny, the main barrier is federal regulatory instability, not a lack of commercial interest. National infrastructure, banking, insurance, and shareholder considerations make it too risky to enter until there's a stable, harmonized federal framework. - Q: Are big tobacco and alcohol companies actually involved in cannabis already? A: Yes — Nick Kenny says most are quietly investing through R&D, third-party partnerships, and non-plant-touching adjacencies (like vapor devices and oral pouches), even if they don't publicize their involvement. - Q: What is the lowest-risk way for a large regulated company to enter the cannabis space? A: Kenny points to API-related products, CBD, and medical cannabis as the lowest-risk entry points because medical cannabis markets are relatively stable across multiple countries. - Q: How does tobacco's product decline relate to its interest in cannabis? A: As cigarette sales decline, tobacco companies have had to seek new revenue streams — first vapor and e-cigarettes, then reduced-harm products like IQOS, then oral nicotine pouches — with cannabis being viewed as a natural next step in that innovation trajectory. - Q: What can cannabis companies learn from the tobacco and alcohol industries? A: Kenny suggests cannabis companies should focus on building standardized, high-quality, consistent products, invest in understanding consumer behavior and efficacy data, and specialize rather than trying to be vertically integrated generalists across cultivation, extraction, distribution, and retail. - Q: Is first-mover advantage important for large corporations entering cannabis? A: Not yet, according to Kenny — first-mover advantage will matter once there's federal legalization and a level playing field, at which point it becomes a race for shelf space and national distribution. Until then, large companies can afford to wait and prepare. - Q: Why do consumers' personal experiences with cannabis matter to corporate decision-making? A: Kenny explains that internal resistance at large companies often comes not from commercial doubts but from decision-makers' personal or family experiences with cannabis, which can shape perception and slow corporate entry regardless of market opportunity. - Q: How valuable is consumer data in the cannabis industry? A: Very valuable, per Kenny — because data in cannabis is scarce and conflicting, companies that build strong consumer behavior and purchasing data create a leverageable asset that can be used internally or sold to data providers and competitors. - [The Amazon of THC, How Edibles.com Will Take Cannabis National, ft. Thomas Winstanley](https://www.dimepodcast.com/episodes/the-amazon-of-thc-how-ediblescom-will-take-cannabis-national-ft-thomas-winstanley) — Thomas Winstanley: In this episode of The Dime, Bryan Fields and Kellan Finney sit down with Thomas Winstanley, who left his role building Theory Wellness's cannabis retail and product empire to launch Edibles.com, a DTC/wholesale hemp marketplace backed by Edible Arrangements' parent company. The conversation covers how Edibles.com curates and vets brands like Wana, Wyld, and Kanha, leverages Edible Brands' national fulfillment infrastructure, navigates the volatile federal and state hemp regulatory landscape, and is building out retail (including a possible franchise model) and product expansion strategies. It offers a candid look at what it takes for a legacy consumer brand to enter the THC space and scale it responsibly amid looming price compression and policy uncertainty. Key takeaways: - Edibles.com is a DTC wholesale marketplace focused on hemp-derived gummies and beverages, built around outcome-based shopping (sleep, relaxation, comfort) rather than potency-first browsing. - Thomas Winstanley previously scaled Theory Wellness from two Massachusetts medical dispensaries to roughly 18 dispensaries across seven states before moving into hemp. - Edibles.com is backed by Edible Brands (Edible Arrangements' parent), giving it access to a 700-location retail supply chain and fulfillment network (via Berry Direct) without having to build logistics from scratch. - Brand partners like Wana and Wyld joined because the platform offers incremental market reach rather than competing for existing market share, and because a legacy national company entering hemp signals broader industry legitimacy. - The company uses an internal green/yellow/red flag system to track hemp policy risk, works with the US Hemp Roundtable and Hemp Beverage Alliance, and actively lobbies in Washington, D.C. - Beverages are viewed as a riskier category due to looming price compression and capital-intensive shelf-space competition, while gummies and next-gen formulations (like CBD:THC ratio products) are seen as a growth opportunity. - A capital-light flagship 'Edibles.com Retail Store' is being built in Georgia, with a long-term (though uncertain) vision of franchising a low-cost 'dispensary-light' retail model if federal policy allows. - Success is measured less by pure topline revenue and more by expanding consumer access to quality THC products and testing new e-commerce engagement and portfolio expansion levers over the next six to twelve months. FAQ: - Q: What is Edibles.com? A: Edibles.com is a direct-to-consumer and wholesale marketplace that curates and sells hemp-derived THC gummies and beverages from established, cannabis-native brands, helping consumers shop by desired outcome (like sleep or relaxation) rather than by brand or potency alone. - Q: Who is Thomas Winstanley and what is his cannabis background? A: Thomas Winstanley is the executive behind Edibles.com. He previously worked in pharmaceutical marketing, CPG, and alcohol/spirits before joining Theory Wellness in 2018, where he helped grow it from two Massachusetts medical dispensaries to about 18 dispensaries across seven states as a vertically integrated operator. - Q: What company owns or backs Edibles.com? A: Edibles.com is backed by Edible Brands, the parent company of Edible Arrangements, a 25-year-old privately owned company with about 700 retail stores, which provides Edibles.com with supply chain, fulfillment, and infrastructure support. - Q: How does Edibles.com decide which brands to list? A: Thomas Winstanley reviews samples, packaging, lab testing history, compliance records, and distribution footprint, and runs products through internal (non-cannabis-savvy) employee testers, deliberately keeping the catalog small and curated rather than an overwhelming, dispensary-style menu of hundreds of SKUs. - Q: Why did established cannabis brands like Wana and Wyld choose to partner with Edibles.com? A: Because Edibles.com offers incremental market reach without threatening existing sales, and because a legacy national consumer brand entering hemp is seen as a legitimizing 'bellwether' signal for the category, similar to when Total Wine began carrying cannabis-adjacent products. - Q: What are the biggest risks facing the hemp edibles industry right now? A: According to Winstanley, the biggest risks are shifting federal and state hemp regulations (with some states like Ohio and Texas creating sudden red-flag scenarios), and looming price compression in categories like beverages as capital-intensive competition for national retail shelf space intensifies. - Q: Does Edibles.com have physical retail stores? A: Yes, the company is building a capital-light flagship 'Edibles.com Retail Store' in Georgia, chosen for its clear state hemp framework, with a long-term aspiration (contingent on federal policy) to potentially franchise a lower-cost 'dispensary-light' retail model nationally. - Q: How does Edibles.com handle regulatory and compliance risk? A: The company uses an internal green/yellow/red flag system to categorize policy developments, invests in outside legal counsel, participates in groups like the US Hemp Roundtable and Hemp Beverage Alliance, and actively lobbies policymakers in Washington, D.C., including testimony alongside Congressman James Comer. - [Introducing Singular: How Active's Modular Vape Platform Changes Everything ft. Alex Kwon](https://www.dimepodcast.com/episodes/introducing-singular-how-actives-modular-vape-platform-changes-everything-ft-alex-kwon) — Alex Kwon: In this episode of The Dime, Alex Kwon of Active joins hosts Bryan Fields and Kellan Finney to unveil Singular, described as the industry's first universal, modular vape platform designed to bridge the reliability of 510 cartridges with the sleek usability and brand-specific form factors of all-in-one vapes. Kwon walks through the multi-year R&D journey behind the platform — including interchangeable engines, a 510 adapter, sustainability concerns around single-use disposables, and lessons drawn from the e-cigarette and tobacco industries — explaining why Active believes modularity, not another closed pod system, is the future of cannabis vape hardware. The conversation offers a behind-the-scenes look at product development, supply chain resilience, and how manufacturers balance customer feedback with long-term technology bets. Key takeaways: - Singular is billed as the world's first universal, modular vape platform, allowing brands to switch between different engines (stainless, ceramic, postless/SMT) and form factors while maintaining a consistent design family. - A key innovation is a 510 adapter that lets users still use standard 510 cartridges on Singular's smarter battery, reducing friction for consumers and brands transitioning to the new platform. - Active sees single-use, disposable all-in-one vapes as an unsustainable long-term trend due to lithium-ion battery waste and regulatory risk, and built Singular as a reusable, modular alternative. - The platform is designed to reduce SKU complexity for MSOs and multi-brand companies that previously juggled many vendors and hardware types, improving supply chain consistency and troubleshooting. - Active drew lessons from the e-cigarette and tobacco industries' more mature supply chains and technology (batteries, thermoplastics) but adapted only what actually adds value for cannabis oil viscosities and consumer needs. - Active built a secondary manufacturing supply chain in Indonesia years in advance, which proved critical amid ongoing trade issues affecting overseas manufacturing. - Product development took multiple years (internally nicknamed 'Mr. Potato Head'), involved patent and IP strategy through the ITC, and followed a deliberately slow, methodical launch timeline rather than rushing to market. - Kwon teased additional undisclosed technology layers and features planned for rollout in Q1–Q3 of the following year, describing them as central to Active's long-term platform vision. FAQ: - Q: What is Active's Singular platform? A: Singular is described as the first universal, modular vape platform that lets brands mix and match different engine types (stainless, ceramic, and postless/surface-mounted) and form factors, while also supporting a 510 thread adapter for backward compatibility. - Q: Why did Active build a modular vape platform instead of another all-in-one disposable? A: Active believes single-use disposable vapes are not a sustainable long-term solution due to lithium-ion battery waste and looming regulatory scrutiny, so they designed Singular to combine the reusability and reliability of 510 with the sleek design and ease of use of all-in-ones. - Q: What is the 510 adapter feature on Singular? A: It's an adapter that allows users to attach standard 510-thread cartridges to Singular's smarter battery system, so consumers and brands transitioning to the new platform aren't forced to abandon existing 510 cartridges. - Q: How does Singular help multi-state operators (MSOs) with multiple brands? A: By consolidating hardware onto one modular platform, MSOs can reduce the number of SKUs and vendors they manage, improving supply chain consistency, replenishment speed, and troubleshooting across brands. - Q: What lessons did Active draw from the e-cigarette and tobacco industries? A: Active studies tobacco/e-cig battery chemistries, thermoplastics, and supply chain maturity since that industry produces far higher volumes, but only adopts technologies (like screens) that genuinely add value for cannabis oil rather than copying gimmicks that don't suit cannabis viscosities or purchasing power. - Q: How long did it take Active to develop the Singular platform? A: It was a multi-year project, internally nicknamed 'Mr. Potato Head,' involving standard product development cycles of 18–24 months and patent processes of 2–3 years, with Active deliberately delaying launch from a planned earlier debut to refine the platform further. - Q: Why did Active build a secondary manufacturing supply chain in Indonesia? A: Anticipating ongoing trade tensions affecting overseas manufacturing, Active set up a secondary supply chain and manufacturing site in Indonesia two to three years in advance to ensure continuity for clients regardless of geopolitical disruptions. - Q: What different vape engine types does Singular offer? A: Singular offers a stainless metal pod, a ceramic engine called the Pro Pod, and a postless, surface-mounted-technology engine called the Air Pod, each suited to different oil types and viscosities. - [The Lyft Playbook for Cannabis: Building Trust Through Tech ft. Ashwin Raj](https://www.dimepodcast.com/episodes/the-lyft-playbook-for-cannabis-building-trust-through-tech-ft-ashwin-raj) — Ashwin Raj: In this episode of The Dime, LeafLink CEO Ashwin Raj discusses his transition from Lyft, Visa, Amazon, and EzCater into the cannabis industry, and how he approached his first 100 days by listening closely to customers and quickly reversing an unpopular pricing change. The conversation covers LeafLink's marketplace and banking strategy (including the Dharma Financial acquisition), how to balance competing customer demands while building product roadmaps, the role of hemp and regulatory fragmentation in shaping industry consolidation, and where AI fits into LeafLink's future plans. It's a useful listen for anyone interested in how enterprise tech leadership and trust-building translate into building infrastructure for the cannabis B2B marketplace. Key takeaways: - Ashwin Raj joined LeafLink as CEO after roles at Visa, Amazon, Lyft, and EzCater, drawn to cannabis as an emerging, evolving industry much like ride-sharing was in its early illegal days. - Within his first 90 days, Raj reversed a controversial tiered pricing change after customers said the issue wasn't the price itself but its unpredictability and inconsistency, replacing it with a simpler flat two-tier structure (Starter and Pro). - His leadership approach centers on listening directly to customers and internal teams before formulating strategy, rather than acting on preconceived assumptions. - LeafLink is organizing its roadmap around strategic pillars — marketplace selection, order/inventory management, retailer access, and underlying tech/operations — with a three-year planning horizon. - Rather than building a full ERP system to compete with SAP or Oracle, LeafLink focuses on solving specific tangible problems like procurement and inventory management for cannabis operators. - LeafLink acquired Dharma Financial, a cannabis-focused banking provider, to address high compliance costs and cash management challenges unique to the industry. - Raj sees hemp as a critical factor in mainstreaming cannabis-like products (e.g., low-THC drinks sold at Target or CVS), though inconsistent state and federal regulation of hemp versus cannabis remains confusing. - He believes market consolidation and vertical integration among larger operators, combined with third-party platforms like LeafLink, will help the industry achieve efficiencies given ongoing capital constraints. FAQ: - Q: Who is Ashwin Raj and what is his background? A: Ashwin Raj is the CEO of LeafLink, a cannabis B2B marketplace and financial services platform. Before joining LeafLink, he worked in tech and financial services at companies including Visa, Amazon, Lyft, and EzCater. - Q: Why did LeafLink reverse its pricing changes shortly after Ashwin Raj became CEO? A: Customers told Raj that their frustration wasn't with the amount of the price increase but with the unpredictability and inconsistency of the new tiered pricing structure. In response, LeafLink quickly moved back to a simpler, flatter two-tier pricing model (Starter and Pro) to restore predictability and trust. - Q: What is LeafLink's approach to product development? A: LeafLink prioritizes listening to customers early, ideally before building a product, and iterating through concept sharing, prototypes, and beta launches with continuous feedback, rather than building features it assumes the market wants. - Q: Why doesn't LeafLink build a full ERP system for cannabis operators? A: Ashwin Raj explains that traditional ERP systems from providers like SAP and Oracle are too costly for the margin-constrained cannabis industry. Instead of building a full ERP suite, LeafLink focuses on solving specific tangible problems, like procurement and inventory management, that customers actually need solved. - Q: What is Dharma Financial and why did LeafLink acquire it? A: Dharma Financial is a cannabis-focused banking provider that LeafLink acquired to address high compliance costs, cash management challenges, and the lack of affordable banking products tailored to the cannabis industry. - Q: How does Ashwin Raj view the relationship between the hemp and cannabis industries? A: He sees hemp as critical to mainstreaming cannabis-like products because it faces fewer regulatory and capital constraints, enabling wider distribution through retailers like Target and CVS. However, he notes the inconsistent legal treatment of hemp versus cannabis across states and federally creates confusion that platforms need to manage through technology. - Q: What role does AI play in LeafLink's product strategy? A: LeafLink is currently using AI mainly for internal efficiency across engineering and product teams, but Raj is bullish on future AI-powered features like customized data reporting and simplified product search and discovery for retailers and brands on the marketplace. - Q: What does Ashwin Raj believe will drive efficiency and consolidation in the cannabis industry? A: He believes capital constraints will push the industry toward vertical integration and scale on the wholesale side and consolidation on the retail side, with third-party platforms like LeafLink helping smaller operators compete without heavy investment in sales infrastructure. - [Built for Consolidation, Guided by Icahn-Like Discipline, and Poised for Cannabis’ Next Iteration, ft Jared Maloof](https://www.dimepodcast.com/episodes/built-for-consolidation-guided-by-icahn-like-discipline-and-poised-for-cannabis-next-iteration-ft-jared-maloof) — Jared Maloof: This episode of The Dime features Jared Maloof, CEO of Standard Wellness, tracing his path from a finance and legal career at Carl Icahn's companies into building a vertically integrated multi-state cannabis operator across Ohio, Utah, Missouri, and Maryland. The conversation digs into the operational chaos of running vertically integrated businesses across states with wildly different regulations, product forms, and cultivation environments, the existential threat posed by unregulated hemp-derived THC products, and why Maloof believes a looming multi-billion-dollar industry debt wall will trigger consolidation and asset acquisition opportunities for disciplined operators. It's a useful listen for anyone trying to understand the practical realities of scaling a cannabis MSO, the hemp/THCA competitive threat, and what institutional capital is really waiting for before entering the space. Key takeaways: - Standard Wellness grew from a single Ohio medical cannabis win into a vertically integrated operator across Ohio, Utah, Missouri, and Maryland by targeting states with limited licenses, high population, and favorable qualifying conditions. - Running vertically integrated cannabis businesses across multiple states is extremely complex because regulations, allowed product forms, packaging rules, and even seed-to-sale software differ market by market, preventing a one-size-fits-all operating model. - Standard deliberately grows slowly and scrappily, reserving 30-35% of its own product for its retail shelves (brand: The Forest) rather than pushing 70-80% of its own product, to preserve a better multi-brand retail experience. - Unregulated hemp-derived intoxicating products (Delta-8, THCA flower) sold in vape shops and gas stations are seen as a bigger existential threat than illicit competition, since consumers don't distinguish regulated cannabis from hemp products and hemp economics (100-acre grows) can't be matched by licensed cultivators. - Maloof believes a coming $4-6 billion industry debt wall will cause significant operator failures, creating opportunities for disciplined companies like Standard Wellness to acquire distressed assets cheaply. - Interstate commerce, if it eventually arrives, is expected to be tightly regulated state-by-state (similar to alcohol distribution models) rather than fully open, protecting existing state-licensed operators to some degree. - True institutional capital won't enter cannabis until 'uplisting' becomes viable — i.e., until large companies and mutual/hedge funds feel safe holding cannabis equities, which Maloof argues is a bigger unlock than rescheduling or safe banking alone. - AI tools are being used daily across Standard Wellness's corporate team for tasks like legal brief review and competitive analysis, though AI-generated strain art was abandoned for looking too obviously artificial. FAQ: - Q: Who is Jared Maloof and what is his background? A: Jared Maloof is the CEO of Standard Wellness, a multi-state cannabis operator. He has a finance and legal background, previously serving as CFO for a company owned by Carl Icahn, before being recruited by a friend to help legalize and build a cannabis business in Ohio. - Q: Why did Standard Wellness choose Utah as an early market? A: Utah ran a competitive licensing process that capped licenses at 8 cultivation and 14 pharmacy licenses, ensuring a controlled market. The Church of Jesus Christ of Latter-day Saints was also supportive of the program, and the state proved to be a common-sense, low-red-tape place to do business. - Q: What is Standard Wellness's approach to vertical integration and retail? A: Standard Wellness runs cultivation, processing, and retail (under its brand The Forest) but intentionally limits its own products to about 30-35% of shelf space, leaving room for competitor brands to create a better overall retail experience and encourage reciprocal shelf space elsewhere. - Q: Why does Jared Maloof see unregulated hemp products as a major threat to licensed cannabis operators? A: Hemp-derived products like Delta-8 and THCA flower are sold cheaply through vape shops, gas stations, and liquor stores without the strict testing, tracking, and advertising regulations that licensed cannabis companies face, allowing them to undercut licensed products dramatically on price while serving the same consumer demand. - Q: What does Maloof mean by an industry 'debt wall' and why does it matter? A: He's referring to an estimated $4-6 billion in cannabis industry debt coming due between this year and next, which he expects will cause significant operator failures and create opportunities for well-capitalized, disciplined companies to acquire distressed assets at low prices. - Q: Does Jared Maloof think interstate cannabis commerce is coming, and how might it be regulated? A: He expects that if interstate commerce becomes legal, states will likely regulate it tightly rather than allow a fully open market, similar to how alcohol distribution is controlled through licensed wholesalers and a limited number of authorized retailers. - Q: What does Maloof believe is the real unlock for institutional capital to enter cannabis? A: He argues that 'uplisting' — the ability for major companies and institutional investors like mutual and hedge funds to safely hold cannabis equities — matters more than rescheduling or safe banking alone for the industry to attract real, large-scale capital. - Q: How is Standard Wellness using AI in its business? A: Employees use AI daily for tasks like reviewing legal briefs and competitive analysis. The company experimented with AI-generated strain art but abandoned it because it looked too obviously AI-generated, reverting to hand-drawn artwork instead. - [Chris Ball: Betting It All — What It Really Takes to Build a Brand With Your Name on It: Pain, Patience, and Relentless Faith](https://www.dimepodcast.com/episodes/chris-ball-betting-it-all-what-it-really-takes-to-build-a-brand-with-your-name-on-it-pain-patience-and-relentless-faith) — Chris Ball: Chris Ball, founder and CEO of Ball Family Farms, walks through his journey from a Los Angeles legacy-market cannabis seller and felon-turned-social-equity licensee to building a family-run, brand-driven cultivation company. He details the bootstrapped, one-room-at-a-time build-out of his facility, the movie-inspired branding strategy behind strains like Daniel LaRusso and Miyagi-Do, and how his Rare Breeds mentorship program helped cultivator "Hood Baby" (Zach) win a major genetics competition. The episode is a candid look at resilience, family trust, brand storytelling, and balancing new cultivation technology with hands-on human expertise in cannabis cultivation. Key takeaways: - Chris Ball built Ball Family Farms after receiving a Tier One social equity cannabis license despite a prior indictment, and staffed the company entirely with family members he trusted from his legacy-market background. - The brand name BFF (Ball Family Farms) was chosen partly to avoid the unintended "BMF" abbreviation, and the logo was later redesigned to remove the weed leaf and feel more elevated rather than overtly 'cannabis.' - Strain names like Daniel LaRusso, Miyagi-Do, and Bonsai were deliberately based on movie references (The Karate Kid) rather than food or candy names, a contrarian bet that paid off when Cobra Kai's popularity reintroduced the character to a new generation. - A DM from rapper Berner validating the brand was a personal turning point that confirmed the strategy was working. - Ball chose to fully build and perfect one cultivation room at a time rather than half-building multiple rooms, prioritizing quality and reputation over faster scale, drawing on lessons from losing legacy-market deals to competitors with better product. - He avoided taking on outside investors or partners during cash-strapped periods, relying instead on an athlete's mindset of pushing through adversity. - The Rare Breeds program mentors legacy-market cultivators (like 'Hood Baby'/Zach) by giving them platforms, business training, and credit for their genetics, rather than absorbing their work anonymously into the company. - Ball Family Farms uses cultivation technology like Aroya AI feeding systems and TrolMaster sensors, but found that manually tended plants still outperformed AI-managed ones, underscoring the continued value of hands-on human cultivation expertise. FAQ: - Q: How did Chris Ball get into the cannabis industry? A: Chris Ball got his first ounce of weed at 16 from his cousin Earl, the neighborhood weed connect, after growing up around his father's cannabis use. He spent years in the legacy market, was later indicted in 2010, and eventually received a Tier One social equity cannabis cultivation license in 2018 that became the foundation of Ball Family Farms. - Q: What does the name Ball Family Farms mean? A: The name comes from Chris Ball's decision to staff his newly licensed cannabis company entirely with trusted family members, since his last name is Ball. It also doubles as the acronym BFF, playing on the phrase 'best friends forever' as a tagline for the brand. - Q: Why is one of Ball Family Farms' strains named Daniel LaRusso? A: Chris Ball is a lifelong Karate Kid fan and wanted a strain name that stood apart from the food- and candy-themed names common in the industry. On advice from a friend who runs the brand Kingston Royal, he named the strain after the character Daniel LaRusso, betting that fans would seek out the reference — a bet that paid off when the Cobra Kai series reintroduced the character to new audiences. - Q: What is the Rare Breeds program? A: Rare Breeds is a mentorship platform created by Chris Ball at Ball Family Farms to give talented legacy-market growers and breeders a legitimate path into the legal cannabis industry, including training in cultivation, business operations, and eventually help launching their own branded strains and companies. - Q: Who is Hood Baby and how did he join Ball Family Farms? A: Hood Baby, whose real name is Zach, is a cultivator who was introduced to Chris Ball through cultivation manager Oscar Figueroa. He started at entry-level cultivation tasks before hunting a genetic (Oakland Oranges x Zkittlez) that won first place at a Connect Community Cup competition, after which Ball launched him into the Rare Breeds program with his own brand. - Q: Did Chris Ball ever take on outside investors to fund Ball Family Farms? A: No. Despite financial pressure during the buildout, Chris Ball chose to bootstrap the company entirely using money earned in the legacy cannabis market, avoiding outside investors or partners due to past horror stories and a preference for betting on his own team. - Q: How does Ball Family Farms use technology in cultivation? A: The company uses tools like Aroya AI feeding systems, TrolMaster environmental controls, sensors, and crop steering techniques, and has moved from full living soil to a cocoa-living-soil-and-rockwool growing method. However, they found manually watered plants outperformed AI-automated ones, so they still rely heavily on hands-on human monitoring. - Q: What was the turning point that showed Chris Ball his branding strategy was working? A: Beyond rising sales during the pandemic, the defining validation moment was receiving a direct message from rapper Berner praising the brand, which Chris Ball considers the moment he knew Ball Family Farms' movie-themed strain naming strategy had truly arrived. - [$28.4 Billion Dollar Hemp Industry Can’t Be Put Back in the Bottle ft Jim Higdon](https://www.dimepodcast.com/episodes/284-billion-dollar-hemp-industry-cant-be-put-back-in-the-bottle-ft-jim-higdon) — Jim Higdon: This episode of The Dime features Cornbread Hemp co-founder Jim Higdon breaking down the chaotic, fast-moving fight over federal hemp policy, including a bipartisan congressional letter opposing the Andy Harris THC-zeroing language in appropriations bills, the twists of Texas's hemp saga (from Senate prohibition to a gubernatorial executive order), California's new restrictive hemp bills, and Ohio's regulatory limbo. Higdon argues the hemp industry's $28.4 billion size is itself a form of political leverage that can force lawmakers toward a rational, eventual one-plant regulatory solution, while also explaining why alcohol conglomerates and some cannabis stakeholders remain fiercely opposed to hemp's growth. The conversation closes with a look at Cornbread Hemp's pioneering THC seltzer sponsorship of University of Louisville Athletics as an example of mainstreaming the category. Key takeaways: - A bipartisan letter signed by 27 members of Congress from 13 states demanded removal of the Andy Harris language (which would zero out THC in hemp products) from appropriations bills before a potential government shutdown. - The hemp industry's strategy is to demonstrate market power (a $28.4 billion industry) to force lawmakers into a rational conversation about long-term federal regulation, including an eventual 'one-plant solution' requiring full cannabis descheduling. - Texas's hemp fight swung dramatically: a Senate-driven prohibition bill was vetoed by Governor Abbott after favorable polling, but a subsequent special session (consumed by redistricting) ended without a hemp bill, leading Abbott to regulate hemp via executive order instead (21+ age gating, labeling and testing standards). - California passed AB8 and SB 378, including a direct-to-consumer sales ban opposed by the hemp industry as harmful to rural customers without dispensary access; hemp advocates are seeking a veto from Governor Newsom. - Alcohol industry conglomerates (Diageo, Bacardi, Beam Suntory, Constellation Brands) and their trade group DISCUS remain strongly opposed to hemp, seeing it as direct competition for both consumer 'head space' and retail shelf space, rather than a partnership opportunity. - Rescheduling cannabis wouldn't directly affect the hemp industry's operations, but could indirectly help by removing 280E tax burdens on regulated marijuana operators, potentially reducing their hostility toward hemp. - Cornbread Hemp launched what it says is the first THC seltzer sponsorship of a Division I college athletics program (University of Louisville), though Kentucky's ban on on-premise THC beverage sales limits in-stadium purchases for now. - State-level hemp regulation is highly inconsistent (Ohio, New York, Florida, California, Texas), with political personalities and legacy industry interests, more than public opinion or logic, often driving outcomes. FAQ: - Q: What is the Andy Harris language that hemp advocates are fighting against? A: It refers to a policy proposal, championed by Congressman Andy Harris, that would effectively zero out all THC content in hemp products at the federal level, which the hemp industry argues would functionally outlaw most of its product categories. - Q: What happened with hemp regulation in Texas? A: The Texas Senate, led by Lt. Governor Dan Patrick, pushed through a THC prohibition bill that was vetoed by Governor Abbott after polling showed 80% public support for hemp. Special sessions were consumed by redistricting fights and ended without a hemp bill, so Abbott ultimately regulated hemp via executive order, implementing 21+ age gating and testing/labeling standards without new legislation. - Q: Why does the hemp industry oppose direct-to-consumer sales bans, like California's SB 378? A: Hemp companies argue that many of their customers live in rural or suburban areas far from dispensaries and rely on direct shipping for products like edibles and sleep gummies not sold in stores, so a ban would cut off access rather than protect brick-and-mortar retailers as intended. - Q: Why are alcohol companies like Diageo and Bacardi opposed to the hemp industry? A: Alcohol conglomerates see hemp-derived THC beverages as direct competitors for both consumer attention and retail shelf space, and their trade group (DISCUS) has publicly applauded legislative efforts to restrict hemp, viewing the growing industry as an existential threat rather than a diversification opportunity. - Q: Would federal cannabis rescheduling help the hemp industry? A: Not directly — hemp already operates under its own federal legal status. However, rescheduling would remove the 280E tax burden on regulated marijuana operators, which could reduce hostility toward hemp from that side of the industry, making it an indirect benefit. - Q: What is Cornbread Hemp's University of Louisville sponsorship? A: It's described as the first-ever sponsorship of a Division I college athletics program by a THC seltzer brand, giving Cornbread Hemp in-stadium advertising for football, volleyball, and men's and women's basketball at the University of Louisville under a three-year deal, though Kentucky law currently bans on-premise sales of the product at the games. - Q: Why is Ohio's hemp and cannabis regulation described as complicated? A: Ohio's Republican legislative leadership never wanted medical or adult-use cannabis, but voters passed both via ballot measures anyway. Leadership has since had to grapple with hemp regulation too, and lawmakers reportedly delayed action to see how Texas's hemp fight played out, pushing any Ohio decision into the following year. - Q: What is the hemp industry's long-term policy goal beyond current state-by-state fights? A: The ultimate goal described is a federal 'one-plant solution' that fully deschedules cannabis (both hemp and marijuana) and creates unified, consumer-first regulation, including provisions like homegrow rights and direct-to-consumer sales. - [Largest Medical Cannabis & Cancer Study Ever: Can These Findings Push Rescheduling? ft Ryan Castle](https://www.dimepodcast.com/episodes/largest-medical-cannabis-cancer-study-ever-can-these-findings-push-rescheduling-ft-ryan-castle) — Ryan Castle: This episode of The Dime features Ryan Castle, research director at Whole Health Oncology Institute, discussing the largest medical cannabis and cancer meta-analysis ever conducted — spanning over 10,000 studies and roughly 50,000 patients. Castle, who began the project as a skeptic, explains how the data revealed strong consensus supporting cannabis for cancer symptoms like pain, nausea, and fatigue, as well as direct effects on tumor growth and apoptosis, and details how the findings were submitted to the DEA during its rescheduling review. The conversation covers the study's methodology, its limitations, patient-reported outcomes filling gaps in clinical follow-up, industry pushback, and tools like the Cancer Playbook designed to help patients and doctors act on the evidence. Key takeaways: - Ryan Castle led the largest-ever medical cannabis meta-analysis, covering over 10,000 studies, 800,000+ data points, and an estimated 50,000 patients. - The research found cannabis effective not just for symptom relief (pain, nausea, fatigue, sleep) but showed direct effects on tumor size, tumor growth, and remission rates. - The study reported a consensus 31 times greater in support of medical cannabis than in opposition across the research it analyzed. - Clinician-reported remission showed no clear relationship with cannabis use, likely because patients who had success often didn't report back to disapproving doctors — a gap the Patient Reported Outcome Hub aims to fill. - Cannabis showed comparable pain-relief efficacy to opioids with far fewer severe side effects, and patients using cannabis alongside opioids were more likely to quit opioids, suggesting an 'anti-gateway' effect. - The research was submitted to the DEA during its cannabis rescheduling public comment period via the Cannabis Coalition, but a change in DEA leadership stalled the expected move to Schedule III. - Castle notes a surge of methodologically weak anti-cannabis studies appeared around the DEA's rescheduling discussions, often traceable to specific funding interests. - The full study is open-access and published for public and scientific scrutiny, and tools like Cancer Playbook let patients access personalized, citation-backed treatment data. FAQ: - Q: What did the largest medical cannabis and cancer meta-analysis find? A: It analyzed over 10,000 studies and roughly 50,000 patients, finding overwhelming consensus that cannabis helps with cancer-related symptoms like pain, nausea, fatigue, and sleep, and also found effects on tumor size, tumor growth, and remission rates. - Q: Who conducted this cannabis and cancer research? A: Ryan Castle, a public health researcher and research director at Whole Health Oncology Institute, led the study after originally being hired to investigate whether cannabis worked for cancer at all. - Q: How did researchers avoid bias when reviewing so many studies? A: They built custom machine-learning systems to select studies and identify conclusions based on language and keywords, ran two independent statistical methods to check for consistency, and included both pro- and anti-cannabis studies without exclusion based on viewpoint. - Q: Did the study find cannabis effective against cancer itself, not just symptoms? A: Yes — beyond symptom relief, the analysis found supporting evidence for cannabis affecting tumor size, tumor growth, cancer apoptosis (cell death), and rates of remission and recurrence. - Q: Why did clinician-reported cancer remission show no clear link to cannabis use? A: Likely because remission relies on patients following up with doctors, and many patients who used cannabis successfully didn't report back because their doctors disapproved of cannabis use, creating a data gap the researchers are now addressing with direct patient surveys. - Q: How does medical cannabis compare to opioids for pain, according to this research? A: The study found comparable pain-relief efficacy to leading opioids, but with far fewer severe side effects, and found patients using cannabis alongside opioids were significantly more likely to stop using opioids altogether. - Q: Was this cannabis research submitted for DEA rescheduling consideration? A: Yes, the researchers worked with the Cannabis Coalition to submit their findings to the DEA during its public comment period on rescheduling, though a leadership change at the DEA delayed the anticipated move to Schedule III. - Q: What is Cancer Playbook? A: Cancer Playbook (cancerplaybook.org) is a free nonprofit resource where cancer patients can share their information and receive a personalized, citation-backed breakdown of cannabis types, terpenes, and outcome data relevant to their specific cancer and symptoms. - [Strategy Truths & Lies, Mature Industries Already Know ft. Mitchell Osak](https://www.dimepodcast.com/episodes/strategy-truths-lies-mature-industries-already-know-ft-mitchell-osak) — Mitchell Osak: Strategy consultant Mitchell Osak, who has advised cannabis operators since Canada's 2016 legalization after two decades in CPG and pharma consulting, joins Bryan Fields and Kellan Finney to explain why cannabis keeps relearning lessons that mature industries like wine, fashion, and consumer packaged goods already know. They dig into why mid-size operators are quietly taking share from giant MSOs, why chasing the lowest cost-to-grow is now the wrong strategy, why most TAM projections in pitch decks are fiction, and why AI is only as trustworthy as the operating data behind it. The conversation is useful for any cannabis operator, investor, or acquirer trying to separate real strategic focus from busywork before the industry's coming wave of consolidation. Key takeaways: - Cannabis is still an immature industry when it comes to defining quality — cultivators and "money people" use different metrics and even different vocabularies, which blocks the standardization other industries take for granted. - Mid-market Canadian LPs and US MSOs are gaining share from bigger operators by staying strategically focused instead of trying to be all things to all people, echoing how Procter & Gamble concentrated on a few core strengths rather than competing on everything. - Chasing the lowest cost-to-grow is now the wrong priority — unit cost is a small share of total cost, while consistency and quality (like hitting 25-30% THC) can drive far more revenue through pricing power and sell-through. - Total addressable market (TAM) figures in cannabis pitch decks are almost always inflated; Osak says he mentally "cube roots" every TAM he's given and asks when it's actually supposed to be achieved. - Operators should run real scenario planning around rescheduling, the SAFER Banking Act, interstate commerce, and international legalization rather than betting everything on one outcome, since facilities built for one scenario can become stranded assets. - AI-generated strategy is only as good as its inputs — a large share of general AI training data traces back to sources like Reddit and Wikipedia, so cannabis companies need their own vetted, proprietary operating data before trusting AI output for real decisions. - An industry "extinction event" is coming because there isn't enough capital and talent to support every current operator; consolidation and buying distressed assets cheaply will outperform continuing to build from scratch. - Wine, fashion, and tech are the closest analogs for how cannabis will mature — consolidation with surviving boutique players (wine), fast seasonal product cycles (fashion), and high-capex speed with full ownership of the consumer relationship (tech). FAQ: - Q: Why do mid-size cannabis companies keep taking market share from large MSOs? A: According to strategy consultant Mitchell Osak, large multi-state operators spread themselves thin across cultivation, retail, and adjacent categories like hemp beverages, while mid-size operators stay strategically focused on doing a few things extremely well and reinvesting in continuous improvement — a discipline he compares to how Procter & Gamble concentrated on consumer insights, product development, and advertising rather than trying to win on every dimension. - Q: Is "cost to grow" still the right metric for cannabis cultivators to optimize? A: No. Osak argues unit cost has become a small share of total cost, so shaving pennies off grow cost barely moves the bottom line. Consistency and quality — hitting higher, more reliable THC and terpene levels — can support a price premium and boost sell-through far more than cost-cutting can. - Q: How reliable are total addressable market (TAM) figures used in cannabis fundraising? A: Osak treats them with heavy skepticism, saying he mentally "cube roots" any TAM figure he's given and then asks when that number is supposed to be achieved. Most projections aren't grounded in a realistic timeline, and inflated TAMs have destroyed significant investor capital across the industry. - Q: What future scenarios should cannabis operators be planning for? A: Rescheduling, the SAFER Banking Act, interstate commerce, and international legalization are all live variables that change the value of assets and business models. Osak recommends running multiple scenarios rather than planning around only the outcome a company hopes for, since capacity built for one scenario can become a stranded asset if the regulatory picture shifts. - Q: Why can AI strategy advice be unreliable for cannabis businesses? A: Osak notes that a large share of general AI training data traces back to sources like Reddit and Wikipedia, which may not be accurate for a niche, fast-changing industry. He argues AI becomes genuinely valuable in cannabis once operators feed it closed, vetted, proprietary operating data instead of relying on generic prompts. - Q: What other industries should cannabis companies study for strategic lessons? A: Osak points to wine (inevitable consolidation alongside surviving boutique producers), fashion (rapid seasonal product cycles), and tech (high capex, minimum-viable-product speed, owning the full consumer relationship) as the closest historical analogs for how cannabis is likely to mature. - Q: What should buyers evaluate before acquiring a distressed cannabis operator's assets? A: Far more than the physical facility — brand value, whether the existing team will stay on after a sale, and whether the license itself can legally be transferred (especially for restricted categories like social-equity licenses) all factor into real deal value, according to Osak's due-diligence work with acquirers. - Q: Will Canadian cannabis companies expand into the US market? A: Osak expects better-capitalized Canadian producers to eventually acquire US assets — bringing cash, cultivation know-how, and genetics — once regulations permit, rather than building new US infrastructure from scratch, since establishing supply chains and processes from zero is slower than buying an existing operation. - [THC Is an Ingredient, Where Pharma, MSOs & Hemp Collide, ft. Zach Edge](https://www.dimepodcast.com/episodes/thc-is-an-ingredient-where-pharma-msos-hemp-collide-ft-zach-edge) — Zach Edge: This episode of The Dime features Zach Edge — a ten-year cannabinoid industry veteran with experience spanning Folium Biosciences, Open Book Extracts, RHO Advisory, and private equity firm Suni — unpacking how THC and cannabinoids are being commercialized in parallel across licensed cannabis, hemp, and pharmaceuticals. The conversation covers why THC is fundamentally an ingredient subject to purification science regardless of category, how tobacco, alcohol, and MSOs are hedging bets across all three verticals, what a Schedule 3 rescheduling could unlock for compounding pharmacies and online prescription models, and why regulatory clarity between hemp, cannabis, and pharma is unlikely for at least three to five years. It's a useful listen for operators and investors trying to understand where capital, M&A, and regulatory advantage are heading across the cannabinoid supply chain. Key takeaways: - THC and cannabinoids are increasingly being treated as commoditized ingredients rather than plant-specific novelties, following a CPG/nutraceutical model. - Tobacco companies are likely to compete via vaporization device control and PMTA-style safety data, while alcohol/beverage companies have driven state-level protections for low-dose hemp THC beverages. - A Schedule 3 move would push THC derivatives like dronabinol into pharmaceutical manufacturing and could rapidly enable prescription-based, compounding-pharmacy-distributed THC products. - Lack of a single federal regulatory body for cannabinoids has resulted in fragmented, distributor-driven state regulations rather than science-based safety specifications. - Most large cannabis operators are already capital-committed to existing infrastructure, so pharma-grade GMP conversions are more likely to happen via acquisition than fresh capital investment in existing facilities. - Existing GMP supply chain steps and DEA track-and-trace compliance may allow facilities to meet pharmaceutical standards without full facility rebuilds. - Regulatory clarity within each individual vertical (hemp, cannabis, pharma) is likely within the next few years, but true harmonization between the three categories is unlikely for 3-5 years. - Telehealth and online prescription models (as seen with ketamine) are positioned to rapidly absorb Schedule 3 cannabinoid products given their existing prescriber infrastructure and consumer data. FAQ: - Q: What does it mean to say 'THC is an ingredient'? A: It means that, separate from cultivation, genetics, and the artisanal aspects of cannabis flower, THC and other cannabinoids are increasingly being purified, standardized, and commercialized like any other commoditized ingredient used in pharmaceuticals, dietary supplements, or CPG products. - Q: What would rescheduling cannabis to Schedule 3 actually change? A: It would move THC derivatives, such as dronabinol, into a pharmaceutical framework where they could be manufactured, studied, and prescribed through compounding pharmacies, opening up e-commerce and telehealth prescription models similar to what happened with ketamine and testosterone. - Q: Why hasn't the cannabinoid industry developed uniform safety standards? A: Because the FDA and federal regulators have refused to formally recognize cannabinoids as dietary or food ingredients, safety specifications have been left to individual states and, in practice, to distributors and their lawyers rather than to scientists, resulting in inconsistent contaminant testing and specifications across markets. - Q: How are tobacco and alcohol companies positioning themselves in the cannabinoid space? A: Tobacco companies are focused on controlling vaporization and inhalation device technology and the regulatory safety data (like PMTAs) around them, while alcohol and beverage companies have driven state-level protections for low-dose hemp THC beverages, letting them enter otherwise closed markets ahead of full legalization. - Q: Why would large MSOs consider converting facilities to pharmaceutical GMP standards? A: Because a Schedule 3 or rescheduling event would open pharmaceutical manufacturing and prescription-based distribution channels; companies with the right upstream biomass and processing infrastructure could supply raw or intermediate cannabinoid material into that regulated pharma supply chain. - Q: Do pharma companies need to rebuild cultivation facilities to meet GMP cannabinoid standards? A: Not necessarily. If enough GMP purification and remediation steps exist further down the supply chain, and the DEA is satisfied with security and track-and-trace controls, facilities may not need to rebuild greenhouses or growing infrastructure from scratch. - Q: What is 'mother liquor' in cannabinoid extraction? A: Mother liquor is the cannabinoid-rich liquid byproduct left over after crystallizing CBD isolate, typically containing 30-45% residual CBD along with smaller percentages of CBC, CBG, CBN, and THC that can be further purified and monetized rather than discarded as waste. - Q: Is there real competition between the hemp, licensed cannabis, and pharmaceutical cannabinoid markets? A: According to the guest, the three markets largely serve separate consumer pools (prescription patients, licensed dispensary customers, and hemp beverage/retail shoppers), so there is less direct competition between them than industry narratives often suggest. - [Sensory Science Unlocked, Beyond THC, Inside True Terpenes ft. Dan Cook](https://www.dimepodcast.com/episodes/sensory-science-unlocked-beyond-thc-inside-true-terpenes-ft-dan-cook) — Dan Cook: This episode of The Dime features Dan Cook, CEO of True Terpenes, discussing why THC percentage is a flawed proxy for cannabis quality and how sensory science — the full spectrum of terpenes, esters, and other aromatic compounds — actually drives consumer enjoyment and effect. Cook shares his winding path from literature major and Fulbright wine scholar to Moët Hennessy executive to cannabis flavor-innovation CEO, and explains how True Terpenes uses data from 5,000 clients across 70 countries, a pioneering toxicology/safety standard now adopted by ASTM International, and research partnerships (Oregon State University, UCLA, Johns Hopkins, Dr. Ethan Russo) to push the industry toward a standardized sensory language akin to wine's aroma wheel. The conversation matters for anyone trying to understand where cannabis product education, formulation science, and consumer trust are headed next. Key takeaways: - Dan Cook likens THC to a stereo's volume dial: it amplifies intensity but doesn't determine whether a product experience is actually good. - Cannabis contains up to roughly 1,000 aromatic and flavor compounds (terpenes, esters, aldehydes, terpenoids) that shape the full 'orchestra' of the experience beyond THC alone. - True Terpenes' proprietary toxicology and ingredient-safety standards were adopted by ASTM International for its cannabis committee, an industry first. - Independent studies — the Oregon 'Cultivation Classic,' a PAX/Mellō EEG study, and Oregon State University sensory panels — found aromatic/terpene profile, not THC level, correlates most with enjoyment and psychoactive response. - The cannabis industry still lacks a standardized sensory vocabulary comparable to wine's aroma wheel (created by UC Davis's Ann Noble in the 1980s), which Cook sees as the key next step for consumer education. - True Terpenes serves about 5,000 clients in 70 countries and its formulas touch roughly $8 billion in consumer products annually, giving it unique sensory-level market data to spot portfolio gaps for clients. - Genetics, growing location, and timing create natural terpene/flavor variability across cannabis cultivars — Cook frames this as a storytelling asset rather than a flaw, similar to wine's regional character. - Rapid hypergrowth (50 hires in six months while building a new HQ) taught Cook the importance of overcommunication and process architecture to keep teams aligned as a company scales. FAQ: - Q: What is True Terpenes and what does the company actually do? A: True Terpenes is a flavor innovation company that formulates terpene and flavor solutions for cannabis and hemp products, supporting roughly 5,000 clients in 70 countries and contributing to about $8 billion worth of consumer products annually through formulation, application development, toxicology, and sensory science. - Q: Why does Dan Cook say THC percentage is a misleading way to judge cannabis quality? A: He compares THC to a stereo's volume dial — turning it up makes the experience 'louder' but doesn't make it better. He argues cannabis contains up to a thousand compounds that shape flavor and effect, so focusing on one compound like THC oversimplifies and commoditizes the product. - Q: What did the Cultivation Classic study in Oregon find about THC and enjoyment? A: A double-blind study of 300 consumers testing flower from dozens of top Oregon craft growers found that products with higher THC did not perform better on enjoyment; aromatic and terpene profile was the stronger driver of consumer enjoyment. - Q: How does True Terpenes ensure ingredient safety in its formulations? A: The company built a proprietary toxicology program over five years, based on peer-reviewed inhalation safety research, that defines safety thresholds for ingredients. This framework was later adopted by ASTM International's cannabis committee as an industry standard, and True Terpenes licenses the underlying safety data to clients. - Q: What parallel does Dan Cook draw between cannabis and the wine industry? A: He points to UC Davis sensory chemist Ann Noble, who created a standardized aroma wheel for wine in the early 1980s that gave the wine world a shared sensory language. Cannabis currently lacks an equivalent standardized vocabulary, which Cook argues is essential for consumer education going forward. - Q: Has True Terpenes expanded its technology outside of cannabis? A: Yes — the company developed a fragrant hop oil from a hop-extract waste stream for craft brewers (adopted by brewers like pFriem and Varietal) and is exploring how rare cannabis-derived aromatic compounds could be used as flavor ingredients in other industries. - Q: What is True Terpenes doing in the cannabis beverage space? A: Currently the company supplies flavors into beverages and is researching emulsion stability in canned drinks, with longer-term plans to combine its genetics, cultivation, and extraction expertise into more advanced cannabis-beverage products. - Q: What business lesson did Dan Cook learn from True Terpenes' rapid growth phase? A: Hiring about 50 people in six months while building a new headquarters outpaced the company's internal process architecture and communication systems. He learned that overcommunicating expectations and building clear operating cadence and KPIs are essential during hypergrowth. - Q: How does True Terpenes approach medical or therapeutic claims about terpenes? A: The company works with researchers like Dr. Ethan Russo and institutions such as UCLA and Johns Hopkins on terpene studies, but is cautious about making hardcore functional health claims without strong evidence, citing compounds like linalool (relaxation), pinene (focus), and myrcene (sedation) as having more research support than others. - [Dr. Greenhouse: The #1 Mistake Killing Your Plants ft. Nadia Sabeh](https://www.dimepodcast.com/episodes/dr-greenhouse-the-1-mistake-killing-your-plants-ft-nadia-sabeh) — Nadia Sabeh: This episode of The Dime features Nadia Sabeh, founder of climate-control engineering firm Dr. Greenhouse, breaking down why HVAC and environmental mismanagement is one of the most common — and costly — mistakes in cannabis cultivation. She explains how humidity, airflow, room geometry, sensor placement, and multi-strain rooms interact to affect plant health, mold risk, and yield, and lays out practical, low-cost ways growers can diagnose and fix their own environments. It's a deep, technical but accessible conversation for cultivators, facility designers, and operators looking to get more consistent, higher-quality harvests out of their existing infrastructure. Key takeaways: - Sensors should be placed at canopy level where plants actually grow, not on a wall or in a corner, since plants create their own microclimate through transpiration. - Overly dry environments can backfire: low humidity spreads powdery mildew spores and can vaporize terpene-rich trichome oils, while a bit more humidity supports plant immunity. - Rectangular rooms with roughly a 2:1 aspect ratio and taller ceilings support far better airflow and climate uniformity than square, short, or oddly shaped rooms. - Growing many strains with different heights and growth habits in one room complicates climate control; group similar phenotypes together or arrange plants strategically relative to airflow direction. - Keeping a written or digital logbook of temperature, humidity, and airflow at multiple locations daily is essential for spotting patterns and diagnosing recurring problems like mold spread. - Must-have tools include a canopy-level temp/humidity sensor, a handheld sensor for relative comparisons, an infrared thermometer for leaf temperature, and a hot-wire anemometer for airflow checks. - Under-canopy lighting can boost yield but often increases botrytis and mold risk because airflow beneath the canopy is even harder to manage than above it. - Routine HVAC maintenance — changing filters every crop cycle, rinsing coils with water, and hiring qualified service technicians — is as important as maintaining a car engine, yet frequently neglected. FAQ: - Q: Why shouldn't a temperature and humidity sensor be placed on the wall of a grow room? A: A wall-mounted thermostat doesn't reflect conditions at the canopy, where plants evaporatively cool themselves through transpiration, lowering temperature and raising humidity. Relying on the wall sensor can cause the HVAC system to over-cool a healthy plant, slowing its growth. - Q: Does lower humidity always benefit cannabis cultivation by preventing mold? A: No. While growers often keep humidity low to prevent botrytis and powdery mildew, dry conditions actually help powdery mildew spores spread through the air, and can vaporize the terpene-rich oils in trichomes, harming flower quality. - Q: What is the ideal room shape for airflow in an indoor cannabis grow? A: A rectangular room with roughly a 2:1 aspect ratio (e.g., 20 by 40 or 20 by 50 feet) and adequate ceiling height works best, since it gives horizontal airflow fans enough distance to build momentum and gives HVAC systems flexible supply-and-return placement, unlike square or oddly proportioned rooms. - Q: How should growers manage a room with multiple cannabis strains that grow to different heights? A: Where possible, choose strains with similar growth patterns, or 'steer' different strains through feeding and training so they reach similar height and branching. If uniform growth isn't possible, arrange plants strategically — for example, placing shorter plants where airflow enters so it isn't blocked before reaching taller plants. - Q: What basic tools should every cannabis cultivator have to monitor their grow environment? A: A canopy-level temperature/humidity sensor feeding live data, a handheld sensor for spot-checking relative differences around the room, an infrared thermometer for leaf temperature readings, a hot-wire anemometer for airflow measurements, and a simple logbook to record daily observations. - Q: Why might under-canopy lighting increase mold risk in cannabis grows? A: While under-canopy lighting can boost photosynthesis and yield by reaching lower leaves, it also creates a zone that's very difficult to ventilate, and poor airflow underneath the canopy has been linked to higher rates of botrytis and mold on those lower leaves. - Q: How can cooling irrigation water help cannabis plants during hot conditions? A: In hydroponic setups using coco or rockwool, keeping water temperature from climbing much above about 70°F even when ambient air is 85–90°F can cool the plant's root zone and reduce overall heat stress, similar to how cooling your feet helps regulate your whole body's temperature. - Q: Who is Nadia Sabeh, also known as Dr. Greenhouse? A: Nadia Sabeh is a mechanical engineer with a PhD from the University of Arizona and a background studying mushroom farms and greenhouse tomato production. She founded Dr. Greenhouse roughly nine years ago to provide HVAC design and climate-control consulting for indoor farms and greenhouses, including cannabis cultivation facilities. - [Richie Proud on the iAnthus Turnaround: Why Selling Arizona Fueled Core-Market Growth](https://www.dimepodcast.com/episodes/richie-proud-on-the-ianthus-turnaround-why-selling-arizona-fueled-core-market-growth) — Richie Proud: Richie Proud, CEO of iAnthus, joins The Dime to explain how the multi-state cannabis operator turned a quiet, post-restructuring balance sheet into a disciplined, cash-flow-first growth story. He walks through why iAnthus divested its Arizona dispensaries to double down on core East Coast markets like Florida and New York, how the Cheetah acquisition and cultivation-facility-style retail concepts are building a "flower-first" brand identity, and the operating principles — cash flow discipline, stage-gated growth, and a network of trusted industry relationships — behind the company's turnaround. Key takeaways: - iAnthus divested its Arizona dispensary assets (down to one location) because Arizona never ranked in the top five markets for capital allocation, letting the company concentrate investment east of the Mississippi River. - Cash flow, not top-line revenue, is Richie Proud's core turnaround metric — the priority was eliminating noise and underperforming positions to generate positive cash flow before pursuing growth. - iAnthus operates under five regional retail banners — Grow Healthy in Florida, Mayflower in Massachusetts, MPX in New Jersey, Health for Life in Maryland and Arizona, and Be in New York — each requiring its own KPIs and playbook. - The acquisition of the Cheetah live-resin brand, closed in late December, filled a product-category gap and gave iAnthus entry into Illinois and Pennsylvania while adding marketing expertise the company had historically lacked. - A "flower-first" retail strategy — including cultivation-facility-style vinyl window wraps and live grow feeds inside dispensaries — is central to iAnthus's new store concept, piloted first in Sarasota, Florida. - Florida's ban on wholesale sales makes it a uniquely controlled testing ground for brand messaging, since consumers can only buy iAnthus products at its own dispensaries before ideas are rolled out to more fragmented, competitive states. - Proud credits the turnaround to building a "super friend" network of trusted operators and relationships across the traditional and licensed cannabis markets, rather than trying to out-compete larger MSOs like Curaleaf and Verano head-on. - iAnthus is piloting an AI platform called ShopSight, built originally for fashion retail, to run real-time focus-grouping and A/B testing on strain names, packaging, and marketing messages. FAQ: - Q: Why did iAnthus sell its Arizona dispensary assets? A: iAnthus ranked its markets by where it needed to deploy limited capital, and Arizona — the only asset west of the Mississippi River — never ranked in the company's top five investment priorities, so leadership chose to divest rather than keep investing there while doubling down on core East Coast markets like Florida and New York. - Q: What retail banners does iAnthus operate under? A: iAnthus uses five regional retail names: Grow Healthy in Florida, Mayflower in Massachusetts, MPX in New Jersey, Health for Life in Maryland and Arizona, and Be in New York. - Q: What is the Cheetah brand and why did iAnthus acquire it? A: Cheetah is a liquid live-resin cannabis brand created in Illinois that filled a product category iAnthus wasn't covering. The acquisition, closed at the end of December, also gave iAnthus a foothold in Illinois and Pennsylvania and brought in marketing expertise the company had historically lacked. - Q: How does iAnthus decide where to invest growth capital across states? A: The company ranks markets by cash-flow potential and readiness, prioritizing where leadership has the most bandwidth and where assets are already strong, rather than spreading investment evenly across every state it operates in. - Q: Why does Florida function as a good testing market for cannabis brands? A: Florida requires full vertical integration and prohibits wholesale sales, so a company's own dispensaries are the only place consumers can buy its products, creating a controlled environment to test brand messaging before expanding it to more fragmented, competitive markets. - Q: What does "flower-first" mean for iAnthus's retail strategy? A: It means designing the in-store experience — such as vinyl-wrapped windows showing cultivation photos and real-time feeds from grow facilities — to make customers feel connected to the plant and the cultivators, rather than leading with packaging or promotions. - Q: What is the Ganjier program, and why did iAnthus partner with it? A: The Ganjier program is a cannabis education and certification initiative. iAnthus struck an exclusive partnership to send its staff through the program so budtenders can better educate customers about strains and genetics. - Q: What metric does Richie Proud prioritize most in running iAnthus? A: Cash flow. He emphasizes that generating positive cash flow, not top-line revenue growth, is the primary measure of a healthy turnaround. - Q: What is ShopSight? A: ShopSight is an AI platform originally built for the fashion industry that iAnthus is piloting to run real-time focus groups and A/B testing on strain names, colors, and marketing messages. - [Secrets Behind Failed Cannabis Builds: Where Every Team Needs to Look Now ft. David Fettner](https://www.dimepodcast.com/episodes/secrets-behind-failed-cannabis-builds-where-every-team-needs-to-look-now-ft-david-fettner) — David Fettner: This episode of The Dime features David Fettner, managing partner of Grow America Builders, breaking down why so many cannabis cultivation and dispensary builds go over budget or fail entirely — from signing leases on buildings that can't support the intended canopy, to underestimating power, HVAC, and broadband needs. Fettner shares a 42-point due diligence checklist, explains how to balance grower preferences with compliance and resale value, and dives into how AI-driven plant sensors are letting cultivators detect pests and quality issues weeks before the human eye can. It's a practical, cautionary-tale-filled conversation for anyone planning to build, lease, or upgrade a cannabis facility. Key takeaways: - Bring a design-build partner in as early as the property search phase — before signing a lease — to avoid costly retrofits and mismatched buildings. - A 15,000-square-foot canopy grow typically needs a 50,000-to-60,000-square-foot building once mother rooms, prop rooms, drying, trimming, packaging, and offices are accounted for. - Cutting corners on lighting, HVAC, or building finishes to save upfront cost often hurts both product quality and operational efficiency long-term. - Epoxy flooring, IMP wall panels, and floor drains don't improve cannabis quality but can cut room turnaround time from 3-4 days to 24 hours, adding entire extra harvest cycles per year. - AI-powered plant sensors can detect risks like spider mites or powdery mildew up to three weeks before the human eye, and can also flag issues like low THC development in advance. - Facility engineering must match regional climate — using an engineer or design unsuited to local humidity/temperature swings (e.g., a desert-style greenhouse design used in a humid climate) can destroy entire harvests. - Operators should clearly share their real budget with builders/architects upfront, since underspecifying it can lead to wasted design work and mismatched expectations. - Sustainability (solar, geothermal) is gaining traction in cannabis facility design but is still limited mainly by high upfront capital costs relative to ROI timelines. FAQ: - Q: When is the best time to bring in a cannabis facility design-build firm? A: As early as possible — ideally when an operator first starts looking at properties or working with a real estate broker, before signing a lease, so the builder can flag deal-breakers or hidden costs ahead of time. - Q: How much building space is needed relative to canopy size in a cannabis cultivation facility? A: A rough rule of thumb is that for every 15,000 square feet of canopy, you need a 50,000-to-60,000-square-foot building to also accommodate mother rooms, propagation, drying, trimming, packaging, and office/support space. - Q: How is AI technology being used in cannabis cultivation? A: AI-powered plant sensors can detect environmental issues at the individual plant level (temperature, humidity, nutrients) and can identify risks like powdery mildew or spider mites roughly three weeks before they'd be visible to the human eye, allowing growers to intervene before an outbreak spreads. - Q: Why do older cannabis cultivation facilities need to be upgraded? A: Many older facilities were built with older HPS lighting and basic finishes to save costs early on; upgrading to LED lighting and GMP-ready infrastructure improves energy efficiency, cuts costs, and is increasingly required for compliance in states mandating GMP standards. - Q: What building features are 'nice to have' versus 'must have' in a commercial cannabis grow? A: Items like epoxy flooring, insulated metal wall panels, and floor drains aren't required to grow quality cannabis, but they dramatically speed up room turnaround between harvests, which increases the number of harvest cycles per year and pays for itself over time. - Q: What's the biggest mistake operators make when signing a lease for a cannabis facility? A: Signing a lease before getting an architect or cannabis-experienced builder to evaluate whether the building can actually support the intended canopy size, power needs, ceiling height, and other infrastructure requirements — often doubling costs after the fact. - Q: Why is climate-specific engineering important for cannabis greenhouses and facilities? A: A facility's HVAC and dehumidification systems must be engineered for the specific regional climate; using a design suited to a different climate (for example, a dry desert-style design in a humid region) can cause massive crop losses when local conditions shift, such as high summer humidity. - Q: Should operators tell their builder their budget upfront? A: Yes — sharing a ballpark budget early allows the design-build team to prioritize critical systems and value-engineer less important elements, avoiding wasted design work on a facility that ultimately exceeds what the client can afford. - [The ROI of Pre-Roll Automation: Scaling Quality, Reducing Labor, and Hitting 20K+ a Day ft. Shahar Yamay](https://www.dimepodcast.com/episodes/the-roi-of-pre-roll-automation-scaling-quality-reducing-labor-and-hitting-20k-a-day-ft-shahar-yamay) — Shahar Yamay: Shahar Yamay, CEO of pre-roll automation company Festi Tech, joins The Dime to break down the real ROI math behind switching from hand-filled to automated pre-rolls, including the roughly 30,000-to-50,000-unit-a-month threshold where automation stops being optional. He walks through years of engineering trial and error, how flower's natural inconsistency (down to millimeters between facilities) forces constant adaptation, why most operators still hand-fill, and where AI-driven visual QC is starting to change quality control. It's a practical look at manufacturing economics for any operator weighing labor costs against capital investment. Key takeaways: - Automation typically pencils out at roughly 30,000 to 50,000 pre-roll units a month, though facilities anticipating fast growth may automate earlier to prepare for scale. - Flower's natural inconsistency, sometimes just a few millimeters of length variance between facilities on the same SKU, is a constant engineering challenge automation companies have to design around. - Most of the pre-roll industry is still hand-filling; even among automated operators, adoption is concentrated among larger companies with the volume to justify it. - Operators overwhelmingly redeploy labor to other lines (flower packaging, edibles, cleaning) rather than cutting jobs when they automate pre-roll filling, since the reassigned roles are typically more manual anyway. - AI-based visual QC for pre-rolls is emerging in two flavors: modeling a single 'perfect' joint to match, or training the system to flag defects and filter them out; the latter approach handles the fact that flower's ideal appearance keeps shifting. - A 20,000-joints-a-day, three-shift operation can be run by roughly 3 people with automation versus an estimated 30 people (three ten-person teams) doing it manually. - Post-install training runs about five days on-site, with operators typically running the machine independently by day three and self-sufficient within about three weeks. - Vendor responsiveness and service, not just machine cost, is often the deciding factor in whether operators trust automation, since equipment downtime directly threatens production. FAQ: - Q: At what production volume does pre-roll automation make financial sense? A: According to Festi Tech CEO Shahar Yamay, roughly 30,000 to 50,000 units a month is the point where automation becomes a clear no-brainer on ROI. Operators anticipating rapid growth toward that volume, or who want to avoid hiring and training a large manual crew from the start, may also automate earlier. - Q: Why is pre-roll manufacturing hard to fully automate compared to other consumer products? A: Unlike bottling a beverage, pre-roll production works with a variable, powdery plant material. Flower's moisture content, grind, and density can change facility to facility and even day to day, causing measurable differences (down to a few millimeters) in finished joint length even when using the same SOP and settings. - Q: Does automating pre-roll filling eliminate jobs? A: Operators interviewed by Festi Tech generally redeploy staff rather than cut them, moving people from the highly manual, labor-intensive filling process to other lines like flower packaging, edibles, or cleaning, since hand-filling is one of the most repetitive, headcount-heavy tasks in cannabis manufacturing. - Q: How is AI being used in pre-roll manufacturing today? A: AI is primarily used for visual quality control. Companies take one of two approaches: modeling an ideal 'perfect' joint and comparing output against it, or training the AI to recognize defects and filter out bad units. Because the plant material's appearance and the definition of 'perfect' constantly shift, defect-filtering approaches are gaining favor for joints specifically. - Q: How long does it take to train a team on a new automated pre-roll machine? A: Festi Tech's install process runs about five days on-site: day one covers power and setup, day two covers manual modes and SOPs, day three the team runs it themselves, and days four and five are supervised troubleshooting. Full independence typically comes within about three weeks. - Q: What's the labor difference between manual and automated pre-roll production at high volume? A: In one example cited, hitting roughly 20,000 joints a day across three shifts manually would require about three teams of ten people (30 total), whereas an automated line can run the same volume with around three operators. - Q: Why do some operators hesitate to invest in pre-roll automation? A: Hesitation often comes from the industry's relatively young automation history, high sticker prices for early machines that underperformed, and fear that vendors won't provide support after the sale. Reliable, responsive vendor service is frequently the deciding factor in whether operators commit. - Q: Is fully automated, hands-off ('lights-out') pre-roll manufacturing realistic? A: Not yet, according to Yamay. Because flower is a variable natural product rather than a uniform liquid like a beverage, operators still want to visually inspect and physically handle joints, moon rocks, and other flower-based products before final packaging, even with AI-assisted visual QC in place. - [Keep Your Eye on Ohio: Why California’s Failures Are Michigan’s Success, and the Global Cannabis Landscape ft. Hirsh Jain](https://www.dimepodcast.com/episodes/keep-your-eye-on-ohio-why-californias-failures-are-michigans-success-and-the-global-cannabis-landscape-ft-hirsh-jain) — Hirsh Jain: Returning guest Hirsh Jain joins Bryan Fields and Kellan Finney to dissect why California's cannabis market keeps shrinking — high taxes, city opt-outs, and a broken testing regime — while Michigan, with a quarter of the population, has nearly caught up in sales. The conversation turns to Ohio's political importance for federal reform, Texas's pivotal special session on intoxicating hemp, and the rapid growth of international medical cannabis markets in Germany and Australia. It closes with predictions on rescheduling, new state launches, and how cannabis could become a wedge issue between Trump and Gavin Newsom heading into 2028. Key takeaways: - California's cannabis market has shrunk about 30% over the past four years and is roughly $9 billion short of where its sales should be on a per-capita basis compared to states like Michigan. - High state excise taxes (raised from 15% to 19% on July 1), widespread city opt-outs from retail licensing, and a widely criticized product-testing regime are the core drivers of California's decline, not just legacy-market competition. - Michigan's lower tax rate and much broader municipal opt-in for retail have let it nearly match California's total cannabis sales despite having about a quarter of the population. - Ohio has underperformed since launching adult-use sales (still can't legally sell an eighth or a pre-roll a year in), but its political weight as a swing state and home to cannabis-friendly figures like Vivek Ramaswamy, David Joyce, Warren Davidson, and Bernie Moreno could make it a key lever for federal reform. - Texas's special legislative session, starting July 21, over intoxicating hemp regulation is expected to shape hemp and cannabis policy across Southeastern states that have prohibition but large hemp markets. - Intoxicating hemp's spread cuts both ways for reform: it demonstrates that prohibition doesn't work and has nudged some medical program expansions, but it also fuels prohibitionist safety arguments and saps urgency from legalization advocates. - International medical cannabis markets, especially Germany and Australia, are growing rapidly and increasingly rely on an international supply chain anchored by Canada, lending the industry broader global legitimacy. - Jain predicts more medical-only states will come online over the next year, a few new adult-use markets (Delaware, Minnesota) will launch, and federal rescheduling could get a real signal from the Trump administration before the 2026 midterms. FAQ: - Q: Why has California's legal cannabis market declined even though the state has one of the largest potential customer bases in the world? A: High state taxes (a 15%-to-19% excise tax hike took effect July 1), most California cities opting out of allowing cannabis retail licenses, and a widely criticized product-testing regime have made the legal market unattractive next to the illicit and legacy markets, contributing to roughly a 30% decline in sales over four years. - Q: How does Michigan's cannabis market compare to California's despite having a much smaller population? A: Michigan has generated nearly the same monthly cannabis sales as California in recent data (around $270 million versus $300 million in one comparison) despite having roughly a quarter of California's population, largely because of Michigan's lower tax rate and far more cities allowing retail licenses. - Q: Why is Ohio considered politically significant for national cannabis reform despite underperforming other adult-use states? A: Ohio is a bellwether swing state, home to prominent cannabis-friendly Republicans (Rep. David Joyce, Rep. Warren Davidson, Sen. Bernie Moreno) and gubernatorial candidate Vivek Ramaswamy, and its Appalachian region, hit hard by the opioid epidemic, gives cannabis reform a compelling economic and public-health narrative for conservative politicians. - Q: What is Texas's SB3 and why does the state's special legislative session matter for cannabis policy nationally? A: SB3 was a push to effectively ban intoxicating hemp products in Texas. Governor Abbott called a special session beginning July 21 to regulate rather than outright ban the category, and how it resolves is expected to influence hemp and cannabis policy in other Southeastern states that have cannabis prohibition but large hemp markets, such as North Carolina, Tennessee, Georgia, and Florida. - Q: How does the growth of intoxicating hemp products help or hurt cannabis legalization efforts? A: It cuts both ways: hemp's spread demonstrates that prohibition doesn't stop consumption, which helps the case for legalization, and has even nudged some medical program expansions. But unregulated hemp products' safety incidents give prohibitionists ammunition, and easy hemp access reduces urgency among consumers and advocates for full cannabis legalization. - Q: Which international markets are seeing the fastest cannabis growth? A: Germany and Australia. Germany passed one million medical cannabis patients about 15 months after reclassifying cannabis as a medicine, and Australia is approaching 350,000 to 400,000 medical patients; both countries rely heavily on cannabis imports from Canada. - Q: What does Hirsh Jain predict for federal cannabis rescheduling? A: He predicts rescheduling momentum will keep building, driven partly by state-level GOP op-eds and celebrity advocacy, and expects the Trump administration to either finalize a move to Schedule III or send a clear signal that it's coming within the next year, likely before the 2026 midterms. - Q: What role does California's cannabis tax policy play in Governor Newsom's political standing? A: Jain argues Newsom pushed for an excise tax increase, paired with eliminating the cultivation tax, to keep funding politically important interest groups, prioritizing that relationship over the health of the legal cannabis industry. He suggests this could become a political liability given California's cartel-driven illicit market, as Newsom eyes a potential 2028 presidential run. - [The Cannabis Titanic: The Reset Ahead, Matt Karnes on What the Numbers Say](https://www.dimepodcast.com/episodes/the-cannabis-titanic-the-reset-ahead-matt-karnes-on-what-the-numbers-say) — Matt Karnes: Matt Karnes, founder of GreenWave Advisors and an affiliate partner at Stonehaven, joins Bryan Fields and Kellan Finney to unpack the state of the cannabis industry using his "Titanic" framework: which multi-state operators have the cash flow to survive, which are treading water, and which are already sinking under debt and 280E tax burdens. The conversation covers looming 2026 debt maturities, the case for Schedule III rescheduling as an industry "reset," the prospects and limits of interstate commerce, international export opportunities as Germany's cannabis market matures, and why consolidation and M&A are likely once prohibition-era costs disappear. It's a numbers-driven look at which companies are positioned to make it to shore — and why Karnes remains cautiously optimistic that federal reform is closer than it's ever been. Key takeaways: - Karnes uses a "Titanic" framework: Tier One MSOs with cash flow from operations that covers their 280E tax liability are positioned to survive, while companies with weak or negative operating cash flow risk default or having creditors seize their assets. - An estimated $6 billion in cannabis industry debt is set to come due in early 2026, and refinancing options are narrowing as many operators are already levered to the max. - 280E is the single largest added cost of federal cannabis prohibition; removing it via Schedule III or full legalization would sharply boost reported net income even before operating cash flow itself improves, since existing unpaid 280E liabilities are a separate, unresolved question. - Karnes sees Schedule III rescheduling as a prelude to full federal legalization and expects the Trump administration to act, citing Trump's business background, momentum on interstate testing standards, and pressure to keep the U.S. competitive globally. - Interstate cannabis commerce faces political resistance because individual states benefit from local cultivation jobs and cannabis tax revenue, even though sales tax would still apply wherever product is ultimately sold under an interstate system. - International markets, especially Germany's import market, are opening faster than the U.S. federal market; Karnes estimates a mature $100 billion U.S. market could support roughly $10 billion in cannabis exports, based on export ratios seen in alcohol, tobacco, and pharma. - Meaningful industry consolidation and M&A have been slower to arrive than expected in 2025, with more liquidations occurring than acquisitions, but Karnes expects both to accelerate once prohibition-related costs disappear. - The medical cannabis and pharmaceutical research side, aided by DEA-issued bulk manufacturing and research licenses, is an overlooked investment opportunity distinct from the recreational MSO market. FAQ: - Q: What is Matt Karnes' "Titanic" analogy for the cannabis industry? A: Karnes compares cannabis operators to passengers on the Titanic: companies with enough cash flow from operations to cover their 280E tax liability are in the lifeboats headed to shore, companies with partial cash flow are treading water and may or may not make it, and companies that have never generated positive free cash flow are going down with the ship. - Q: How much cannabis industry debt is coming due in 2026? A: Karnes says reports of roughly $6 billion in cannabis industry debt maturing in early 2026 are directionally accurate, though he doesn't have an exact figure, and refinancing is becoming harder as many operators are already highly levered. - Q: What happens if a cannabis company can't refinance or repay its debt? A: Creditors can take possession of the company's assets, similar to a lender foreclosing on a house after a missed balloon payment. Karnes believes Tier One MSOs generally generate enough operating cash flow to avoid this outcome, but weaker operators with debt coming due are more exposed. - Q: How would Schedule III rescheduling affect cannabis company financials? A: It would eliminate 280E, the tax provision that currently prevents cannabis businesses from deducting ordinary business expenses. Karnes expects this to sharply boost reported net income and eventually let investors value cannabis stocks on P/E ratios the way they do in other industries. - Q: Why hasn't interstate cannabis commerce happened yet, even between willing states like California, Oregon, and Washington? A: States benefit from local cultivation jobs and cannabis tax revenue, and Karnes argues they're reluctant to give that up for open interstate trade, even though sales tax would still apply wherever the product is ultimately sold. - Q: What is the U.S. cannabis export opportunity if federal law changes? A: Karnes estimates that if U.S. cannabis exports followed patterns seen in alcohol, tobacco, and pharma (roughly 5 to 15 percent of domestic market size), a mature $100 billion U.S. market could support around $10 billion in exports. - Q: What is driving Karnes' optimism about federal cannabis reform under the Trump administration? A: He points to Trump's business background and prior engagement with the issue during his first term, growing international pressure from markets like Germany, progress on hemp and banking issues, and increased focus on eliminating illicit-market competition. - Q: Why does Karnes see medical cannabis research as an overlooked investment opportunity? A: While most investor attention is on recreational MSOs, the DEA has issued licenses for bulk cannabis manufacturing and research, and Karnes' original 2014 thesis anticipated medical and recreational markets eventually converging alongside a separate pharmaceutical-grade product category. - Q: Did significant cannabis M&A activity happen in 2025? A: No. Karnes says many in the industry expected 2025 to be a year of consolidation, but it instead brought more liquidations than acquisitions. - [Organigram’s Competitive Edge: Paolo De Luca on BAT, M&A Strategy, and the Cannabis Long Game](https://www.dimepodcast.com/episodes/organigrams-competitive-edge-paolo-de-luca-on-bat-ma-strategy-and-the-cannabis-long-game) — Paolo De Luca: Paolo De Luca, Chief Strategy Officer of Organigram, joins The Dime to break down how Canada's top cannabis company by market share is building for the long game: specialized single-category manufacturing facilities, a $450 million strategic partnership with British American Tobacco, an early bet on seed-based cultivation, and a disciplined push into Germany and other international markets ahead of EU-GMP certification. The conversation covers what separates a durable competitive advantage from a short-term market-share grab, why bad industry data fueled Canada's cultivation overbuild, and what U.S. operators can learn before rescheduling reshapes the map. Key takeaways: - Organigram holds roughly 12% market share in Canada, the largest of any single licensed producer, built through specialized single-category facilities — Moncton for flower, Winnipeg for edibles, Collective Project for hash, and Motif for extraction and vape — rather than one do-everything site. - Its strategic relationship with British American Tobacco is structured to preserve Organigram's autonomy: BAT holds 3 of 10 board seats and is legally restricted from control under the UK's Proceeds of Crime Act, while still providing roughly $450 million in capital, supplier relationships, and R&D collaboration. - EU-GMP certification is a slow, expensive, multi-year process, but Organigram sees it as a long-term margin and speed advantage in Europe once secured, on top of the GACP standard it already holds. - Germany's fast-growing medical cannabis market, anchored by a strategic investment in Sanity Group, is Organigram's biggest near-term international growth lever, though the company is deliberately not over-indexing exports at the expense of its Canadian business. - A lack of shared industry data on production, cost, and demand contributed to Canadian LPs overbuilding cultivation capacity in the early legalization years, destroying significant capital — a mistake De Luca argues could have been avoided with OPEC-style supply disclosure among producers. - Organigram now runs about 20% of production through seed-based cultivation via its investment in Oregon-based Phylos, citing better consistency, less genetic drift, and more grow-room turns than clone-based cultivation, with a roughly two-year head start on competitors. - Hemp-derived Delta-9 THC beverages sold outside dispensaries, such as in Minnesota liquor stores, are pulling in new, lower-dose consumers and represent a bigger long-term growth category than in-dispensary edibles capped at 10mg in Canada. - De Luca argues the real test for any cannabis company's M&A or partnership is whether it builds a lasting competitive advantage, not just short-term market share or revenue growth, since regulatory-driven market-share gains have historically proven fragile. FAQ: - Q: What is Organigram's position in the Canadian cannabis market? A: Organigram is the largest cannabis company in Canada by market share, at roughly 12%, and holds a number-one or top-three position in nearly every product category, including flower, hash, vape, and extraction. - Q: What is Organigram's relationship with British American Tobacco (BAT)? A: BAT is a strategic investor that has put roughly $450 million into Organigram since 2021, holds three of Organigram's ten board seats, and collaborates on product development, but is legally restricted from controlling the company under the UK's Proceeds of Crime Act (POCA) — a structure Paolo De Luca calls a "Goldilocks" arrangement. - Q: What is EU-GMP and why does it matter for cannabis exporters? A: EU-GMP (European Union Good Manufacturing Practice) is a rigorous certification that gives the fastest, most direct route to selling cannabis in the EU. Without it, companies rely on the GACP standard and route product through third-party converters, which is slower and costlier, so EU-GMP holders gain a durable margin and speed advantage. - Q: Why did Canadian cannabis companies overbuild cultivation capacity? A: A lack of shared industry data on production costs, supply, and demand meant many licensed producers didn't realize they were on the wrong side of the cost curve, leading companies like Canopy, Aurora, Tilray, and Aphria to build oversized, uncompetitive facilities that were later shuttered. - Q: What is seed-based cannabis cultivation, and why is Organigram investing in it? A: Unlike the industry-standard practice of cloning cuttings from mother plants, seed-based cultivation grows cannabis from seed, which Organigram says offers more consistency, less genetic drift, and more turns per grow room. Organigram invested in Oregon-based Phylos and now sources about 20% of its production this way. - Q: Why are THC beverages growing faster outside of dispensaries? A: Beverages capped at Canada's 10mg THC edibles limit are too weak for typical dispensary shoppers, who tend to be heavier users. Selling low-dose (5-10mg) THC beverages through mainstream retail like liquor stores instead reaches new, curious consumers, including people switching from alcohol, and has driven outsized sales in markets like Minnesota. - Q: What should U.S. cannabis operators learn from Canada's experience? A: Because U.S. cannabis is regulated state by state with no interstate commerce, U.S. multi-state operators have focused on retail footprint and store locations, while Canadian producers, able to ship nationally, focused more on production cost efficiency. De Luca expects companies with larger, lower-cost facilities to be best positioned if federal legalization ever allows cross-state shipping. - Q: What does Organigram see as a "lasting competitive advantage" in cannabis? A: De Luca defines it as an advantage that isn't easily copied and doesn't fade once regulations or trends shift, citing Organigram's scale in indoor cultivation, its dedicated hash and extraction facilities, its two-year head start in seed-based cultivation, and its deep-science product development work with BAT aimed at future FDA-style regulation in the U.S. - Q: What is Organigram's growth strategy in international markets? A: Organigram is prioritizing Germany, via its strategic investment in Sanity Group, along with the UK and Australia, while pursuing EU-GMP certification to move product faster and at better margins. It is being selective, aiming to avoid over-indexing on exports at the expense of its core Canadian business. - [The Michelin-Star Experience? Gibran Washington on What Customers Actually Want](https://www.dimepodcast.com/episodes/the-michelin-star-experience-gibran-washington-on-what-customers-actually-want) — Gibran Washington: Gibran Washington, CEO of Ethos Cannabis, joins The Dime to explain why his company built the first cannabis clinical research partnership with a major medical institution — Thomas Jefferson University — and why chasing high THC numbers is the wrong way to help patients get real results. He walks through Ethos's cannabinoid-forward education strategy (TAC over THC), its quality-over-quantity approach to cultivation, its refusal to remediate moldy flower, and the hospitality-industry playbook behind its retail experience across Pennsylvania, Massachusetts, and Ohio. The conversation also covers Pennsylvania's path to adult-use legalization, the unreliability of potency testing, and where distressed MSO assets and consolidation are headed next. Key takeaways: - Ethos Cannabis built the first cannabis clinical research partnership with a major U.S. medical institution (Thomas Jefferson University), studying pain and sleep first, with sexual wellness research coming next. - Early Ethos research found high-dose CBD had a bigger impact on pain than high-dose THC, and that the 'entourage effect' of multiple cannabinoids together outperforms any single cannabinoid alone. - Ethos pushes customers to look at TAC (total active cannabinoids) rather than THC percentage alone, arguing the gap between THC and TAC — not the THC number itself — signals a higher-quality, more effective product. - The company refuses to use remediation (treating contaminated flower, often by microwave, to pass lab testing), making 'no remediation' a core brand claim and quality differentiator. - Ethos deliberately stays small and vertically integrated in just three states (Pennsylvania, Massachusetts, Ohio) rather than expanding wide, believing quality growing and stable genetics don't scale across dozens of states. - Potency testing is inconsistent across labs — the same batch sent to different facilities can return results that vary by five to eight percentage points — which Gibran argues should be fixed with standardized ranges like Colorado uses, instead of exact numbers. - Ethos borrows heavily from the restaurant and hospitality world — shift meetings, a 'better is better' continuous-improvement philosophy, and a servant-leadership 'upside-down triangle' — to train budtenders and build a differentiated in-store experience. - Distressed cannabis assets, including some large MSOs, are becoming more available for acquisition, and Ethos is evaluating deals opportunistically while trying to preserve the identity of businesses it acquires. FAQ: - Q: What is Ethos Cannabis's research partnership with Thomas Jefferson University? A: Ethos was the first cannabis company in the U.S. to establish a clinical research partnership with a major medical institution, working with Thomas Jefferson University oncologists to study cannabis's therapeutic effects, starting with pain and sleep, using clinical (not survey-based) research to inform future product development. - Q: What is TAC in cannabis, and why does it matter more than THC? A: TAC stands for total active cannabinoids — the combined percentage of all cannabinoids in a product, not just THC. Ethos CEO Gibran Washington argues the gap between a product's THC number and its TAC number is a better indicator of quality and effect than THC alone, since it reflects minor cannabinoids like CBG, CBN, CBC, and CBD that contribute to the entourage effect. - Q: What is cannabis remediation, and why does Ethos avoid it? A: Remediation is a process used to kill mold or other contaminants in cannabis that wasn't grown to a state's regulatory standard, so it can pass lab testing. Ethos says it does not own remediation equipment and never will, using 'no remediation' as proof its flower is grown clean from the start rather than salvaged afterward. - Q: Why does high-dose CBD sometimes relieve pain better than high-dose THC? A: Based on Ethos's early clinical pain studies with Thomas Jefferson University, high-dose CBD showed a greater impact on pain than high-dose THC, and cannabinoids combined together (the entourage effect) outperformed any single cannabinoid used alone. - Q: Why is cannabis potency testing considered unreliable? A: The same cannabis batch sent to different testing labs can return THC results that vary by five to eight percentage points, largely because testing is subjective rather than standardized. Gibran Washington argues states should follow Colorado's model of reporting a potency range instead of one precise number. - Q: Why does Ethos Cannabis operate in only three states instead of expanding nationally? A: Ethos believes it's better to go deep in a few markets than spread wide across many, comparing itself to regional grocery chains like Wegmans and Publix. It stays vertically integrated, controlling its own supply chain, and has pulled out of states like New Jersey and Maryland where it couldn't maintain that control. - Q: What is the 'entourage effect' in cannabis? A: The entourage effect is the idea that cannabinoids and terpenes work better together than any single compound does alone — for example, CBD combined with minor cannabinoids like CBGA, THCB, CBN, and CBC has a stronger effect on pain than CBD or THC used in isolation. - Q: Is Pennsylvania likely to legalize recreational cannabis? A: As of this conversation, Ethos's CEO expected Pennsylvania to move toward adult-use cannabis within a year or two, citing a projected 2027 state budget shortfall, gubernatorial support, and momentum in both the state House and Senate, though the exact legislative language was still being worked out. - Q: How does Ethos Cannabis train its budtenders to educate customers? A: Ethos runs restaurant-style shift meetings and issues detailed 'strain cards' for every new release, backed by data from its research partnerships, so its product associates can speak confidently about use cases like pain, sleep, or anxiety rather than just pushing high-THC products. - Q: What does 'no remediation' mean as a cannabis marketing claim? A: It signals that a company's flower passed lab testing without needing to be treated afterward to kill mold or contaminants — implying the product was grown clean and to standard from the start, rather than salvaged after failing to meet regulatory requirements. - [AI in Cannabis Commerce Is Here — But Jane’s Doing It Their Way with Socrates Rosenfeld](https://www.dimepodcast.com/episodes/ai-in-cannabis-commerce-is-here-but-janes-doing-it-their-way-with-socrates-rosenfeld) — Socrates Rosenfeld: On this episode of The Dime, Bryan Fields and Kellan Finney reconnect with Jane co-founder and CEO Socrates Rosenfeld, three years after his first appearance, to discuss how the cannabis retail-tech platform has grown from a basic e-commerce menu into point-of-sale, on-menu advertising, and a catalog of over 2.5 million product SKUs. Rosenfeld explains Jane's shift from a growth-at-all-costs mindset to one built around endurance, partner trust, and radical transparency, and details how the company uses AI internally to streamline operations and externally to personalize menus and target advertising. The conversation closes with a look at Jane's new e-commerce Premium platform, which is launching ahead of schedule due to strong retailer demand. Key takeaways: - Jane filters every product decision through 'why' rather than 'what' — a feature only ships if it demonstrably creates more value for retailers, brands, and customers, not because it's trendy or a good press story. - Since around 2022, Jane has shifted from a speed-and-scale mindset to one built around endurance and sustainability, at times walking away from partnerships that weren't aligned with retailers' long-term interests. - Jane uses AI internally to structure its 2.5-million-SKU catalog and automate repetitive work, and externally to personalize dispensary menus and power targeted on-menu and off-menu advertising. - Retailer trust is built through radical transparency and data-backed proof rather than promises — Jane tests new features against real data and shows retailers the results before asking for full commitment. - A dedicated onboarding and partner success team works with dispensary partners through the full change-management process, recognizing that staff turnover and retraining make switching systems difficult even when a new tool is objectively better. - Jane's new 'e-commerce Premium' product, launching ahead of schedule due to demand, sits between fully templated menus and its fully custom 'headless' Jane Roots platform, letting retailers customize their storefront without hiring a developer. - AI adoption inside Jane has been bottoms-up: individual employees became internal subject-matter experts and trained the rest of the company, rather than the initiative being mandated top-down. - Rosenfeld argues software itself is neutral — the 'why' and 'how' behind a technology like AI determine whether its impact on an industry ends up being positive or negative. FAQ: - Q: What is Jane, and what products does it offer cannabis retailers? A: Jane is a cannabis retail technology platform that started with e-commerce menus and has expanded into self-service kiosks, point-of-sale systems, on-menu and off-menu advertising, and a catalog of more than 2.5 million product SKUs that powers its other services. - Q: How does Jane use artificial intelligence? A: Internally, Jane uses AI to organize its large product catalog and automate repetitive operational tasks so its team can focus on higher-value work. Externally, it uses AI to personalize dispensary menus for individual shoppers and to target advertising so brands only pay to reach customers likely to buy their products. - Q: What is Jane's 'e-commerce Premium' product? A: It's a new e-commerce offering, launching ahead of schedule due to strong demand, that sits between Jane's basic templated menus and its fully custom 'headless' Jane Roots platform, letting retailers customize their online storefront's look and feel without hiring a web developer. - Q: Why do some cannabis retailers resist new technology like AI or on-menu advertising? A: According to Socrates Rosenfeld, resistance is usually rooted in fear that a new feature will hurt sales or that customer data will be misused. Jane addresses this through transparency about how its tools work and by letting retailers test features against real data before fully committing. - Q: How has Jane's business strategy changed since around 2022? A: Before 2022, growth in cannabis retail tech was largely a race for speed and scale. As market conditions tightened, Jane shifted to prioritizing endurance and sustainability, choosing in some cases to walk away from partnerships that weren't aligned with retailers' and brands' long-term interests. - Q: How does Jane help retailers adopt new technology like a new point-of-sale system? A: Jane runs a dedicated onboarding and change-management team that works with dispensary partners through every step of a transition, recognizing that staff turnover and retraining make switching systems difficult even when the new tool is objectively better. - Q: What is Jane Roots? A: Jane Roots is Jane's 'headless' e-commerce platform, which lets retailers fully customize their online menu's design at the cost of requiring a web developer and a longer build process. - Q: How can a cannabis retailer sign up for Jane's beta programs? A: Interested retailers can contact Jane through demo@iheartjane.com or info@iheartjane.com, or fill out a form at iheartjane.com, and the company says it responds the same day. - [Trump, Texas SB3 & the Rescheduling Timeline: Jim Higdon on What Comes Next](https://www.dimepodcast.com/episodes/trump-texas-sb3-the-rescheduling-timeline-jim-higdon-on-what-comes-next) — Jim Higdon: Jim Higdon, co-founder of Cornbread Hemp and the US Hemp Roundtable, joins Bryan Fields and Kellan Finney to unpack Texas Governor Greg Abbott's veto of SB3, the state's proposed near-total THC ban, and what it signals for federal cannabis rescheduling. Higdon breaks down the Dan Patrick–Ken King power struggle behind the bill, explains how hemp's legal status is quietly laying the regulatory groundwork for marijuana's eventual descheduling, and details exactly how little bureaucracy the Controlled Substances Act actually requires to reschedule cannabis. The conversation also covers the Andy Harris appropriations amendment targeting hemp THC, the growing split between alcohol manufacturers and distributors over THC beverages, and why Congress's original 0.3% THC threshold was really just a math oversight from 2018. Key takeaways: - Texas Governor Abbott's veto of SB3 (the proposed total THC ban) was driven more by a power struggle between Lt. Governor Dan Patrick and the governor's office than by THC policy itself — polling showed the ban was an 80-20 loser statewide and unpopular even among Republican primary voters. - Under the Controlled Substances Act of 1970, rescheduling or descheduling cannabis legally requires only three officials — the HHS Secretary, the Attorney General, and the President — and could theoretically happen in an afternoon; the DEA's administrative law hearing process used under the Biden administration was not statutorily required. - Rescheduling to Schedule III would relieve the 280E tax burden on cannabis businesses but would not make state-legal marijuana federally legal or create a level playing field with hemp. - The current 0.3% Delta-9 THC hemp threshold traces back to a 2018 assumption based on CBD oil droppers; nobody anticipated that heavier products like multi-gram gummies and beverages would deliver far more milligrams of THC at the same percentage. - A proposed shift from a 'Delta-9 THC' standard to a 'total THC' standard, as in the Andy Harris appropriations amendment, would effectively eliminate the THCA flower market and cap synthetic cannabinoids like delta-8 and HHC at 0.3%. - The alcohol industry is split on hemp-derived THC: the Distilled Spirits Council (DISCUS) backs the Harris amendment to restrict hemp THC products, while the Wine and Spirits Wholesalers of America (WSWA) opposes it because distributors want to carry these products. - Higdon envisions a tiered 'one-plant' regulatory framework: high-dose/full-strength products in dispensaries, low-dose (10mg and under) beverages and edibles in general retail with age-gating, and microdose (under 5mg THC, high CBD) wellness products in pharmacies and health stores. - Higdon expects federal rescheduling movement to track the Texas special session starting July 21 and the House appropriations fight over the Harris amendment, with real momentum more likely in autumn after the August congressional recess. FAQ: - Q: What is Texas SB3 and why did Governor Abbott veto it? A: SB3 was a Texas bill that would have imposed a near-total ban on THC products, including hemp-derived THC. Governor Greg Abbott vetoed it after polling by Trump pollster Tony Fabrizio showed the ban was deeply unpopular — an 80-20 issue statewide and unfavorable even within the Republican primary electorate. - Q: How many people does it actually take to reschedule or deschedule cannabis under federal law? A: According to the Controlled Substances Act of 1970, rescheduling or descheduling can be accomplished by just three officials: the Secretary of Health and Human Services refers the decision to the Attorney General, who signs off, and it then goes to the President. No administrative law court hearing at the DEA is legally required, though one was used during the prior administration's process. - Q: Why is the current hemp THC limit set at 0.3%? A: The 2018 Farm Bill set hemp's legal threshold at 0.3% Delta-9 THC by dry weight, based on the products available at the time — mainly CBD oil sold in one-milliliter droppers, where 0.3% worked out to about 3 milligrams of THC. Lawmakers didn't anticipate heavier products like multi-gram gummies, where the same 0.3% threshold translates to far more milligrams of THC. - Q: What would switching from a 'Delta-9 THC' standard to a 'total THC' standard do to the hemp market? A: It would effectively eliminate the THCA flower market, since THCA converts to Delta-9 THC when heated, and it would cap synthetic cannabinoids like delta-8 and HHC at the same 0.3% threshold, since they would no longer be able to fall outside the hemp definition by not technically being Delta-9. - Q: Does rescheduling cannabis to Schedule III fix the 280E tax problem for marijuana businesses? A: Rescheduling to Schedule III would relieve cannabis businesses from Section 280E, which currently bars them from deducting standard business expenses because marijuana is a Schedule I drug. However, it would not make marijuana federally legal or fully level the playing field with hemp, since Schedule III drugs still require FDA approval to be sold commercially. - Q: Why does the alcohol industry have mixed reactions to hemp-derived THC beverages? A: Alcohol manufacturers, represented by the Distilled Spirits Council (DISCUS), see THC products as a direct threat and support congressional efforts like the Andy Harris amendment to restrict them. Distributors, represented by the Wine and Spirits Wholesalers of America (WSWA), oppose those same restrictions because they want to distribute THC beverages themselves, splitting the alcohol industry's political position. - Q: What is the Andy Harris amendment and what does it target? A: It's a hemp-restricting amendment from Rep. Andy Harris of Maryland attached to a House appropriations bill. It would ban any 'quantifiable' amount of THC in hemp products and shift the hemp definition from a Delta-9 THC standard to a total THC standard. - Q: How is Gen Z's declining alcohol consumption connected to the rise of THC beverages? A: According to Jim Higdon, roughly 64% of legal-age Gen Z adults don't drink alcohol, and that trend isn't reversing regardless of advertising. That shift is coinciding with rapid growth in THC beverage sales — in some Minnesota liquor stores, THC beverages reportedly account for 15% of revenue. - Q: What signals would indicate that federal cannabis rescheduling is imminent? A: Jim Higdon points to any direct interaction between President Trump and the Texas governor's office, unpredictable social media posts, or how the White House and Congress handle the Andy Harris appropriations fight as potential signals that federal rescheduling action is being prioritized. - Q: What is Jim Higdon's 'one-plant' vision for cannabis regulation? A: A tiered system where high-dose, full-strength cannabis products stay in dispensary-style settings; low-dose products (10mg THC per serving and under) are sold in general retail like liquor, grocery, and convenience stores with age-gating; and microdose wellness products (under 5mg THC, high CBD) are sold in pharmacies and health food stores. - [The Hidden Weakness in Most Cannabis Operations — What We Heard at Benzinga](https://www.dimepodcast.com/episodes/the-hidden-weakness-in-most-cannabis-operations-what-we-heard-at-benzinga) — Guest: In this two-host episode of The Dime, Bryan Fields and Kellan Finney unpack what they heard behind closed doors at the Benzinga Cannabis Capital Conference, including warning signs of a coming industry shakeout, the rise of receivership consultants, MSOs struggling with fragmented state-by-state operations, and the high-stakes Texas hemp ban awaiting a governor's veto with possible federal rescheduling implications. The conversation pivots into a deep dive on why extraction and post-processing remain the most opaque, under-optimized link in the cannabis supply chain, arguing that real-time sensor data and AI-driven analytics (which the hosts' company, Newton Insights, provides) are becoming a competitive necessity rather than a luxury as margins tighten industry-wide. Key takeaways: - Multiple operators reported speaking with receivership consultants at Benzinga, signaling that industry distress now extends to large, established companies, not just small ones. - Healthy MSOs are proactively diversifying their customer relationships rather than over-concentrating, to avoid domino-effect risk if partners fail. - Vertical integration and MSO structures often fail because state-specific regulations prevent real economies of scale or knowledge transfer across facilities. - Texas's pending hemp intoxicant ban (veto deadline June 22) could reshape the D9 beverage supply chain and has potential federal rescheduling implications tied to political pressure from Washington. - Derivative products (vapes, edibles, beverages, infused pre-rolls) now make up roughly 60% of the total addressable cannabis market, elevating the importance of the extraction process. - Extraction remains dominated by manual, 'flashlight and handwritten notes' methods despite thermodynamic principles (temperature, pressure, PV=nRT) that have been standard in pharma manufacturing for 25+ years. - Track-and-trace compliance data is not the same as operational data, leaving most companies with large data sets that are unused for process optimization. - Real-time sensors and AI/LLM-driven platforms (like Newton Insights) can raise the performance floor of an entire team, reduce hidden waste (solvent recovery, downtime, electricity), and are becoming a required standard, not just a competitive edge, heading into 2026. FAQ: - Q: Why is the Texas hemp bill significant for the broader cannabis and hemp industry? A: Texas passed a bill banning intoxicating hemp products, which is now awaiting the governor's decision to veto or sign by June 22. Texas plays a major role in converting and infusing D9 beverages distributed nationally, so the outcome could disrupt a large segment of the hemp-derived beverage supply chain, and there's speculation it could even trigger federal action like cannabis rescheduling. - Q: Why are cannabis MSOs (multi-state operators) struggling despite operating in multiple states? A: Because cannabis regulations differ by state, facilities in an MSO's portfolio often can't share best practices, technology, or economies of scale, leaving each location isolated and making coordinated strategy across the company extremely difficult. - Q: What part of cannabis extraction is most commonly overlooked from a cost perspective? A: Solvent recovery and downtime — running extra solvent through a system to capture the last bit of yield seems minor, but the added time, electricity, and recondensing costs (especially with liquid CO2) can meaningfully erode margins at scale. - Q: How does track-and-trace compliance data differ from operational extraction data? A: Track-and-trace is designed to track material in, oil out, and waste for regulatory/compliance purposes (preventing diversion), but it doesn't capture operational parameters like temperature and pressure, so it can't be used to actually optimize an extraction process. - Q: What role do real-time sensors play in cannabis extraction compared to traditional manual methods? A: Sensors replace subjective, manual checks (like using a flashlight and a sight glass) with continuous digital tracking of temperature, pressure, and volume, allowing operators — even less experienced ones — to make near-optimal decisions in real time rather than relying solely on a top operator's judgment. - Q: What is Newton Insights? A: Newton Insights is a technology platform mentioned by the hosts that plumbs a sensor into a hydrocarbon extraction system to track parameters in real time, paired with an AI/LLM system trained on years of extraction data to help operators make faster, data-driven cost and process decisions. - Q: Why might specialization become critical for cannabis companies going forward? A: As margins compress industry-wide, companies that spread themselves across too many verticals (cultivation, processing, retail, distribution) often underperform in each; sophisticated operators are increasingly analyzing their data to identify and focus on their most profitable core competencies while offloading the rest. - [Storytelling Is the Future of Cannabis IR ft Jesse Redmond](https://www.dimepodcast.com/episodes/storytelling-is-the-future-of-cannabis-ir-ft-jesse-redmond) — Jesse Redmond: Jesse Redmond, head of investor relations and business development at Leef Brands, returns to The Dime to explain why cannabis IR has become a storytelling exercise — documenting the farm, the harvest, and the strategy in real time rather than waiting for quarterly numbers to speak for themselves. He walks through Leef's new managed services and supply chain agreement with Glass House Brands, why the company handed off its one retail store to double down on bulk extraction, and how it's entering New York with a capital-light playbook. The conversation closes with his broader thesis on cannabis stocks: sentiment is at contrarian extremes, growth is scarce industry-wide, and investors who stretch their time horizon and pick specialized companies rather than buying the whole sector stand to benefit most when political and growth catalysts finally land. Key takeaways: - Cannabis investor relations has shifted from dense research reports and conference calls to short-form video and social content that documents a company's journey in real time. - Leef Brands and Glass House Brands struck a two-part deal: a managed services agreement where Glass House now runs Leef's Palm Desert dispensary, plus a supply agreement giving Leef a consistent monthly source of Glass House trim for extraction. - Specialization is winning over vertical integration right now — both companies gave up pieces of their business that didn't fit their core story in order to double down on what they do best. - California counterintuitively has an undersupply of extraction-grade material even amid a flower oversupply, because pesticide residue that passes at the flower level can fail once concentrated for extracts, often due to spray drift rather than the grower's own practices. - Leef is entering New York with a capital-light strategy, redeploying used California extraction equipment and leasing rather than building, while leaning on existing brand partners who already sell there. - The broader MSO sector is stuck in mid-single-digit growth and survival mode because Florida, Pennsylvania, Minnesota, and Schedule III have all stalled, making this a stock picker's market rather than a buy-the-basket one. - Sentiment indicators — departed analysts, a three-plus-year bear market, deep valuation declines — look like classic contrarian bottom signals, but stocks need both political catalysts and real growth to re-rate. - Jesse Redmond's advice to cannabis investors: extend your time horizon well beyond the next quarter, since the destination for reform hasn't changed, only the timeline to get there. FAQ: - Q: What is Jesse Redmond's role at Leef Brands? A: Jesse Redmond is head of investor relations and business development at Leef Brands. The IR side covers raising awareness with investors and analysts and producing content about the company, while the business development side covers partnerships and new-state expansion, such as Leef's move into New York. - Q: What is a managed services agreement (MSA) in the Leef and Glass House Brands deal? A: Under the MSA, Glass House Brands takes over day-to-day operation of Leef's Palm Desert dispensary in exchange for a fee, while the store's profitability and economics continue to flow back to Leef. It lets Glass House add retail shelf space for its own products and lets Leef offload a business that wasn't core to its strategy. - Q: Why did Leef Brands give up running its own dispensary? A: Leef decided the single Palm Desert store didn't fit its core story as a bulk extraction company. Rather than build out a larger retail chain, it handed day-to-day operations to Glass House, an operator with a dedicated retail team, so Leef could focus fully on cultivation and extraction. - Q: What did Leef get in return for handing over its dispensary to Glass House? A: Alongside the managed services fee, Leef negotiated a supply chain (off-take) agreement to receive a consistent monthly supply of Glass House trim material for extraction, reducing its reliance on sourcing from the 200 to 300 farms it normally works with across California. - Q: Why does California have an undersupply of extraction-grade cannabis material despite a flower oversupply? A: Extraction concentrates everything in the plant material, including pesticide residue, so a batch that passes testing as flower can fail once it's concentrated into an extract. Much of that pesticide contamination comes from environmental drift from other nearby farms rather than the grower's own practices, making clean, extraction-ready material scarcer than raw flower volume would suggest. - Q: Why is Leef Brands expanding into New York? A: New York has high prices, healthy margins, and extracts account for roughly 52% of cannabis products sold there, versus about 48% in California. Leef is entering with a capital-light approach, using its recently upgraded California equipment and leasing a facility, while relying on existing California brand partners that already operate in New York. - Q: What contrarian sentiment indicators does Jesse Redmond point to in the cannabis stock market? A: He cites the number of equity research analysts who have left the cannabis sector, stocks down as much as 95% from highs, a bear market lasting more than three years, and depressed valuations as classic contrarian bottom signals — though he notes sentiment alone isn't enough without growth and political catalysts. - Q: What two things need to happen for cannabis stocks to turn around, according to Jesse Redmond? A: He says the sector needs political progress (such as Schedule III rescheduling, SAFE Banking, or federal legalization) and real growth catalysts (such as new states like Florida or Pennsylvania flipping to adult use). Terrible sentiment alone isn't enough to move stocks without both of those pieces coming together. - Q: What is Higher Exchanges? A: Higher Exchanges is a weekly cannabis markets podcast hosted by Jesse Redmond and Morgan Paxia, streamed live on X, LinkedIn, and YouTube on Thursdays at 1 p.m. Pacific, now produced with full video and microphones rather than its earlier live-audio format. - Q: What is Leef Brands' stock ticker? A: Leef Brands trades under the ticker LEEF on the OTC market and the Canadian Securities Exchange (CSE). - [Fix the Process: Real Cannabis Manufacturing Tools & Optimization Techniques ft.: Murphy Murri](https://www.dimepodcast.com/episodes/fix-the-process-real-cannabis-manufacturing-tools-optimization-techniques-ft-murphy-murri) — Murphy Murri: Cannabis manufacturing consultant Murphy Murri joins Bryan Fields and Kellan Finney to dig into why the industry still lacks agreed-upon best practices for safety, quality, and efficiency, and how compliance-driven data collection leaves operators with almost no real-time insight into their own processes. Murri makes the case for tracking simple, unregulated metrics like moisture content, argues that operational and compliance data need to be treated as separate jobs, and walks through real examples of how equipment purchases and technology switches (like moving from short-path to wiped-film distillation) quietly erode quality when real-time feedback is lost. It's a practical look at how manufacturers can use tighter, faster data loops to cut costs and improve consistency without waiting on regulation to force the issue. Key takeaways: - Cannabis manufacturing lacks agreed-upon 'best practices' because compliance-oriented data (grams in, grams out) dominates, crowding out quality- and efficiency-oriented metrics that would actually be actionable. - Moisture content is one of the most valuable and most neglected data points in cannabis manufacturing because it's unregulated, cheap to test, and tied to terpene retention, microbial risk, and shelf stability at every production stage. - Compliance data and operational data serve different purposes and audiences; compliance data should be automated (and could be AI-driven) while operational data needs to stay in the hands of the people who can act on it day to day. - Effective KPIs need to be framed as small, achievable incremental goals (e.g., improve yield by 0.1%) rather than abstract averages, because teams won't chase a target they don't believe is attainable. - Many operators lose real-time process control when they scale to more automated equipment (e.g., short-path to wiped-film distillation) because they lose visual and thermal feedback, which quietly degrades product quality. - Businesses often fail to hold equipment manufacturers accountable for promised performance specs, leading to costly cash-only equipment purchases, retraining, and repeated bad investments. - Reworking maintenance and process discipline daily (rather than deferring it) prevents compounding inefficiency, similar to how skipping an oil change gradually reduces a car's fuel efficiency. - The traditional (unregulated) cannabis market had strong built-in quality incentives, like being paid by the pound, that got lost as businesses professionalized without the banking access or capital cushion of other industries. FAQ: - Q: Why is moisture content considered such an important data point in cannabis manufacturing? A: Moisture content is easy and cheap to test, isn't mandated by regulators, and correlates with terpene retention, microbial growth risk, solvent cleanliness, and shelf stability. Tracking it from cultivation through packaging gives manufacturers a historical record that helps trace where contamination or quality loss occurred, something that's hard to do with harder-to-measure factors like terpenes or heavy metals. - Q: What's the difference between compliance data and operational data in cannabis manufacturing? A: Compliance data records what a business is allowed to do and what it has already done, mainly for regulatory reporting, and is typically measured only at the end of a process. Operational data is meant to drive real-time decisions during production. Treating them as the same job leads to teams collecting numbers nobody acts on, rather than data that improves the current batch. - Q: Why do quality and efficiency problems often get worse after a cannabis company scales up or automates equipment? A: Automated or larger-scale equipment (for example, switching from short-path to wiped-film distillation) often removes the visual and thermal feedback operators relied on to catch problems in real time. Without that tangible feedback, operators lose their connection to the process and can't catch quality drift until a batch is already finished and tested. - Q: How should cannabis manufacturers set KPIs so teams actually improve? A: Goals should be small and achievable, like improving yield by a tenth of a percent quarter over quarter, rather than broad averages that feel unattainable. Small, believable incremental targets, translated into real dollar impact for executives, motivate teams more effectively than vague aspirational numbers. - Q: What should cannabis operators do before buying manufacturing equipment? A: Consultant Murphy Murri recommends optimizing existing equipment and processes first, scrutinizing purchase agreements for real performance guarantees, and holding manufacturers accountable for promised specs (with financial remedies built into the contract) rather than assuming underperformance is the buyer's fault to absorb through extra training and consulting. - Q: Why did the unregulated (traditional) cannabis market have better built-in quality control than some licensed operators do today? A: In the traditional market, sellers were paid by weight and quality, so their financial incentives aligned directly with producing good product, and transparency was essential to completing transactions. Many newly licensed operators lost that alignment while also lacking banking access and capital reserves, leading to short-term survival decisions instead of quality-focused ones. - Q: Who should own data collection and analysis inside a cannabis manufacturing operation? A: The people closest to the process, those who can actually act on the data, should be the ones collecting and interpreting it, rather than having staff collect numbers that someone disconnected from the process analyzes later. Executives need outcome-level summaries, while operational staff need the granular, real-time data tied to what they control. - Q: How fast is the return on investment for process optimization in cannabis manufacturing? A: It varies by cost category: consumable savings can show up the same day, payroll efficiency within a month, and rework or failed-test avoidance only as fast as a company's data turnaround time. Equipment ROI is often slowed because many operators pay cash for equipment due to limited banking access, unlike other industries that finance purchases. - [Brett Puffenbarger: The Future of Cannabis Will Look Like This… and Yes, It Will Shock You](https://www.dimepodcast.com/episodes/brett-puffenbarger-the-future-of-cannabis-will-look-like-this-and-yes-it-will-shock-you) — Brett Puffenbarger: Fractional CMO/CRO Brett Puffenbarger — a Marine Corps veteran who cut his teeth opening one of Florida's first dispensaries — joins Bryan Fields and Kellan Finney to argue that most cannabis companies fail not because cannabis is uniquely hard, but because they skip the basic structure, measurement, and self-assessment any normal business would require. He lays out a provocative thesis that federal legalization will push the industry toward a "milk industry" model, where a small number of consolidated, capital-intensive processors feed a wide variety of niche brands, and makes the case that niching down and owning a small lane beats chasing total addressable market for both B2B and B2C cannabis companies. Key takeaways: - Most cannabis companies underperform not because "cannabis is hard," but because operators use that as an excuse to skip the structure, forecasting, and self-assessment any other business would be expected to have. - Puffenbarger predicts federal legalization pushes cannabis toward a "milk industry" model: a handful of consolidated, capital-intensive processing and packaging facilities feeding a wide range of competing retail brands. - Fractional executives (CRO, CFO, COO) can act as an affordable backstop for companies that can't yet support full-time C-suite hires, but only work if founders drop the ego and treat feedback like a Blue Angels debrief. - The sunk cost fallacy keeps many operators endlessly band-aiding broken systems instead of doing a hard triage; there's a middle ground between a full rebuild and endless patching. - Specialization — dominating one niche in cultivation, extraction, branding, or retail, rather than chasing the broadest possible total addressable market — is the more durable survival strategy. - Large CPG and beverage players are more likely to wait for over-leveraged MSOs to collapse under forced vertical integration and buy their distressed brand assets cheaply, rather than acquiring the MSOs themselves. - Cannabis and hemp beverages have an underdiscussed shelf-life problem: cannabinoids are lipid-soluble and stick to the plastic liners in standard cans, unlike water-soluble flavoring, causing potency loss over time. - Cannabis culture is shifting from an "opt-in subculture" (like skateboarding) toward an "opt-out subculture" (like alcohol or iPhone use), which changes how brands should think about niches and social signaling. FAQ: - Q: What does Brett Puffenbarger mean when he says the future of cannabis will look like the milk industry? A: He means a small number of large, capital-intensive, highly regulated processing and packaging facilities will consolidate production, while a wide variety of brands funnel their product through that same shared infrastructure — similar to how most grocery-store milk brands are pasteurized and bottled by the same handful of central plants, even though the milk itself comes from many different farms. - Q: Why does Puffenbarger think most cannabis companies struggle operationally? A: He argues there isn't really one 'cannabis industry' — it's closer to 39-plus siloed state markets plus the hemp market — and that most operators use that complexity as an excuse to skip the basic structure, forecasting, and self-assessment that any other business would be expected to build. - Q: What role do fractional executives play in cannabis companies, according to Puffenbarger? A: Fractional CROs, CFOs, or COOs act as an affordable backstop for companies that can't yet support full-time C-suite hires, helping triage broken systems and build enough structure to support forecasting and growth before eventually handing off to permanent leadership. - Q: Why are cannabis and hemp beverages having quality problems? A: Cannabinoids and terpenes are lipid-soluble and tend to stick to the plastic liners inside standard beverage cans, unlike water-soluble flavoring, which causes potency loss ("scalping") if the product sits on shelves for more than a few weeks — a problem Puffenbarger says Tetra Pak-style packaging could help solve. - Q: Who does Puffenbarger predict will eventually acquire cannabis brands? A: He expects large CPG and beverage companies (he cites Coca-Cola, Pepsi, and Nestlé as examples of the type) to wait for over-leveraged multi-state operators to collapse under forced vertical integration, then buy the distressed brand assets for pennies on the dollar rather than acquiring the MSOs themselves. - Q: What is the difference between an 'opt-in' and 'opt-out' subculture, as Puffenbarger uses the terms? A: An opt-in subculture, like skateboarding or punk rock, requires someone to actively overcome social stigma to join it. An opt-out subculture, like drinking alcohol or owning an iPhone, is so normalized that someone has to actively choose not to participate — and he sees cannabis moving toward the latter. - Q: What business advice does Puffenbarger give to cannabis brands trying to survive long term? A: Niche down and dominate one specific customer segment or use case rather than chasing the broadest possible total addressable market, because deep ownership of a small niche produces more durable, defensible revenue than spreading thin across a wide market. - Q: What federal cannabis policy development does Puffenbarger point to as a hopeful sign? A: A bipartisan effort from Representatives Nancy Mace and Ilhan Omar targeting a rule that currently bars the president's National Drug Control Policy advisor from taking a stance on Schedule I drugs, which he sees as a small but meaningful crack toward more candid federal conversations about cannabis. - Q: Why does Puffenbarger say the cannabis industry is 'still in the first inning'? A: He points out that the U.S. and Canada combined are a small fraction of the global population, and that real global scale won't arrive until international markets open — he cites the 2028 Los Angeles Olympics as a symbolic turning point for global visibility of legal cannabis. - [No Exits, No Capital, No Bullsh*t: Seth Yakatan on Cannabis Reality](https://www.dimepodcast.com/episodes/no-exits-no-capital-no-bullsht-seth-yakatan-on-cannabis-reality) — Seth Yakatan: Seth Yakatan returns to The Dime to lay out an unvarnished view of where the cannabis industry stands in 2025: capital-starved, exit-less, and structurally unable to purge failing companies through bankruptcy the way every other industry can. He argues the winning strategy right now isn't chasing new states but "holding serve" — defending and optimizing the markets a company already owns — while pointing to hemp-derived beverages as the one sector pulling in real outside capital and cross-industry attention. Along the way he breaks down why brand quality and consistency (using Wyld as the benchmark), product SKU economics, and the industry's built-in "zombie company" problem shape who survives until federal clarity arrives. Key takeaways: - Cannabis is structurally hard for three reasons: scarce capital after public and private equity dried up, no proven playbook for building and exiting a company, and an unusually complex, costly regulatory and tax regime. - Seth Yakatan's core advice for 2025-26 is to "hold serve" — defend and maximize profitability in states a company already operates in rather than chasing new-state expansion. - Because cannabis is federally illegal, companies can't go through traditional bankruptcy, which lets unprofitable "zombie" companies limp along far longer than in any other industry. - Wyld's move into D9 beverages illustrates a broader strategy: leverage an established, trusted brand and existing distribution ("the rails") to enter adjacent categories rather than grow at all costs. - Product quality and consistency (QA/QC on flavor, effect, and taste profile) matter more for brand durability than which specific SKU a company chooses, though gummies and pre-rolls are comparatively easier to scale multi-state than flower. - Hemp-derived beverages are the single hottest area of outside investment in cannabis-adjacent products right now, drawing interest from regulated alcohol and spirits industry players and non-cannabis private equity funds. - Weak compliance incentives (high taxes, high compliance costs, low margins) push some legacy operators toward the black market or into hemp-based versions of their products as a survival strategy. - The commercial buildout of legal alcohol after Prohibition took roughly two to three decades, offering a rough historical template for how long cannabis's path to a mature, consolidated market may take. FAQ: - Q: What does it mean to "hold serve" in the cannabis industry, according to Seth Yakatan? A: It's a tennis-derived analogy for defending an advantage rather than chasing more: a cannabis company should maximize profitability and operational efficiency in the states it already operates in, rather than spending capital to expand into new states, especially in a capital-constrained market with no clear exits on the horizon. - Q: Why can't cannabis companies go bankrupt the way companies in other industries do? A: Because cannabis remains federally illegal in the U.S., companies in the industry can't access the federal bankruptcy system. That removes the normal mechanism for right-sizing a failing company, so instead of liquidating or restructuring cleanly, unprofitable companies often keep operating as "zombies" — unable to pay their bills but not shut down either. - Q: What is a "zombie company" in the cannabis industry? A: A zombie company is one that should realistically be out of business but keeps operating, often because debt holders don't want to formally write off their investment. It typically owes significant accounts receivable, is slow to pay vendors, but still has product on shelves and keeps showing up at industry events. - Q: Why are so few cannabis companies able to sell (exit) right now? A: According to Yakatan, there's currently no meaningful buyer pool, no public equity market appetite, and little available cash or debt financing for acquisitions in cannabis. Historically only a small handful of companies (he cites Lord Jones and Select as rare examples) actually achieved a successful sale out of a much larger cohort of startups. - Q: Why is the hemp beverage category attracting so much outside investment? A: Hemp-derived beverages can be sold through standard retail and alcohol distribution channels rather than being confined to licensed cannabis dispensaries, which opens a far larger addressable market. That has drawn interest from regulated alcohol and spirits companies and non-cannabis private equity funds looking to capture younger consumers who are drinking less beer and substituting with other products. - Q: How does Wyld use its brand to expand into new product categories? A: Wyld leverages broad consumer trust and recognition built through its gummy line to give new products, like its D9 beverage line, instant credibility with consumers who already know and trust the brand. It also benefits from owning its own distribution ("the rails") in states where it operates, making category expansion more efficient. - Q: How does the cannabis industry's path compare historically to alcohol after Prohibition? A: Alcohol's legal, commercial market took roughly two to three decades to mature after Prohibition ended, and moonshine-style illicit production persisted for years afterward. Yakatan sees this as the closest historical parallel to cannabis's current transition, though he notes the order is inverted — alcohol was legal, then banned, then re-legalized, while cannabis was illegal for decades before being legalized on a state-by-state patchwork basis. - Q: Why do some legacy cannabis cultivators avoid becoming fully licensed and compliant? A: Full compliance brings testing costs, taxes, rent, and utility expenses that can make an operation barely profitable or unprofitable, whereas operating outside the licensed system avoids those costs entirely. Because bankruptcy and other normal enforcement consequences are limited in cannabis, the financial incentive to stay in the illicit or gray market can be stronger than the incentive to become compliant. - [Where’s the Cash? Visibility, Inventory & Profitable Growth with Tyler Nielsen](https://www.dimepodcast.com/episodes/wheres-the-cash-visibility-inventory-profitable-growth-with-tyler-nielsen) — Tyler Nielsen: Tyler Nielsen, founder of Vast Insight Partners, joins Bryan Fields and Kellan Finney to break down why inventory — not sales or cultivation alone — is usually the root symptom behind cannabis operators' cash problems. He walks through how misaligned KPIs between sales, cultivation, and manufacturing create excess or aged inventory, why cost of capital makes cash discipline non-negotiable in this industry, and how a structured execution-gap audit can surface high-six-to-low-seven-figure opportunities that operators are unknowingly leaving on the table. The conversation is a practical primer on integrated business planning — connecting demand forecasting, supply execution, and financial visibility so growth doesn't come at the expense of profitability. Key takeaways: - Inventory problems are usually a symptom, not the root cause — the underlying issue is typically teams working in silos without a connected demand and supply plan. - Growth (top-line revenue, new SKUs, new states) and profitability (margin, cash discipline, SKU mix) are different conversations, and businesses need to manage both deliberately rather than assuming growth alone solves profitability. - KPIs must be aligned across cultivation, sales, and operations — a cultivation KPI like grams per square foot is meaningless if it doesn't connect to the finished-good mix sales actually needs. - Because cost of capital in cannabis is extremely high, turning inventory even one additional time per month can unlock significant cash for reinvestment. - "Cultivate with Intent" — giving cultivation teams 6-12 months of demand visibility so they grow to a signal rather than growing at maximum output and hoping sales catches up. - Execution-gap audits (typically $7,500-$10,000 over two to three weeks) quantify what a company is leaving on the table before any longer-term engagement begins. - Real operational improvement requires executive buy-in plus regular (weekly or biweekly) visibility check-ins, or plans quietly slide back into old habits. - A five-times ROI is the bar for whether a consulting engagement is worth pursuing; most execution-gap findings run closer to a ten-times return. FAQ: - Q: What is the difference between growing and scaling profitably in a cannabis business? A: Growth refers to top-line moves — new SKUs, added cultivation capacity, entering new states, or transitioning from medical to recreational markets. Scaling profitably means connecting that growth to margins, SKU mix, and cash discipline so the business isn't just producing more, but producing the right mix without piling cash into inventory. - Q: Why is inventory often described as the biggest problem in cannabis operations? A: Inventory is usually the visible symptom of deeper issues, such as sales, cultivation, and manufacturing teams operating in silos without a shared demand plan. Excess or aged inventory ties up cash at a time when the cost of capital in cannabis is extremely high, and it loses value the longer it sits unsold. - Q: What is 'Cultivate with Intent'? A: It's an approach where cultivation teams are given six to twelve months of visibility into actual finished-good demand, so they grow biomass and strains aligned to what the business needs rather than growing at maximum capacity and hoping sales can move it afterward. - Q: Why do misaligned KPIs cause problems between cultivation and sales teams? A: If a cultivation KPI (like grams per square foot) isn't tied to the diversity mix and finished-good targets sales actually needs, a team can hit its yield number while still producing strains the market doesn't want — creating excess inventory and lost revenue even though the individual KPI was met. - Q: What does an execution-gap audit involve, and what does it cost? A: It's typically a two-to-three-week engagement, priced around $7,500 to $10,000, where a consultant benchmarks a company's current execution against its potential, based on interviews across the organization. It produces a dollar estimate of revenue or margin being left on the table and identifies quick wins. - Q: Why does cash management matter so much in the cannabis industry specifically? A: Cannabis operators face an unusually high cost of capital due to limited access to traditional banking and financing. That makes cash discipline and inventory turns especially valuable — freeing up cash internally avoids expensive outside financing for new brands, acquisitions, or production material. - Q: How does integrated business planning (IBP) connect sales, operations, and finance? A: Integrated business planning ties demand forecasting, supply execution, and financial reporting (costing, margins, incentive structures) into one connected process, so that every function is working off the same demand signal and feedback loops exist to catch mismatches before they become inventory or cash problems. - Q: What's a reasonable ROI benchmark for hiring an operations consultant in cannabis? A: A five-times return on the engagement cost is described as the minimum bar worth pursuing — below that, it isn't worth either party's time. In practice, well-scoped execution-gap findings in cannabis often land closer to a ten-times return given how large the unrealized cash and margin opportunities tend to be. - Q: Does this kind of operational consulting only make sense for large, vertically integrated cannabis companies? A: No. Smaller operators, including craft growers, oil producers, and contract manufacturers doing around $100,000 a month, can still benefit from an execution-gap audit; the scope and cost of a follow-on engagement scale down with the size and complexity of the business. - [Why the Industry’s Premier Brands Choose The Flowery — and What’s Coming Next in New York & Florida ft. Ilya Shmidt](https://www.dimepodcast.com/episodes/why-the-industrys-premier-brands-choose-the-flowery-and-whats-coming-next-in-new-york-florida-ft-ilya-shmidt) — Ilya Shmidt: In this episode of The Dime, Bryan Fields and Kellan Finney sit down with Ilya Shmidt of The Flowery, a vertically integrated Florida cannabis operator now expanding into New York, to unpack how the company built partnerships with premier brands like 710 Labs, Preferred, Wizard Trees, and Runtz. Shmidt details the courtship-style vetting process for brand partnerships, the operational realities of running a fully vertical medical market business, and how education around terpenes rather than THC percentage drives better consumer outcomes. The conversation offers a useful lens into how West Coast brand credibility is translating into East Coast retail expansion as Florida and New York cannabis markets mature. Key takeaways: - The Flowery is a fully vertically integrated Florida medical cannabis operator with 11 stores, over 500 employees, and roughly a decade of brand partnerships anchored by 710 Labs. - Brand partnerships are vetted like a courtship — sometimes taking years — evaluating IP, unique genetics, vape technology, marketing strength, and cross-state or global following. - The Flowery is expanding into New York with five stores open and more coming (SoHo, Upper West Side, Queens, Williamsburg, Staten Island, with Canal Street and East Village opening soon). - Product mix follows an 80/20 rule across store locations — mostly consistent, with about 20% tailored to local neighborhood demand. - Florida's medical market drives deeper consumer education because patients have purchase limits and consult doctors, whereas New York's recreational market has less pressure per purchase. - THCV is an emerging, underrated cannabinoid category gaining traction in New York after failing to catch on in California. - Budtender training relies on a weekly-updated internal platform with direct input from brands to prevent misinformation from spreading. - The most important business lesson shared: a customer buying a product a second time (not the first sale) is the real proof of brand quality and differentiation. FAQ: - Q: What is The Flowery and where does it operate? A: The Flowery is a vertically integrated cannabis company based in Homestead, Florida, that grows, extracts, packages, and sells its own products across 11 Florida stores and is expanding into New York with five stores already open. - Q: How does The Flowery decide which cannabis brands to partner with? A: The Flowery treats brand partnerships like a courtship, evaluating a brand's unique genetics, IP, vape technology, marketing strength, and cross-state or international following, sometimes over a process that takes years before launching a partnership. - Q: Why is Florida's cannabis market described as more education-focused than other states? A: Because Florida is a medical-only market with purchase limits, patients consult with doctors and must carefully choose products, which pushes budtenders and dispensaries to provide deeper plant education compared to recreational markets like New York. - Q: What cannabis brands does The Flowery currently work with? A: Partner brands mentioned include 710 Labs, Preferred, Wizard Trees, Backpack Boyz, Runtz, DOAC, and Packwoods, among others, alongside The Flowery's own in-house cuts. - Q: What cannabis category does Ilya Shmidt think is underrated and poised for growth? A: Shmidt points to THCV as an underrated cannabinoid category that struggled to gain traction in California but is starting to show promise in the New York market. - Q: Why does Ilya Shmidt think consumers should ask about terpene percentage instead of THC percentage? A: He argues THC percentage doesn't capture the full experience of a product, and that terpene content is a better indicator of effects and quality, though this kind of education is currently more common in Florida's medical market than elsewhere. - Q: What is the biggest lesson Ilya Shmidt learned in the cannabis industry? A: He emphasizes that the true measure of a cannabis brand's success is a customer's second purchase, not the first, since repeat buying proves real product differentiation rather than hype. - Q: Where are The Flowery's New York dispensary locations? A: The Flowery currently operates in SoHo, the Upper West Side, Queens, Williamsburg, and Staten Island, with additional locations planned for Canal Street, the East Village, and a second Staten Island store. - [Big Tobacco Is Moving on Cannabis, the Global Strategy Is Unfolding, and Deepak Anand Reveals Where’s Next](https://www.dimepodcast.com/episodes/big-tobacco-is-moving-on-cannabis-the-global-strategy-is-unfolding-and-deepak-anand-reveals-wheres-next) — Deepak Anand: Global cannabis strategist Deepak Anand joins Bryan Fields and Kellan Finney to map out how Big Tobacco — British American Tobacco, Altria, Philip Morris International, and Japan Tobacco — is quietly building global cannabis positions through investments like BAT's stake in Organigram, while US federal inaction hands Canadian producers a widening window to dominate booming medical markets in Germany, Australia, and beyond. The conversation digs into why Germany's medical cannabis market is on pace to triple by 2027, why regulatory complexity (EU GMP, country-by-country rules) is becoming its own competitive moat, and why US MSOs may only be able to go international through acquisitions of already-compliant Canadian operators. It's a clear-eyed look at how consolidation, rescheduling uncertainty, and international regulatory strategy are reshaping who wins the next phase of the global cannabis industry. Key takeaways: - Big Tobacco (BAT, Altria, Philip Morris International, Japan Tobacco) is actively building cannabis positions because tobacco is a declining business that needs new revenue categories. - BAT's Product Development Corporation with Organigram in Moncton, New Brunswick uses Canada as a low-stakes sandbox to test cannabis vapes, ingestibles, and eventually pouch-style products. - Germany's medical cannabis market is projected to roughly triple by 2027, growing from about 567 million euros in 2024 toward a 2 billion euro valuation, driven by the removal of cannabis as a controlled narcotic in April 2025 and the rise of telemedicine prescribing. - Because UN treaties restrict cannabis trade to medical and scientific purposes, Canadian producers can legally export into medical markets like Germany but not into recreational markets, giving Canada a durable supply advantage while non-medical legalization lags in Europe. - US MSOs are structurally boxed out of direct international export due to federal illegality, leaving brand licensing deals or acquisitions of already-GMP-compliant Canadian or European operators as the realistic paths to go global (e.g., Curaleaf's acquisitions of Northern Green Canada and 420 Pharma). - Regulatory complexity is becoming a competitive moat: EU GMP compliance for gummies, vapes, and concentrates is far harder to achieve than for flower, sharply limiting how many companies can serve markets like Australia and the UK. - Cannabis M&A is shifting from land-grab licensing deals (circa 2017-2018) to disciplined, value-driven acquisitions targeting market share, proprietary products, or specific capabilities like bioavailability. - The UK's Proceeds of Crime Act and US banking's extraterritorial reach are quietly shaping how public companies like BAT structure and disclose their cannabis investments. FAQ: - Q: Why are tobacco companies like British American Tobacco getting into cannabis? A: Tobacco is a declining category as cigarette use falls, so companies like BAT, Altria, Philip Morris International, and Japan Tobacco are looking for new growth segments beyond nicotine. Cannabis offers a large, adjacent, agriculturally similar opportunity where their existing expertise in crops, genetics, and consumer product development can transfer. - Q: What is BAT's Product Development Corporation with Organigram? A: It's a joint venture structure in which BAT seconds staff to Organigram's operations in Moncton, New Brunswick, to develop cannabis-specific products. It functions as a testing sandbox, letting BAT learn about cannabis vapes and ingestibles in Canada's federally legal market before deciding how to apply that knowledge globally. - Q: Why is Germany's cannabis market growing so quickly? A: In April 2025, Germany reclassified medical cannabis so it's no longer treated as a controlled narcotic, similar to any other pharmaceutical. That change enabled telemedicine platforms to prescribe cannabis easily, driving explosive patient growth. The medical market is projected to roughly triple by 2027, and Canadian producers are supplying most of the increased demand because they can cultivate at scale. - Q: Can Canadian cannabis companies export to recreational markets in Europe? A: No. Under UN drug treaties, international cannabis trade is limited to medical and scientific purposes. Canadian producers can export into medical markets like Germany, but any recreational cannabis sold in a country like Germany or Switzerland must be domestically cultivated, not imported. - Q: Why can't US multi-state operators (MSOs) simply export cannabis internationally? A: Because cannabis remains federally illegal in the US, MSOs can only move product across state lines domestically, not across international borders. To participate internationally, they typically pursue brand licensing deals or acquire already-compliant companies in Canada or Europe rather than exporting directly. - Q: Why did Curaleaf acquire Northern Green Canada? A: Northern Green Canada gave Curaleaf immediate EU-GMP-compliant manufacturing capability and operational expertise for the European market, avoiding the years-long regulatory buildout required to get US-style operations certified to EU GMP standards from scratch. - Q: What makes EU GMP compliance so hard to achieve for cannabis products? A: EU GMP requirements go well beyond basic quality control. For products like gummies or vapes, they cover ingredient sourcing, manufacturing processes, machinery validation, packaging, and product stability. Flower is comparatively simple to certify since it's a single active ingredient, but processed products require a much heavier regulatory lift, which limits how many companies can supply GMP-compliant products to markets like Australia and the UK. - Q: What is the UK's Proceeds of Crime Act, and how does it affect cannabis investors? A: It's a UK law stating that if an activity is illegal in the UK, it's treated as illegal for a UK entity even when conducted legally elsewhere. Because cannabis remains illegal in the UK, this affects how UK-linked companies like BAT structure profits from cannabis investments abroad, generally requiring them to keep those profits within the foreign entity rather than repatriating them to the UK. - Q: Is cannabis consolidation likely to continue among cannabis and CPG companies? A: Yes. Falling valuations for cannabis operators are making acquisitions more attractive to larger, well-capitalized players, whether CPG companies entering the space or cannabis companies looking to consolidate market share. Deals are increasingly targeted at specific capabilities (like market share, proprietary genetics, or product categories) rather than simply acquiring a license. - [Secrets Behind World-Class Extraction: How 1% Add Millions ft. Micah Anderson](https://www.dimepodcast.com/episodes/secrets-behind-world-class-extraction-how-1-add-millions-ft-micah-anderson) — Micah Anderson: Micah Anderson, CEO of California extraction company Leef Brands, breaks down why his company abandoned an early do-it-all brand strategy to focus exclusively on scaled cannabis extraction, and how obsessive attention to procurement, yield data, and margin discipline — not price increases — is what separates the best processors from the rest as California's market compresses. The conversation also covers Leef's expansion into a 187-acre Santa Barbara cultivation permit to control input costs, its disciplined entry into New York with a handful of existing clients, and Anderson's rationale for putting Bitcoin on Leef's balance sheet as a hedge and second growth lever alongside the core extraction business. It's a useful listen for operators thinking about supply chain control, multi-state expansion discipline, and treasury strategy in a margin-compressed cannabis market. Key takeaways: - Leef Brands walked away from being a do-it-all brand-and-retail operation to focus exclusively on scaled extraction after finding they were only 40-45% efficient trying to do everything at once. - Extraction requires enormous volumes of biomass relative to output, making procurement — sourcing from roughly 250 farms across California — as critical to the business as the extraction process itself. - As margins compress, the right response is lowering cost of goods and squeezing yield efficiency through data, tech, and genetics — not raising prices, since the market sets the price regardless. - Leef acquired a 187-acre land use permit in Santa Barbara to grow its own cultivation supply after a four-year licensing process, aiming to cut input costs from $20-50/lb to $5-10/lb. - Co-packing finished products for brands was tried and abandoned — Leef found it created more downside risk (packaging delays, client hardware issues) than upside in client stickiness. - Leef's New York expansion deliberately started small, targeting the same five existing client relationships rather than replicating California's scale, to avoid entering a market without a supply chain. - The company built an internal 'franchise Bible' documenting every SOP and runs new-market hires through a California training and certification program before deploying them. - Leef began holding Bitcoin as a balance-sheet strategy — separate from its P&L extraction business — reasoning that cannabis's banking marginalization and industry-wide balance sheet damage make an uncorrelated, unmanaged asset attractive. FAQ: - Q: Why did Leef Brands decide to focus only on extraction instead of also running its own brands? A: Leef initially tried to do everything — cultivation, brands, retail distribution, and extraction — but found they were only about 40-45% efficient at any one part of the business. Stores weren't paying reliably, the supply chain wasn't consistent, and pricing and quality suffered. After a painful decision to divest their brands and exit roughly 700 retail accounts, they concentrated entirely on scaled extraction, which they consider their core strength. - Q: How much cannabis material does a large extraction business actually need to run? A: According to Micah Anderson, Leef sources from about 250 different farms across California, processing roughly 200-225 acres worth of material a year. Extraction requires a large volume of biomass to yield a comparatively small amount of finished concentrate, so even buying from every farm in a region wouldn't be enough to meet demand. - Q: Why did Leef Brands invest in its own farmland instead of just buying from other growers? A: Leef purchased a 187-acre land use permit in Santa Barbara to reduce cost of goods — cultivating their own pounds for roughly $5-10 versus buying from farms at $20-50 per pound. Owning larger, consistent blocks of material also improves extraction yields, since equipment can be better tuned to material from one source rather than constantly shifting inputs from dozens of farms. - Q: What is co-packing in cannabis, and why did Leef Brands stop offering it? A: Co-packing means handling a brand's full finished packaging and fulfillment, not just producing the raw concentrate. Leef found that co-packing mistakes (mislabeling, packaging delays) caused more damage to client relationships and their own product's reputation than the client stickiness it was meant to create, so they scaled it back to a very small part of their business. - Q: How is Leef Brands approaching its expansion into New York? A: Rather than replicating its California scale, Leef entered New York deliberately small — acquiring a processing license from an existing cultivation group, moving older equipment out to keep costs low, and focusing on roughly five existing client relationships from California. The plan is to expand into one additional state per year if New York proves successful. - Q: How does Leef train employees and managers for new markets like New York? A: Leef documented every SOP across production, accounting, and procurement into what they call an internal 'franchise Bible.' New hires and managers for New York are brought to California for a 30-to-60-day training program and are only deployed once they're considered 'Leef certified,' ensuring consistent culture and customer service across markets. - Q: Why is Micah Anderson putting Bitcoin on Leef Brands' balance sheet? A: Anderson sees Bitcoin as a long-term, uncorrelated asset that requires no active management, unlike M&A or expansion, which carry execution risk. With cannabis balance sheets broadly weakened by legalization-driven price declines and limited banking access, he views Bitcoin accumulation as a second growth lever alongside the company's core P&L extraction business, funded so far through B2B payments and eventually a planned capital raise. - Q: What does Micah Anderson think would fix the California cannabis market? A: Anderson says the single biggest fix would be drastically reducing cannabis taxes and licensing fees. He cites his cultivation license costing $720,000 annually versus $900 for a comparable hemp permit on the same footprint, arguing California needs to regulate cannabis more like agriculture or it will continue a decline he believes stems from access and cost, not falling demand. - [If You’re Chasing Invoices in Cannabis, Listen to This ft. Brett Gelfand](https://www.dimepodcast.com/episodes/if-youre-chasing-invoices-in-cannabis-listen-to-this-ft-brett-gelfand) — Brett Gelfand: Brett Gelfand, founder of Cannabis Collects and the Cannabiz Credit Association, joins Bryan Fields and Kellan Finney to unpack why unpaid invoices have become an epidemic in the cannabis industry — a problem rooted in federal banking restrictions that push companies into extending informal, unsecured credit terms just to compete. Gelfand explains how his collection agency and credit-reporting platform work, why escalating past-due accounts quickly rather than waiting dramatically improves recovery odds, and how a Whitney Economics study pegged 2023 cannabis-industry delinquencies at $3.8 billion. The conversation offers a practical playbook — from setting a credit policy to knowing exactly when to escalate to collections or legal action — for any cannabis operator getting burned by customers who won't pay. Key takeaways: - Cannabis companies extending net-30 or net-60 credit terms without formal underwriting or contracts are effectively acting as unregulated lenders, and most have no credit or collection policy in place. - Federal banking restrictions push cannabis businesses toward cash transactions and informal credit arrangements between each other, which compounds the industry's collections problem. - A Whitney Economics study found $3.8 billion in delinquent cannabis payments in 2023, with more than half of that debt over 60 days past due. - Collection rates drop roughly 5-10% every month an account stays unpaid and fall off sharply after 90 days, so escalating quickly matters far more than waiting it out. - Sales teams should never be responsible for collections — mixing the two roles can damage the customer relationship and wastes time on accounts that are less collectible every day they age. - Cannabis Collects and its sister platform, the Cannabiz Credit Association, built one of the industry's only credit-reporting databases by having roughly 250 member companies anonymously share accounts-receivable data in exchange for access to it. - A clear escalation path — internal outreach, then a formal demand letter, then a collection agency or legal action by around day 90 — produces far better recovery outcomes than open-ended patience. - Publicly shaming non-paying customers on social media risks defamation and antitrust exposure; a formal credit-reporting and collections process is a safer and more effective long-term deterrent. FAQ: - Q: What is Cannabis Collects? A: Cannabis Collects is a collection agency founded by Brett Gelfand that specializes in recovering unpaid business debt within the cannabis industry, working on a contingency-fee basis rather than charging upfront fees. - Q: What is the Cannabiz Credit Association (CCA)? A: The CCA is a sister company to Cannabis Collects that lets cannabis businesses anonymously share accounts-receivable data and run credit checks on potential buyers before extending payment terms. - Q: Why is unpaid debt such a common problem in the cannabis industry? A: Federal banking restrictions limit cannabis companies' access to bank accounts and traditional credit, so they end up extending informal payment terms to each other without underwriting or formal contracts, effectively acting as unregulated lenders with no safety net if a buyer defaults. - Q: How long should a business wait before sending an unpaid invoice to collections? A: Internal outreach should begin as soon as an account goes past due, escalate to a formal written demand letter by around day 60-90, and move to a collection agency or legal action if there's no payment plan by day 90 — collection odds drop sharply after that point. - Q: Should a company's sales team handle its own collections? A: No. Mixing sales and collections can damage the customer relationship if the account eventually pays, and it wastes sales staff's time on a receivable whose collectibility declines every day it stays unpaid. - Q: How does a cannabis collection agency typically get paid? A: Most cannabis collection agencies, including Cannabis Collects, work purely on contingency — commonly around 25% of whatever is recovered — so the business owes nothing unless money is actually collected. - Q: Is it legal to publicly call out a non-paying customer on social media? A: It can expose the business to defamation and antitrust liability depending on how it's worded, so a formal credit-reporting and collections process is a safer way to hold buyers accountable. - Q: How large is the unpaid-debt problem in the cannabis industry? A: A Whitney Economics study found $3.8 billion in delinquent cannabis payments in 2023, with more than half of that debt over 60 days past due. - Q: What's the difference between a debtor who can't pay and one who won't pay? A: Some debtors want to pay but lack the means because of a genuinely difficult market, while a smaller, louder group has the means but not the motive — deliberately avoiding payment — and requires firmer, faster escalation. - Q: Where can cannabis businesses check a buyer's payment history before extending credit? A: Platforms like the Cannabiz Credit Association aggregate anonymized accounts-receivable data from member companies so businesses can check a potential buyer's payment behavior before extending terms. - [How Ayr Wellness Is Resizing for Reality — What Operational Efficiency Really Means ft. George DeNardo](https://www.dimepodcast.com/episodes/how-ayr-wellness-is-resizing-for-reality-what-operational-efficiency-really-means-ft-george-denardo) — George DeNardo: Ayr Wellness president George DeNardo joins The Dime to explain how one of cannabis's multi-state operators is shifting from the "plant as many flags as possible" growth era to a discipline of operational efficiency — consolidating facilities, standardizing processes across states, and building an 80%-in-house ERP system to track crop planning, extraction yields, and cost of goods in real time. The conversation digs into how Ayr decides which facilities to close versus double down on (including a new indoor cultivation build in Ocala, Florida), how it manages 180-plus cannabis genetics against a roughly 16-week crop-to-shelf lag, and the leadership philosophy — ownership, accountability, and servant leadership — behind those calls. It's a useful listen for operators and investors trying to understand what "right-sizing" actually looks like inside a multi-state cannabis company in 2025. Key takeaways: - Ayr Wellness is prioritizing operational efficiency and facility consolidation over the 'plant as many flags as possible' growth strategy that defined early MSO expansion around 2016-17. - Facility closures at Ayr come with three months' notice and active work with outside partners to place employees and hand off operations, rather than abrupt shutdowns. - Ayr built roughly 80% of its ERP and reporting system in-house, giving daily and hourly visibility into crop planning, extraction rates, and cost of goods across every state. - In 2024 Ayr overhauled its vape hardware (testing roughly 20 devices) and its crop genetics, and now manages over 180 distinct cannabis genetics to keep menus fresh. - The new Ocala, Florida indoor cultivation facility is meant to close a quality gap in indoor flower and improve inputs for derivative products like oil, independent of whether Florida legalizes adult-use. - DeNardo's leadership philosophy centers on 'ownership, accountability, and servant leadership,' with flattened, clearer communication to avoid diluted decision-making as messages pass through management layers. - There is roughly a 16-week lag between a cultivation decision and its effect on the sales floor, so crop planning has to be coordinated with sell-through data months in advance. - DeNardo considers hiring the wrong person the most expensive lesson of his career, and views giving employees dedicated time — not books — as the most valuable form of mentorship. FAQ: - Q: Who is George DeNardo? A: George DeNardo is the president of Ayr Wellness, a multi-state cannabis operator. He joined Ayr from Columbia Care in November 2023 as chief operating officer, overseeing cultivation, manufacturing, and brands, before being promoted to president with added oversight of retail and revenue functions. - Q: What is Ayr Wellness's approach to facility consolidation? A: Ayr evaluates both macro factors (a state's market trajectory and long-term strategy) and facility-level factors (what capabilities exist and how equipment can be redeployed) before consolidating. Closures come with extended employee notice, an effort to transfer usable equipment to other facilities, and coordination with outside partners to take over operations and retain staff. - Q: Why is Ayr Wellness building a new cultivation facility in Ocala, Florida? A: The Ocala facility is designed to fill a gap in indoor-grown, top-quality flower that Ayr's existing greenhouse infrastructure couldn't fully deliver. It's meant to improve both flower brand quality and the inputs feeding derivative products like oil, and the investment isn't dependent on Florida passing adult-use legalization. - Q: How much of Ayr Wellness's technology and ERP system was built in-house? A: About 80% was built in-house by Ayr's IT team, with the remaining 20% pieced together from outside solutions. It ties together state-by-state systems to give leadership daily and hourly visibility into operations, crop planning, and lab extraction rates. - Q: What leadership philosophy guides Ayr Wellness's operations? A: George DeNardo describes it as ownership, accountability, and servant leadership — giving clear ownership over specific parts of the business, holding people accountable, and having leaders serve their teams rather than layering communication through excessive management tiers. - Q: How does Ayr Wellness handle employee impact when closing a facility? A: Ayr gives roughly three months' notice ahead of closures (rather than immediate shutdowns), works to identify which employees can move to other roles or facilities, and coordinates with outside partners who may take over the facility and retain staff. - Q: What was the 'growth at all costs' era in cannabis multi-state operators? A: Starting around 2016-2017, many multi-state cannabis operators expanded aggressively into as many states as possible ('planting flags') without prioritizing profitability. Many operators, including Ayr, are now pulling back to focus on operational efficiency and profitable core markets instead. - Q: How long does it take for a cannabis cultivation decision to show up in sales? A: According to George DeNardo, there's roughly a 16-week lag between a crop-planning decision and when that product's effect on sales and supply becomes visible, since cultivation and processing take months from planting to finished product. - Q: What states does Ayr Wellness operate in? A: As discussed in the episode, Ayr Wellness has operations in Massachusetts, New Jersey, Pennsylvania, Florida, Nevada, Illinois, Connecticut, and Ohio, with plans in development for Virginia. - Q: What does George DeNardo consider the most expensive lesson in business? A: He says the most expensive lesson is hiring the wrong person — the time and money lost from not being selective enough in hiring outweighs almost any other operational mistake. - [Why Cannabis Companies Must Face Reality, Make Hard Choices, and Follow the Data ft. AnnaRae Grabstein](https://www.dimepodcast.com/episodes/why-cannabis-companies-must-face-reality-make-hard-choices-and-follow-the-data-ft-annarae-grabstein) — AnnaRae Grabstein: AnnaRae Grabstein, founder of the cannabis strategy firm Wolf Meyer and co-host of the High Spirits podcast, joins Bryan Fields and Kellan Finney to argue that hemp and adult-use cannabis are converging into a single consumer market even though they sit under separate regulatory regimes. She unpacks why cannabis operators need to abandon inflated growth projections — what she calls "financial pornography" — and instead ground strategy in real cost data, choosing to "go deep" into their strongest markets rather than "go wide" chasing every new state or channel. The conversation also covers why hemp beverages are expanding rather than cannibalizing the cannabis market, why ERP and manufacturing technology still hasn't found a clear winner in the plant-touching supply chain, and why qualitative due diligence on leadership and decision-making matters as much as spreadsheets when evaluating cannabis investments. Key takeaways: - Hemp and regulated cannabis are functionally one consumer market — companies that treat them as entirely separate categories risk missing where their customers actually are. - Winning in cannabis starts with accepting current market realities and abandoning the inflated growth projections ("financial pornography") that have driven many companies' financial models. - "Going deep" — deepening relationships with a company's best-paying, most reliable customers in a focused market — is often a stronger strategy than "going wide" into new states or channels when capital is limited. - Hemp beverages are not meaningfully displacing dispensary sales; data shows beverages historically sell poorly in dispensaries, so hemp is expanding the total cannabinoid market rather than cannibalizing it. - Low-dose hemp beverages act as a low-intimidation on-ramp for new consumers (especially women, who drive most household purchasing decisions), but repeat buyers gravitate toward higher-potency products over time. - Many cannabis companies still lack real visibility into product-level margins, true COGS, and how SG&A is eroding performance. - No ERP or manufacturing technology platform has clearly "won" in cannabis yet, partly because plant-based supply chains are complex and new tech can add data-entry labor without guaranteed ROI. - Qualitative due diligence — evaluating a leadership team's decision-making, partnerships, and how they handle adversity — is as important as financial projections when assessing cannabis investment opportunities. FAQ: - Q: Are hemp and cannabis really the same industry? A: According to AnnaRae Grabstein, yes in terms of the consumer — hemp and regulated cannabis serve the same underlying demand for cannabinoids, and consumers move between the two without necessarily understanding the difference. Operationally, though, the two spaces have very different regulatory rules, supply chains, and distribution channels, so a company's strategy still has to account for those differences even while treating the consumer as the true anchor. - Q: Are hemp beverages hurting dispensary sales? A: Grabstein pushes back on that idea. She points out that historically, beverages have not sold well inside dispensaries, so hemp beverages sold outside the dispensary channel are largely expanding the total cannabinoid market and reaching new consumers rather than displacing existing cannabis dispensary revenue. - Q: What does 'going deep versus going wide' mean as a growth strategy? A: Going wide means expanding into new markets, states, or customer segments to grow revenue. Going deep means focusing resources on strengthening relationships and increasing wallet share with the customers or markets a company already serves well. Grabstein argues that in capital-constrained industries like cannabis, going deep with reliable, bill-paying customers is often the stronger strategy than chasing growth in new, riskier markets. - Q: What is 'financial pornography' in the cannabis industry? A: It's Grabstein's term for the unrealistic, overly optimistic financial projections and pro formas that many cannabis companies built during the industry's early growth phase — assumptions like guaranteed double-digit market share in a new state — that never materialized and left companies with plans disconnected from market reality. - Q: Why hasn't ERP or manufacturing technology 'won' in the cannabis industry yet? A: Grabstein explains that cannabis supply chains start with a plant that splits into many different outputs (flower, stems, leaf, and more), making tracking and value creation inherently complex. She's also seen ERP deployments create unexpected data-entry burdens on already resource-constrained teams, so the technology needs to deliver a clear performance payoff to justify the added labor. - Q: How should smaller cannabis companies with limited capital decide whether to invest in new technology? A: Grabstein's rule of thumb: if a technology investment won't show ROI for four or five years and resources are limited, it's probably not the right move. Companies should focus on building a profitable business with what they already have rather than making long-payback bets. - Q: What is qualitative due diligence, and why does it matter for cannabis investing? A: Qualitative due diligence means evaluating the aspects of a company that don't show up on a spreadsheet — the quality of its leadership, how the team makes hard decisions under pressure, and the strength of its partnerships and supply chain relationships. Grabstein argues investors should start with this qualitative picture and then use financial data to confirm what they've already learned, rather than leading with the spreadsheet. - Q: What's the outlook for federal cannabis policy reform? A: Grabstein says she's no longer counting on near-term federal reform. Every time the industry seems close to a policy change, it takes a step back, so she expects cannabis regulation to remain a state-by-state issue for a long time. - Q: Why do most of the top multi-state operators (MSOs) launching hemp beverages still not win in that category? A: Being a top cannabis company doesn't automatically translate into hemp beverage success, because hemp beverage distribution relies on alcohol-industry-style channels and relationships that are a different skill set from operating inside closed, state-licensed cannabis supply chains. Grabstein notes that for some MSOs, resources might be better spent going deeper in their existing cannabis business rather than chasing every new hemp opportunity. - Q: Why are low-dose cannabis beverages important for the industry even if they aren't the top sellers? A: Low-dose beverages (around 2.5mg) function as a comfortable on-ramp that lowers the intimidation factor for new or cautious consumers. Data shows that once consumers get comfortable, sell-through is actually higher on more potent options like 10mg beverages, meaning low-dose products help build the funnel of consumers who eventually move toward higher-potency products. - [How Leafwell is Disrupting Healthcare: The Data Doctors Can’t Ignore ft. Emily Fisher & Dr June Chin](https://www.dimepodcast.com/episodes/how-leafwell-is-disrupting-healthcare-the-data-doctors-cant-ignore-ft-emily-fisher-dr-june-chin) — Emily Fisher & Dr June Chin: Leafwell co-founder Emily Fisher and Dr. June Chin, a physician and vice chair of New York State's cannabis advisory board, explain how their telehealth platform has grown into a data-driven cannabis care network spanning 38 states, over 700 dispensary partners, and hundreds of thousands of patient encounters. They dig into how that data is being used to standardize product recommendations, build employer-sponsored integrative cannabis benefits with insurers like Aetna and Meritain, and push toward a future where medical cannabis is reimbursed like any other treatment. The conversation ties together patient access, workplace policy, insurance economics, and the research gap that federal rescheduling could finally help close. Key takeaways: - Leafwell operates in 38 states, sees over a million website visitors a month, and facilitates more than 15,000 patients monthly across a network of 100+ providers in 30 medical specialties. - Qualifying conditions for medical cannabis vary state by state, so Leafwell providers often reframe a patient's issue (e.g., lupus becomes chronic pain, Parkinson's becomes nerve pain) to fit local rules. - Leafwell has built its own EMR/EHR system, turning hundreds of thousands of patient encounters into structured data used to refine product and dosing recommendations. - The company is partnering with employers and insurers like Aetna, Meritain, and Blue Cross Blue Shield to bring integrative cannabis care into employee benefit plans, since cannabis medicine itself still isn't reimbursed. - Leafwell's dispensary network (700+ locations) offers patients a stackable discount of up to 30%, saving members an estimated $500+ a year even without insurance coverage for the product itself. - Internal data shows patients using cannabis for a year saw roughly a 50% reduction in doctor visits, a 48% reduction in ER visits, and meaningful drops in prescription medication use and absenteeism. - Leafwell's research team, led by a Johns Hopkins-trained epidemiologist, has published seven peer-reviewed papers and is positioning the company to act as a CRO (contract research organization) and patient-recruitment partner for cancer centers and universities. - Both guests see federal rescheduling as a catalyst not just for taxes, but for unlocking research funding and getting the endocannabinoid system taught in medical schools. FAQ: - Q: What is Leafwell? A: Leafwell is a cannabis telehealth and care platform, founded by Emily Fisher, that connects patients with medical providers for cannabis certifications and treatment guidance, operates its own electronic medical records system, and publishes original research on medical cannabis outcomes. - Q: Why do medical cannabis qualifying conditions differ from state to state? A: Each state sets its own list of qualifying conditions based on its own political and regulatory history, so a condition like lupus or Parkinson's may not qualify in one state but can often be addressed through a related qualifying symptom, such as chronic pain or nerve pain, that is recognized locally. - Q: How are employers using cannabis benefits for their workforce? A: Some employers are adding integrative cannabis care as an employee benefit, similar to vision or dental coverage, giving employees access to cannabis-trained providers and discounted dispensary pricing. Employers are motivated by data showing reduced healthcare utilization, lower absenteeism, and fewer workplace incidents from unsupervised self-medication. - Q: Is medical cannabis currently covered by health insurance? A: Provider visits for cannabis care can be covered by insurance when billed as collaborative or integrative care, but the cannabis product itself is not yet reimbursed by insurance. Patients typically access discounts (up to 30% in Leafwell's network) rather than direct insurance coverage for the medicine. - Q: How could federal rescheduling of cannabis affect medical research and education? A: Rescheduling would likely unlock significantly more research funding and reduce legal barriers to studying cannabis, which in turn could pave the way for the endocannabinoid system to be taught in medical schools and for cannabis to eventually be reimbursed as a standard medical treatment. - Q: What percentage of cannabis users are using it for therapeutic reasons? A: Estimates cited in the conversation suggest that around 80% of people who use cannabis are doing so for some form of therapeutic outcome, even if they purchased it through an adult-use rather than medical channel. - Q: How is data used to personalize medical cannabis recommendations? A: Platforms like Leafwell combine electronic medical record data, patient-reported outcomes, and dispensary purchase data (including product and terpene profiles) to identify which products tend to work best for specific conditions, demographics, and combinations with other medications. - Q: What is 'collaborative care' in the context of cannabis treatment? A: Collaborative care refers to a billable insurance arrangement where a cannabis specialist works alongside a patient's local doctor, using a specific insurance claim code, so the patient gets specialized cannabis guidance while staying coordinated with their primary care team. - [The Hard Thing About Hard Things: A Melody of Grit & Fortitude ft. Christina Betancourt Johnson](https://www.dimepodcast.com/episodes/the-hard-thing-about-hard-things-a-melody-of-grit-fortitude-ft-christina-betancourt-johnson) — Christina Betancourt Johnson: Christina Betancourt Johnson, CEO of Standard Wellness Maryland, joins The Dime to unpack what it actually took to build a vertically integrated cannabis company — from a 2017 licensing bet through a legal fight over cultivation, stalled capital raises, and a race against Maryland's operational deadlines. She contrasts Maryland's tightly regulated, consumer-safety-first rollout with New York's equity-first but harder-to-operationalize social equity program, and shares candid lessons on 280E's squeeze on R&D, the coming wave of rescheduling-driven M&A, and why trying to do everything herself was her biggest founder mistake. Key takeaways: - Vertical integration (cultivation, processing, retail) gives an operator control over supply chain, product consistency, margins, and regulatory oversight — but under a hard state deadline it can mean operationalizing in stripped-down 'pods' instead of the large-scale buildout originally planned. - Cannabis licensing applications are graded, numbers-driven processes, not values-driven pitches — operators have to master both the compliance and quality-assurance side and the mission-driven side simultaneously to survive. - Social equity programs, like New York's justice-involved partner requirement, can be well-intentioned but hard to operationalize, especially when trust between partners has to be built from scratch under an aggressive regulatory timeline. - Relationships built over years, through boards, panels, and conferences, often supply the resources — like used cultivation trailers acquired just in time — that let an operator hit a licensing deadline; that network can't be built reactively. - Because 280E leaves cannabis margins razor-thin, most operators can't fund the kind of in-house R&D other industries take for granted, and there's no university research infrastructure to lean on either. - Rescheduling in 2025 is expected to bring tax relief and spur new M&A activity, brand proliferation, and interest from insurers and pharmaceutical companies, but not full federal legalization. - Deeper public understanding of the legislative and regulatory process, at the local, state, and federal level, is a bigger unlock for the industry than most operators realize, since legislators are generalists who rely on whoever shows up to educate them. - Founders often slow themselves down by trying to do everything out of fear rather than ego; trusting and delegating earlier tends to mean moving faster. FAQ: - Q: Why did Christina Betancourt Johnson want Standard Wellness Maryland to be vertically integrated? A: To control the supply chain and ensure consistency in product quality, pricing, and availability; to protect margins and profitability; to maintain brand consistency and customer loyalty; and to get better oversight of regulatory and compliance risk. - Q: What made Maryland's cannabis licensing application process so difficult? A: It was a rigorous, numbers-driven grading process built around metrics and past performance rather than a values-based pitch, so operators had to prove operational competence on paper while still trying to build a mission-driven company. - Q: What is House Bill Two in Maryland cannabis licensing? A: It's the legislation passed after a disparity study found few women and ethnic-minority owners in Maryland's 2014-2015 cannabis licensing round. It created a new 2019 licensing round for cultivation and processing with race- and income-based eligibility requirements, producing four new cultivators and about 15 processors. - Q: How did New York's social equity cannabis program differ from Maryland's? A: New York required certain retail licensees to partner with 'justice-involved' individuals — people with prior cannabis-related convictions — while Maryland's licensing rounds did not carry that requirement. New York's equity-first approach also coincided with a wave of unlicensed pop-up sales, while Maryland's tighter regulatory environment prioritized consumer safety from the start. - Q: Why can't most cannabis companies invest heavily in R&D? A: 280E taxation leaves razor-thin margins, and there isn't the university research infrastructure other industries can lean on, so most operators can't spare the budget for dedicated R&D the way non-cannabis companies do. - Q: What does Christina Betancourt Johnson expect from cannabis rescheduling in 2025? A: She expects federal rescheduling, not full legalization, which should bring tax relief, a wave of M&A and consolidation, more brand proliferation, growing interest from insurers and pharmaceutical companies, and eventually more room for R&D. - Q: What was Christina Betancourt Johnson's biggest regret as a cannabis founder? A: Trying to do too much herself out of fear rather than delegating and trusting partners earlier, which she believes slowed the business down. - Q: Why does understanding the legislative process matter for cannabis operators? A: Legislators and regulators are generalists covering hundreds of topics, not subject-matter experts, so operators and advocates who know how to build relationships and engage with the political process before they need something have outsized influence — and most people don't know how to do this. - Q: Where can people find Christina Betancourt Johnson and Standard Wellness Maryland? A: Standard Wellness Maryland's dispensary is at standardwellness.com, and Christina is personally active on Instagram and LinkedIn under handles referencing 'Canna Cris.' - [Premium Should Mean Organic: How Jetty Extracts is Leading the Clean Cannabis Movement ft. Ron Gershoni](https://www.dimepodcast.com/episodes/premium-should-mean-organic-how-jetty-extracts-is-leading-the-clean-cannabis-movement-ft-ron-gershoni) — Ron Gershoni: Ron Gershoni, co-founder of Jetty Extracts, traces the brand's path from a self-funded, unlicensed San Diego side hustle in 2013 to one of the oldest and most recognized names in California cannabis concentrates, now expanding into Colorado, New York, and New Jersey. He details Jetty's shift from CO2 to butane and ethanol extraction and finally to solventless ice-water hash, and explains why the company pursued California's new OCal organic certification and voluntary Echo pesticide testing to position itself as the cleanest option on dispensary shelves. The conversation is a candid look at bootstrapped growth, the discipline of saying no to fast expansion and outside capital, and why premium cannabis brands are increasingly competing on purity and testing transparency rather than price. Key takeaways: - Jetty Extracts started in 2013 as a self-funded, no-blueprint experiment — buying CO2 extraction equipment with almost no instructions and learning through trial and error, YouTube videos, and calls to scientists. - Staying self-funded without outside investors let Jetty avoid the pressure to chase aggressive growth projections, allowing it to focus on product consistency instead of a 'hockey stick' story for investors. - The company deliberately waited nine years before expanding outside California, treating the discipline of saying no to opportunities as a competitive advantage rather than a missed one. - Jetty's extraction method evolved from CO2 to butane/ethanol to primarily solventless (ice-and-water) hash, which the company considers its cleanest and best-tasting product line. - California's OCal organic certification only recognizes solventless extraction as organic — anything processed with butane cannot qualify, which pushed Jetty further toward solventless production. - Jetty voluntarily pays for extra, non-required pesticide testing (via the independent Echo certification) on top of state-mandated compliance testing, spending tens of thousands of dollars a month to differentiate on cleanliness. - Entering new states often means leading with a lower-tier product line (like distillate) before infrastructure supports the company's flagship solventless products, creating a brand-perception risk in early markets like New York and New Jersey. - Jetty has considered but so far passed on entering the hemp/CBD market, judging that the different digital-marketing and direct-to-consumer skill set required doesn't fit the company's current focus and resources. FAQ: - Q: What is Jetty Extracts and who founded it? A: Jetty Extracts is a California cannabis concentrate and vape brand founded in 2013 by a group of four co-founders, including Ron Gershoni and Nate Ferguson, starting as a self-funded side project in San Diego. - Q: What extraction methods does Jetty Extracts use? A: Jetty started with CO2 extraction, later added butane and ethanol extraction after building a licensed facility in Oakland, and has since shifted the majority of its production toward solventless extraction, which uses only ice and water and no chemical solvents. - Q: What is OCal certification in cannabis? A: OCal is a California state-created organic certification for cannabis. It only recognizes solventless extraction methods as organic — any product processed with a chemical solvent like butane cannot qualify, even if the underlying flower was organically grown. - Q: What is solventless cannabis extraction? A: Solventless extraction produces concentrates like rosin or ice-water hash using only ice, water, and mechanical pressure or agitation to separate resin from the plant, without any chemical solvent touching the finished product. - Q: Why do premium cannabis brands do extra pesticide testing beyond what's required? A: State-required compliance testing doesn't cover every pesticide of concern, so some brands opt into independent programs (like California's Echo certification) and pay for additional lab testing to catch a broader panel of compounds and market themselves as cleaner than the minimum legal standard, which the illicit and unregulated markets do not test for at all. - Q: Why did Jetty Extracts wait nine years to expand outside of California? A: The company believed expansion required significant capital, team bandwidth, and the right local partners to run compliant, vertically integrated operations in each new state, and it wasn't immediately profitable, so leadership chose a measured pace over rapid multi-state growth. - Q: Why doesn't Jetty Extracts sell hemp-derived CBD products? A: Ron Gershoni explained that the hemp/CBD business model relies heavily on digital marketing and direct-to-consumer sales, a skill set the company hasn't built, and that it currently makes more sense for edibles companies than for a licensed cannabis concentrate brand still growing in its core market. - Q: How does Jetty Extracts approach entering new cannabis markets? A: Jetty typically enters a new state with whatever product line the local supply chain and partners can support first (often distillate), then works to bring its flagship solventless products online as quickly as the market's biomass supply and infrastructure allow. - [We Don’t Want Legalization—We Want Decriminalization ft. Luna Stower](https://www.dimepodcast.com/episodes/we-dont-want-legalizationwe-want-decriminalization-ft-luna-stower) — Luna Stower: Cannabis activist and vape-industry veteran Luna Stower joins The Dime to argue that the industry's biggest failure has been chasing "legalization" and commercialization instead of decriminalization, using California's Prop 64 fallout as a cautionary tale. She digs into the politics of language and ballot semantics, the prison-industrial complex's stake in prohibition, all-in-one vape safety and regulation, and why grassroots pressure on lawmakers matters more than corporate lobbying. The conversation is essential for anyone trying to understand why legal cannabis markets keep struggling even after voters say yes. Key takeaways: - "Legalization" and "decriminalization" are not the same thing, and ballot-language confusion between commercialization (tax, control, regulate) and true decriminalization (gifting, growing, gathering) has repeatedly backfired at the polls, including defeating Florida's Amendment 3. - California's Prop 64 is widely viewed within the industry as a failure — overregulation, high taxes, and enforcement gaps have pushed legacy operators out of business while failing to make cannabis meaningfully more accessible, affordable, or safe. - A coalition called Cannabis Aligned, led by figures including Salwa Ibrahim, Nina Parks, and Isak Ali, is actively working to repeal or overhaul Prop 64 in California. - Descheduling cannabis and passing safe banking legislation are the two policy changes Luna Stower would prioritize above all others, citing violence tied to cash-heavy, unbanked cannabis businesses. - Effective grassroots advocacy — phone calls over emails, in-person meetings, and firsthand anecdotes — moves lawmakers more than professional lobbying, because legislators need real constituent stories to justify changing laws. - The EVALI vaping-illness crisis was caused by unregulated, underground THC vape cartridges using vitamin E acetate, not by tested, regulated cannabis vapes — but the legitimate industry absorbed the reputational damage. - Vape Safer, a trade group of vape manufacturers, supports a nuanced approach to proposed all-in-one disposable vape bans, warning that blanket bans risk pushing consumers back to unregulated, more dangerous underground products. - Luna Stower connects mass incarceration economics directly to cannabis prohibition, arguing that prison labor and the prison-industrial complex have a direct financial incentive to keep cannabis criminalized. FAQ: - Q: What is the difference between cannabis legalization and decriminalization? A: Legalization (often really commercialization) means the government taxes, controls, and regulates legal sales, while decriminalization means removing criminal penalties for gifting, gathering, growing, and sometimes limited regulated sales without necessarily building a full commercial retail system. - Q: Why did Florida's Amendment 3 fail to legalize recreational cannabis? A: According to Luna Stower, voters saw the measure as a corporate takeover of the cannabis market that would restrict home-grow rights, and confusing ballot language failed to clearly explain what the amendment would and wouldn't allow, driving a no vote. - Q: What is Prop 64 and why is it controversial in California? A: Prop 64 is California's 2016 ballot measure that established a regulated adult-use cannabis market. Critics, including Luna Stower, argue its high taxes and heavy regulation have driven legacy operators and mom-and-pop brands out of business without delivering on promises of accessibility, affordability, or safety. - Q: What caused the EVALI vaping lung injury crisis? A: EVALI was linked to unregulated, underground THC vape cartridges that used vitamin E acetate as a cutting agent, not to tested and regulated cannabis vape products, though the legal cannabis vape industry absorbed much of the public blame. - Q: What does an AIO mean in the vape industry, and why are they being banned? A: AIO stands for all-in-one, referring to disposable vape devices. Some California lawmakers are pushing a statewide ban on disposables over e-waste and youth-access concerns, though industry groups warn that banning legal disposables could push consumers toward unregulated underground alternatives. - Q: Why does safe banking matter so much for the cannabis industry? A: Without access to federally regulated banking, cannabis businesses operate largely in cash, which creates serious safety risks, including robberies and violence targeting dispensary employees and security guards who handle large amounts of stashed cash. - Q: What testing do regulated cannabis vape products go through in California? A: Regulated California cannabis vapes are tested for residual solvents, heavy metals, microbiological contaminants, pesticides, and mold, with cartridge-and-oil combinations retested at 30, 60, and 90 days to check for heavy-metal leaching over time. - Q: How does effective cannabis advocacy work with lawmakers? A: Phone calls are more effective than emails because they require a staffer to personally engage; showing up in person and sharing specific personal anecdotes gives lawmakers the real-world justification they need to support policy changes. - [China Tariffs & The Next Era of Vapes: Impact on Supply Chains & Brands ft. Nick Kovacevich](https://www.dimepodcast.com/episodes/china-tariffs-the-next-era-of-vapes-impact-on-supply-chains-brands-ft-nick-kovacevich) — Nick Kovacevich: Nick Kovacevich, corporate relations director at vape hardware maker C-Cell and founder of Kush Bottles, joins The Dime to unpack how a China-based supply chain reshapes the vape industry under new Trump-era tariffs, and why C-Cell's U.S. manufacturing and R&D investments in Arizona give it a cost advantage competitors lack. The conversation covers how ceramic-core hardware quality quietly drives brand reputation and consumer experience, C-Cell's new post-less 3.0 core technology, and why Nick sees Robert F. Kennedy Jr.'s HHS appointment as a potential inflection point for federal cannabis reform and vape safety research. Key takeaways: - C-Cell and its parent company Smoore manufacture their own ceramic vape cores in-house, unlike most competitors, who source cores from third-party factories in Asia. - C-Cell has invested over $10 million in a U.S.-based R&D facility in Arizona, giving it legal access to cannabis oil for testing that China-based competitors cannot replicate. - Because C-Cell manufactures its own hardware, it can import components at the manufacturer cost basis, softening the impact of China tariffs compared to distributor-only competitors who buy from factories they don't own. - Deep vertical integration, from core production through oil-filling automation, has pushed C-Cell's device failure rate to far less than 1%, protecting brand reputation and removing a hidden point of consumer-experience failure. - C-Cell's new post-less '3.0' core technology, announced at MJBizCon, improves oil drainage and stabilizes heating-element temperature to prevent flavor and terpene degradation on long or 'blinker' hits. - Nick views Robert F. Kennedy Jr.'s appointment as HHS Secretary, alongside the broader Trump administration, as a potential turning point for federal cannabis reform after what he sees as inaction under the prior administration. - More independent research is needed both on vape hardware and additive safety, and on the comparative health case for vaping versus combusting cannabis flower, a conversation he says is far more developed on the nicotine side. - Most consumers don't scrutinize the hardware inside a vape brand the way they would a computer chip, leaving a trust and education gap between vape brands and their underlying supply chains. FAQ: - Q: What is C-Cell (CCELL) and what does it make? A: C-Cell is a vape hardware manufacturer and the vaporization brand of its China-based parent company, Smoore. It's known for pioneering the ceramic-core vape cartridge in 2016 and supplies hardware to both the cannabis industry and the larger traditional nicotine vaping industry. - Q: Who is Nick Kovacevich? A: Nick Kovacevich is C-Cell's corporate relations director. He previously founded Kush Bottles, a cannabis packaging company that later became a C-Cell vape distributor, which sold its distribution business to Greenlane; he later rejoined the vaping side of the industry at C-Cell. - Q: How do U.S. tariffs on China affect vape hardware companies? A: Because most vape hardware is manufactured in China, new tariffs raise costs across the industry. Vertically integrated manufacturers like C-Cell can import components at the lower manufacturer-cost basis, while distributor-only competitors buying from third-party factories bear the full tariff impact. - Q: Why did C-Cell choose Arizona for its U.S. R&D investment? A: Arizona offered proximity to major distribution partners (3Win and Jupiter, both based near Phoenix), a business-friendly regulatory environment with an established legal cannabis market, a strong technical talent pool, and a lower cost of living than markets like California. - Q: What is the '3.0' vape technology C-Cell announced? A: It's a post-less ceramic core design engineered for greater manufacturing uniformity, allowing fuller oil drainage and using a redesigned heating element that prevents temperature spikes during long hits, preserving the intended flavor and terpene profile. - Q: Why do vape cartridge failure rates matter to a brand? A: Even when a cartridge doesn't fail outright, a poor hardware experience causes consumers to quietly switch brands without complaint, so unreliable hardware can suppress a brand's sales in ways that are hard to trace back to the actual cause. - Q: What does vertical integration mean for C-Cell's supply chain? A: C-Cell manufactures its own ceramic cores and hardware in-house rather than sourcing from third parties, operates its own U.S. R&D facility, and is investing in automated oil-filling technology for brand and MSO partners, connecting production through to consumption. - Q: What role did Robert F. Kennedy Jr.'s HHS appointment play in the conversation? A: Nick Kovacevich cited RFK Jr. becoming HHS Secretary, alongside the broader Trump administration, as a potential turning point for federal cannabis reform, given RFK Jr.'s past statements supporting legalization. - Q: What safety research does the episode say is missing in the cannabis vape industry? A: Nick Kovacevich says there's little research on cannabis vape additives and device safety, and almost no public conversation comparing the health effects of vaping or inhaling cannabis versus combusting flower, unlike the more developed research base in nicotine vaping, such as the FDA's PMTA process. - Q: How does C-Cell relate to the nicotine vaping industry? A: C-Cell's parent company, Smoore, is also the largest hardware supplier to the traditional nicotine vaping industry. Profits and R&D from that larger, more heavily regulated nicotine business help subsidize technology development for the smaller legal cannabis vape market. - [Ecosystem Secrets: How Premier Cannabis Brands Scale ft. Nate D](https://www.dimepodcast.com/episodes/ecosystem-secrets-how-premier-cannabis-brands-scale-ft-nate-d) — Nate D: Nate D, co-founder of vaporizer brand Turn, flower brand Made, and the multi-brand cultivation platform Project Pax, joins The Dime to break down how he built an interconnected cannabis ecosystem across California, Arizona, and beyond. He digs into why cultivation — not vapes — is the hardest thing to scale in cannabis, how Project Pax lets trusted brands like Doja and Blueprint Cannabis share a single facility without sacrificing QC, and why brand trust, strong teams, and disciplined R&D matter more than raw canopy space. It's a practical look at multi-state scaling, brand collaboration, and why cannabis consumer trends keep circling back to legacy OG genetics. Key takeaways: - Cultivation is the hardest cannabis vertical to scale — vapes and other product categories scale far more easily than growing consistent flower across multiple states. - Project Pax works as a multi-brand cultivation incubator: trusted brands (Doja, Blueprint Cannabis, Wizard Trees, Preferred Gardens) share one large Arizona facility instead of each trying to build out their own. - Licensing a brand name without controlling cultivation quality is a fast way to destroy that brand — customers who get one bad jar rarely come back. - QC standards have to be built jointly with each partner brand's original cultivators, focused heavily on bag appeal, smokability, and matching the "organic" flavor profile across different states' facilities. - Consumer trends are cyclical: legacy OG strains like Super Silver Haze, Blue Dream, and Jack Herer are resurging as newer consumers experience their strong smell for the first time, even as candy-flavored strains dominate certain retail segments. - Genuine R&D on a new cannabis strain can take a year or more and still fail — it's a major, often underestimated cost center for cultivation brands. - Building internal career paths and moving strong performers across sister companies keeps teams loyal and motivated as a multi-brand operation scales. - Trust and personal relationships — not contracts — remain the backbone of cannabis deal-making, from strain collaborations to figuring out which retailers pay on time. FAQ: - Q: What is Project Pax in the cannabis industry? A: Project Pax is a multi-brand cultivation platform co-founded by Nate D that takes over large cultivation facilities (starting with an 800-light facility in Arizona) and grows flower for multiple trusted, established brands — including Doja, Blueprint Cannabis, Wizard Trees, and Preferred Gardens — under one operation, rather than each brand building out its own grow. - Q: Why is cultivation considered the hardest part of scaling a cannabis business? A: Because unlike vapes or other manufactured products, cultivation mistakes can't be fixed mid-cycle — an environmental or post-production error in one week can ruin an entire harvest, and the flawed product still has to be sold months later. Scaling also means hiring cultivators in new states who may not stick to established SOPs, plus new environmental variables in each market. - Q: How do multi-brand cultivation partnerships maintain consistent quality across different brands? A: By having the operator's cultivation team work directly with each partner brand's original growers to learn how their genetics are supposed to look and taste, then batch-testing every harvest for smokability and visual "bag appeal" before it's packaged, so each brand's product stays consistent with its home-market version. - Q: Why do consumers care so much about how cannabis flower looks? A: Because most retail cannabis purchases are driven by visual bag appeal and smell rather than a pre-purchase taste test — similar to picking produce at a grocery store. A strain can taste and smoke great but still fail commercially if it doesn't look appealing in the jar. - Q: Why are legacy strains like Blue Dream, Jack Herer, and Super Silver Haze becoming popular again? A: Because cannabis retail is still in an early adoption phase, and many newer consumers are smelling loud, dominant-nosed OG genetics for the first time, gravitating toward them the same way earlier generations of smokers did — creating a nostalgia-driven resurgence of classic strains. - Q: How expensive and time-consuming is cannabis strain R&D? A: Developing a single new strain properly can take a full year or more, involving multiple cultivation cycles to test different phenotypes before a production run — and even after that investment, a strain can still fail to connect with consumers once it reaches the market. - Q: What happens when a flower strain doesn't sell well but still tastes good? A: Operators can process the underperforming flower into extract products — freezing the biomass fresh and converting it into live resin or rosin for a vape or concentrate brand — turning a cultivation miss into a strong-selling product through a different vertical. - Q: What's the risk of pure brand licensing deals in cannabis? A: Licensing a brand name to a partner who isn't personally invested in cultivation quality often leads to inconsistent or lower-quality product on shelves. Customers who get a bad jar under a trusted brand name rarely buy that brand again, damaging credibility built over years in a single bad transaction. - [Why Cannabis Laws Are a Mess: The Politics and Bureaucracy with Jeff Guillot](https://www.dimepodcast.com/episodes/why-cannabis-laws-are-a-mess-the-politics-and-bureaucracy-with-jeff-guillot) — Jeff Guillot: In this episode of The Dime, hosts Bryan Fields and Kellan sit down with Jeff Guillot, a longtime New York government affairs and lobbying veteran now with MAD Global Strategy, to unpack why cannabis policy is so chaotic across federal, state, and municipal levels. Guillot draws on real client stories — from a Christmas Eve veto to municipalities that don't understand what they've legalized — to explain how lobbying actually works, why New York's opt-in/opt-out system on Long Island has created confusion, and why he's skeptical that federal rescheduling or legalization would magically fix the industry's problems. The conversation also covers the widening hemp-vs-THC divide, the politics behind Trump-era deregulation and cabinet picks like RFK Jr., and why red states profiting from hemp may shape federal cannabis policy more than blue states pushing for reform. Key takeaways: - Effective government affairs work requires bespoke, state-by-state and even municipality-by-municipality strategy — there's no universal lobbying playbook. - Citing another state's success (especially California) to New York regulators is often counterproductive and can derail a meeting or initiative entirely. - New York's opt-in/opt-out municipal system has left many towns and residents confused, with 56% of municipalities statewide having opted out of retail cannabis as of the interview. - Delivery services allow residents of opt-out towns to still access legal cannabis, something most local officials and residents don't fully understand. - Federal cannabis reform advocates often oversell a 'panacea' narrative; even full legalization or rescheduling would create new regulatory, labor, and market problems rather than solving all existing ones. - Because hemp is federally legal in all 50 states and generating major revenue in red states like Missouri, Oklahoma, and Mississippi, that economic reality may shape federal cannabis policy more than advocacy efforts. - The unresolved hemp vs. THC regulatory divide (differing labor rules, unionization requirements, and enforcement) creates consumer confusion and industry infighting. - State and local governments largely fail to proactively educate the public about new industries like cannabis, unlike the more coordinated public education efforts seen in New York's casino licensing rollout. FAQ: - Q: Why do cannabis regulations vary so much between neighboring towns and states? A: Because in many states, including New York, individual municipalities are given the power to opt in or opt out of allowing cannabis businesses, and the state often fails to clearly communicate rules and impacts to those localities, leading to inconsistent, confused, and often fear-based decision-making. - Q: Does opting out of cannabis retail actually stop residents from getting cannabis delivered? A: No. Even in towns that have opted out of allowing dispensaries, licensed delivery services from nearby opt-in municipalities can still legally serve those residents, something most local officials and communities don't realize when they vote to opt out. - Q: Will federal cannabis rescheduling or legalization solve the industry's problems? A: According to Jeff Guillot, no — while it would help with issues like banking and interstate commerce, it would introduce new regulatory, labor, and competitive challenges, similar to how legal industries like liquor and cigarettes still face significant ongoing problems despite being legal nationwide. - Q: Why is hemp treated so differently from THC cannabis products even though they come from the same plant? A: Hemp was made federally legal in all 50 states through the Farm Bill, while THC cannabis remains state-regulated and often heavily unionized with labor peace requirements, creating a legal and cost divide between two very similar product categories that most consumers can't distinguish. - Q: How does a lobbyist get a meeting with a government official who doesn't want to talk to them? A: Lobbyists often go through intermediaries with more influence over the target — such as a sympathetic committee chair or a governor's office — to apply pressure and secure the meeting, though this can create reciprocal obligations down the line. - Q: Why is it a bad idea to tell a New York regulator that a policy works in California? A: New York regulators and officials tend to be dismissive or defensive when told another state, especially California, does something better, often causing them to stop engaging seriously with the proposal — a dynamic Jeff Guillot compares to instantly losing an audience's attention. - Q: Which federal officials are likely to shape national cannabis policy going forward? A: Jeff Guillot points to HHS nominee Bobby Kennedy (RFK Jr.) and Senator Bill Cassidy as key figures to watch, along with broader momentum from red states profiting heavily from legal hemp, which may push Farm Bill reauthorization and federal hemp policy forward more than THC-specific reform. - Q: What is the biggest mistake clients make when working with lobbyists or government affairs professionals? A: According to Jeff Guillot, the biggest mistake is clients assuming they understand government processes better than the professionals they've hired, often leading them to ignore strategic advice — like not mentioning competing states' policies or sensitive terminology in meetings. - [Stop Ignoring Germany’s Massive Opportunity – Europe is Coming! ft. Jamie Pearson](https://www.dimepodcast.com/episodes/stop-ignoring-germanys-massive-opportunity-europe-is-coming-ft-jamie-pearson) — Jamie Pearson: In this episode of The Dime, hosts Bryan Fields and Kellan sit down with Jamie Pearson, president of New Holland Group and former CEO of Bhang, to unpack Germany's fast-evolving cannabis landscape and the broader European opportunity. Pearson breaks down how Germany's reclassification of cannabis as a non-narcotic has caused its medical market to explode, why the recreational rollout is stalled pending a February 2025 election, and how supply chains, EU-GMP cultivation rules, and capital formation (via events like ICBC and the Tokeman House) are shaping the region. The conversation is essential listening for US brands and operators weighing whether — and how — to expand into Germany, France, Spain, and beyond before the European market matures. Key takeaways: - Germany reclassified cannabis as a non-narcotic, causing its medical cannabis market — fully covered by public/private insurance — to explode in prescriptions and access. - Germany's recreational cannabis rollout (the law's 'fourth pillar') stalled after the governing coalition collapsed; a national election on February 23, 2025 will determine next steps, though all major parties reportedly support some form of cannabis legalization. - Germany lifted its prior restriction limiting cultivation to four licensed companies, allowing any EU-GMP certified facility to grow cannabis domestically, reducing dependence on imports from Portugal, Colombia, and Australia. - Unlike the US, Europe's medical and recreational cannabis markets are likely to stay distinct because EU medical cannabis is genuine pharmaceutical-grade product, not a legal workaround. - Brand expansion strategy into Europe should be tailored to the product: medical-adjacent products can move immediately, while lifestyle/recreational brands may need to wait for legal recreational sales to exist. - The Tokeman House, launched by ICBC founder Alex Rogers, is a vetted, membership-based network connecting cannabis entrepreneurs with previously untapped European capital, already generating multi-million-dollar raises. - France (due to its large illicit cannabis consumption base) and Spain are viewed as the next major European cannabis markets behind Germany. - US federal rescheduling or descheduling of cannabis is seen as the single biggest catalyst for global cannabis trade, currently held back by alcohol, tobacco, and pharma lobbying interests. FAQ: - Q: Why has Germany's medical cannabis market grown so quickly? A: Germany removed cannabis from its narcotics list, meaning any doctor can prescribe it like a regular medication, and it's covered by the country's single-payer and private health insurance systems — making it essentially free for patients compared to buying illicit product or joining a limited grow cooperative. - Q: What happened to Germany's recreational cannabis legalization? A: Germany passed a law with cannabis social clubs (grow cooperatives allowing up to 500 members and 50 grams/month) as an initial step, but the fourth component — full commercial recreational sales — stalled when the governing coalition collapsed. A national election on February 23, 2025 will determine which party leads next, though observers expect cannabis policy to move forward regardless of outcome. - Q: Can cannabis legally be cultivated inside Germany now? A: Yes. Previously only four licensed companies could grow limited cannabis domestically, with most product imported. A 2024 law change removed that restriction, allowing any EU-GMP (pharmaceutical-grade) certified facility to cultivate cannabis in Germany. - Q: Will Europe's medical cannabis market eventually merge with a recreational market like in the US? A: Unlikely to fully merge, according to Jamie Pearson, because Europe's medical cannabis is true pharmaceutical-grade product prescribed through single-payer healthcare, not a workaround like much of the early US medical cannabis system. Europe is deliberately keeping medical and recreational markets more separate and controlled. - Q: What is the Tokeman House and how does it help cannabis companies raise capital in Europe? A: The Tokeman House is a membership-based event series (created by ICBC founder Alex Rogers) that curates vetted cannabis entrepreneurs and pitches them to pent-up European investors. At its first Munich event, two companies secured over a million dollars each in funding, illustrating growing European capital appetite for cannabis deals. - Q: Which US cannabis brands might succeed in Germany? A: Brands with strong urban/legacy-market branding, like New York's Happy Munkey, are expected to translate well to major German cities such as Berlin, Munich, and Cologne, since German consumers closely follow US cannabis culture and branding trends. - Q: What would be the biggest catalyst for US cannabis companies to expand internationally? A: Federal rescheduling or full descheduling of cannabis in the US, which would enable legal global trade (for example, legally importing hash from countries like Morocco) and let established US producers supply international markets — something currently blocked by pharmaceutical import rules and lobbying from the alcohol, tobacco, and pharma industries. - Q: Beyond Germany, which European countries are positioned to be the next big cannabis markets? A: Spain is expected to formalize medical cannabis rules soon, but France is considered the biggest sleeper market due to being the largest consumer of illicit cannabis in Europe — meaning when France legalizes, it could have an outsized impact on the region. - [Navigating the Gray: The Legal Tightrope of Cannabis Risk & Compliance ft. Dan Shapiro](https://www.dimepodcast.com/episodes/navigating-the-gray-the-legal-tightrope-of-cannabis-risk-compliance-ft-dan-shapiro) — Dan Shapiro: In this episode of The Dime, hosts Bryan Fields and Kellan sit down with Dan Shapiro, EVP at Ascend Wellness Holdings, to unpack what it's really like practicing law inside a multi-state cannabis operator. Shapiro traces his path from criminal justice and sports law into cannabis, then dives into how his legal team navigates gray regulatory areas, balances business risk-tolerance with compliance, allocates capital under regulatory uncertainty, and thinks about the collision between the hemp and cannabis industries, rescheduling, and federal illegality. It's a candid look at the day-to-day legal realities behind a publicly traded MSO operating in a still-federally-illegal industry. Key takeaways: - Ascend Wellness is a vertically integrated MSO operating in seven states with 39 retail locations, multiple cultivation sites, and over 2,000 employees, publicly traded in the US and Canada. - Ascend's small legal team (three lawyers, a paralegal, and compliance staff) divides work by legal subject matter (securities, labor, M&A) rather than by state. - Cannabis law is uniquely 'gray' compared to older industries because there's little precedent, and regulations themselves are often ambiguously written or inconsistently interpreted. - Good in-house lawyers understand a business leader's risk tolerance and goals and try to find creative 'yes, but' solutions rather than simply blocking a request. - Federal illegality remains the single biggest risk keeping cannabis in-house counsel up at night, more than any specific loophole or state regulation, with debanking chatter as a recent flashpoint. - Capital allocation decisions in cannabis require forecasting policy shifts (like Schedule III rescheduling or farm bill changes) 12-18 months out despite huge uncertainty. - The explosive, fast-moving growth of the hemp industry is pushing MSOs to reconsider strategy and pace regarding farm bill compliance and product lines. - Ascend prioritizes 'densification' in existing markets and consumer-driven product development (e.g., an outlet retail model, tiered product lines, effects-based edibles) over rapid geographic expansion. FAQ: - Q: What is Ascend Wellness Holdings? A: Ascend Wellness Holdings is a vertically integrated, publicly traded multi-state cannabis operator active in seven US states, with 39 retail locations, multiple cultivation sites, and over 2,000 employees. - Q: Why is cannabis law considered more 'gray' than other regulated industries? A: Unlike 50-70-year-old regulated industries where legal precedent clarifies what's allowed, cannabis regulations are relatively new, inconsistently interpreted by regulators, and lack a deep body of precedent, forcing lawyers to make judgment calls rather than rely on established answers. - Q: What is the biggest legal risk for cannabis companies according to Dan Shapiro? A: The fact that cannabis remains federally illegal is the biggest ongoing risk, even for fully state-compliant, publicly traded operators — issues like banking access and debanking stem directly from this federal-state conflict. - Q: How does an in-house cannabis legal team typically organize its work? A: Rather than dividing responsibilities state by state, many in-house cannabis legal teams (like Ascend's) divide work by legal subject matter — such as securities, labor and employment, and M&A — since those areas often span multiple states. - Q: How do cannabis companies plan for regulatory uncertainty, like federal rescheduling? A: Companies rely on input from lobbyists, government affairs experts, and outside counsel with regulator relationships to synthesize uncertain information into disciplined internal plans, while factoring in the potential downside of being wrong. - Q: What's the relationship between the hemp industry and traditional state-licensed cannabis? A: The rapid, largely unregulated growth of the hemp industry under the farm bill is increasingly intersecting with regulated cannabis, prompting MSOs to consider entering the hemp space and adding pressure for clearer, unified federal regulation of all cannabinoid products. - Q: What surprised Dan Shapiro most about working in the cannabis industry? A: He was surprised by how sophisticated the business people in the industry actually are, contrary to its public reputation, and by just how genuinely difficult and unpredictable running a cannabis business turned out to be, from vape crises like EVALI to shifting state regulations. - Q: Does Ascend Wellness use outside law firms in addition to its in-house team? A: Yes, Ascend relies heavily on outside counsel for litigation and specialized state-specific matters, since in-house counsel typically don't litigate their own company's cases and outside firms bring specific expertise the in-house generalist team may lack. - [The COO’s Playbook: Balancing Automation, Quality, and Efficiency Across 14 States at Verano ft. Trip McDermott](https://www.dimepodcast.com/episodes/the-coos-playbook-balancing-automation-quality-and-efficiency-across-14-states-at-verano-ft-trip-mcdermott) — Trip McDermott: In this episode of The Dime, Verano COO Trip McDermott breaks down how a multi-state cannabis operator manages standardized operations, quality control, and automation across 14 states, 15 cultivation sites, and 150+ retail locations. McDermott discusses balancing automation with product quality, how his national team and regional directors cascade SOPs while empowering site-level managers, the economics and R&D behind launching products like two-gram vapes and barrel-style pre-rolls, and why he believes genetic libraries and environmental controls will be key competitive differentiators for cultivators going forward. Key takeaways: - Verano operates in 14 states with 15 cultivation sites and over 150 retail locations, requiring standardized SOPs that still allow for site-specific tweaks based on climate and scale. - Automation is embraced at Verano, but quality always takes precedence over speed or output — equipment that damages product quality is rejected even if it increases throughput. - A core management philosophy is 'manage through your managers' — national team members relay feedback through on-site managers rather than instructing floor staff directly, to avoid confusion in the chain of command. - Time trials and KPIs are used not to overwork employees but to fairly distribute workload, build camaraderie, and ensure people are in the right roles. - Verano tests equipment against realistic (not manufacturer-promised) output numbers before building headcount and production projections around it. - New product launches (like two-gram Savvy vapes and barrel-style pre-rolls) involve extensive hardware and R&D testing to protect the user experience and quality story before going to market. - McDermott sees genetic libraries and precise environmental control (HVAC/humidity logic) as future competitive differentiators among cannabis operators. - Verano is exploring NFC-chip-enabled vape packaging to connect directly with consumers post-purchase for education, updates, and loyalty engagement. FAQ: - Q: How does Verano maintain consistent product quality across 14 states with different climates? A: Verano builds standardized SOPs for every step of production, from clone to distribution, but allows site-specific tweaks based on factors like climate, scale, and equipment capacity, all coordinated by a national team and regional directors. - Q: What is Verano's philosophy on automation versus product quality? A: Verano prioritizes quality over speed; if a piece of automation increases output but damages the product (e.g., loose joint necks or torn papers), they'll slow down or handle the product manually rather than compromise on quality. - Q: What does 'manage through your managers' mean at Verano? A: It means national team members give feedback to on-site managers rather than instructing floor employees directly, so there's a single clear chain of communication and on-site managers build leadership experience. - Q: How does Verano decide how many grams to put in a vape cartridge? A: Verano balances supply chain constraints, unit economics, and user experience — testing shows that larger formats can degrade in quality (terpene separation, burnt taste) over time, so they aim for a size that stays fresh through use rather than maximizing gram count. - Q: What is the biggest misconception about MSOs (multi-state operators) like Verano? A: Trip McDermott says the common stigma is that MSOs sacrifice quality for scale, but Verano counters this through standardized SOPs, a dedicated national quality team, and continuous product innovation across brand tiers. - Q: How does Verano test new equipment before rolling it out across facilities? A: They compare manufacturer-promised output (e.g., '100 joints per hour') against real-world performance including downtime and breakdowns, and hold teams accountable to realistic numbers rather than sticker claims. - Q: What innovative technology is Verano working on for vape products? A: They're developing all-in-one vapes with an NFC chip that lets consumers tap their phone on the device to access a landing page with product info, COAs, and updates, creating a direct connection with consumers beyond the dispensary. - Q: What role does genetics play in Verano's cultivation strategy? A: Trip McDermott believes the genetic library will become 'the currency of the future,' so Verano keeps mother plants fresh and continuously pheno hunts to expand and refine its genetic library as a competitive differentiator. - [She Hits Different: The Story Behind Cake's Explosive Growth ft. Chloe Kaleiokalani](https://www.dimepodcast.com/episodes/she-hits-different-the-story-behind-cakes-explosive-growth-ft-chloe-kaleiokalani) — Chloe Kaleiokalani: This episode of The Dime features Chloe Kaleiokalani, co-founder of California cannabis brand Cake, discussing how her Native Hawaiian upbringing and years working alongside partner Jason as growers and extractors led to Cake's bold, hyper-feminine, rave-inspired 'She Hits Different' branding. The conversation dives into product strategy — from the flagship Designer Distillate and patented hardware to the sweet/gas star rating system and upcoming rosin and dab-device launches — as well as the challenges of expanding a distinctly Californian brand into Arizona and Nevada. It offers a candid look at creative risk-taking, self-doubt, team leadership, and multi-state brand expansion in the competitive cannabis vape market. Key takeaways: - Cake grew out of founders Chloe and Jason's decades of experience as cannabis growers who transitioned into extraction, white-label manufacturing, and eventually their own brand in 2020. - The brand's hyper-feminine pink and neon branding, inspired by EDM/rave culture, was a risk that Chloe pushed for despite her co-founder's initial hesitation, and it ended up attracting a surprisingly broad, full-spectrum customer base. - The 'Designer Distillate' name was controversial in the industry but became one of the top-selling vapes in California and the U.S. by leaning into accessible, psychology-driven branding rather than strictly connoisseur language. - Cake developed a simple five-star 'sweet' and 'gas' rating system on packaging after noticing budtenders and customers needed an intuitive way to understand flavor profiles. - Cake designs and patents its own proprietary hardware, including a cryo-terp process for terpene preservation and an upcoming patented small-format dab device ('The Dab Buddy'). - Expanding into new states like Arizona and Nevada requires adjusting product formats, price points, and THC limits (e.g., Nevada's 800mg cap and higher oil costs) rather than copy-pasting the California playbook. - Chloe emphasizes that internal team trust, feedback loops, and morale are as critical to scaling a cannabis brand as the branding and product innovation itself. - Future plans for Cake include a rosin line, affordable flower, pre-rolls, a possible male-targeted sub-brand, and expansion toward the East Coast and international markets. FAQ: - Q: Who founded Cake and what's the origin of the brand name? A: Cake was co-founded by Chloe Kaleiokalani and her partner Jason, longtime California cannabis growers. Jason proposed the name 'Cake' on a whim, and Chloe pushed for the tagline 'She Hits Different,' intending the name to feel playful and open to multiple interpretations. - Q: What is Cake's flagship product? A: Cake's flagship product is the Designer Distillate vape, formulated up to California's 1000mg THC limit, which the brand says is now a top-selling vape product in California and among the top in the U.S. - Q: What does the star rating on Cake's packaging mean? A: Cake uses a simple five-star system rating products on 'sweet' and 'gas' flavor intensity, developed after founder Chloe noticed customers needed quick, intuitive flavor guidance while she worked shifts at dispensaries. - Q: Why is Cake's branding so pink and feminine, and how has it performed? A: The pink, neon, rave-inspired branding reflects founder Chloe's background in art, design, and EDM/rave culture. Despite looking niche, it has attracted a broad, diverse customer base rather than limiting appeal to one demographic. - Q: How does Cake approach expanding into new states like Arizona and Nevada? A: Cake finds trusted local partners, runs financial sales models first, and adapts its product formats and pricing to each market's regulations — for example, launching a more connoisseur-focused, true-to-strain lineup in Arizona and a smaller 0.9g tank to work within Nevada's lower 800mg THC limit and higher oil costs. - Q: Does Cake make anything besides vapes? A: Cake currently focuses on vape hardware, cartridges, and a cryo live resin line (All Chrome), with plans to expand into rosin concentrates, a patented small dab device, affordable flower, and pre-rolls; edibles are being considered but are a lower priority. - Q: What is Cake's dab device and when is it launching? A: Cake has patented a small, approachable dab device (referred to as 'The Dab Buddy') designed by co-founder Jason, expected to launch around March or early April, alongside the brand's new concentrate line. - Q: Is Cake planning a male-focused product line? A: Chloe Kaleiokalani says there have been internal discussions ('rumblings') about a more male-leaning sub-brand or naming direction, but nothing is confirmed since the current feminine branding is performing well and any launch would need to feel authentically right. - [How Do We Get to a $100 Billion Market? Growth Predictions, Market Consolidations ft Ben Burstein](https://www.dimepodcast.com/episodes/how-do-we-get-to-a-100-billion-market-growth-predictions-market-consolidations-ft-ben-burstein) — Ben Burstein: In this episode of The Dime, Bryan Fields and Kellan Finney sit down with LeafLink's Ben Burstein to unpack the diverging growth narratives between the hemp-derived THC beverage market and the regulated adult-use cannabis industry, breaking down real unit-sales versus pricing dynamics, state-by-state retail expansion (especially New York's surprising surge), and why Florida's failed Amendment 3 vote reshaped market forecasts. The conversation dives deep into M&A trends, the looming 2026 MSO debt maturity wall, the potential impact of 280E savings from rescheduling, and why Ben believes the industry needs to reach 100,000+ retail points of access — beyond dispensaries — to become a $100 billion market over the next couple of decades. Key takeaways: - The hemp-derived THC market is about $5B in retail sales (roughly $10B including industrial hemp), versus roughly $32.5B for regulated adult-use cannabis, but hemp benefits from direct-to-consumer margins, easier marketing, and far greater retail accessibility (2.3M alcohol retail locations vs. ~11,000 dispensaries). - US regulated cannabis sales look 'flat' at ~$32B since 2016, but that masks a 70-75% collapse in per-unit pricing and a 30-40x increase in units sold — the market is growing much faster than headline dollar figures suggest. - Regulated cannabis employs roughly 500,000+ people versus about 40,000 in hemp, suggesting long-term consolidation or convergence between the two markets is likely, driven by lowest-cost production economics. - New York has added the most retail sales growth of any US cannabis market in history in one year (from ~$20M/month to ~$140M/month) and is positioned to become the largest US cannabis market by 2026 as 500+ more stores come online. - Schedule III rescheduling would primarily impact the industry through 280E tax savings (an estimated $2-3B annually returning to the industry), rather than changing how or where cannabis is sold. - Florida's failed Amendment 3 (57% approval, short of the 60% threshold) cost the market an estimated $6B in run-rate sales potential; MSOs are expected to sell off underperforming Florida and other state assets amid a roughly $3B MSO debt maturity wall coming due in 2026. - Getting cannabis to a $100B market requires massively expanding retail access beyond dispensaries into convenience stores, supermarkets, bars, and liquor stores — mirroring alcohol ($270B) and tobacco ($75B) industry structures. - Large tobacco, alcohol, and beverage companies (e.g., Southern Glazer's) are expected to wait on the sidelines for an eventual 'winner' to emerge in cannabis/hemp before acquiring, rather than entering state-legal markets directly today. FAQ: - Q: How big is the hemp-derived THC market compared to regulated cannabis? A: The hemp-derived THC market is roughly $5 billion in retail sales (about $10 billion including industrial hemp products), compared to about $32.5 billion for the regulated US adult-use cannabis market. - Q: Why does the cannabis industry feel stagnant even though sales data suggests otherwise? A: Total dollar sales have stayed roughly flat because per-unit pricing has fallen 70-75% over the past several years, but units sold have actually increased 30-40 times, meaning consumer adoption and volume are growing much faster than topline revenue implies. - Q: What would Schedule III rescheduling actually change for cannabis companies? A: The biggest impact would be eliminating 280E tax restrictions, freeing up an estimated $2-3 billion in annual cash for the industry — more capital than has been raised in the prior two to three years combined — though it likely wouldn't change how or where cannabis can be sold. - Q: Why didn't Florida's cannabis legalization ballot measure (Amendment 3) pass? A: It received 57% approval, the second-highest legalization vote share in three years, but fell short of Florida's unusually high 60% threshold required to pass constitutional amendments; only Maryland has ever cleared that bar for cannabis legalization. - Q: Why has New York's cannabis market improved so dramatically after a rocky start? A: Despite a slow, equity-focused rollout, New York grew from about $20 million to $140 million in monthly sales within a year and is adding more retail stores than any market in US cannabis history, positioning it to become the largest state market by 2026. - Q: What needs to happen for US cannabis to become a $100 billion market? A: According to Ben Burstein, it requires dramatically expanding retail access beyond the roughly 11,000 dispensaries nationally into convenience stores, supermarkets, bars, and liquor stores, similar to how alcohol ($270B) and tobacco ($75B) are distributed. - Q: Will hemp-derived THC products and regulated cannabis eventually merge into one market? A: Ben Burstein believes the two markets will likely converge over time toward whichever production method is lowest-cost, but regulatory uncertainty (like the pending Farm Bill) and a 5-10 year timeline mean large non-cannabis national companies are unlikely to enter either space imminently. - Q: Why are MSOs expected to sell off state-level assets, particularly in Florida? A: Margins in Florida have turned negative amid new competition, and roughly $3 billion in MSO debt matures in 2026 with limited refinancing options, pushing operators to sell underperforming or non-core state assets to new license holders and outside capital. - [Uniform Genetics, F1 Hybrids, Better Yields: New Age Cannabis Cultivation ft. Ralph Risch](https://www.dimepodcast.com/episodes/uniform-genetics-f1-hybrids-better-yields-new-age-cannabis-cultivation-ft-ralph-risch) — Ralph Risch: This episode of The Dime features Ralph Risch, CEO of Phylos Bioscience, discussing how genomic-driven, science-based breeding is transforming cannabis cultivation through F1 hybrid seeds. Risch explains how his company identifies genetic markers tied to traits like yield, aroma, stress tolerance, disease resistance, and cannabinoid profiles, and why moving from clone-based pheno-hunting to uniform, disease-clean F1 seeds is critical for the industry's next phase of consistency, efficiency, and scale. The conversation covers hop latent viroid, minor cannabinoids like THCV and CBC, hemp policy uncertainty, and what true genetic uniformity could mean for brands, MSOs, and even personalized cannabis medicine. Key takeaways: - Phylos Bioscience uses genomic-driven breeding, sequencing plant DNA and pairing it with trait data to identify genetic markers for traits like yield, potency, aroma, and stress tolerance — accelerating breeding without any GMO gene editing. - F1 hybrid seeds are created by inbreeding two stable parent lines and crossing them, producing uniform offspring — unlike traditional 'pheno-hunt' seeds from unstable clonal crosses, where every plant in a pack is different. - Growers transitioning to F1 hybrids often underestimate hybrid vigor, leading to unexpectedly large plants; seeds also reduce IPM (integrated pest management) costs by up to 50% compared to clone-based growing. - Seeds are inherently free of hop latent viroid (HLVd), letting growers restart clean every cycle, whereas HLVd spreads persistently through shared clones and mother plants. - THCV and CBC are promising minor cannabinoids — THCV was bred up to 20% potency and validated through an observational study as energizing without inducing the munchies, while CBC shows uplifting, mood-lifting effects. - Genetic uniformity is becoming essential for brand consistency, especially for MSOs operating across multiple state markets with fragmented, non-transferable cultivation supply chains. - True personalized cannabis medicine is unlikely to mean one custom plant strain per person; it's more likely to evolve into custom-formulated ingredient blends or an ongoing trial-and-error process for consumers. - Powdery mildew resistance can be bred into cannabis plants, but botrytis remains a tougher, largely unresolved challenge, especially in humid climates. FAQ: - Q: What is an F1 hybrid seed in cannabis, and how is it different from a regular seed? A: An F1 hybrid seed is produced by inbreeding two cannabis parent lines until each is genetically stable, then crossing them. The resulting first-generation (F1) seeds carry the dominant traits of both parents but grow into uniform plants, unlike traditional 'pheno-hunt' seeds made from genetically unstable clonal crosses, where every plant in a pack can look and perform differently. - Q: Why do growers sometimes get surprised by how big plants grow from F1 hybrid seeds? A: Clone mother plants often carry a viral load and get overfed to compensate, so growers used to clones underestimate how vigorously a healthy, virus-free seed-grown plant will grow — commonly resulting in yield increases around 20% and taller plants than expected. - Q: How does genomic-driven breeding actually work in cannabis? A: Breeders sequence the DNA of thousands of plants and separately record trait data (like potency, aroma, height, or stress tolerance). By pairing the two datasets, scientists can pinpoint specific gene sequences (genetic markers) linked to each trait, then use those markers to quickly screen young seedlings and select which ones to advance in breeding — without any gene editing or GMO techniques. - Q: What is hop latent viroid (HLVd) and how does using seeds help prevent it? A: Hop latent viroid is a virus-like pathogen that has significantly impacted cannabis crops, typically spreading through shared clones and infected mother plants across facilities. Because seeds can be produced and verified virus-free, starting each grow cycle from clean seed avoids reintroducing HLVd, even if a facility has previously dealt with an outbreak. - Q: What are THCV and CBC, and why are cultivators interested in them? A: THCV is a cannabinoid described as having an energizing, coffee-like effect without the classic 'munchies,' and breeders have pushed its concentration in some plants up to around 20%. CBC is described as an uplifting, mood-lifting cannabinoid that may also help with vape liquid viscosity issues; both are being bred into dedicated seed lines as demand for minor cannabinoids grows. - Q: Why does genetic uniformity matter for cannabis brands and multi-state operators (MSOs)? A: Consumers expect a product to taste and perform the same every time, similar to a favorite beer or wine. Without uniform genetics as the foundation of the supply chain, MSOs risk inconsistent products across different cultivation sites and states, undermining brand reliability even with identical SOPs. - Q: Will cannabis ever be tailored for truly personalized medicine? A: According to the guest and hosts, a single cannabis strain custom-matched to an individual's exact, constantly shifting biochemistry is unlikely. It's more probable that personalization will come through ingredient-based, formulated products or an ongoing personal trial-and-error process rather than one bespoke living plant strain. - Q: What role did the Organigram investment play in Phylos Bioscience's THCV development? A: Organigram invested in Phylos as a minority shareholder with no operational control, and as part of that investment funded specific development milestones aligned with Phylos's roadmap — in exchange, Organigram received rights to use the resulting THCV genetics in Canada for a set period, while Phylos retained the ability to sell THCV genetics worldwide. - [Hard Questions for Cannabis Founders: Tony Schor on Creative Capital and M&A Strategies](https://www.dimepodcast.com/episodes/hard-questions-for-cannabis-founders-tony-schor-on-creative-capital-and-ma-strategies) — Tony Schor: In this episode of The Dime, hosts Bryan Fields and Kellan Finney sit down with Tony Schor, M&A advisor and Chairman of the Cannabis Hall of Fame, to unpack how partnerships, capital constraints, and regulatory complexity shape cannabis mergers and acquisitions. Schor explains why cultural fit matters as much as financials in brand-manufacturer partnerships, how licensing timelines and state-by-state rules can stretch deals to 12-18 months, and why 98% of cannabis capital raised to date has been debt rather than equity. He also shares behind-the-scenes details on rebuilding the Cannabis Hall of Fame into a physical exhibit space at Planet 13 in Las Vegas, honoring cannabis legacy figures from Snoop Dogg to medical pioneers tied to the Charlotte's Web story. Key takeaways: - Partnerships, especially asset-light manufacturing and licensing deals, are described as the primary way the cannabis industry can continue to grow given tight capital access. - Cultural fit between partners (e.g., matching a chocolate brand with an experienced chocolate manufacturer rather than a vape company) is as important as financial due diligence in cannabis M&A. - Cannabis M&A deals move far slower than in other industries due to state-by-state regulatory approval requirements, license transfer rules, and due diligence, often taking 6-18 months. - Paper licenses (conditional, pre-operational licenses) can transact faster than operational businesses, but state rules (e.g., Illinois requiring a store to be open before a license can transfer) still create long delays. - About $890 million raised in cannabis to date has been roughly 98% debt rather than equity, making capital scarce and pricier, and pushing operators toward creative brand partnerships instead of cash-heavy expansion. - Founders often overvalue their businesses based on pro forma projections rather than actual operating financials, making timing and expectation-setting critical before a sale. - Technology — from AI-driven cultivation to extraction and yield-improvement tools borrowed from oil, gas, and pharma industries — is currently the hottest area attracting cannabis investment. - The Cannabis Hall of Fame, now chaired by Tony Schor after founder Vincent Norman's passing, is building a 13,000-square-foot immersive exhibit at Planet 13 in Las Vegas to honor cannabis legacy figures and educate the public. FAQ: - Q: Why do partnerships matter so much in cannabis M&A? A: Because capital is constrained industry-wide, partnerships (such as asset-light licensing and co-branding deals) let brands expand into new markets without heavy upfront investment, sharing revenue and risk instead. - Q: How long does a typical cannabis M&A deal take to close? A: While an ideal timeline might be 30 to 90 days, most deals take much longer — often 6 to 18 months — due to state regulatory approvals, license transfer restrictions, and financial due diligence. - Q: What's the difference between a 'paper license' and an operational cannabis business in M&A? A: A paper license is a conditional, pre-operational license granting the legal right to open a dispensary, cultivation, or manufacturing facility, while an operational business has actual sales, financials, and staff to evaluate; paper licenses can sometimes transact faster but still face state-specific transfer restrictions. - Q: Why is most cannabis capital raised as debt instead of equity? A: Federal illegality restricts access to public equity markets and traditional banking, so cannabis companies have relied heavily on debt financing — about 98% of the roughly $890 million raised to date, according to Tony Schor. - Q: What should a founder do before trying to sell their cannabis business? A: Get accurate financials in order, align all owners on the cap table around expectations, and be realistic about valuation based on actual (not projected) sales and earnings, since buyers pay for actual performance, not pro forma projections. - Q: What areas of cannabis are attracting the most investment right now? A: Technology is currently the hottest area, particularly tools that improve cultivation yield, extraction quality, and operational efficiency, often adapted from industries like oil, gas, and pharmaceuticals. - Q: What is the Cannabis Hall of Fame? A: It's an organization, now chaired by Tony Schor, that recognizes cannabis legacy figures — from celebrities like Snoop Dogg and Willie Nelson to medical pioneers — and is building a physical immersive exhibit at Planet 13 in Las Vegas to educate visitors and help destigmatize cannabis. - Q: Are regulated cannabis companies acquiring hemp companies? A: Yes, larger multi-state operators like Green Thumb Industries (GTI) have acquired hemp beverage companies, reflecting growing crossover interest between regulated cannabis and the hemp-derived product market. - [Chris Violas Breaks Down Blaze’s Software Infrastructure](https://www.dimepodcast.com/episodes/chris-violas-breaks-down-blazes-software-infrastructure) — Chris Violas: In this episode of The Dime, Blaze CEO Chris Violas traces his path from college soccer player and cannabis delivery operator to building one of the cannabis industry's leading point-of-sale and e-commerce platforms, detailing how infrastructure, support, and M&A discipline have driven the company's growth. The conversation dives into Blaze's approach to acquisitions (Green Line in Canada, Timber in the US), the challenges of state-by-state compliance like Metrc and BioTrack rollouts, the launch of Metrc Retail ID, payments and banking hurdles, and data-driven insights like the small share of customers who drive outsized dispensary revenue. It's a useful listen for cannabis retail operators, technologists, and investors interested in how POS infrastructure, e-commerce, and enterprise scaling are shaping the industry's next phase. Key takeaways: - For the average dispensary, just 1-2% of customers drive 15-20% of total revenue, highlighting the value of loyalty and retention strategies. - Blaze built its infrastructure around mission-critical uptime principles from day one, including separating production databases from reporting via an ETL/data warehouse setup. - Successful cannabis tech M&A (Green Line in Canada, Timber in the US) depends heavily on fast cultural and communication integration (Slack, CRM access within the first month) before technical migration. - Metrc's Retail ID serialization system can save retailers tens of thousands of dollars a year by eliminating manual product labeling at intake. - US cannabis operators face far more fragmented compliance and payments challenges than Canada, where Blaze has been able to build a more ideal enterprise system without US-style restrictions. - Many MSOs are hesitant to migrate core systems due to fear of disruption, similar to early resistance to cloud migration from on-premise data centers. - E-commerce fulfillment is roughly 80% more efficient than in-store service, and Blaze sees meaningfully higher average order values (AOV) for online and prepaid transactions. - Blaze is launching Blaze Cares, starting with a Canadian partnership with SickKids Hospital, to route consumer checkout round-ups to charitable causes. FAQ: - Q: What percentage of dispensary customers typically drive the majority of revenue? A: According to Blaze CEO Chris Violas, only about 1-2% of a dispensary's customers typically drive 15-20% of its total revenue, a pattern consistent across both the US and Canada. - Q: How did Blaze's CEO Chris Violas get started in the cannabis industry? A: Chris Violas got into cannabis after touring Long Beach dispensaries and cultivation facilities with his father, a cannabis attorney, which led him to write a business plan and launch a delivery dispensary during his senior year of college before pivoting to building cannabis software. - Q: What is Metrc Retail ID and why does it matter for dispensaries? A: Metrc Retail ID uses serialized QR codes applied at the manufacturing level so products carry the same label through the entire supply chain to retail, eliminating the need for dispensaries to manually relabel products and potentially saving tens of thousands of dollars in labor costs. - Q: Why is cannabis payments processing so difficult in the US? A: Visa and Mastercard avoid working directly with cannabis businesses due to federal illegality, yet their logos appear on most debit cards, creating friction; this forces cannabis retailers to rely on workarounds like cash, ATM, and A2A (account-to-account) payments in the US. - Q: How does Blaze approach acquiring and integrating other cannabis technology companies? A: Blaze prioritizes rapid cultural and communication integration—migrating acquired teams onto shared tools like Slack and HubSpot within the first month—before tackling deeper technical integration around core systems like inventory, following advice from former Weedmaps CEO Chris Beals. - Q: Why is e-commerce fulfillment more efficient than in-store service for dispensaries? A: Chris Violas estimates a budtender can fulfill 30-40 online orders per hour compared to a walk-in transaction every 5-10 minutes in-store, and Blaze sees roughly $20-30 higher average order values for online and prepaid orders, making e-commerce a more scalable and profitable channel. - Q: What is Blaze Cares? A: Blaze Cares is a new charitable initiative launching first in Canada through a partnership with SickKids Hospital, allowing dispensary customers to round up purchases at checkout with proceeds going to the hospital, with plans to expand similar programs to the US. - Q: Is Blaze planning to support cryptocurrency payments like Bitcoin? A: As of the interview, Blaze had not seriously revisited crypto payments in about a year; while stablecoins could play a future role, the company's near-term priority is reducing friction at checkout rather than adding complexity through crypto wallet loading and conversion. - [First Mover Secrets with Colin Keeler: How Kiva’s Edibles Cover 80% of the U.S](https://www.dimepodcast.com/episodes/first-mover-secrets-with-colin-keeler-how-kivas-edibles-cover-80-of-the-us) — Colin Keeler: In this episode of The Dime, hosts Bryan Fields and Kellan Finney sit down with Colin Keeler, Head of Business Development at Kiva Confections, to unpack how one of California's largest edible brands expanded into 15-plus cannabis states and roughly 40 hemp markets covering about 80% of the U.S. population. Colin details Kiva's product-led approach to market entry, dosage and minor-cannabinoid innovation (CBG, CBN, THCV), state-by-state pricing and distribution strategy, and how hemp's alcohol/smoke-shop-style distribution is driving lift for its traditional cannabis business rather than cannibalizing it. The conversation also explores the future of cannabis beverages, the patchwork nature of U.S. hemp and cannabis regulation, and predictions for continued growth in edibles' share of overall cannabis spend. Key takeaways: - Kiva Confections is the largest edible brand in California and one of the largest nationally, with Camino as its flagship gummy line alongside Lost Farm, Terra Bites, and chocolate/chew products. - Being an early mover in a new state builds durable consumer loyalty in edibles, since consumers tend to stick with an edible brand once they find one that reliably delivers the effect they want. - Gummies represent 60-80% of edible sales, which is why Kiva almost always leads new-market entry with gummies before expanding into other formats. - Kiva's hemp expansion (DTC and wholesale) extends its reach from roughly 15-16 traditional cannabis states to about 40 states, covering ~80% of the U.S. population. - In states where hemp and licensed cannabis markets overlap, Kiva has seen hemp sales lift, not cannibalize, its traditional cannabis business by building brand touchpoints with new consumers. - Pricing strategy differs sharply between DTC/wholesale hemp (kept consistent nationally) and licensed cannabis (highly state-dependent due to taxes and regulation), and Kiva avoids competing on price with its own dispensary partners. - Minor cannabinoids like CBG, CBN, and THCV are a major innovation focus, alongside dosage-tiered products (like the Lost Farm One Piece) for consumers wanting more precise, lower or higher doses. - Colin expects edibles' share of total cannabis spend to keep climbing beyond the current 10-20% range as new points of sale and innovative formats (including hemp beverages) expand the category. FAQ: - Q: What is Kiva Confections known for in the cannabis industry? A: Kiva Confections is the largest edible brand in California and one of the largest nationally, known for its Camino gummies, Lost Farm gummies, Terra Bites, chocolates, and chews, and it also operates as California's largest full-service cannabis distributor. - Q: How does Kiva Confections decide which new cannabis markets to enter? A: Kiva prioritizes larger, sizable markets and moves early into them, whether through medical or adult-use programs, using a mix of licensing, partnership, and co-manufacturing models tailored to each state's regulatory and business environment. - Q: Why does Kiva usually launch with gummies in a new market? A: Because gummies make up roughly 60-80% of edible sales, and edibles overall are about 10-20% of total cannabis spend, so gummies represent the biggest opportunity for capturing share when entering a new state. - Q: Is hemp-derived THC cannibalizing licensed cannabis sales for companies like Kiva? A: According to Colin Keeler, in states where Kiva's hemp and licensed cannabis products overlap, hemp sales have actually driven lift for the traditional cannabis business by introducing new consumers to the brand at accessible price points, rather than cannibalizing existing sales. - Q: How does hemp product distribution differ from licensed cannabis distribution? A: Hemp can be shipped direct-to-consumer or sold through smoke shops, gas stations, and liquor retailers across many more states, whereas licensed cannabis products are generally confined to dispensaries within a single state's regulated supply chain. - Q: What role do minor cannabinoids like CBG and THCV play in edible innovation? A: Minor cannabinoids are increasingly used to create more targeted effects — for example, CBG and CBN for sleep and recovery, and THCV for focus and energy — and Colin Keeler describes himself as especially bullish on their potential to drive future edible innovation. - Q: Will hemp and traditional cannabis regulation eventually merge into one unified system? A: Colin Keeler is skeptical that a single unified logical system will emerge quickly, expecting instead that states will continue to regulate hemp and cannabis differently, similar to how alcohol laws vary widely state by state in the U.S. - Q: Is Kiva Confections planning to launch a cannabis beverage product? A: Colin Keeler says Kiva has no immediate plans for its own beverage line but remains very focused on and interested in the category, given its existing distribution relationships with major beverage brands in California. - [Inside Curio Wellness with Wendy Bronfein: Maryland vs. Missouri Cannabis Markets and Crohn’s Treatment](https://www.dimepodcast.com/episodes/inside-curio-wellness-with-wendy-bronfein-maryland-vs-missouri-cannabis-markets-and-crohns-treatment) — Wendy Bronfein: In this episode of The Dime, Curio Wellness co-founder Wendy Bronfein joins hosts Bryan Fields and Kellan Finney to trace her path from Baltimore television to launching one of Maryland's first medical cannabis operators in 2016, and how the company navigated the state's shift to adult-use sales, restrictive advertising and packaging rules, and lottery-based license expansion. She also compares Maryland's constrained market to Curio's newer, faster-growing Missouri operation, and details the company's clinical research efforts, including a pulsatile sleep tablet and an IRB-approved, self-funded placebo-controlled trial studying a CBG/CBD tablet for Crohn's disease. The conversation offers a candid look at building supply chains, brands, and science-backed products inside an evolving, heavily regulated multi-state cannabis industry.​ Key takeaways: - Curio Wellness began as a family venture in 2014-2016, winning one of Maryland's first medical cannabis licenses after extensive due diligence and pre-launch brand-building. - Maryland's medical cannabis market is wholesale, not vertically integrated — licensees can distribute cultivated/processed products to any dispensary in the state. - Maryland's conversion from medical to adult-use in July 2023 required a large conversion fee, kept the same supply chain for both customer types, and set different tax rates (0% medical, 9% adult-use) and potency caps. - Consultant projections for Maryland's adult-use market were wildly overstated; actual growth has been roughly 2x rather than the predicted 3x, partly due to restrictive advertising rules post-conversion. - Missouri's cannabis market outperforms Maryland's despite similar demographics, largely because Missouri allows normal advertising and has no potency cap between medical and adult-use products. - Maryland's advertising and packaging regulations are highly restrictive (limited signage, literal label wording), forcing Curio to build a multi-state compliance matrix for its rebrand and packaging design. - Curio Wellness self-funds clinical-style research, including a pulsatile THC/CBN sleep tablet developed with ResMed's Sleep Score technology and an IRB-approved, placebo-controlled trial of a CBG/CBD tablet for Crohn's disease. - Curio operates as a franchisor for its retail dispensary brand to help other entrepreneurs launch faster using its proven operating model. FAQ: - Q: How did Wendy Bronfein and her family get into the cannabis business? A: Wendy Bronfein came from a television career and, after a family trip to Colorado around the time of adult-use legalization there in 2014, decided with her family to pursue a Maryland medical cannabis license, which they won in 2016 and became operational with in 2017. - Q: Is Maryland's cannabis market vertically integrated? A: No. Maryland operates a wholesale model where a licensed cultivator/processor can distribute products to any dispensary in the state, and dispensaries can source from multiple wholesale suppliers rather than being tied to one vertically integrated company. - Q: How did Maryland transition from medical to adult-use cannabis sales? A: Maryland passed adult-use by referendum, then wrote implementing legislation the following session, giving existing medical operators emergency approval to convert and begin adult-use sales on July 1st. Operators paid a large conversion fee, kept a single supply chain serving both customer types, and Maryland set no tax on medical purchases versus a 9% tax on adult-use, with medical patients allowed higher potency limits than adult-use consumers. - Q: How does Missouri's cannabis market compare to Maryland's? A: Despite similar adult populations and Maryland having a slightly higher median income, Missouri's cannabis market is significantly stronger, which Curio Wellness attributes to Missouri allowing normal advertising (billboards, sampling, festivals) and having no potency cap distinguishing medical from adult-use products, unlike Maryland's heavily restricted signage rules and 10mg/100mg adult-use potency caps. - Q: What advertising restrictions does Maryland place on cannabis companies? A: Maryland law lists numerous prohibited forms of public signage and generally bars cannabis companies from publicly displaying themselves except on property they own or lease, unless they can prove an event or media audience is at least 85% adults 21 and older, which applies to digital, print, and sponsorship marketing as well. - Q: What research is Curio Wellness conducting related to Crohn's disease? A: Curio Wellness developed a tablet with a high load of CBG and CBD and a small amount of THC that releases deep in the gut to reduce inflammation, tested informally for a year by a co-founder acting as a safety 'lab rat,' and is now running a formal, self-funded, IRB-approved, placebo-controlled trial in partnership with Practice Gastro Health to study its effect on Crohn's patients over roughly a year-long recruitment and study period. - Q: What is Curio Wellness's sleep product and how does it work? A: Curio Wellness created a scored tablet combining THC and CBN with a pulsatile two-pulse release system — one dose released to help a person fall asleep and a second dose released about three hours later to help them stay asleep — developed in partnership with ResMed's Sleep Score technology to objectively validate its effect on sleep quality. - Q: Why is cannabis packaging design so complicated for multi-state operators? A: Each state sets its own rules on colors, logos, mandatory symbols, warning labels, and even literal wording requirements, so operators like Curio Wellness build multi-state regulatory matrices and design packaging that can flex from a fully branded 'master' version down to a stripped-down, black-and-white, text-only version required in the most restrictive states. - [Post-Harvest Cultivation Secrets to Maximize Terpenes ft. Jack Grover](https://www.dimepodcast.com/episodes/post-harvest-cultivation-secrets-to-maximize-terpenes-ft-jack-grover) — Jack Grover: This episode of The Dime features Jack Grover, co-founder of Grove Bags, discussing the science and business of post-harvest cannabis cultivation, curing, and packaging. Grover explains how moisture content, water activity, and terpene preservation directly impact both flower quality and profitability, detailing how Grove Bags' TerpLoc technology helps seal in volatile terpenes rather than losing them during drying and curing. The conversation also covers consumer education around terpenes versus THC potency, testing lab inconsistencies, the global cannabis supply chain, and lessons learned building a cannabis packaging company from the ground up. Key takeaways: - Post-harvest curing (moisture content, water activity, dew point) is as critical to cannabis quality and profitability as cultivation itself, yet historically has received far less attention. - Grove Bags' TerpLoc technology creates a sealed environment that allows volatile terpenes released during curing to reattach to the flower rather than escape, preserving up to 40% more terpene-to-cannabinoid content versus other packaging. - Different dominant terpene profiles (5-9 groupings) may benefit from slightly different ideal storage temperatures, water activity levels, and gas mixtures. - Consumers buying cannabis primarily on THC percentage are chasing the lowest common denominator experience; full-spectrum products with a richer terpene and cannabinoid profile (the 'entourage effect') deliver a more meaningful medicinal experience. - Cannabis testing labs suffer from inconsistent equipment, methods, and training, creating an uneven playing field and undermining consumer trust — a major unresolved industry issue. - The wine industry's consumer education model (sommeliers, terpene/flavor literacy) is a model cannabis retail could adopt to move consumers beyond potency-only purchasing decisions. - Federal prohibition is isolating the U.S. from a thriving global cannabis supply chain, with American genetics increasingly grown and distributed internationally (Canada, Europe, South Africa, Thailand, Australia) while U.S. companies are locked out of direct participation. - Nearly all cannabis at scale (97-98%, per Grover) functions as a CPG commodity agribusiness, similar to coffee, despite the plant's cultural and medicinal reverence. FAQ: - Q: What is Grove Bags' TerpLoc technology? A: TerpLoc is Grove Bags' sealed packaging technology designed to trap volatile organic compounds (terpenes) released by curing cannabis flower in the headspace of the bag, allowing them to reattach to the flower instead of escaping, which preserves more terpene and cannabinoid content over time. - Q: Why does post-harvest curing matter so much for cannabis quality? A: Curing controls moisture content, water activity, and temperature, which directly affect terpene retention and microbial risk; poor curing can cause a 3% or more loss of good bound moisture weight, directly cutting into a cultivator's bottom-line profitability. - Q: Do different cannabis strains need different curing environments? A: According to Jack Grover, when strains are grouped by dominant terpene profile (roughly 5-9 major groupings), there is scientific justification that they prefer somewhat different water activity levels, temperatures, and dew points during curing and storage. - Q: Why is buying cannabis based on THC percentage alone problematic? A: Focusing purely on THC potency ignores the entourage effect — the synergistic interplay of terpenes, flavonoids, and minor cannabinoids — which research suggests produces a stronger, richer medicinal and experiential effect than isolated THC alone, as seen in pure distillate products. - Q: How reliable is terpene and potency lab testing in the cannabis industry? A: Testing is inconsistent because labs often use different equipment, methods, and training standards, and some compete for business by inflating results, creating an uneven, untrustworthy testing landscape across the industry. - Q: How long can cured cannabis flower stay fresh in proper packaging? A: Jack Grover states that Grove Bags has had test batches remain viable for up to four years when kept within a controlled temperature range of 55 to 68 degrees Fahrenheit. - Q: Why can't U.S. cannabis companies participate fully in the global cannabis trade? A: Federal prohibition and inconsistent U.S. regulation prevent American cannabis businesses from directly exporting or importing product, even as a global supply chain has emerged where American genetics are licensed to and grown in countries like Canada for distribution to Europe, Australia, and elsewhere. - [What is Tissue Culture, Genetic Resets and Breeder Rights Explained ft. Kristian Andreassen](https://www.dimepodcast.com/episodes/what-is-tissue-culture-genetic-resets-and-breeder-rights-explained-ft-kristian-andreassen) — Kristian Andreassen: This episode of The Dime features Kristian Andreassen of Conception Nurseries, California's only gen-zero tissue culture cannabis nursery, breaking down what tissue culture actually is and why it matters for modern cultivation. He explains how meristem-based propagation resets plant genetics to near-seed condition, the difference between gen-zero and gen-one plants, the ongoing fight against pathogens like HLVD, and how Conception Nurseries pioneered a breeder royalty model to compensate genetic creators. The conversation also covers genomic trait mapping, hash-focused breeding, and where cannabis genetics and consumer trends are headed over the next decade. Key takeaways: - Tissue culture uses the plant's meristem — its newest, undifferentiated tissue — to reset genetics back to near-seed condition, clearing out accumulated bacteria, viruses, and viroids. - Gen-zero tissue culture plants grow symmetrically without topping, which Kristian says cut his veg time by roughly 30% compared to traditionally cloned plants. - Gen-zero means every plant is produced directly via lab micropropagation; gen-one plants come from cuttings off a tissue-cultured mother and can drift toward gen-fifty or gen-hundred, reopening pest and pathogen risk. - No method has proven 100% effective at eliminating HLVD (hop latent viroid) — tissue culture reduces viroid load, but it can go latent and resurface later at a trigger event like flowering. - Conception Nurseries pays royalties to breeders on every strain on its menu, aiming to solve the 'Napster problem' where breeders got no credit or income once their genetics spread across the industry. - Genomic testing and marker-assisted breeding let the nursery select for traits like THC, terpenes, pathogen resistance, or hash-yield potential (bud airiness, trichome surface area, head-to-stalk ratio). - Fully commercializing a newly tissue-cultured cultivar can take 12–24 months, including R&D to nail down the specific hormone and nutrient recipe that particular genetic needs. - Market demand in California is shifting toward 'gas x candy' hybrid flavor profiles and cultivars specifically bred for solventless hash extraction, as concentrates now make up a majority of some dispensaries' sales. FAQ: - Q: What is tissue culture in cannabis cultivation? A: Tissue culture is a lab-based propagation method where a tiny piece of a plant's meristem — its newest, undifferentiated growth tip — is isolated in a sterile agar gel environment and used to regrow the plant from scratch, effectively resetting it to a near-seed state free of accumulated pathogens. - Q: What's the difference between gen-zero and gen-one tissue culture plants? A: Gen-zero plants come directly out of the lab through micropropagation every single time, giving identical clean DNA. Gen-one plants come from a tissue-cultured mother that's grown out and cut from repeatedly, which reintroduces pest and pathogen exposure over successive cuttings. - Q: Can tissue culture cure HLVD (hop latent viroid) in cannabis? A: Not definitively. Tissue culture can dramatically reduce viroid load and produce clean-testing plants, but because HLVD operates at the RNA level and can go latent, it may resurface later after a trigger event, so no method is considered a guaranteed 100% cure yet. - Q: Why does tissue culture reduce vegetative time for cannabis plants? A: Gen-zero tissue culture plants grow with naturally symmetrical branching, similar to a seed-grown plant, so growers don't need to top or heavily prune them — each topping event otherwise costs about a week of recovery time, which tissue culture plants skip. - Q: How does Conception Nurseries compensate breeders? A: Conception Nurseries pays a royalty percentage to the original breeder on every strain listed on its menu, distributed quarterly, to ensure breeders are financially rewarded for their genetic work rather than losing credit once their strains spread through the market. - Q: How much does it cost to reset a cannabis strain's genetics through tissue culture? A: According to Kristian Andreassen, a full genetic reset typically starts around $4,000 and takes roughly 12 to 15 months of lab work, though costs vary depending on what pathogens or issues are found in the original plant material. - Q: Does tissue culture work the same way for every cannabis strain? A: No. Each cultivar requires its own specific hormone and nutrient recipe to thrive in tissue culture, so bringing a new strain to commercial viability can take anywhere from 8 months to 2 years of R&D. - Q: What traits do breeders select for when developing hash-specific cannabis cultivars? A: Breeders look for airier bud structure with more trichome surface area, and trichome heads with a larger head-to-stalk ratio, since solventless hash extraction targets the trichome heads rather than dense, tightly packed flower. - [How Leafly’s Feedback Loop Predicts the Next Big Thing in Cannabis ft. Yoko Miyashita](https://www.dimepodcast.com/episodes/how-leaflys-feedback-loop-predicts-the-next-big-thing-in-cannabis-ft-yoko-miyashita) — Yoko Miyashita: In this episode of The Dime, Leafly CEO Yoko Miyashita joins hosts Bryan Fields and Kellan Finney to explain how Leafly uses a real-time feedback loop from retailers, brands, and consumer submissions to spot emerging cannabis trends like hemp-derived beverages and 'Cali sober' culture. The conversation covers Leafly's education-first mission, the messy divide between regulated cannabis and hemp-derived THC products, the challenges of building trust and clean product data in a state-by-state legal patchwork, and why licensing enough legal retail access — paired with consumer education — is key to beating the illicit market. It's a useful listen for anyone trying to understand how cannabis brands and retailers can navigate compliance, hemp competition, and shifting consumer behavior. Key takeaways: - Leafly relies on a feedback loop of retailers, brands, and direct consumer submissions to identify trending strains, products, and content gaps. - Search and behavioral data (not big flashy marketing activations) drive Leafly's understanding of emerging consumer trends like hemp beverages and sleep-focused products. - The 'Cali sober' trend and interest in low-dose social alternatives to alcohol has fueled major growth in hemp- and cannabis-derived beverages. - Clean, consistent product data (cannabinoid content, terpenes, batch consistency) remains an unsolved foundational problem for cannabis e-commerce. - Budtenders are a critical trust intermediary between consumers and complex cannabis products, which is why Leafly invests in International Budtender Day and budtender-focused initiatives. - Non-plant-touching cannabis media companies face major restrictions on platforms like Meta/Instagram despite illicit sellers openly operating there. - The regulatory divide between hemp-derived THC products (federally legal, can ship direct-to-consumer) and state-licensed cannabis (heavily regulated, no interstate shipping) creates consumer confusion and competitive tension. - Consumers largely make cannabis purchase decisions like any other CPG product — driven by price, deals, and convenience — rather than needing an entirely unique retail model. FAQ: - Q: What is Leafly and what problem does it solve for cannabis consumers? A: Leafly is a cannabis media and marketplace platform focused on educating consumers and connecting them to retailers and brands; it helps people navigate an otherwise confusing, fragmented, state-by-state legal cannabis landscape by providing strain data, educational content, and menu information. - Q: Why is hemp-derived Delta-9 THC competing with licensed cannabis dispensaries? A: Hemp-derived Delta-9 products are federally legal and can be shipped directly to consumers' homes across state lines, unlike state-licensed cannabis, which cannot cross state lines and is subject to heavier compliance costs — creating a similar consumer experience through very different regulatory channels. - Q: Why can't licensed cannabis retailers advertise easily on platforms like Instagram? A: Because cannabis remains federally illegal, platforms like Meta enforce policies that can shut down accounts of plant-touching and even non-plant-touching cannabis businesses, even though unlicensed sellers often operate openly and unchecked on the same platforms. - Q: How does Leafly decide what content or products to cover? A: Leafly uses a feedback loop combining input from retailers, brand partners, direct consumer submissions, and real-time search/behavioral data to identify trending topics, strains, and product categories worth covering. - Q: What role do budtenders play in the cannabis consumer journey? A: Budtenders act as trusted intermediaries who help de-risk the intimidating experience of shopping for cannabis, guiding both new and experienced consumers toward products suited to their needs, which is why Leafly partners with and celebrates budtenders through initiatives like International Budtender Day. - Q: What was Leafly's role in New York's cannabis rollout? A: Leafly partnered with the New York Cannabis Retailers Association (NYCRA) to help drive consumers toward licensed retailers, advocating for online ordering and delivery for licensed stores so they could compete with the convenience of illicit sellers. - Q: Are unlicensed online cannabis sellers being actively policed? A: According to Yoko Miyashita, enforcement in markets like New York has focused more on physically padlocking unlicensed storefronts rather than actively pursuing unlicensed online ordering platforms, which remain a largely unaddressed gap. - Q: What consumer trend does Leafly's CEO predict will most shift attitudes toward cannabis? A: Yoko Miyashita points to continued international and state-level legalization (citing Germany's 2024 move) as the key driver of stigma reduction, paired with ongoing consumer education at every stage of the buying journey. - [How U.S. Cannabis Legalization Will Shape Global Influence ft. Hirsh Jain](https://www.dimepodcast.com/episodes/how-us-cannabis-legalization-will-shape-global-influence-ft-hirsh-jain) — Hirsh Jain: This episode of The Dime features Hirsh Jain, founder of Anunda Strategy, discussing how U.S. cannabis legalization could shape global drug policy and geopolitical soft power, drawing parallels to how state-level momentum (like gay marriage) eventually forces federal change. The conversation covers the current U.S. state legalization landscape heading into the 2024 elections (Florida, South Dakota, North Dakota, Nebraska, and Arkansas ballot measures), the potential for red states like Florida, Missouri, and Ohio to reshape the Deep South's cannabis stigma, the tension between hemp-derived cannabinoids and traditional marijuana regulation, and the role of public health authorities and industries like pharma, tobacco, and alcohol in shaping cannabis's future. It's a useful listen for anyone interested in how domestic cannabis policy intersects with international relations, public health credibility, and the path toward federal legalization. Key takeaways: - The U.S. has significant potential 'soft power' to influence global drug policy through cannabis legalization, similar to how it previously exported the War on Drugs worldwide. - State-by-state cannabis legalization is likely to precede and eventually force federal legalization, following a pattern similar to the gay marriage legalization movement. - 24 U.S. states currently have adult-use cannabis, with ballot measures in Florida, South Dakota, and North Dakota potentially pushing that number to 27 in the 2024 election. - Florida, Missouri, and Ohio are viewed as pivotal 'red wave' states whose legalization could destigmatize cannabis across the culturally connected Deep South. - The unregulated/synthesized hemp cannabinoid market could either help destigmatize cannabis or trigger a public health backlash similar to the 2019 vape crisis if left unregulated. - Pennsylvania, Wisconsin, and Indiana are states to watch in 2025 due to shifting political dynamics, redistricting rulings, and evolving Republican positions on cannabis. - International alliances around cannabis and plant medicine could strengthen U.S. ties with other democracies, particularly India, and expand markets in Western Europe, Latin America, and Africa. - Public health authorities need to rebuild credibility by applying consistent, evidence-based standards to cannabis rather than recycling disproven claims, since public trust in institutions affects responses to future health crises. FAQ: - Q: What is 'soft power' in the context of U.S. cannabis policy? A: Soft power refers to a nation's ability to influence other countries through moral authority, ideals, and example rather than military or economic coercion — Hirsh Jain argues the U.S. could use cannabis legalization to build this kind of influence globally. - Q: How many U.S. states have legalized adult-use cannabis as of the 2024 election? A: As of the episode's recording in October 2024, 24 states had adult-use cannabis legalization, with ballot measures in Florida, South Dakota, and North Dakota potentially raising that number to 27. - Q: Why is Florida's cannabis legalization vote considered so significant? A: Florida is seen as a bellwether for the conservative Deep South; because it borders and shares cultural ties with states like Georgia, Alabama, and Louisiana, its legalization (requiring 60% voter approval) could accelerate destigmatization and policy change throughout the region. - Q: How does state-level cannabis legalization lead to federal change? A: Hirsh Jain compares it to the gay marriage legalization movement, where state-by-state legalization eventually created enough momentum and political contradiction that the federal government (via the Supreme Court) was compelled to act nationally. - Q: What's the difference between hemp-derived cannabinoids and traditional marijuana products? A: The distinction is a legal one based on THC concentration (currently 0.3% in the U.S.), not a scientific one; hemp-derived intoxicating products are often sold with fewer regulations than state-licensed marijuana, raising both opportunities for wider adoption and risks around product safety. - Q: Could cannabis legalization help build international alliances for the U.S.? A: Hirsh Jain argues yes — particularly with fellow democracies like India, as well as Western Europe and Latin America — using shared embrace of plant medicine and public health science as a point of alliance against more authoritarian regimes. - Q: Why does Hirsh Jain criticize some public health officials on cannabis claims? A: He argues that some officials continue to cite disproven or exaggerated claims (like inflated heart attack risk statistics or overly broad 'cannabis use disorder' criteria), which undermines public trust in health authorities more broadly. - Q: What upcoming U.S. states does Hirsh Jain see as important for cannabis legalization beyond 2024? A: He highlights Pennsylvania, Wisconsin, and Indiana as key states to watch in 2025, due to political shifts, redistricting rulings, and changing Republican attitudes toward cannabis. - [Is Cannabis Still a Generational Investment Opportunity? ft. Jesse Redmond](https://www.dimepodcast.com/episodes/is-cannabis-still-a-generational-investment-opportunity-ft-jesse-redmond) — Jesse Redmond - [Kanha Edibles on a Thai Beach: Global Strategy & Personalized Cannabinoid Therapy with Cameron Clarke](https://www.dimepodcast.com/episodes/kanha-edibles-on-a-thai-beach-global-strategy-personalized-cannabinoid-therapy-with-cameron-clarke) — Cameron Clarke: This episode of The Dime features Cameron Clarke, CEO of edibles brand Kanha, tracing the company's origin from a backyard algae-extraction experiment to becoming one of the largest gummy and nanotechnology tincture brands in cannabis, built on a strict no-licensing, in-house manufacturing philosophy for consistency. The conversation also dives deep into Kanha's global expansion into Thailand — including a new manufacturing hub, a cannabis-friendly resort partnership with The Beach Samui, and an upcoming Bangkok wellness clinic — as well as the future of minor cannabinoids, personalized DNA-based cannabinoid medicine, and why interstate shipping bans remain the industry's biggest structural flaw. It's a useful listen for anyone interested in edibles R&D, international cannabis markets, and where cannabinoid science and wellness are headed next. Key takeaways: - Cameron Clarke co-founded Kanha with college friend Keith around 2014-2015, deliberately choosing California because 'if you can win in California, you can win anywhere.' - Kanha entered the edibles business almost by accident, buying a small 35-customer gummy operation from a consultant for $50,000. - Kanha was the first company in the cannabis industry to launch a pharmaceutical-grade nanotechnology tincture in 2015, designed to speed onset and avoid the liver's conversion of THC to 11-hydroxy-THC. - Kanha refuses to license its brand or formulas to third parties, insisting on in-house manufacturing in every market to protect product consistency and consumer trust. - The company expanded into Thailand, building its own manufacturing facility to serve as a low-cost export hub, aided by Thailand's near-total deregulation of cannabis. - Kanha partnered with The Beach Samui resort in Koh Samui, which it believes is one of the first hotels in the world offering integrated cannabis wellness treatments alongside massages and sound baths. - Kanha previously piloted DNA-based personalized cannabinoid tinctures with EndoCanna Health's Len May, but shelved the project due to the high cost of retail shelf space for niche products. - The inability to ship cannabis products across US state lines is described as the single biggest structural failure holding back the industry's growth and efficiency. FAQ: - Q: Why did Cameron Clarke launch Kanha in California instead of the East Coast? A: He and co-founder Keith reasoned that California, as the largest and most established cannabis market, would prove they could win anywhere, even though East Coast markets like Pennsylvania later turned out to offer easier, more lucrative licensing opportunities. - Q: How did Kanha get into the edibles business? A: A consultant hired to teach Cameron Clarke how to use a newly purchased Apeks CO2 extractor offered to sell his small gummy company, which had 35 customers, for $50,000 — Clarke bought it on the spot. - Q: What makes Kanha's nanotechnology approach different from other cannabis edibles? A: Kanha uses two pharmaceutical-grade nanotechnology methods, already proven safe in the pharma industry, to speed up onset time and help the product bypass the liver's conversion of THC into 11-hydroxy-THC, reducing overconsumption from delayed effects. - Q: Why did Kanha expand into Thailand? A: Thailand deregulated cannabis with minimal restrictions, and its established infrastructure for exporting nutraceuticals made it an ideal single manufacturing location from which Kanha could sell worldwide, something not possible from the heavily regulated US market. - Q: What is Kanha's partnership with The Beach Samui? A: It's a collaboration with a resort on Koh Samui Island, Thailand, where guests can consume cannabis comfortably and receive cannabis-infused wellness treatments such as sound baths, massages, and sleep therapy — believed to be one of the first hotels of its kind. - Q: Does Kanha license its brand or manufacturing process to other companies? A: No. Kanha deliberately avoids licensing, manufacturing all of its products in-house or with tightly controlled partners in every market to guarantee consistent quality and protect consumer trust in the brand. - Q: What is Kanha Minis? A: Kanha Minis is an M&M-style chocolate edible containing 4mg of THC and 2mg of minor cannabinoids per piece, engineered with a melting point above 130 degrees so it doesn't melt at normal temperatures; it took roughly two years of R&D to develop. - Q: What personalized cannabis medicine initiative did Kanha attempt? A: Kanha partnered with EndoCanna Health (founded by Len May) to launch DNA-test-based tinctures that recommended cannabinoid ratios based on a consumer's genetic SNPs, but the project was shelved because of the high cost of retail shelf space for niche personalized products. - Q: What does Cameron Clarke see as the biggest problem facing the US cannabis industry? A: The inability to ship cannabis products across state lines, which forces brands to build costly, duplicated manufacturing and supply chains state by state instead of operating as one unified national market. - [Keef Brands' Strategy for Navigating Hemp vs Regulated Cannabis Beverages ft. Erik Knutson](https://www.dimepodcast.com/episodes/keef-brands-strategy-for-navigating-hemp-vs-regulated-cannabis-beverages-ft-erik-knutson) — Erik Knutson - [Sundie Seefried: Bank Secrecy, Hemp vs. Cannabis Banking, and Credit Card Barriers – What You Need to Know for the Future](https://www.dimepodcast.com/episodes/sundie-seefried-bank-secrecy-hemp-vs-cannabis-banking-and-credit-card-barriers-what-you-need-to-know-for-the-future) — Sundie Seefried: In this episode of The Dime, Sundie Seefried, CEO and President of Safe Harbor Financial, shares how she built one of the first compliant cannabis banking programs in the U.S. starting in 2014, and unpacks the realities of Bank Secrecy Act compliance, the SAFE Banking Act, rescheduling, and the murky world of credit card processing in cannabis. The conversation covers why banking remains available but expensive for cannabis operators, the regulatory gray areas around hemp-derived intoxicants like Delta-8, and why cash reduction — not descheduling alone — is likely the real key to reducing black market activity and expanding institutional banking access. Key takeaways: - Sundie Seefried launched one of the first cannabis banking programs in 2014 at Partner Colorado Credit Union, which later became Safe Harbor Financial, after learning cannabis businesses were being forced to bank criminally in cash. - State-chartered and federally-chartered financial institutions face the same federal prosecution risk under the Bank Secrecy Act — chartering level does not determine legality of banking cannabis. - The SAFE Banking Act would prevent regulators from excluding cannabis accounts from federal deposit insurance and reduce prosecution risk, but it would not remove Bank Secrecy Act compliance obligations. - Rescheduling cannabis is seen as more impactful than SAFE Banking alone because it removes the 280E tax burden, helping businesses grow and reducing incentives toward black market activity. - Bank Secrecy compliance is what legitimizes cannabis businesses — validated banking activity produces financial statements and proof of legitimacy that helps attract investors and satisfy regulators. - Major credit card networks (Visa, Mastercard) currently prohibit use for cannabis purchases; workarounds like cashless ATMs exist but are actively being targeted and shut down. - Unregulated hemp-derived intoxicants like Delta-8 and Delta-9 products sold outside licensed dispensaries create bigger banking and safety concerns than regulated cannabis, partly due to a Farm Bill loophole. - Reducing cash volume — more than descheduling — is likely what will most reduce banking risk and compliance burden over the next decade as younger, more digital-first generations enter the market. FAQ: - Q: Is it currently legal for banks and credit unions to serve cannabis businesses? A: Yes, financial institutions can legally bank compliant, state-licensed cannabis businesses, but they must follow strict Bank Secrecy Act reporting and compliance obligations, which makes the service more expensive and resource-intensive than typical banking. - Q: What is the Bank Secrecy Act and why does it matter for cannabis banking? A: The Bank Secrecy Act requires financial institutions to monitor and report on money moving through high-risk accounts (including cannabis, casinos, and other cash-heavy businesses) to FinCEN, helping law enforcement detect money laundering and other criminal activity; it remains in force regardless of cannabis's legal status at the state level. - Q: Would the SAFE Banking Act fully open up cannabis banking? A: No — according to Sundie Seefried, SAFE Banking would stop regulators from excluding cannabis accounts from federal deposit insurance and reduce prosecution risk for banks, but it would not eliminate the underlying Bank Secrecy Act compliance burden that keeps many institutions from entering the space. - Q: Can cannabis dispensaries accept credit card payments from Visa or Mastercard? A: No, major credit card networks currently prohibit their use for direct cannabis purchases; some dispensaries use workarounds like cashless ATMs or closed-loop systems, but these are actively targeted for shutdown by the card networks. - Q: Does federal rescheduling of cannabis solve cannabis banking challenges? A: Rescheduling would remove the 280E tax burden and help cannabis businesses' bottom lines, but it would not deregulate banking requirements, since Bank Secrecy Act obligations apply to any high-risk cash business regardless of a substance's scheduling status. - Q: Why is it harder to get a hemp banking account than a cannabis account? A: Because cannabis is heavily regulated at the state level with clear licensing and reporting, while hemp businesses producing intoxicating derivatives like Delta-8 or Delta-9 often operate in an unregulated loophole created by the Farm Bill, making it harder for banks to verify legitimacy. - Q: How does compliant banking actually help cannabis businesses? A: Compliant banking legitimizes a cannabis business by creating verifiable financial statements and transaction records, which regulators and investors can trust, and which cash-only operations cannot produce. - [Caleb Counts Details Connected's $3.5 Million R&D Breeding Program and Best-in-Class Genetics That Continues to Deliver Hitters](https://www.dimepodcast.com/episodes/caleb-counts-details-connecteds-35-million-rd-breeding-program-and-best-in-class-genetics-that-continues-to-deliver-hitters) — Caleb Counts: This episode of The Dime features Caleb Counts, CEO of Connected Cannabis, tracing his path from a Sacramento dispensary owner to co-creator of Biscotti and leader of one of cannabis's most extensive genetics programs. He details Connected's $3.5 million annual R&D and breeding budget, its 6,000+ living plant genetics and 150,000-seed bank, and the multi-year process behind projects like the Sativa Revival line. The conversation is essential listening for anyone interested in how cannabis breeding, brand-building, and consumer feedback loops actually work at scale. Key takeaways: - Connected Cannabis's Biscotti strain originated from a female-reversal breeding program with Gelato genetics, and its name was coined by Berner despite Caleb's initial skepticism. - Connected spends over $3.5 million a year on R&D and breeding, with new genetics often taking two to three years to become commercially viable. - The company maintains over 6,000 unique living plant genetics and 150,000+ seeds in its seed bank, supported by PhD scientists and a former Driscoll's cultivation executive. - Connected's Sativa Revival program (Tropical Z, Silver Spoon) took over four years to develop, aiming to modernize forgotten sativa genetics for daytime, functional use. - Consumer feedback loops — including a 'Sensory Network' of taste-makers and bud tenders, plus consumer-choice launches like the Jackbox — directly influence which genetics get commercialized. - Caleb argues brands are becoming increasingly important in cannabis, drawing parallels to farm-to-fork branding trends in agriculture and CPG generally. - Bud tenders play an outsized role in cannabis brand credibility because there's no formal training path, making trust and consistency critical for brands. - Quality assurance and product consistency across different states/climates are the biggest underrated challenges to scaling a cannabis brand nationally. FAQ: - Q: How did Connected Cannabis's Biscotti strain get its name? A: Biscotti was named by Berner, who had already worked out the name and its rhyme scheme before pitching it to Caleb Counts and his partners; despite Caleb's initial doubts about the name, it became one of the most referenced strains in music. - Q: How much does Connected Cannabis spend on R&D and breeding? A: Connected spends over $3.5 million per year on R&D and breeding, with genetics often taking two to three years from initial cross to potential commercial launch. - Q: What breeding technique does Connected Cannabis primarily use? A: Connected primarily uses the technique of reversing female plants to produce male flowers and pollen, which results in nearly all-female offspring, rather than breeding with true male plants. - Q: What is Connected Cannabis's Sativa Revival program? A: It's a multi-year breeding initiative (started roughly four and a half years before the interview) aimed at reviving classic, appreciated sativa genetics like Jack Herer and Super Silver Haze with modern structure, yield, and appearance, resulting in strains like Tropical Z and Silver Spoon. - Q: How does Connected Cannabis gather consumer feedback on new strains? A: Through a 'Sensory Network' of taste-makers, plus QR code and 'Phase One'/'Top Secret' programs where near-final products are sold or given away to bud tenders, buyers, and loyal customers for feedback before full commercial launch. - Q: Do brands matter in the cannabis industry? A: According to Caleb Counts, yes — he argues that just as in every other consumer packaged goods category, strong brands can command premium pricing, and evidence like counterfeit Connected/Alien Labs signage appearing in unaffiliated pop-up shops nationwide shows real brand equity in cannabis. - Q: What is the biggest challenge for cannabis brands expanding to new states? A: Caleb Counts identifies quality assurance as the biggest underrated challenge, since maintaining consistent product quality thousands of miles away, under different growing conditions, is extremely difficult. - Q: Why is Blue Dream associated with a female cannabis consumer base? A: Caleb Counts noticed a pattern of women specifically requesting Blue Dream and other sativas, including feedback that it enhanced intimate experiences, which helped inspire Connected's broader Sativa Revival strategy targeting underserved consumer segments. - [Surprising Medical Uses of Cannabis: First-Hand Insights from Dr. Benjamin Caplan on Cancer, Dementia, and Skincare](https://www.dimepodcast.com/episodes/surprising-medical-uses-of-cannabis-first-hand-insights-from-dr-benjamin-caplan-on-cancer-dementia-and-skincare) — Dr. Benjamin Caplan: In this episode of The Dime, hosts Bryan Fields and Kellan Finney speak with Dr. Benjamin Caplan, a Boston-based primary care physician, founder of Seed Clinic, and author of the Doctor-Approved Cannabis Handbook, about how he transitioned from a traditional academic medical career to becoming a leading voice on cannabis and the endocannabinoid system. Dr. Caplan shares firsthand clinical observations on cannabis use for pain, anxiety, sleep, sexual health, dementia, Parkinson's, and cancer, explains the science behind cannabinoid-nerve signaling and anti-angiogenesis, and discusses cannabis's emerging role in skincare as an alternative to sunscreen. The conversation underscores why mainstream medicine still lags on cannabis education and offers practical guidance for patients and doctors on approaching cannabis as a legitimate, evidence-based therapeutic tool. Key takeaways: - Dr. Benjamin Caplan, founder of Seed Clinic and author of the Doctor-Approved Cannabis Handbook, built the world's largest free cannabis research library (the Seed Library) after struggling to find guidance to give patients. - The endocannabinoid system is the body's most widespread communication system, touching nearly every cell, yet it is still not formally taught in most medical schools. - Cannabis appears to fight cancer by cueing the immune system to target abnormal cells, inhibiting blood vessel growth (anti-angiogenesis) that feeds tumors, and slowing metastasis, while leaving healthy cells largely unaffected in study models. - Product selection should be based on the person's needs across three axes: timing (fast-acting vs. long-lasting), degree of alteration desired, and energy effect (stimulating vs. calming) — not just product branding or packaging. - Functional brain imaging shows cannabis activates broader areas of the brain with more cross-communication, which may explain its association with creativity and 'mind-expanding' effects. - Topical and systemic cannabis may have anti-inflammatory and UV-shielding properties, positioning CBD creams as a potential complement or alternative to traditional sunscreen and skincare products. - Patients are encouraged to proactively ask their doctors about cannabis, since physician education on the topic largely depends on patient-driven conversations and self-directed learning. - Dr. Caplan sees particular promise in using cannabis to support aging populations, whose endocannabinoid systems naturally weaken over time, as a next major area of research. FAQ: - Q: Why isn't the endocannabinoid system taught in medical school? A: According to Dr. Caplan, medical school curricula are shaped by funding and institutional interests that are slow to change, and cannabis research doesn't fit neatly into traditional 'pill for an ill' medical training, so most doctors never learn the physiology behind it. - Q: How does cannabis potentially help fight cancer? A: Research models suggest cannabis affects cell communication in a way that cues the immune system to target and destroy cancer cells while leaving healthy cells unaffected, and it may inhibit angiogenesis (new blood vessel growth) that tumors need to grow and metastasize. - Q: How should someone choose a cannabis product for their needs? A: Dr. Caplan recommends basing product choice on three personal factors: how quickly you want the effect (fast-acting vs. all-day), how much alteration or 'high' feeling you're comfortable with, and whether you want a stimulating or calming effect, rather than choosing based on packaging or marketing. - Q: Can CBD cream really replace sunscreen? A: Dr. Caplan explains that the physical shape of the cannabis molecule can act like a shield against UV radiation at the cellular level, meaning topical or systemic cannabis use may offer added protection against sun damage, though it's an emerging, underexplored area. - Q: Is there a real difference between CBD and THC in the body? A: Dr. Caplan notes that CBD and THC molecules are structurally almost identical, and CBD can convert into THC in the body (notably in stomach acid), which is why some people test positive for THC despite only using CBD — despite one being federally legal and the other not. - Q: What role can cannabis play in dementia and Parkinson's care? A: Dr. Caplan has observed patients with Parkinson's, Alzheimer's, and Lewy body dementia experience meaningful symptom improvement with tailored cannabis regimens, including a case of a Parkinson's patient regaining enough fluidity to dance at his daughter's wedding, though formal research is still catching up to these clinical observations. - Q: How should patients bring up cannabis with their own doctor? A: Dr. Caplan suggests directly asking your doctor if they are comfortable discussing and guiding cannabis use as part of your care, and if they aren't knowledgeable, asking for a referral, since doctor-patient decision-making around cannabis should be collaborative rather than dictated. - Q: Who is the Doctor-Approved Cannabis Handbook written for? A: Dr. Caplan wrote the book for a general audience — anyone curious about cannabis who wants an evidence-based, referenced explanation rather than anecdote, available through major retailers, libraries, and his website with personalized signed copies. - [If You Like Flavors, Come to Traders ft. Founders of Trade Roots](https://www.dimepodcast.com/episodes/if-you-like-flavors-come-to-traders-ft-founders-of-trade-roots) — Carl Giannone & Jesse Pitts: This episode of The Dime features Carl Giannone and Jesse Pitts, founders of Massachusetts craft cannabis company Trade Roots, tracing their path from legacy-market cannabis sales and Wall Street trading into a fully vertically integrated licensed operation in Wareham, MA. They dig into the mechanics and trade-offs of full vertical integration, tolling and biomass sourcing, hydrocarbon extraction versus distillate, testing integrity and irradiation disclosure, and the strategic shift toward blending East Coast legacy genetics with West Coast strains. It's a useful listen for anyone wanting a ground-level view of building a small operator from application to scaled production amid Massachusetts' brutal price compression and oversupply. Key takeaways: - Vertical integration gives small operators pricing 'levers' (cultivation, extraction, retail) so they aren't fully dependent on any one supply-chain partner, but it requires significant ops infrastructure and trusted department leads to manage. - Craft extraction quality depends heavily on craft cultivation — fresh-frozen material harvested properly for extraction (not simply frozen after failing tests) produces far better terpene and cannabinoid retention than degraded biomass run through CRC remediation columns. - Massachusetts saw dramatic flower and distillate price compression (distillate went from roughly $28,000/kilo to around $3,000) driven by pandemic-era stimulus, near-zero interest rates, and unenforced tier-relegation rules that created oversupply. - Testing integrity is a major industry concern — both around inconsistent potency (THC) results between labs and around undisclosed irradiation/remediation of cannabis products before they reach consumers. - Relationships with law firms, accountants, farmers, and toll-processing partners were as critical to Trade Roots' success as capital, especially since raising funds and building a company happen simultaneously with the licensing process. - Trade Roots is deliberately blending its original East Coast/legacy-market genetics with West Coast strains sourced through trusted breeder connections, driven by customer demand rather than internal preference. - Founders with legacy-market experience (Jesse) and finance/trading experience (Carl) combined underground business relationships with capital-raising and operations knowledge to build the licensed company. - Preserving legacy operators' integrity and 'codes' from the traditional market is something the founders see eroding in the legal industry, where there's no enforcement against mislabeling products like 'live resin.' FAQ: - Q: What does 'full vertical integration' mean in the cannabis industry? A: It means a company controls multiple stages of the supply chain — cultivation, extraction/manufacturing, and retail — rather than relying on outside companies for product. This creates pricing 'levers' a business can adjust, whereas a standalone retailer only controls the price it sells at and must accept market prices for the products it buys. - Q: Why did distillate and flower prices crash so dramatically in Massachusetts? A: According to Trade Roots' founders, COVID-era stimulus checks and near-zero interest rates flooded the market with capital for new cultivation licenses right as the state failed to enforce its tier-relegation rules, creating massive oversupply that crashed prices — distillate fell from roughly $28,000 a kilo to around $3,000. - Q: What is the difference between fresh-frozen material that's genuinely 'fresh' versus material that's just frozen? A: Truly fresh-frozen cannabis is harvested and immediately frozen specifically for extraction, preserving terpenes and cannabinoids. Much of what's labeled 'frozen' in the industry is actually flower that failed lab testing and was frozen afterward as a fallback, meaning it wasn't harvested with extraction quality in mind and yields an inferior extract. - Q: What is CRC (color remediation column) and what's the trade-off with using it? A: CRC is a hydrocarbon extraction filtration process using clay media to strip out unwanted chlorophyll and dark color from degraded biomass extracts. The trade-off is that it also strips out many terpenes, which is why a lot of CRC-remediated concentrates from different strains end up tasting and smelling similar. - Q: Why is cannabis testing integrity a concern for consumers? A: Two big issues: inconsistent potency (THC) reporting between labs, sometimes with suspiciously uniform results suggesting inflated numbers, and undisclosed use of irradiation or remediation to pass contamination tests, meaning consumers may unknowingly buy treated products with no labeling requirement to disclose it. - Q: How does Trade Roots decide which cannabis strains to grow? A: They balance input from cultivators, in-house yield and demand testing, retail customer preferences, and wholesale buyer requests, rather than only growing what growers personally prefer, since customer demand — including for higher-THC and West Coast 'candy' strains — ultimately drives commercial viability. - Q: What is toll processing in cannabis, and how does Trade Roots manage it alongside their own brand production? A: Toll processing means extracting or manufacturing product on behalf of another company's biomass for a fee. Trade Roots manages this by scheduling production carefully, sometimes offering staff overtime for toll orders, so they can meet delivery commitments without sacrificing their own branded production. - [Light, Yield, and Quality: The Science Behind Cannabis Cultivation with Travis Higginbotham](https://www.dimepodcast.com/episodes/light-yield-and-quality-the-science-behind-cannabis-cultivation-with-travis-higginbotham) — Travis Higginbotham: In this episode of The Dime, Bryan Fields and Kellan Finney sit down with Travis Higginbotham, CEO of Diligence Horticulture and former VP of Cultivation at StateHouse Holdings, to unpack the science and business strategy behind cannabis cultivation. Travis explains why most cannabis operations lack the horticultural rigor found in traditional agriculture, walks through metrics like grams-per-square-foot and Photon Conversion Efficiency for optimizing yield and flowering time, and challenges how the industry defines 'quality.' The conversation is essential listening for cultivators, investors, and operators looking to understand production efficiency, turnaround strategy, and where automation and technology are headed in cannabis agriculture. Key takeaways: - Most cannabis cultivation businesses lack standardized, horticulturally grounded production systems compared to traditional agriculture, creating major room for operational improvement. - Flowering longer isn't always better — there's a point where yield gains outpace potency, and harvesting earlier can optimize potency-per-pound, especially for extraction-bound biomass. - Photon Conversion Efficiency (grams per mole of light per meter squared per cycle) is presented as a 'golden metric' for measuring true cultivation performance, alongside grams per square foot per cycle. - Best-in-class operations hit around 0.4 grams/mole/m², while most cultivators operate around 0.18–0.2, showing significant untapped yield potential industry-wide. - A weekly perpetual production schedule (e.g., 2 weeks propagation, 2 weeks veg, 7.5 weeks flower) reduces cycle time, increases annual turns, and improves cash flow versus 9–10 week flowering cycles. - Quality in cannabis is largely subjective and not yet aligned between growers, COAs, and consumer/bulk-buyer perception, unlike quantifiable attributes like cannabinoid percentage or water activity. - Lack of genetic stability, absence of plant/utility patents, and inconsistent state-by-state systems make it very difficult for MSOs to replicate a consistent flower product nationally, unlike extracted products. - Automation, spectral imaging (e.g., for detecting hop latent viroid), and AI-driven quality assessment are expected to be the biggest technology shifts in cultivation over the next five years. FAQ: - Q: What is 'bro science' in cannabis cultivation? A: According to Travis Higginbotham, 'bro science' refers to making cultivation decisions — around fertilizers, flowering duration, harvest timing, and quality — without a formal horticultural or scientific foundation, often based on legacy habit rather than validated data. - Q: Why might harvesting cannabis earlier improve potency? A: There's a point in the flowering cycle where yield gains begin to outpace potency gains. Harvesting earlier can optimize potency per pound, which is especially valuable for crops destined for extraction, even though the flower may not look visually 'finished' yet. - Q: What is Photon Conversion Efficiency and why does it matter in cultivation? A: Photon Conversion Efficiency is measured in grams of yield per mole of light per meter squared per cycle. It ties together light accumulation, growing practices, and yield outcomes, allowing operators to benchmark performance — top operations hit around 0.4, while most average 0.18–0.2. - Q: How is 'quality' actually defined in cannabis flower? A: Scientifically, quality is defined by measurable attributes like percent terpenes, percent cannabinoids, moisture content, and water activity. However, consumer and bulk-buyer perceptions of quality (frostiness, smell, the 'squeeze test') often aren't aligned with these measurable attributes, making quality improvement difficult to standardize. - Q: Why is it hard to grow the exact same cannabis strain consistently across different states? A: Different state markets often use different systems, infrastructure, and sometimes can't legally access the same genetics. Combined with a lack of plant/utility patents and frequent strain renaming, this makes consistent flower quality across MSO locations very difficult, unlike extracted products which can be formulated consistently. - Q: What does Diligence Horticulture actually do for cannabis operators? A: Diligence Horticulture offers cultivation operations consulting through four main services: distressed asset revitalization, fractional C-level leadership (Chief Cultivation/Operations/Financial Officer roles), and risk mitigation and innovation consulting, typically engaged by investors, family offices, lenders, or court receivers. - Q: Does every cannabis cultivation business need an in-house plant scientist? A: Not necessarily. If a business has an efficient, well-documented weekly production schedule and SOPs in place, it can run without a dedicated in-house scientist, relying instead on outside expert partners for technical support as needed rather than carrying a high, fixed cost. - Q: What cultivation technologies are expected to shape the next five years? A: Travis Higginbotham points to automation (like robotic harvesting), drone-based photoperiod manipulation, and spectral imaging technologies (like Spec AI) that can detect issues such as hop latent viroid infection and potentially assess quality without human intervention. - [Under the Hood of Cresco Labs: AI, Tech Integration, and Custom Retail Solutions ft. Zach Marburger](https://www.dimepodcast.com/episodes/under-the-hood-of-cresco-labs-ai-tech-integration-and-custom-retail-solutions-ft-zach-marburger) — Zach Marburger: This episode of The Dime features Zach Marburger, Chief Information Officer at Cresco Labs, discussing how the MSO built much of its own retail, e-commerce, and ERP technology stack in-house rather than relying solely on off-the-shelf cannabis software. The conversation covers the buy-versus-build decision framework, the challenges of seed-to-sale compliance and fragmented data across state track-and-trace systems, why 80-85% of Cresco's retail sales happen online through Sunnyside, and where AI, computer vision, and SKU standardization are headed next in cannabis technology. It offers a rare look at the back-end infrastructure decisions that differentiate large multi-state cannabis operators from one another. Key takeaways: - Cresco Labs builds significant parts of its technology stack (retail e-commerce, ERP-like systems) in-house rather than buying off-the-shelf, viewing it as a source of competitive differentiation. - The buy-vs-build decision starts with sourcing externally first since it's usually cheaper and faster, but shifts toward building when off-the-shelf options don't fit and when 'compounding product interest' makes continued in-house development more valuable over time. - Seed-to-sale traceability requirements (via systems like Metrc, BioTrack, and New Leaf Data Systems) create burdensome, state-fragmented data that make analytics and integration harder for cannabis operators than in other industries. - Roughly 80-85% of Cresco's retail transactions through Sunnyside happen online, driven by early investment in a custom e-commerce experience and accelerated by COVID-era operational build-out. - The industry lacks a standardized SKU system like traditional retail/grocery, creating fragmented data across analytics providers (e.g., Headset, BDSA) — solving this is seen as a major unmet opportunity. - Cresco uses a hybrid approach for wholesale (roughly 50% built in-house, 50% via vendor CanX) and retail (about 90% built in-house, 10% via Dutchie), aiming to eventually merge everything into one full-scale ERP. - AI adoption today is mostly practical (developer co-pilot tools, AI-enhanced finance/invoice processing) with future potential in predictive/prescriptive retail personalization and AI-powered camera systems for plant health and security. - Because cannabis marketing is restricted (e.g., no Facebook ads, limited texting), building compliant customer acquisition and engagement tools remains an underserved but critical area for the industry. FAQ: - Q: Why does Cresco Labs build much of its own technology instead of buying off-the-shelf cannabis software? A: Cresco believes building proprietary retail, e-commerce, and ERP-like systems creates competitive differentiation, and after years of investment, extending an already-built system is often cheaper and more valuable than adopting third-party tools, a concept Zach Marburger calls 'compounding product interest.' - Q: What makes cannabis data and compliance systems more burdensome than in other industries? A: Cannabis operators must comply with state-mandated seed-to-sale traceability systems like Metrc, BioTrack, and New Leaf Data Systems, which differ by state and aren't natively built for advanced analytics, requiring extra integration steps to connect them to tools like Tableau or Snowflake. - Q: What percentage of Cresco Labs' retail sales happen online? A: Around 80-85% of purchases at Cresco's Sunnyside dispensaries happen online through their custom e-commerce platform, with customers typically browsing and deciding online before making a quick in-store pickup. - Q: How does Cresco Labs decide whether to build or buy a technology solution? A: Cresco first looks to buy or source externally since it's typically cheaper and faster; if existing vendor options don't meet quality or functionality needs, the company evaluates building in-house, especially when it can leverage its already-built ERP and product infrastructure. - Q: What role is AI currently playing at Cresco Labs? A: AI is currently used mainly for developer co-pilot programming tools and AI-enhanced finance software for faster invoice and purchase order processing, with future potential seen in predictive retail personalization and AI-powered camera systems for cultivation and security. - Q: Why is there no standardized SKU system in the cannabis industry, and why does it matter? A: Unlike traditional retail where barcodes and SKUs standardize product data, cannabis companies each use their own product identification systems, creating fragmented data across analytics providers; solving this would significantly improve industry-wide data quality and analysis. - Q: Why do cannabis dispensaries rely more on their own websites than third-party marketplaces? A: Because loyalty programs, discounts, and customer benefits live directly with the dispensary rather than a marketplace, cannabis retailers see less 'marketplace syndrome' than industries like food delivery, making investment in a custom-owned retail website more valuable. - Q: What customer acquisition challenges are unique to cannabis companies? A: Cannabis companies can't use tools like Facebook ads or standard SMS texting due to compliance restrictions, so they rely on alternatives like mobile wallet passes for push notifications to compliantly re-engage and acquire customers. - [Emily Sisneros: Kentucky's Hot Medical Market and Winning Cannabis Licenses](https://www.dimepodcast.com/episodes/emily-sisneros-kentuckys-hot-medical-market-and-winning-cannabis-licenses) — Emily Sisneros: In this episode of The Dime, hosts Bryan Fields and Kellan Finney talk with Emily Sisneros, a cannabis licensing attorney-turned-consultant and CEO of Canna Business Services, about her path from civil litigation in Pennsylvania's early medical cannabis rounds to running a nationwide licensing and compliance consultancy. The conversation dives deep into Kentucky's fast-moving first medical cannabis licensing round — its lottery system, tight deficiency-cure windows, application costs, and property/regional restrictions — and broadens into predictions about Pennsylvania, Florida, and the South, distressed-asset opportunities, overlooked license types like processing and testing labs, and the grit required to survive cannabis licensing and buildout. Key takeaways: - Kentucky's first medical cannabis licensing round has a short two-month application window and a lottery system that only triggers if a license category is oversubscribed; otherwise applications are awarded on merit. - Applicants who receive a deficiency notice in Kentucky have only 10 days to cure it or risk disqualification, a shorter cure window than many other states. - License types in Kentucky (cultivation, processor, dispensary, safety compliance/testing labs) cannot be combined in one application, and dispensary applicants are limited to one application per each of the state's 11 regions. - Winning a cannabis license is often described as 'the easiest part' — the real challenge is the buildout, operations, and long-term business management after licensure. - Entering a medical market early positions operators to capture a second wave of revenue when a state later transitions to adult use, since medical licenses often convert or expand into adult-use licenses. - Overlooked license categories like processing/manufacturing and testing labs face less competition than dispensaries and can be lucrative for operators willing to learn the science and compliance requirements. - Buying distressed cannabis assets can be a strong entry strategy, but only for buyers who already understand how to operate a business well — otherwise it's just throwing money into a sinking ship. - The unresolved interplay between hemp regulation, potential federal rescheduling, and pharmaceutical industry interests could significantly reshape how and when Southern states move toward adult-use cannabis. FAQ: - Q: How does Kentucky's medical cannabis licensing lottery actually work? A: Kentucky holds a lottery to award licenses, but only if a license category receives more applications than available licenses; if a category is undersubscribed, licenses are awarded based on the merit of the applications rather than random draw. - Q: How long do applicants have to fix a deficiency in their Kentucky cannabis application? A: Applicants have only 10 days to cure any deficiencies identified by the Office of Medical Cannabis, a shorter window than many other states, which effectively screens out underprepared applicants before the lottery. - Q: Can a company apply for multiple types of cannabis licenses in Kentucky in this round? A: No, applicants cannot apply across cultivation, processor, and dispensary license types in a single application; cultivation applicants can apply across multiple canopy tiers, but combined producer (cultivation plus processing) licenses aren't available until a later round. - Q: Why do local municipalities in states like Kentucky and New Jersey get to opt out of cannabis programs? A: States typically give local municipalities a window to opt out of hosting cannabis businesses or be automatically opted in; many towns opt out preemptively out of caution, not realizing they'd still need to create their own zoning and program rules if they opted in. - Q: Is buying a distressed cannabis business a good entry strategy for newcomers? A: It can be, but only for buyers who already understand how to run a business well; without that skill, buying distressed assets just means investing further money into a company that will likely continue to fail. - Q: Which cannabis license types are often overlooked by new applicants? A: Processing/manufacturing licenses and testing (safety compliance) lab licenses are frequently overlooked in favor of dispensaries, despite facing less competition and offering strong opportunities for those willing to learn the more technical, science-driven aspects of the business. - Q: How soon can a new medical cannabis market realistically expect product sales to begin after licensing? A: Often much later than states initially project, since licensees still need to complete harvest and manufacturing timelines, and dispensaries need certificates of occupancy and completed inspections before opening, all of which regularly push back optimistic launch dates. - Q: Why might Florida become a dominant cannabis market in the South? A: Florida's large population and existing medical market could drive massive revenue if it transitions to adult use, potentially pressuring neighboring Southern states like Georgia and Alabama to expand their own medical or adult-use programs to compete for that capital. - [Behind the Scenes of Cannabis Lobbying: How it REALLY Works ft. The Liaison Group](https://www.dimepodcast.com/episodes/behind-the-scenes-of-cannabis-lobbying-how-it-really-works-ft-the-liaison-group) — Erin Moffet & David Mangone: This episode of The Dime features David Mangone and Erin of The Liaison Group, federal cannabis lobbyists representing the National Cannabis Roundtable, explaining how cannabis lobbying actually works — from building trust with congressional offices to using data, polling, and trusted messengers to move policy forward. They break down real-world strategy around safe banking, the Farm Bill, and cannabis rescheduling, including why relationship-building and education matter more than hard asks, and why rescheduling alone won't fix banking, taxation, or criminal justice issues facing the industry. It's a useful listen for anyone wanting to understand the mechanics of federal cannabis advocacy and what still needs to happen after rescheduling. Key takeaways: - Cannabis lobbying is primarily about education, not hard selling — staffers and members need continuous, data-backed context because cannabis touches nearly every policy area (health, banking, veterans, criminal justice). - Effective lobbying requires building long-term trust with congressional offices before ever making an ask; approaching cold with a request is usually ineffective. - Finding the right messenger matters — a well-liked, credible member like Rep. Dave Joyce (R-OH) can move colleagues who wouldn't otherwise engage on cannabis policy. - Organizations like the National Cannabis Roundtable are consensus-driven, meaning their policy positions have buy-in from small operators up through large MSOs, which strengthens credibility on the Hill. - Timing and targeting are critical — lobbyists tailor messaging to a staffer's specific committee assignment and avoid overwhelming offices with irrelevant issues. - Rescheduling cannabis to Schedule III would remove the 280E tax burden and enable more research, but it would not fix banking access, criminal justice issues, or create a federal regulatory framework. - Momentum in federal cannabis policy is measured differently than typical legislative wins — repeated House passage of SAFE Banking, growing co-sponsorships, and the 2024 rescheduling comment period are all seen as signs of progress. - Bills like the bipartisan PREPARE Act aim to get federal agencies ready for eventual descheduling or broader legalization so the transition is orderly rather than reactive. FAQ: - Q: What does cannabis lobbying actually involve, according to The Liaison Group? A: It's a coordinated, ongoing effort to educate lawmakers and their staff — explaining why a policy change is needed and how it affects their district — rather than simply pushing for a vote. Trust-building and providing reliable data are central to the process. - Q: Why is cannabis considered a uniquely complex issue to lobby on? A: Because it's a nascent industry that touches nearly every policy area — healthcare, banking, veterans affairs, criminal justice, taxation — so there's no single committee or clear precedent, and there's still a significant education gap among lawmakers. - Q: How do lobbyists decide which members of Congress to prioritize? A: They track factors like committee assignments, home state cannabis laws, prior voting history, and whether a member has a high veteran population or personal connection to the issue, focusing energy on those most likely to be persuadable or influential. - Q: Would moving cannabis to Schedule III fix the industry's biggest problems? A: No. Rescheduling would remove the 280E tax burden and enable more research, but it would not create federal banking access, address criminal justice reform, or establish a federal regulatory framework for the existing state markets. - Q: What is the PREPARE Act and why does it matter? A: It's a bipartisan bill from Rep. Dave Joyce designed to get federal agencies proactively planning for the eventual rescheduling or descheduling of cannabis, so that regulatory changes are thoughtful rather than reactive when that day comes. - Q: How do lobbyists handle competing information from opposition groups? A: By sourcing all claims directly from government data — state regulators, the DEA, HHS — and citing sources transparently, rather than relying on unverifiable talking points, while focusing persuasion efforts on persuadable audiences rather than entrenched opponents. - Q: Why do lobbyists avoid pairing cannabis bills like SAFE Banking with unrelated legislation? A: Because tying cannabis reform to controversial or unrelated provisions risks losing support from coalition partners (like banking or insurance associations) who may object more to the paired provision than they support cannabis reform itself. - Q: What signs indicate real momentum in federal cannabis policy, given how little legislation passes? A: Repeated passage of SAFE Banking through the House, growing bipartisan co-sponsorship, serious appropriations riders debates, and the 2024 rescheduling comment period are cited as meaningful, if incremental, markers of progress. - [The Hidden Benefits of Fractional Marketing for Cannabis Companies ft. Brandon Bobart](https://www.dimepodcast.com/episodes/the-hidden-benefits-of-fractional-marketing-for-cannabis-companies-ft-brandon-bobart) — Brandon Bobart: In this episode of The Dime, hosts Bryan Fields and Kellan sit down with Brandon Bobart of Pisgah Peaks Ventures to unpack fractional marketing — an embedded, subject-matter-expert model that lets cannabis operators access full marketing teams (SEO, web, content, paid, social) without the cost of full-time hires. Bobart explains how KPI-driven audits, budget flexibility, and honest expectation-setting help operators of all sizes — from mature markets like California to emerging ones like Kentucky and Mississippi — avoid wasted spend and build durable marketing infrastructure. The conversation also covers social media's unique cannabis restrictions, the enduring power of direct mail and grassroots community marketing, and how AI is poised to eliminate busy work rather than replace marketers. Key takeaways: - Fractional marketing embeds trained subject-matter experts into an operator's team on a piece basis, unlike a consultant who stays on the sidelines or a full-time hire who requires benefits, training, and W2 overhead. - A single marketing hire (or 'marketing director with no one to direct') can't realistically cover the many distinct micro-skills involved in SEO, blogging, web development, and paid media — each is really a multi-person job. - Effective engagements start with a paid 30-45 day audit to establish baseline KPIs and North Star metrics tied to revenue, not just a basket of deliverables like blog posts or social content. - Market maturity changes the conversation: mature markets (CA, CO, OR) focus on margins and retention, while newer markets (KY, MS, OH) focus on foundational marketing plans and basic data tracking. - Cannabis social media marketing must lean into lifestyle branding and genuine engagement rather than product/THC-focused posts, given platform restrictions on Instagram/Meta and a uniquely 'reporting-happy' industry culture. - Grassroots tactics like community partnerships, local activations, and direct mail are underrated and can outperform saturated digital ads in cutting through consumer noise. - AI's main value in marketing is eliminating mundane admin work (notes, spreadsheets, correlations) so humans can focus on higher-level strategic decisions, not replacing marketers outright. - Contracts should explicitly address what happens when things go wrong (distributions, voting rights, disputes) — a lesson the guest learned after a costly $50,000 CBD franchise investment. FAQ: - Q: What is fractional marketing? A: Fractional marketing is a model where subject-matter-expert marketers embed part-time into a company's team — collaborating daily or weekly like an in-house employee — rather than acting as a hands-off consultant, giving small businesses access to specialized skills without full-time salary and benefit costs. - Q: Why does fractional marketing suit the cannabis industry particularly well? A: Cannabis operators are often small, single- or multi-location businesses with tight margins under 280E tax constraints, so they can't justify full-time specialists like graphic designers or SEO experts. Fractional marketing lets them access those skills flexibly and pivot resources as their growth phase changes. - Q: How should a cannabis business measure marketing success beyond vanity metrics like blog posts or social content? A: Start with an audit to set a baseline using tools like GA4 and Google Search Console, then track revenue by channel (organic, paid, email, social) alongside leading indicators such as click-through rate, keyword rankings, conversion rate, and time on page that predict revenue growth. - Q: What are the biggest challenges of marketing cannabis brands on social media? A: Platforms like Instagram and Meta restrict direct references to consuming or selling cannabis products, so brands must lean into lifestyle content instead of product specs. Cannabis accounts are also frequently reported and taken down, sometimes due to industry infighting rather than actual policy violations. - Q: Is a website necessary for every cannabis-related business? A: Not always — some B2B or service-based businesses can succeed without one via social selling. But for retail-facing businesses like dispensaries, a fast, easy-to-navigate, Amazon-like website experience is critical since customers expect quick, frictionless online ordering and checkout. - Q: When should a small cannabis operator start investing in marketing analytics and dashboards? A: As early as possible — establishing a baseline from day one makes it far easier to track growth and build analytics into normal workflow, rather than trying to retrofit tracking after the business has already scaled to multiple locations. - Q: What is an underrated but effective cannabis marketing tactic today? A: Grassroots and community-based marketing — local partnerships, community activations, and old-school direct mail — because consumers are oversaturated with digital ads and tangible, authentic outreach stands out and builds real connection. - Q: How is AI expected to change marketing roles in cannabis and beyond? A: AI is expected to automate mundane tasks like note-taking, data entry, and building spreadsheets/dashboards, freeing marketers to focus on higher-level strategic decisions rather than replacing the need for human marketing expertise. - [How Top Cannabis Companies Keep and Attract Employees ft. Mike Siebold](https://www.dimepodcast.com/episodes/how-top-cannabis-companies-keep-and-attract-employees-ft-mike-siebold) — Mike Siebold: In this episode of The Dime, hosts Bryan Fields and Kellan Finney sit down with Mike Siebold, managing partner at FlowerHire, to unpack how cannabis companies build HR and talent strategy in an industry still defining its own norms. Mike explains why compensation inequity, org design, and career pathing remain so inconsistent across cultivation, processing, and retail roles, and dives into unionization, talent migration, and where the industry still lacks critical skill sets like forensic accounting and data science. The conversation offers practical insight for cannabis operators trying to attract, retain, and fairly compensate employees amid rapid growth and market uncertainty. Key takeaways: - Cannabis lacks a global consensus on best practices for growing and managing talent, so compensation structures, titles, and career paths must be custom-built for each business rather than copied from templates. - "Inequity" — misaligned or ill-defined base, bonus, and equity value — is one of the most pervasive HR issues in cannabis because businesses are defining pay grades and titles for the first time in real time. - Compensation isn't only financial; non-monetary recognition, training, communication, and experiential perks (like WishList-style reward programs) can retain employees as effectively as raises. - Rapid growth (e.g., a company scaling from 60 to 600 employees) makes it a genuine luxury for founders to step back and audit org structure, career trajectories, and equity annually — but skipping that review risks losing key talent. - Career acceleration in cannabis is unusually fast compared to other industries, but that speed often pushes ambitious employees to leave for the open market when internal opportunities plateau. - Unionization is resurging in and beyond cannabis (Starbucks, Amazon, UFCW, Teamsters) and isn't inherently good or bad — it reflects workforce disenchantment and requires mutual education between founders and unions unfamiliar with cannabis's unique financial constraints. - Professionals both inside and outside the cannabis industry are becoming more cautious about job moves due to volatile market dynamics, regulatory uncertainty, and the potential impact of federal rescheduling on cash flow. - The industry still lacks specialized talent like forensic accountants and data scientists to bring financial and operational rigor to fast-scaling cannabis businesses. FAQ: - Q: What is FlowerHire and what services does it provide to cannabis companies? A: FlowerHire is a firm founded in 2017 that partners with cannabis businesses of any size to provide retained and embedded executive search, strategic talent management, and HR advisory services covering compliance, performance management, retention, and compensation design. - Q: What does 'inequity' mean in the context of cannabis employee compensation? A: Inequity refers to a mismatch between the value an employee derives (through base pay, bonus, and equity) and the actual value they provide, often because cannabis businesses are defining pay grades, titles, and bonus structures for the first time without established industry benchmarks. - Q: Why is compensation design so inconsistent across the cannabis industry? A: Because cannabis businesses are essentially building both a brand-new legal industry and individual company operations simultaneously, there's no standardized precedent for titles, pay grades, or incentive structures, so each business must define these parameters from scratch. - Q: Are non-monetary perks effective for retaining cannabis employees? A: Yes — programs offering recognition, career development, communication, and personalized experiences (such as event tickets or family dinners through platforms like WishList) can be as impactful as raises, especially for younger employees who value more than just base pay. - Q: Is unionization good or bad for the cannabis industry? A: According to Mike Siebold, unions are neither inherently good nor bad — they're a tool for collective voice that emerges when a workforce feels unheard. Their impact depends on mutual understanding between unions (who need to grasp cannabis businesses' financial constraints) and executives (who need to understand what unions actually do). - Q: Can a small cannabis business be unionized, or does it only apply to large MSOs? A: Any cannabis business, regardless of size — even a single store — can be unionized. It doesn't require being a large institution, public company, or multi-state operator; any group of employees can seek union representation. - Q: What skill gaps exist in the cannabis industry's workforce today? A: Mike Siebold points to a shortage of forensic accountants and data scientists — professionals capable of bringing financial rigor and data analysis to cannabis businesses that often experience restatements and inaccurate financial reporting. - Q: Why are professionals becoming more cautious about jumping into cannabis jobs? A: Increased awareness of market volatility, regulatory uncertainty, cautionary tales like New York's rollout, and unclear timing around federal rescheduling have made both outside professionals and industry veterans more discerning before making career moves. - [The Cannabis Industry is Exploding: Here's Why You Are Not Optimistic Enough ft Ben Burstein](https://www.dimepodcast.com/episodes/the-cannabis-industry-is-exploding-heres-why-you-are-not-optimistic-enough-ft-ben-burstein) — Ben Burstein: In this episode of The Dime, LeafLink's Ben Burstein joins hosts Bryan Fields and Kellan Finney to explain why cannabis industry sentiment is far more negative than the underlying data supports, walking through the state-by-state 'maturity curve' of supply and demand that drives pricing collapses and recoveries in markets like California, Arizona, Missouri, and New York. The conversation also dives deep into the explosive growth of hemp-derived THC beverages, the looming financial impact of 280E tax relief under potential Schedule III rescheduling, upcoming license rollouts in six key growth states, and the technology gaps still holding back cannabis operators. It's a data-driven, optimistic case for why the cannabis industry's next few years could look very different from its rocky recent past. Key takeaways: - Every legal cannabis state follows a similar 'maturity curve' where retail demand initially outpaces cultivation supply, prices spike, and then cultivation overbuilds and crashes prices — seen recently in Missouri, Maryland, and Arizona. - Six states — New York, New Jersey, Ohio, Maryland, Minnesota, and Illinois — are expected to drive more than two-thirds of total U.S. cannabis sales growth over the next two years due to new license rollouts. - New York's dispensary rollout is accelerating rapidly (from ~$20M/month across 60 stores to $70M+/month across 113 stores), and Ben Burstein predicts it could become the largest U.S. cannabis market within two to three years. - Hemp-derived THC beverages are already a multi-billion-dollar national market, driven by mainstream retail access (Total Wine, DoorDash, bars) and are estimated to be worth at least $10 billion annually with the potential to rival or exceed the regulated market. - If Schedule III rescheduling eliminates 280E tax burdens, it could return $2–3 billion in annual cash to the cannabis industry — more capital than was raised in the prior 18 months combined. - Out of 570 companies LeafLink has underwritten for lending, only 4 consistently return cash to their bank accounts, highlighting how thin margins and heavy taxation are industry-wide. - Store density and geographic accessibility matter more for state sales potential than raw license counts, as shown by contrasting Michigan's high per-store sales with New Mexico's lower per-store performance despite similar store counts. - The cannabis tech stack remains fragmented with point solutions instead of integrated end-to-end platforms, making inventory, data, and business intelligence a persistent operational challenge. FAQ: - Q: Why does Ben Burstein think cannabis industry sentiment is more negative than the actual data suggests? A: He argues that aggregated national sales figures obscure the fact that individual state markets are all at different points along a predictable maturity curve — some challenged, some recovering, some thriving — and that overall trends like record-high June sales and accelerating licensing are more positive than prevailing sentiment reflects. - Q: What is the cannabis market 'maturity curve' Ben Burstein describes? A: It's the pattern every legal cannabis state follows: retail access builds faster than cultivation early on, driving high prices, but eventually cultivation capacity outpaces retail demand, causing prices to collapse and margins to compress until the market rebalances through added retail or reduced cultivation capacity. - Q: How big is the hemp-derived THC beverage market compared to the regulated cannabis market? A: Ben Burstein estimates hemp-derived beverage sales are already at least $10 billion nationally and growing rapidly, potentially rivaling or exceeding the regulated cannabis market, driven by mainstream retail access through grocery, liquor stores, bars, and delivery apps. - Q: What impact would Schedule III rescheduling have on cannabis companies financially? A: By eliminating the 280E tax provision that taxes cannabis companies on gross margin rather than net income, rescheduling could return an estimated $2 to $3 billion in cash to the industry annually — more capital than was raised industry-wide over the prior 18 months. - Q: Which states are expected to drive the most cannabis sales growth over the next two years? A: New York, New Jersey, Ohio, Maryland, Minnesota, and Illinois are projected to account for more than two-thirds of the roughly $1 billion in new national sales growth over the next two years, largely due to aggressive new retail and cultivation licensing. - Q: Why does New York have potential to become the largest U.S. cannabis market despite its slow rollout? A: Sales are accelerating quickly as dispensaries open at a rate of two to three per week, monthly sales jumped from about $20 million to over $70 million in a few months, and with a large population base and continued licensing, per-store sales could support the state becoming a top market within a few years. - Q: What is the biggest challenge facing cannabis technology platforms today? A: According to Ben Burstein, the biggest challenge is the prevalence of fragmented point solutions rather than integrated end-to-end platforms, which makes it hard for operators to reconcile inventory, sales, and business data across their point-of-sale, marketing, payments, and banking systems. - Q: Does store count or store density matter more for a cannabis market's total sales potential? A: Ben Burstein says density and even distribution across population centers matter more than raw store counts — Michigan generates far more in monthly sales than New Mexico with a similar number of stores because its stores are spread out more effectively to reach consumers. - [Rama Mayo: Hall of Flowers, The Big Reveal - Disney World of Cannabis Experiences](https://www.dimepodcast.com/episodes/rama-mayo-hall-of-flowers-the-big-reveal-disney-world-of-cannabis-experiences) — Rama Mayo: In this episode of The Dime, host Bryan Fields (with Kellan Finney) talks with Rama Mayo, co-founder of Hall of Flowers, about the origin and evolution of the premier West Coast cannabis trade show he built with trade-show veterans Aaron Levant and Danny Diamond. Mayo shares behind-the-scenes stories on convincing skeptical brands to attend, the intense licensing and compliance work behind the event, lessons from celebrity cannabis brand deals, and how the upcoming September show is expanding into a two-day 'market and festival' format that lets brands sell weed directly to consumers for the first time. The conversation offers a broader lens on branding, marketing, and where the cannabis industry is headed, from beverages to technology to experiential retail. Key takeaways: - Hall of Flowers began as a B2B cannabis trade show co-founded by Rama Mayo with trade-show veterans Aaron Levant (Agenda, Complexcon) and Danny Diamond (Liberty Fairs, Capsule, Project), bringing decades of non-cannabis trade show expertise into the space. - Early on, many industry insiders dismissed the idea that people would attend a trade show to buy weed, forcing Mayo to prove the concept from scratch with no existing playbook. - The September show is expanding to a two-day format: day one remains the traditional B2B trade show for brands and retail buyers, while day two opens to consumers ('fans'), letting licensed brands sell directly to fans for immediate ROI. - Hall of Flowers offers a free matchmaking platform called Engage that connects exhibitor product catalogs with buyer demand, though many exhibitors don't yet take advantage of it. - Celebrity cannabis brand deals often failed because companies treated the celebrity as the entire marketing plan instead of building a full campaign around them, unlike how Nike markets around LeBron James. - Cannabis advertising is severely limited (frequent Instagram account shutdowns, no YouTube ads), which is part of why brands lean on celebrities and influencers with existing large followings as 'rocket fuel.' - Mayo believes the biggest cannabis companies haven't been founded yet and that today's industry entrants (even interns) could become major CEOs within a few years given how young and fast-moving the space is. - Predicted future trends include continued growth of cannabis beverages as an alternative to smoking, deeper technology integration, and a stronger focus on social equity and experiential, festival-style events. FAQ: - Q: What is Hall of Flowers? A: Hall of Flowers is a cannabis trade show founded by Rama Mayo along with trade-show veterans Aaron Levant and Danny Diamond, where cannabis brands showcase products and retail buyers place wholesale orders; it's now expanding into a consumer-facing festival component as well. - Q: Who founded Hall of Flowers? A: Rama Mayo, founder of the cannabis marketing agency Green Street, co-founded Hall of Flowers with Aaron Levant (founder of Agenda and Complexcon) and Danny Diamond (founder of Liberty Fairs, Capsule, and Project trade shows). - Q: What's new at the September Hall of Flowers event? A: The show is adding a second day where licensed brands can sell cannabis products directly to consumers for the first time, alongside carnival-style games built with Exploding Kittens and Joking Hazard, a fine-dining experience with Sonoma Hills Farms and Michelin-star chefs, cultivator speaker panels, and lifestyle/apparel brand exhibitors. - Q: Why did many celebrity-branded cannabis products underperform? A: According to Rama Mayo, brands often treated a celebrity endorsement as the entire marketing strategy rather than building a full campaign around it, and consumers generally want to buy what a celebrity actually uses or represents, not just merchandise bearing their face. - Q: What is the Engage platform at Hall of Flowers? A: Engage is a free platform Hall of Flowers provides to exhibitors, allowing them to upload their product catalogs so retail buyers can search and filter for exactly what they need, functioning as a matchmaking tool between brands and buyers. - Q: What does Rama Mayo predict for the future of the cannabis industry? A: He predicts continued growth in cannabis beverages as consumers move away from smoking, increased integration of technology into the industry, and greater emphasis on experiential events, while emphasizing that social equity remains the most important ongoing conversation. - Q: How does Hall of Flowers vet exhibitors for compliance? A: All exhibitors must submit their cannabis licenses, and the event relies on legal and compliance teams to manage the extensive paperwork required to run a fully licensed cannabis trade show, which Mayo says is one of the hardest parts of producing the event. - [Can CBN Replace Melatonin? Results from a Double-Blind Placebo-Controlled Study ft. Alleh Lindquist](https://www.dimepodcast.com/episodes/can-cbn-replace-melatonin-results-from-a-double-blind-placebo-controlled-study-ft-alleh-lindquist) — Alleh Lindquist: This episode of The Dime features Alleh Lindquist, CEO of FlorWorks, discussing how his company built a proprietary, patented CBN compound ("True CBN") and ran a large double-blind, placebo-controlled study showing it outperforms melatonin at improving sleep quality and duration. The conversation dives into the regulatory maze facing cannabinoids — including why CBD has never been legally approved for human consumption, what a GRAS/dietary ingredient filing actually requires, and what it would take for cannabinoid products to reach mainstream retailers like Costco or Target instead of staying confined to dispensaries. It's a useful listen for anyone wanting to understand how cannabinoid science, patents, and FDA pathways could reshape the industry beyond THC and CBD. Key takeaways: - FlorWorks developed a patented manufacturing process and trademarked ingredient called 'True CBN,' distinct from generic CBN, allowing the company to own the science and claims behind it. - A double-blind, placebo-controlled study (via Radicle Science, using the PROMIS sleep survey framework) found that 50mg of CBN outperformed 5mg of melatonin for sleep quality and duration, with no added benefit at 100mg. - No cannabinoid, including CBD, is currently legally approved for human consumption in the U.S.; CBD is sold off-label under the shadow of its approval as the epilepsy drug Epidiolex, which blocks it from ever becoming a legal dietary supplement. - To reach mainstream retail (Costco, Target, GNC, etc.), a cannabinoid ingredient needs both a GRAS/dietary ingredient safety filing (extensive toxicology studies) and validated efficacy claims — FlorWorks is pursuing both for CBN. - THC cannot currently be studied under a dietary/food framework because of its psychoactive and Schedule I status; rescheduling to Schedule III would help therapeutic research but wouldn't resolve all regulatory complexity. - FlorWorks is running additional research with Oregon Health & Science University (OHSU) on CBN's effect on sleep in dementia patients and caregivers, and with the Salk Institute and National Cancer Institute screening ~40 cannabinoids for neuroprotective and anti-cancer effects. - Since many cannabinoids (like CBN) can't be patented directly, FlorWorks is exploring using mechanism-of-action research and AI/machine learning to design new, patentable cannabinoid-inspired compounds. - THCV is flagged as a potential future 'next CBN' due to its possible appetite-suppressant effects via CB1 receptor modulation, offering an alternative to GLP-1 drugs or older CB1-blocking obesity drugs that had serious side effects. FAQ: - Q: What is CBN and why is it used as a sleep aid? A: CBN (cannabinol) forms when THC oxidizes over time, which is behind the old anecdote that aged cannabis produces a drowsier, more sedative effect. FlorWorks built a proprietary process to manufacture pure CBN at scale and studied it as a standalone sleep ingredient, without THC. - Q: Is CBD legally approved for human consumption in the U.S.? A: No. CBD was approved as the prescription epilepsy drug Epidiolex before the 2018 Farm Bill, and FDA rules prevent a substance already approved as a drug from later being classified as a dietary supplement. As a result, all CBD sold as a supplement today is technically being sold off-label with no clear legal framework. - Q: How did FlorWorks' CBN sleep study compare to melatonin? A: In a double-blind, placebo-controlled study testing 25mg, 50mg, and 100mg of CBN against 5mg of melatonin, the 50mg CBN dose outperformed melatonin, while 100mg showed no additional benefit over 50mg, suggesting an optimal dosing range. - Q: What is 'True CBN' and how is it different from other CBN products? A: True CBN is FlorWorks' trademarked, patent-manufactured CBN ingredient with a controlled, clean impurity profile. All of the company's toxicology work, clinical studies, and dietary ingredient filings are tied specifically to True CBN, meaning only products using it can legally reference the validated claims. - Q: What does a cannabinoid ingredient need to be sold in mainstream retail like Target or Costco? A: It generally needs two things: a completed dietary ingredient (GRAS) safety filing based on toxicology studies proving safety at and above intended doses, and validated efficacy claims from legitimate clinical research — both of which FlorWorks is pursuing for CBN. - Q: Why can't THC currently be studied and marketed like CBN? A: THC is a Schedule I controlled substance, requiring a DEA license for research, and as a psychoactive/intoxicating compound it would never qualify as a dietary or food ingredient. Rescheduling to Schedule III could ease some research barriers but wouldn't fully resolve the regulatory complexity around recreational or dietary use. - Q: What other cannabinoids does FlorWorks see as promising for the future? A: THCV is highlighted as a potential appetite suppressant via CB1 receptor modulation, which could position it as a novel weight-loss supplement ingredient, offering a different mechanism than existing CB1-blocking obesity drugs or GLP-1 medications. - Q: Why is it hard to get funding for cannabinoid compounds as pharmaceutical drugs? A: Many cannabinoids, including CBN, are naturally occurring and already known, making them difficult to patent as compounds themselves. This limits investor interest in funding drug development around them, pushing companies like FlorWorks toward patenting specific uses, dose ranges, or new cannabinoid-inspired molecules instead. - [Curaleaf's European Breakout & Boris Jordan Strategy for The Hemp Company](https://www.dimepodcast.com/episodes/curaleafs-european-breakout-boris-jordan-strategy-for-the-hemp-company) — Boris Jordan - [Mastering Cannabis Storytelling/How to Talk to Your Kids About Cannabis ft. Jordan Isenstadt](https://www.dimepodcast.com/episodes/mastering-cannabis-storytellinghow-to-talk-to-your-kids-about-cannabis-ft-jordan-isenstadt) — Jordan Isenstadt: In this episode of The Dime, hosts Bryan Fields and Kellan Finney sit down with Jordan Isenstadt, Senior VP at PR and marketing agency Marino, to trace how he built one of the cannabis industry's leading PR practices from a chance connection with Curaleaf's predecessor, PalliaTech, and to unpack the real differences between earned, owned, and paid media in a heavily stigmatized, federally illegal industry. The conversation shifts into a candid, personal discussion about cannabis and parenting — how Jordan's own upbringing with cannabis-tolerant parents shapes how he talks to his 12- and 8-year-olds, whether gummies are a risky formulation around kids, and whether proactive, honest conversations (rather than DARE-style scare tactics) are the better path forward. The episode closes with rapid-fire predictions on federal legalization, banking, and a hypothetical Super Bowl cannabis ad as true markers of destigmatization. Key takeaways: - Jordan Isenstadt built Marino's cannabis PR practice starting in 2017 after noticing New York's nascent medical program lacked professional PR support, growing it through a serendipitous early client relationship with PalliaTech, which later became Curaleaf. - PR's core specialty is 'earned media' (per the PESO model: paid, earned, shared/social, owned) — unpaid third-party coverage that builds credibility and validation, distinct from paid ads or owned content like websites and social media. - Because of federal prohibition and inconsistent state-by-state advertising regulations, earned media and storytelling are disproportionately important marketing tools for cannabis brands compared to other industries. - New York's social equity licensing structure means many new dispensary owners come from the legacy market and are unaccustomed to speaking publicly about their business, requiring extensive media training and trust-building from PR teams. - Jordan's personal experience trying cannabis at 15 with eventual parental involvement shapes his belief that proactive, honest, non-scare-tactic conversations with kids (ideally around middle school) are more effective than programs like D.A.R.E. - Both hosts and the guest raise concerns that cannabis gummies may be too kid-friendly as a formulation, given documented incidents of children accidentally consuming edibles. - Predictions for when cannabis stigma will truly end vary: federal legalization and safe banking (Jordan), major banks like Wells Fargo or Bank of America investing capital (Kellan), and a cannabis commercial airing during the Super Bowl (Bryan). FAQ: - Q: What is the difference between earned, owned, and paid media in PR? A: Earned media is unpaid third-party coverage (podcasts, print, broadcast) that builds credibility; paid media is advertising you pay an outlet for; owned media is content you control directly, like your website, blog, or social media. Most brands need a healthy mix of all three, but in cannabis, earned media is especially valuable because federal prohibition limits traditional paid advertising options. - Q: Why is PR especially important for cannabis brands compared to other industries? A: Because cannabis remains federally illegal, traditional advertising and paid marketing channels (like many ad platforms and publishers) are restricted or inconsistent from state to state, making earned media and authentic storytelling one of the most viable ways for cannabis brands to build visibility and trust. - Q: How did Jordan Isenstadt get Marino into the cannabis PR business? A: In 2017, while personally getting a medical cannabis card in New York, Jordan recognized the industry needed PR support. He pitched Marino's leadership with research on New York's medical operators, and the practice took off after a chance connection with Ed Conklin, who had moved from McDonald's to PalliaTech (which became Curaleaf), leading to a long corporate PR relationship as the company expanded from 5 to 19 states. - Q: Why do many New York dispensary owners struggle with public-facing PR and media training? A: New York structured its adult-use licensing to prioritize justice-involved and social equity applicants, many of whom came from the legacy cannabis market and are used to operating discreetly rather than speaking publicly about their business, tech, leases, or teams, so they often need more extensive media training than corporate cannabis executives. - Q: What approach does Jordan Isenstadt recommend for talking to kids about cannabis? A: He favors proactive, honest conversations — ideally around middle school when peers and phones introduce the topic — focused on responsible use rather than scare tactics, similar to how parents might discuss alcohol responsibility, since scare-tactic programs like D.A.R.E. historically backfired. - Q: Are cannabis gummies a risky product formulation around children? A: The episode raises concern that gummies, while commercially popular, closely resemble candy and may be too kid-friendly, given real incidents of children accidentally consuming a parent's edible stash; alternative formulations like pills are suggested as potentially safer around kids. - Q: What milestones would signal that cannabis stigma has truly ended? A: Guest and hosts point to federal legalization and safe banking access, major banks like Wells Fargo or Bank of America investing significant capital into cannabis companies, and a cannabis brand airing a commercial during the Super Bowl as key cultural and financial turning points. - Q: What is the PESO model referenced in the episode? A: PESO stands for Paid, Earned, Shared (social), and Owned media — a framework PR professionals use to categorize the different channels through which a brand's message reaches its audience. - [How Grown Rogue's Craft Cannabis Model is Disrupting the Industry ft. Obie Strickler](https://www.dimepodcast.com/episodes/how-grown-rogues-craft-cannabis-model-is-disrupting-the-industry-ft-obie-strickler) — Obie Strickler: This episode of The Dime features Obie Strickler, co-founder and CEO of Grown Rogue, discussing how his Oregon-born cannabis company rebuilt itself around disciplined, low-cost, high-quality cultivation after early mistakes chasing rapid multi-state expansion and vertical integration. Strickler details the hard decisions behind that pivot, the operational and cultural discipline that now drives sub-$10 million facility builds with rapid payback periods, and how Grown Rogue is scaling into New Jersey and Illinois while staying focused purely on craft flower cultivation. The conversation offers a candid look at building a profitable, self-sufficient public cannabis company through operational excellence rather than capital markets hype. Key takeaways: - Grown Rogue pivoted from a scattered, capital-raising, vertically-integrated multi-state strategy to a disciplined, cultivation-only model focused on cash flow and profitability. - The company deliberately ignored capital markets pressure and let go of team members not aligned with a profitability-first strategy, which was painful but foundational to its turnaround. - Grown Rogue builds cultivation facilities for roughly $100 a square foot versus an industry standard of around $300, by avoiding over-engineering and doing more design work in-house. - New market facilities (around 1,200 lbs/month, sub-$10M capex) are achieving payback periods of under a year in strong-pricing markets like New Jersey. - The company prioritizes genetic diversity and rapid strain rotation (capping any strain around 6-10% of production) to keep up with consumer demand for novelty, akin to fashion trends. - Grown Rogue's target customer is a younger, price-conscious, heavy-use flower consumer seeking a lifestyle/experience enhancer rather than the mainstream 'soccer mom' or occasional user. - Leadership emphasizes operational culture and hands-on presence (an office literally inside the grow) as more important to team motivation than perks or marketing. - Expansion is opportunistic and relationship-driven, targeting states transitioning from medical to adult-use with limited licensing, rather than following a rigid market-selection formula. FAQ: - Q: What is Grown Rogue's core business model? A: Grown Rogue is a craft cannabis cultivation company focused exclusively on producing high-quality, low-cost flower efficiently, rather than being vertically integrated across cultivation, distribution, and retail. - Q: Why did Grown Rogue sell off assets like its California operations? A: The company was spread too thin chasing acquisitions and expansion across multiple states and business lines, which drained cash and distracted from its core strength; leadership sold off non-core assets and distribution to refocus entirely on profitable cultivation. - Q: How does Grown Rogue keep facility construction costs so low? A: By avoiding over-engineering (e.g., not over-sizing HVAC for rare extreme conditions), doing more design and engineering work internally instead of relying on consultants, and applying disciplined, first-principles cost analysis rather than defaulting to industry-standard specs. - Q: How does Grown Rogue decide which states to enter? A: The company is opportunistic, relying on relationships and investor introductions, while favoring markets that are early adult-use or transitioning from medical to adult-use with limited licensing, such as New Jersey and Illinois. - Q: Who is Grown Rogue's typical customer? A: A younger (roughly 18-30), price-conscious, heavy-consumption flower customer who views cannabis as part of an active lifestyle and experience, rather than an occasional user or someone seeking premium boutique packaging. - Q: How does Grown Rogue manage its flower genetics across different state markets? A: It runs a decentralized organization where state-level teams make local genetic decisions, but corporate holds a disciplined biweekly genetics review to track what's selling, cap any single strain around 6-10% of production, and rotate strains regularly since consumer demand for novelty is high. - Q: What kind of payback period does Grown Rogue target on new facilities? A: In strong markets like Michigan and New Jersey, Grown Rogue has achieved or projects payback periods of under two years, and in some cases under one year, due to low capex builds and strong per-pound margins. - Q: What is Obie Strickler's prediction for the craft cannabis industry in ten years? A: He expects only about ten or fewer nationally recognized craft cannabis brands to emerge with true national scale and loyalty, alongside growing mainstream acceptance of cannabis and significant growth in THC beverages as an alternative to alcohol. - [New York's Broken Cannabis Program: What Happened and How to Fix It ft. Neil Kaufman](https://www.dimepodcast.com/episodes/new-yorks-broken-cannabis-program-what-happened-and-how-to-fix-it-ft-neil-kaufman) — Neil Kaufman: This episode of The Dime features cannabis attorney Neil Kaufman breaking down why New York's adult-use cannabis rollout has struggled so badly, from Governor Hochul's overhaul of the program to the root statutory flaw: a Washington-state-style two-tier system that bans vertical integration and blocks nearly all experienced cannabis investors from funding retail licensees. Kaufman walks through how that structural conflict, combined with prioritizing social equity ambitions over industry fundamentals, produced frozen licensing, thousands of illegal stores, and the collapse of the state's DASNY-run Social Equity Fund, and he lays out concrete regulatory, enforcement, and legislative fixes needed to get the market back on track. Key takeaways: - New York's adult-use cannabis program is structurally hobbled by a strict two-tier system (like alcohol and only otherwise seen in Washington State) that bars vertical integration between supply-side and retail cannabis businesses. - New York's retail ownership rules go further than most states by banning any investor with even a passive, non-controlling stake in a supply-side cannabis business anywhere in the world from investing in New York retail, cutting off nearly all experienced cannabis capital. - Prioritizing social equity goals over building a viable industry first backfired; no cannabis lawyer at a national conference could name a social equity program in the industry that had actually worked, aside from direct block grants. - The state's decision to delay adult-use sales at existing vertically integrated medical operators (and charge them $5 million per store to convert) triggered lawsuits that froze the program for six months. - The $200 million Social Equity Fund, run by the New York State Dormitory Authority (DASNY) and meant to finance CAURD retailers at 8% non-recourse interest, failed to attract private investors and has now been shut down after cost markups, opaque site-blocking, and rising interest rates. - Because underserved cannabis demand is inelastic, thousands of illegal stores emerged to fill the gap left by only ~120 legal retail stores statewide, and enforcement alone won't fix that without a thriving legal market. - Kaufman's proposed fixes: relax retail investment restrictions to only bar controlling supply-side interests, have the Attorney General enforce MRTA provisions against unreasonable local zoning restrictions, and continue building out legal retail rapidly rather than relying primarily on illegal-store crackdowns. - Taxpayers ultimately bear the cost of New York's missteps through lost Social Equity Fund capital and years of foregone tax revenue from a stalled industry. FAQ: - Q: What is the 'two-tier system' in New York cannabis regulation? A: It's a structure, borrowed from alcohol regulation, that strictly separates the cannabis supply side (cultivation, manufacturing) from retail — anyone involved in one tier is prohibited from being involved in the other. New York and Washington State are the only cannabis markets in the U.S. to adopt this model, and it prevents vertical integration. - Q: Why couldn't experienced cannabis investors fund New York retail dispensaries? A: New York's rules barred anyone with any economic interest, even a single passive share of stock, in a non-retail cannabis business anywhere in the world from investing in New York retail stores, which excluded nearly all seasoned cannabis investors and choked off capital to licensees, especially social equity applicants. - Q: What was the New York Social Equity Fund and why did it fail? A: It was a $50 million state-seeded fund (meant to be matched by $150 million in private capital) run by the New York State Dormitory Authority (DASNY) to finance, lease, and build out stores for CAURD licensees at 8% non-recourse interest. No private investors participated because the returns didn't justify the risk; DASNY later marked up build-out costs and blocked leasing locations without transparency, and the fund has now been shut down. - Q: Why did New York's medical cannabis operators sue the state over adult-use rollout? A: New York initially barred its vertically integrated medical registered organizations from selling adult-use cannabis for years and then proposed charging them $5 million per store to convert to dual-use, prompting lawsuits that froze the broader adult-use licensing program for about six months. - Q: Why have social equity programs generally struggled across the cannabis industry? A: According to Neil Kaufman, cannabis attorneys nationwide have found it extremely difficult to design social equity programs that actually work in practice, with the exception of direct financial grants; prioritizing equity goals over basic industry viability tends to leave both the industry and the equity applicants worse off. - Q: What role did hemp farmers play in shaping New York's CAURD retail licensing program? A: New York initially gave cannabis cultivation licenses to distressed hemp farmers hurt by the collapse of hemp prices, but with no retail stores open, farmers ended up sitting on unsold cannabis. This partly motivated the state's CAURD program, which fast-tracked retail licenses to justice-involved applicants to create an outlet for that backlog. - Q: What does Neil Kaufman recommend to fix New York's cannabis market? A: He suggests relaxing retail investment restrictions to only bar controlling (not passive) supply-side interests, having the Attorney General enforce state law against unreasonable local zoning restrictions, and continuing to rapidly expand legal retail rather than relying mainly on shutting down illegal stores. - Q: Who ultimately pays for New York's cannabis regulatory missteps? A: Taxpayers bear the burden, both through the roughly $50 million expected to be lost from the failed Social Equity Fund and through years of foregone state and local tax revenue caused by the slow, stalled rollout of the legal industry. - [Building a Private Juggernaut: Efficiency at Every Step with Mario Naric](https://www.dimepodcast.com/episodes/building-a-private-juggernaut-efficiency-at-every-step-with-mario-naric) — Mario Naric: In this episode of The Dime, hosts Bryan Fields and Kellan Finney sit down with Mario Naric, CEO and founder of Motif Labs, a Canadian cannabis extraction and brand company built by a former oil-and-gas process engineer. Mario walks through Motif's evolution from a CO2-based B2B distillate manufacturer into a top vape-market-share brand house (Boxhot, Debunk, Rizzler) now expanding into hydrocarbon extraction, THCA crystals, liquid diamonds, and live resin, all while staying privately held, profitability-focused, and data-driven. The conversation also covers the differences between operating in Canada's tightly regulated market versus the U.S., international export opportunities, and lessons learned from watching overextended, publicly-traded Canadian LPs rise and fall. Key takeaways: - Motif Labs started with CO2 extraction because of low safety/regulatory hurdles and mature, reliable technology, deliberately avoiding hydrocarbon and ethanol until the market and internal bandwidth were ready. - The company applies oil-and-gas-style process engineering (yield-loss modeling at every production step) to maximize extraction efficiency, including a $5,000 ethanol-injection retrofit that doubled CO2 extractor capacity. - Motif shifted from pure B2B/white-label manufacturing into building its own branded portfolio (Boxhot, Debunk, Rizzler) after realizing its team generated better product ideas than the brands it was manufacturing for. - Staying privately held (versus the publicly traded LPs that inflated valuations on hype in Canada's early legalization years) allowed Motif to avoid outlandish bets and stay disciplined around profitability and EBITDA-linked compensation. - Motif's hydrocarbon expansion began not with vapes but with perfecting a highly efficient THCA-crystal/liquid-diamond process, avoiding the inefficient 'jar tech' (mason jar/vacuum oven) methods common in the industry. - Canada's regulatory environment (Health Canada cGMP, provincial distributor relationships) creates high barriers to entry but rewards operators who master compliance and retail-level relationships rather than aggressive marketing. - International expansion (Ireland, Australia) is emerging through THCA and THC-free isolate (CBN, CBG) exports, while U.S. brand expansion would likely require a strategic partnership with a larger MSO or tobacco company. - Mario sees the next wave of cannabis growth coming from non-smokeable form factors (drinks, edibles, mints, sprays, topicals) and non-THC wellness products, pending regulatory approval for natural health product categories. FAQ: - Q: Why did Motif Labs choose CO2 extraction over hydrocarbon or ethanol when it started? A: CO2 extraction had low safety hazards and simpler building code requirements, was based on decades-old, highly automated, reliable technology, and matched the market reality at the time, since distillate made up about 80% of the Canadian cannabis product market. - Q: How does Motif Labs approach process efficiency in extraction? A: Founder Mario Naric applies chemical engineering principles from his oil-and-gas background, building models that track product loss at every step (milling, decarbing, extraction, winterization) to identify and fix the biggest sources of waste, such as retrofitting CO2 extractors with ethanol injection to cut extraction time and double capacity for about $5,000. - Q: Why did Motif Labs move from B2B/white-label manufacturing into its own brands? A: Mario realized that during white-label pitch calls, his team was effectively inventing the products for LP clients, showing that Motif had strong in-house product ideas. Owning brands also gave the company controllable, forecastable revenue and higher margins compared to volatile, low-margin B2B business. - Q: What is Motif Labs' strategy for expanding into hydrocarbon extraction? A: Rather than jumping straight into vapes, Motif spent 12-14 months perfecting an efficient process for making THCA crystals and liquid diamonds at scale, then used that base to begin testing live resin through reciprocal partnerships with cannabis growers, since quality live resin requires both great extraction and great flower. - Q: How does the Canadian cannabis regulatory environment differ from the U.S.? A: Canada has high barriers to entry that reward established, compliant operators: companies must build trust with government distributors and meet strict Health Canada cGMP quality standards, and marketing is tightly restricted, forcing competition to happen through retail relationships and product quality rather than heavy advertising or billboards. - Q: What lesson does Mario Naric highlight about avoiding sunk cost fallacy in business? A: He advises being willing to pivot even after committing to a direction publicly — for example, abandoning a planned large investment in edibles if the data shows it's the wrong move — and says that if you're not finding yourself wrong about something every few months, you're not thinking about the business carefully enough. - Q: What does Mario Naric see as the future of cannabis consumption trends? A: He expects mainstream growth to come from non-smokeable form factors like liquid-diamond-infused drinks, edibles, mints, sprays, and topicals, along with non-THC wellness products such as CBN-infused sleep aids, pending regulatory approval for cannabis compounds in natural health products. - Q: How did Motif Labs benefit from staying privately held instead of going public? A: Being private and backed by disciplined serial entrepreneur investors meant Motif was never rewarded for hype-driven moves the way publicly traded competitors like MediPharm Labs and Valens were during Canada's early legalization boom, allowing it to focus on sustainable profitability instead of speculative valuation spikes. - [Krista Raymer: Pricing, Promotion & Strategy Tips for Profitable Cannabis Retail](https://www.dimepodcast.com/episodes/krista-raymer-pricing-promotion-strategy-tips-for-profitable-cannabis-retail) — Krista Raymer: Krista Raymer, founder of Vetrina Group, joins hosts Bryan Fields and Kellan Finney to break down how cannabis retailers can use transaction-level data to improve pricing, promotions, and profitability. The conversation covers budtender bias, the real difference between product features and benefits, why discounting can quietly erode margins and delay repeat visits, and how to properly segment customer and inventory data instead of relying on messy monthly reporting. It's a practical, data-driven look at what separates struggling dispensaries from consistently profitable ones. Key takeaways: - The best promotions increase sales velocity with limited margin erosion; the worst create no velocity gain while causing massive margin erosion. - Retail growth comes down to attracting customers, retaining them, increasing purchase frequency, and increasing basket size — one transaction at a time. - 'Budtender bias' — shaped by a budtender's own consumption habits, pay level, and product access — heavily influences what customers end up buying. - Price is neither a feature nor a benefit; it's the value a customer assigns to a product, and leading with price makes it hard to sell premium products long-term. - Flower data should be broken into subcategories (eighths vs. ounces, strain type, etc.) rather than treated as one bucket, since purchase behavior varies widely within it. - Discount-driven revenue spikes (like 4/20) often cause a sales drop-off the following week, so retailers should measure profit dollars and days-between-purchase, not just top-line revenue. - Analyzing retail performance week-over-week rather than month-over-month gives a more accurate read, since months have unequal numbers of weekdays and holidays. - The average cannabis customer makes about eight purchases a year; moving customers from 1 to 3, 3 to 5, and 5 to 8 visits is where the biggest retention opportunity lies. FAQ: - Q: What does 'one transaction at a time' mean in cannabis retail? A: It refers to the idea that retail growth is built by attracting new customers, retaining them, increasing how often they purchase, and increasing how much they spend per visit — all measured and optimized at the individual transaction level rather than broad averages. - Q: What is budtender bias? A: It's the bias budtenders bring into customer interactions based on their own product preferences, brand education, and their personal ability (often limited by low wages) to access or try more expensive products, which can skew what they recommend to customers. - Q: Are price and product features the same thing in cannabis marketing? A: No. Features are the technical attributes of a product, benefits are the outcomes a customer gets from those features, and price is a separate value judgment a customer makes — it should not be used as a substitute for explaining features and benefits. - Q: Why can heavy discounting hurt a cannabis retailer? A: Discounting can create a short-term revenue spike but often pushes out the customer's next visit (similar to detergent promotions), and if a promotion increases volume without controlling margin loss, the business ends up worse off despite higher top-line sales. - Q: Why is month-over-month analysis misleading for retail data? A: Months contain different numbers of days and different numbers of weekend days or holidays, which can make results look artificially strong or weak; week-over-week analysis compared against seasonal trends gives a more reliable picture. - Q: How many times does the average cannabis customer shop per year? A: According to Krista Raymer's data, the average customer makes about eight visits per year, and customers who exceed that (8+ visits) tend to generate a disproportionately large share of a retailer's revenue. - Q: How should a cannabis retailer decide where to focus discounts? A: Discounts should be targeted to a specific goal (e.g., growing concentrate sales or clearing overstocked brand inventory) rather than applied as a blanket, storewide markdown, since different categories respond differently to promotions. - Q: Why does flower need to be broken into subcategories in POS data? A: Flower often represents 200+ SKUs and a huge share of revenue, but customer behavior around an eighth versus an ounce, or indica-leaning versus sativa-leaning strains, is very different, so lumping it all together hides important inventory and demand signals. - [How Minor Cannabinoids are Made: Synthetic vs Biosynthetic ft. Shane Johnson](https://www.dimepodcast.com/episodes/how-minor-cannabinoids-are-made-synthetic-vs-biosynthetic-ft-shane-johnson) — Shane Johnson: This episode of The Dime features Shane Johnson, SVP and GM of BayMedica (a subsidiary of InMed Pharmaceuticals), explaining how minor and rare cannabinoids like CBC, CBN, and THCV are produced through biosynthesis (engineered yeast) and chemical synthesis rather than plant extraction, and why that matters for consistency, purity, and cost. The conversation dives into the science of the endocannabinoid system, why it's absent from medical school curricula, the challenges of navigating cannabinoid patent IP, pricing and adoption dynamics for lab-made cannabinoids, and a forward-looking discussion of personalized cannabinoid medicine and federal rescheduling. It's a useful listen for anyone in cannabis manufacturing, product formulation, or medical cannabis research who wants to understand synthetic and biosynthetic cannabinoid production and its role in the industry's future. Key takeaways: - BayMedica engineers yeast (biosynthesis) and uses chemical synthesis to make plant-identical minor cannabinoids like CBC and THCV, because the cannabis plant either can't produce them in isolation or in commercially practical quantities. - Synthesis is already ubiquitous in everyday consumer products (aspirin, vitamins, caffeine, vanillin, citric acid), and being 'synthesized' does not mean a compound is unsafe or unnatural. - Chemical synthesis tends to produce more consistent, repeatable cannabinoid profiles than plant extraction, which is valuable for multi-state operators and CPG brands needing identical products across markets. - THCV is much harder to manufacture in pure Delta-9 form than CBC, because chemical synthesis naturally favors the more stable Delta-8 configuration; BayMedica has achieved ~98% Delta-9 THCV purity. - The endocannabinoid system is largely absent from Western medical school curricula due to decades of Schedule I status stemming from the War on Drugs, though roughly 10% of medical schools are beginning to teach it. - Cannabinoid pricing has fallen dramatically (e.g., CBD isolate from ~$60,000/kg to ~$300/kg), and real market adoption of a cannabinoid tends to require pricing below roughly $3,000–$5,000/kg. - Research increasingly suggests cannabinoids work through weak, broad modulation of dozens of receptors rather than single-target binding, similar to how CBD-based Epidiolex works despite being poorly mechanistically understood. - True personalized cannabinoid medicine (custom formulations based on genetics) is likely a decade-plus away and requires isolating and studying individual pure cannabinoids and specific ratio combinations rather than relying on full-spectrum extracts. FAQ: - Q: What is the difference between biosynthesis and chemical synthesis of cannabinoids? A: Biosynthesis uses living organisms, like engineered yeast, whose enzymes convert simple substrates (sugar) into cannabinoids, mirroring what the cannabis plant does naturally. Chemical synthesis starts with plant-derived or synthesized starting materials and uses chemical reactions, outside a living organism, to convert them into the target cannabinoid; hybrid approaches combine both methods. - Q: Why can't you just extract rare cannabinoids like THCV directly from the cannabis plant? A: The plant produces rare cannabinoids like THCV in very small quantities alongside other compounds like THC, making pure extraction impractical; synthesizing or biosynthesizing them separately allows manufacturers to isolate a specific cannabinoid, such as zero-THC Delta-9 THCV, that the plant doesn't naturally produce on its own. - Q: Is a synthesized cannabinoid less 'natural' or safe than one extracted from the plant? A: Not necessarily. Many everyday products, including aspirin, vitamins A and D, citric acid, and caffeine in energy drinks, contain synthesized components that consumers don't think twice about. According to Shane Johnson, a compound is a compound regardless of manufacturing method, as long as chirality, stereochemistry, and impurity profiles are properly controlled. - Q: Why isn't the endocannabinoid system taught in medical schools? A: Cannabis was classified as Schedule I in the US starting in the early-to-mid 20th century amid the War on Drugs, which made rigorous clinical research extremely difficult both domestically and internationally, stalling the body of evidence needed for conservative medical and pharmaceutical institutions, and therefore medical school curricula, to incorporate it. - Q: What are THCV and CBC, and what are they used for? A: THCV (tetrahydrocannabivarin) is a non-intoxicating-at-low-dose cannabinoid associated with appetite reduction, weight management, and normalized blood sugar metabolism. CBC (cannabichromene) is associated with mood, alertness, and energy effects. Both are increasingly used in edibles and other products to create specific effect-based formulations beyond standard THC/CBD ratios. - Q: How does pricing affect adoption of minor cannabinoids? A: Cannabinoid prices have fallen sharply over time (CBD isolate went from about $60,000/kg to around $300/kg), and real consumer adoption tends to take off once a cannabinoid's price drops below roughly $3,000–$5,000/kg, since above that consumers generally aren't willing to pay the resulting product premium. - Q: How close is the cannabis industry to personalized cannabinoid medicine? A: According to Shane Johnson, likely a decade or more away. It would require isolating pure cannabinoids, systematically studying specific ratios and combinations in human subjects with genomic and molecular data, and building far more robust clinical evidence than currently exists before formulations could be reliably personalized to an individual's genetics. - Q: Does using synthesized or biosynthesized cannabinoids create IP/patent challenges? A: Yes. Much of the enzymatic and chemical pathway work for producing cannabinoids like THC has prior patented art, so companies like BayMedica often need to introduce enough novel modifications to a pathway to move beyond what's considered 'obvious' in existing patents, giving them freedom to operate or their own patentability. - [Unveiling the $4 Million Problem: Hop Latent Viroid's Impact on Cannabis Cultivation ft. Dr. Tassa Saldi](https://www.dimepodcast.com/episodes/unveiling-the-4-million-problem-hop-latent-viroids-impact-on-cannabis-cultivation-ft-dr-tassa-saldi) — Dr. Tassa Saldi: This episode of The Dime features Dr. Tassa Saldi, Chief Scientific Officer at Tumi Genomics, explaining how hop latent viroid — a silent, genome-only pathogen — has quietly spread into roughly 80% of cannabis facilities worldwide and now causes an estimated $4 billion in annual industry losses through reduced yield, THC, and terpene content. She breaks down the biology of viroids in plain language, details Tumi Genomics' proactive testing framework (the "STOP" system) and new on-site rapid testing platform, and discusses mitigation strategies, other emerging cannabis pathogens like fusarium and pythium, and why proactive, budgeted testing is far cheaper than losing infected genetics. Key takeaways: - Hop latent viroid is a free-floating piece of genetic information (not a virus or bacteria) that hijacks plant biology and causes 'dudding' — reduced THC, terpenes, and yield. - An estimated 80% of tested cannabis facilities carry hop latent viroid, contributing to roughly $4 billion in annual industry losses and up to a 30% revenue reduction. - Symptoms range from obvious stunting and leaf deformities to completely asymptomatic infections that only show up as a ruined harvest at flowering. - A proactive, system-based approach (Tumi Genomics' 'STOP' framework: Sterilization, Testing, Organizing, Protecting) is far more effective and cheaper than reacting after an outbreak. - Tumi Genomics offers both in-lab PCR testing and a newly launched on-site testing platform (Tumi Glow) that cuts result turnaround from about a week to a single day. - There is no simple cure yet, though tissue culture, targeted RNA-based treatments, and breeding for genetic resistance are potential future mitigation paths. - Growers can still generate revenue from infected crops while building 'clean stock' genetic libraries in the background over time, rather than destroying everything at once. - Fusarium and pythium (root molds) round out the 'three horsemen' of cannabis pathogens growers should also watch for, alongside outdoor-specific viruses like beet curly top. FAQ: - Q: What is hop latent viroid? A: It's a viroid — a free-floating strand of genetic information with no protective coat or cellular machinery — that infects cannabis and hop plants, hijacking the plant's biology to replicate itself and causing stunted growth and dramatically reduced flower quality, a syndrome known as 'dudding disease.' - Q: How widespread is hop latent viroid in the cannabis industry? A: According to Dr. Tassa Saldi, about 80% of cannabis facilities that test with Tumi Genomics have hop latent viroid, and it has been detected on nearly every continent, causing an estimated $4 billion in industry losses annually. - Q: Can you tell if a cannabis plant has hop latent viroid just by looking at it? A: Sometimes — infected plants can show stunting, horizontal branching, or discolored/misshapen leaves, but in many cultivars there are no visible symptoms during vegetative growth, and the damage only becomes apparent as poor-quality flower at harvest. Regular testing is the only reliable way to detect it. - Q: Is it safe to consume cannabis flower infected with hop latent viroid? A: Yes. Viroids only infect land plants and cannot infect mammals, so consuming infected cannabis is not dangerous, though the product will likely have much lower THC content and be less potent or flavorful. - Q: How can cannabis growers prevent hop latent viroid from spreading in their facility? A: By taking a system-based, proactive approach: sterilizing reused equipment like pots and clone-dipping gel, implementing a regular testing schedule (especially before cutting clones from mother plants), organizing a 'clean stock' genetic library, and controlling entry points for new genetics into the facility. - Q: Is there a cure for hop latent viroid? A: There is no simple cure yet. Tissue culture can help but isn't 100% effective, and researchers are exploring targeted RNA-based treatments and breeding for genetic resistance, but the most reliable current strategy is prevention through testing and clean stock programs. - Q: How much should cannabis cultivators budget for pathogen testing? A: One industry benchmark cited is about 2% of budget for integrated pest management, including testing. Dr. Saldi frames it as insurance: if a mother plant's total downstream value is $10,000, spending $25 to test and protect it is a clear return on investment. - Q: What other pathogens should cannabis growers watch out for besides hop latent viroid? A: Fusarium and pythium (root molds/fungi) are called the other two of the 'three horsemen' of cannabis pathogens for indoor grows, while outdoor grows also face insect-transmitted viruses like beet curly top virus, lettuce chlorosis virus, and alfalfa mosaic virus. - [Aaron Nosbisch Reveals BRĒZ Marketing Secrets: A Beverage Exploding Toward $20 Million](https://www.dimepodcast.com/episodes/aaron-nosbisch-reveals-brz-marketing-secrets-a-beverage-exploding-toward-20-million) — Aaron Nosbisch - [Paul F. Austin on Exploring Psychedelics: Creativity, Hidden Benefits, Microdosing, and Retreats](https://www.dimepodcast.com/episodes/paul-f-austin-on-exploring-psychedelics-creativity-hidden-benefits-microdosing-and-retreats) — Paul F. Austin: This episode of The Dime features Paul F. Austin, founder of Third Wave and Synthesis, discussing the intersection of psychedelics, creativity, and leadership, including why many high-profile CEOs quietly use psychedelics despite the career risk of going public. Austin breaks down the differences between microdosing LSD and psilocybin, the "lotus flower" framework for preparing, undergoing, and integrating psychedelic experiences, and the legal landscape ranging from FDA-approved MDMA and psilocybin therapy to state-regulated models and community church models. The conversation is valuable for entrepreneurs, wellness-curious professionals, and anyone tracking the emerging legal psychedelic industry and its parallels to cannabis legalization. Key takeaways: - High-profile entrepreneurs and executives (Musk, Gates, Jobs, Rogan, Ferriss, Aaron Rodgers) have openly credited psychedelics for creativity and performance, but many CEOs stay silent due to career and stock-price risk under federal illegality. - A 1966 Dr. James Fadiman study found 80-90% of professionals given a moderate dose of LSD or mescaline solved a problem they'd been stuck on for three-plus months. - LSD microdosing is more dopaminergic (focus, motivation, playfulness) while psilocybin is more serotonergic (contentment, embodiment), making them suited to different goals. - The "lotus flower" framework describes a sequence: tilling the soil (trauma work, often via ketamine/MDMA), planting the seed (high-dose ego-dissolution experience), nourishing it (integration practices), and full blossoming (ayahuasca, 5-MeO-DMT, ibogaine). - Microdosing after a high-dose psychedelic experience can extend the neuroplasticity window from 2-3 weeks to 6-8 weeks, long enough to cement new habits. - Schizophrenia history (especially under 26) and lithium use are the primary contraindications for psychedelic use; recent major trauma is also a reason to delay. - MDMA is expected to gain FDA approval for PTSD around late 2024/early 2025, with psilocybin for depression potentially following around 2027, but most people will likely access psychedelics through state programs or community/church models rather than the FDA path. - Retreat/protocol options include at-home virtual ketamine programs, legal retreat centers (Netherlands, Oregon, Jamaica, Costa Rica, Colorado), and underground ceremonies, with vetting questions being essential regardless of path. FAQ: - Q: Why don't more CEOs publicly admit to using psychedelics? A: Because psychedelics remain federally illegal in the U.S., public admission can create legal, regulatory, and financial risk — as seen when Elon Musk's cannabis use on Joe Rogan's podcast reportedly affected Tesla's stock and triggered company-wide drug testing at SpaceX. - Q: What's the difference between microdosing LSD and microdosing psilocybin? A: LSD is more dopaminergic, supporting focus, motivation, and playful productivity, while psilocybin is more serotonergic, supporting contentment, embodiment, and present-moment awareness; people recovering from SSRI use often prefer psilocybin, while those wanting cognitive flow often prefer LSD. - Q: What is the 'lotus flower' framework for psychedelic work? A: It's a metaphor for a phased approach: tilling the soil through trauma/healing work (often with ketamine or MDMA), planting a new seed of self via a high-dose ego-dissolution experience (like psilocybin or LSD), nourishing it through integration practices like meditation and exercise, and fully blossoming with substances like ayahuasca or 5-MeO-DMT. - Q: Who should avoid psychedelics? A: People with schizophrenia or a family history of it (especially under age 26), those taking lithium, and anyone who has recently experienced a significant trauma should avoid or delay psychedelic use. - Q: What is the current legal status of psychedelics in the U.S.? A: Psychedelics remain federally illegal, but MDMA is expected to gain FDA approval for PTSD treatment around late 2024/early 2025, with psilocybin for depression potentially following around 2027; states like Oregon and Colorado have created their own legal frameworks for supervised use. - Q: What are the main ways someone can legally access a psychedelic experience today? A: Options include at-home virtual ketamine programs (legal via telehealth provisions), traveling to a legal retreat center in places like Oregon, Colorado, the Netherlands, Jamaica, or Costa Rica, or, where applicable, joining a Colorado-style community/religious ceremony model. - Q: Does microdosing actually extend neuroplasticity benefits from a high-dose psychedelic experience? A: According to Paul Austin, a high-dose psychedelic experience typically creates a 2-3 week window of increased flow, compassion, and openness; microdosing afterward can extend that window to 6-8 weeks, which is roughly the time needed to establish a lasting new habit. - Q: Which age groups benefit most from psychedelic retreats? A: Austin points to two groups: young adults (16-19) using psychedelics as an intentional rite of passage, and adults in their 50s-60s who feel stuck in long-standing patterns and are seeking renewed vitality or a shift in perspective around aging and mortality. - [Chris Fontes: Cannabis is Already Legal - Hemp vs Cannabis](https://www.dimepodcast.com/episodes/chris-fontes-cannabis-is-already-legal-hemp-vs-cannabis) — Chris Fontes: In this episode of The Dime, Chris Fontes, CEO of High Spirits Beverage and founder of Trojan Horse Cannabis, breaks down how the 2018 Farm Bill's 0.3% delta-9 THC threshold effectively created a national, unregulated path to legal hemp-derived THC edibles and beverages sold via interstate mail order. He explains the legal distinction between THC and THCA, why he believes marijuana rescheduling to Schedule III could ultimately backfire by opening the door for Big Pharma to dominate the space, and why he expects states like Minnesota — which allow both low-dose hemp products and high-dose dispensary products — to become the model other states follow. The conversation also covers natural versus synthetic cannabinoids, THC percentage as a flawed purchasing metric, and predictions for how state markets will evolve as hemp and marijuana regulations eventually consolidate. Key takeaways: - The 2018 Farm Bill created a legal definition of "hemp" as cannabis containing 0.3% or less delta-9 THC by dry weight, effectively legalizing THC edibles nationally as long as they stay under that threshold. - THCA is not counted toward the legal hemp THC limit, and USDA's "total THC" testing rule only applies to the plant in cultivation, not to finished consumer products. - Chris Fontes believes marijuana rescheduling to Schedule III is bad for the industry long-term because it opens the door for pharmaceutical companies to acquire major cannabis players and eventually push states out via litigation. - Hemp is excluded from the Controlled Substances Act, so even if marijuana is rescheduled, hemp-derived THC products would remain unaffected and could become the de facto national recreational market. - Many marijuana dispensary products (like CBN and CBC) are already synthetically converted, undermining the "natural vs. synthetic" argument some MSOs use against hemp-derived THC. - States that establish a hemp market first (like Minnesota) tend to integrate marijuana more smoothly later, while states where marijuana came first tend to fight hemp encroachment (e.g., California, Oregon, Colorado). - THC percentage is a poor and often manipulated metric for consumers to judge product quality or predict impairment; grading ranges (low/medium/high) would be more useful and reduce lab-shopping fraud. - Fontes predicts that within a decade, most distillate will be derived from hemp/grain crops as a low-cost byproduct, while high-end craft flower remains the domain of dedicated cannabis dispensaries. FAQ: - Q: What did the 2018 Farm Bill actually legalize regarding cannabis? A: It created a legal definition of "hemp" as any cannabis plant containing 0.3% or less delta-9 THC by dry weight, and removed hemp (as so defined) from the Controlled Substances Act's definition of marijuana, making hemp-derived products federally legal outside strict cultivation regulations. - Q: What is the difference between THC and THCA? A: THCA is the non-impairing acidic compound naturally produced by the cannabis plant; it converts into psychoactive delta-9 THC through decarboxylation (heat), such as when smoking or vaping. THCA itself has no intoxicating effects even in large quantities. - Q: Why does Chris Fontes think rescheduling marijuana to Schedule III could hurt the cannabis industry? A: He argues that Schedule III status would make it much easier for pharmaceutical companies to research and enter the cannabis market, eventually acquiring major operators and using litigation (potentially RICO claims) to force states to shut down non-pharmaceutical marijuana programs, effectively handing the industry to Big Pharma. - Q: Why wouldn't rescheduling marijuana affect hemp-derived THC products? A: Hemp is explicitly excluded from the Controlled Substances Act's definition of marijuana, so unless Congress specifically changes that exclusion, hemp-derived THC products would remain unaffected even if marijuana itself is moved to Schedule III. - Q: Why is THC percentage considered a poor way to choose cannabis products? A: THC percentage testing is often inconsistent and can be manipulated through lab shopping, and it doesn't account for terpenes, flavonoids, and minor cannabinoids that significantly affect the actual experience — meaning lower-THC flower can sometimes produce a stronger effect than higher-THC flower. - Q: How does Minnesota's cannabis regulatory model differ from most states? A: Minnesota allows lower-dose hemp-derived THC products to be sold broadly (similar to alcohol) while reserving higher-dose products for licensed dispensaries, effectively integrating hemp and marijuana into one dosage-tiered system rather than treating them as separate, competing markets. - Q: Is delta-9 THC used in hemp products always synthetic? A: No. While some hemp companies convert CBD into delta-9 THC synthetically, others, like Trojan Horse Cannabis, use naturally extracted delta-9 THC from the plant itself, avoiding synthetic conversion entirely. - Q: What does Chris Fontes predict for the future of THC distillate production? A: He predicts that within about ten years, most THC distillate will be derived from large-scale hemp/grain crops as a low-cost byproduct of fiber and grain farming, rather than from dedicated high-THC cannabis cultivation, while craft, high-terpene flower remains a specialty dispensary product. - [Anthony Coniglio: Capital Injections, REITs, Location Opportunities](https://www.dimepodcast.com/episodes/anthony-coniglio-capital-injections-reits-location-opportunities) — Anthony Coniglio: In this episode of The Dime, Bryan Fields and Kellan Finney sit down with Anthony Coniglio, President and CEO of NewLake Capital Partners, a cannabis-focused REIT trading on the OTC under NLCP. Coniglio explains how triple-net-lease and sale-leaseback structures give cannabis operators an efficient alternative to bank loans for funding real estate, why NewLake targets limited-license states like Pennsylvania, Illinois, and Ohio over saturated markets like California, and how the company underwrites tenant credit risk, monitors pricing dynamics, and manages the fallout from a potential 280E reform. The conversation offers a real-estate-and-capital-markets lens on the cannabis industry that's useful for investors, operators, and anyone trying to understand how commercial real estate financing works in a federally illegal industry. Key takeaways: - NewLake Capital Partners is a cannabis-focused REIT trading OTC under NLCP, owning 31 properties across 12 states with 12 tenants and about 1.7 million square feet of rentable space. - Triple-net leases shift all property expenses to the tenant, making the arrangement function more like a financing transaction than a traditional lease. - Sale-leasebacks are a mainstream corporate finance tool (used by Home Depot, Lowe's, Walgreens, Starbucks, FedEx), not a cannabis-specific strategy, and let operators redeploy equity capital toward growing the business rather than owning real estate. - NewLake prioritizes limited-license states (Illinois, Pennsylvania, Ohio) over unlimited-license states (California, Colorado, Michigan) because limited competition supports better tenant margins and more reliable rent payments. - Federal law (CSA Section 856) prevents NewLake from listing on the NYSE or NASDAQ, which is why the company trades on the OTC market despite otherwise qualifying for a major exchange listing. - NewLake underwrites tenant risk using property-level EBITDAR analysis and structures leases with cross-collateralized security deposits and cross-default provisions to protect against tenant nonpayment. - Mature markets like Michigan and Massachusetts are seeing renewed sales growth as falling prices pull consumers from the illicit market into the legal channel. - Elimination of 280E would be a major catalyst for NewLake, boosting tenant cash flow, credit quality, and potentially sector-wide equity values in a single stroke. FAQ: - Q: What is NewLake Capital Partners? A: NewLake Capital Partners is a cannabis-focused real estate investment trust (REIT) founded in 2019 that acquires cultivation and dispensary properties and leases them back to cannabis operators; it trades on the OTC market under the ticker NLCP and owns 31 properties across 12 states. - Q: What is a triple net lease in cannabis real estate? A: A triple net lease is a lease structure where the tenant, not the landlord, is responsible for all property expenses (taxes, insurance, maintenance), effectively making the deal function more like a financing arrangement than a typical rental agreement. - Q: Why do cannabis companies use sale-leaseback transactions instead of bank loans? A: Sale-leasebacks let operators convert owned real estate into cash without diluting equity for hard assets, freeing capital to grow the business; this is a common corporate finance tool used broadly (e.g., by Home Depot and Starbucks) and became especially prevalent in cannabis because early operators had to buy real estate outright when they couldn't secure traditional leases. - Q: Why does NewLake trade on the OTC market instead of the NYSE or NASDAQ? A: Because Section 856 of the Controlled Substances Act prohibits knowingly leasing property to businesses violating federal drug law, which disqualifies cannabis-related REITs like NewLake from major exchange listings even though they otherwise meet exchange requirements. - Q: Which types of states does NewLake prefer to invest in? A: NewLake favors limited-license states such as Illinois, Pennsylvania, and Ohio because reduced competition tends to produce better tenant margins and property-level cash flow, which supports more reliable long-term rent payments compared to unlimited-license states like California or Colorado. - Q: How does NewLake manage the risk of tenants failing to pay rent? A: NewLake underwrites deals based on property-level EBITDAR (cash flow available to cover rent), and structures leases with cross-collateralized security deposits and cross-default clauses across a tenant's properties so nonpayment on one property can trigger default across all of that tenant's leases. - Q: What impact would eliminating 280E have on NewLake and its tenants? A: Removing 280E would immediately boost cannabis operators' after-tax cash flow, improving their credit quality; NewLake also expects operators to recapitalize (raise equity, pay down debt), further strengthening tenant balance sheets and, in turn, the credit quality of NewLake's entire portfolio. - Q: Is NewLake considering expanding into international cannabis real estate markets? A: Not proactively — NewLake believes the U.S. opportunity set is large enough to stay domestically focused, though it would evaluate an international property if an existing tenant specifically needed capital for one. - Q: Why have mature cannabis markets like Michigan and Massachusetts seen sales grow again? A: As retail prices fall and become more price-competitive with the illicit market, consumers shift purchases from illegal channels to licensed dispensaries, creating an additional growth leg in markets that were previously thought to be saturated. - [Seth Yakatan: Are you Ready for the Next Wave of M&A in Cannabis](https://www.dimepodcast.com/episodes/seth-yakatan-are-you-ready-for-the-next-wave-of-ma-in-cannabis) — Seth Yakatan: In this episode of The Dime, hosts Bryan Fields and Kellan sit down with veteran corporate finance and cannabis M&A advisor Seth Yakatan to unpack how institutional and strategic capital will eventually flood the cannabis industry once U.S. public equity markets open up. Yakatan draws on his background in institutional investing, private equity, and biotech to break down which cannabis business models actually generate cash flow, why California remains both brutally hard and strategically important, and what separates great brands (like Timeless, Grön, Pure Beauty, and Golden State) from the rest. The conversation also covers the coming wave of M&A, the 280E tax unlock, why integration is the hardest part of any deal, and why he believes cannabis is poised to attract more capital than any vertical market in history once rescheduling or federal reform removes the current barriers. Key takeaways: - The cannabis investor pool (~100 active investors) is far smaller than biotech's (~1,100), making capital raising uniquely difficult, especially for pre-revenue startups. - Physical, asset-backed businesses (real estate, cultivation) historically found it easier to raise capital than asset-light cannabis startups. - Yakatan identifies profitable models: efficient-scale cultivation, cultivation-plus-brand, and asset-light 'MSA' brands like Timeless and Grön that outsource manufacturing. - Access to U.S. public equity markets (via rescheduling or federal legalization) is the true catalyst that could bring unprecedented capital into cannabis from CPG, alcohol, tobacco, and pharma companies. - California's cannabis market is uniquely hard due to high entry costs, oversaturated retail, and the collapse of vendor-financing options like Herbl and Bespoke, but vertically integrated players like People's and Glass House are thriving. - Removing IRS Section 280E is expected to be the industry's first major capital 'unlock,' freeing up billions currently paid in taxes. - M&A integration failure (roughly 40% industry-wide) usually stems from cultural and incentive misalignment between buyers focused on returns and sellers focused on employees and customers. - Brands that obsess over product quality, consistency, and brand iconography (Timeless, Grön, Pure Beauty, Golden State, Level Pro Tabs, Mammoth) are best positioned to be acquired by strategics or CPG players. FAQ: - Q: Why is it harder to raise capital for a cannabis startup than for companies in other industries? A: According to Seth Yakatan, the cannabis-focused investor universe is only about 100 people compared to roughly 1,100 for biotech, and without a physical asset or existing revenue, startups struggle even more to attract that limited pool of capital. - Q: What cannabis business models does Seth Yakatan consider most likely to be profitable? A: He points to efficient mid-scale cultivation, cultivation combined with a brand, and 'asset-light' brands that use manufacturing service agreements (MSAs) instead of owning facilities, citing companies like Timeless and Grön as examples of the latter. - Q: What could trigger a massive influx of capital into the cannabis industry? A: Yakatan believes access to U.S. public equity markets (Nasdaq/NYSE), likely enabled by rescheduling or federal legalization, would unlock unprecedented institutional and strategic investment from CPG, alcohol, tobacco, and pharmaceutical companies. - Q: Why has California's cannabis market been so difficult for operators despite being the largest in the world? A: High costs of entry and taxes, oversaturated retail in concentrated areas, a mandated third-party distribution layer, and the collapse of vendor-financing solutions like Herbl and Bespoke have squeezed margins for brands and retailers. - Q: What separates successful cannabis brands from the rest, according to Yakatan? A: He says the standout brands are maniacally obsessive about consistent product quality, iconic brand identity, and customer experience, pointing to Timeless, Grön, Pure Beauty, and Golden State as examples. - Q: Why do cannabis M&A integrations often fail? A: Roughly 40% of M&A deals fail industry-wide due to poor integration, which Yakatan attributes to cultural misalignment and incentive mismatches — buyers focused on financial returns often clash with founders whose incentives are tied to employees and customer relationships. - Q: What impact would eliminating IRS Section 280E have on the cannabis industry? A: Yakatan estimates it would free up roughly $3-5 billion currently paid in taxes on a $30-35 billion legal market, strengthening already-strong operators and marking the industry's first real capital unlock. - Q: What is Seth Yakatan's professional background before entering the cannabis industry? A: He spent about 16 years as an institutional investor, including venture capital and leveraged-buyout/private-equity work at a bank, before founding a therapeutic drug development company targeting the endocannabinoid system and later consulting for Ease, which he helped merge with Green Dragon. - [Todd Harrison: Chewing Through Noise in The Cannabis Industry with a Focus on Catalysts](https://www.dimepodcast.com/episodes/todd-harrison-chewing-through-noise-in-the-cannabis-industry-with-a-focus-on-catalysts) — Todd Harrison - [Boris Jordan on Curaleaf's European Strategy: Building Coca-Cola of Cannabis](https://www.dimepodcast.com/episodes/boris-jordan-on-curaleafs-european-strategy-building-coca-cola-of-cannabis) — Boris Jordan: In this episode of The Dime, Curaleaf founder and chairman Boris Jordan breaks down the company's US growth catalysts in New York, Ohio, Florida, and Pennsylvania alongside its European expansion into Germany, the UK, Poland, and the Czech Republic following Germany's rescheduling of cannabis off its narcotics list. Jordan explains why Europe's cross-border medical distribution model differs fundamentally from the fragmented US state system, how Curaleaf is positioning itself as the "Coca-Cola of cannabis," and why he believes institutional capital, insurance reimbursement, and pharma competition will reshape the global cannabis industry in the coming years. The conversation offers a detailed look at MSO strategy, international market selection criteria, and one operator's outlook on regulatory reform, investor education, and building lasting cannabis brands. Key takeaways: - Curaleaf is targeting New York, Ohio, Florida, and Pennsylvania as its top near-term US growth catalysts, with Florida's ballot initiative and Germany's medical reform seen as the two biggest overall. - Germany's removal of cannabis from its narcotics list eliminates doctor prescription caps and could bring back roughly 600,000 previously rejected patients, potentially driving five-times growth for Curaleaf in that market. - Unlike the fragmented US state-by-state system, Europe allows Curaleaf to grow and manufacture centrally in Portugal (EU GMP-certified) and distribute across the whole continent, making it a more classic consumer-products model. - Curaleaf builds domestic distribution only in large European markets (40-50 million-plus population, e.g., UK, Germany, Poland) and exports into smaller markets like Czech Republic, Italy, and Spain via local wholesalers. - Boris Jordan prioritizes reinvestment and growth over holding cash reserves, arguing great companies are built by risk-takers, not conservative balance-sheet management. - Institutional investors like BlackRock and Fidelity are re-entering cannabis due diligence now that Curaleaf has uplisted to the TSX and secured custody with major banks like Bank of New York Mellon, State Street, Morgan Stanley, and Goldman Sachs. - Jordan attributes stigma against "big cannabis" in New York largely to hostile state regulators, and says Curaleaf is rebuilding relationships with social equity license holders through wholesale partnerships and support (e.g., buying out a struggling hemp farmer's oil supply). - European regulators favor plant-based/homeopathic medicine over synthetics, which Jordan argues gives natural cannabis companies a structural advantage over pharmaceutical competitors that have struggled to compete economically with synthetic cannabinoids. FAQ: - Q: Why does Boris Jordan consider Curaleaf's growth catalysts stronger than other cannabis companies? A: Jordan points to a combination of upcoming US adult-use launches in New York, Ohio, Florida, and Pennsylvania, plus Germany's rescheduling of cannabis off its narcotics list and expansion into Poland, the Czech Republic, and the UK, giving Curaleaf exposure to a European total addressable market twice the size of the US. - Q: How is Curaleaf's European business model different from its US operations? A: In Europe, cannabis can legally be grown and manufactured in one EU GMP-certified facility (in Portugal) and distributed across multiple countries, unlike the US where each state requires its own licensed cultivation and manufacturing facilities. - Q: What changed with Germany's cannabis law that Boris Jordan says is a major catalyst? A: Germany rescheduled cannabis off its narcotics list, removing a cap that limited how much narcotic medicine doctors could prescribe per patient; this is expected to bring back roughly 600,000 previously rejected patients and significantly expand insurance-covered prescriptions. - Q: Why does Curaleaf only build full domestic distribution in certain European countries? A: Curaleaf builds domestic distribution networks only in markets with roughly 40-50 million-plus population, like the UK, Germany, and Poland, since smaller markets like Czech Republic or Italy can be served by exporting product to local wholesalers instead. - Q: Why did institutional investors like BlackRock and Fidelity exit cannabis previously, and why are they returning? A: They exited after Jeff Sessions rescinded the Cole memo and FinCEN failed to provide clear banking guidance; they're now returning because Curaleaf uplisted to the TSX and secured custody relationships with major banks, making compliance approval for ownership possible again. - Q: What does Boris Jordan see as the biggest obstacle to faster cannabis reform globally? A: He points to increased political partisanship and ideological gridlock across Western governments (not just the US), plus pharmaceutical industry lobbying against cannabis, which he believes fears competition from cheaper, effective plant-based medicine. - Q: How does insurance reimbursement for medical cannabis differ between Europe and the US? A: In Europe, socialized and private insurance can reimburse patients for medical cannabis; Germany's new draft law could move toward nearly 100% reimbursement, whereas in the US cannabis's federal illegality and lack of official medical classification mean insurance companies won't cover it. - Q: Why does Boris Jordan say New York's cannabis market has faced unique challenges? A: He attributes much of the stigma against large operators to hostile state regulators who publicly criticized big cannabis companies, which Curaleaf pushed back on legally before settling, and says the state's slow licensing rollout hurt both large and small operators. - [Pablo Zuanic on Cannabis Stocks: Institutional Strategies for Retail Investors](https://www.dimepodcast.com/episodes/pablo-zuanic-on-cannabis-stocks-institutional-strategies-for-retail-investors) — Pablo Zuanic: In this episode of The Dime, equity analyst Pablo Zuanic of Zuanic & Associates joins hosts Bryan Fields and Kellan Finney to break down how institutional investors think about cannabis stocks, contrasting the sector's limited institutional participation with his prior coverage of large-cap CPG names. The conversation covers state-by-state legalization catalysts (Florida, Virginia, Pennsylvania, Ohio), the real risks and mechanics of federal rescheduling and 280E reform, vertical integration versus wholesale business models, and the global growth opportunity in Germany, Europe, and Canada. It's a useful primer for retail investors trying to separate short-term trading hype from the long-term fundamentals — balance sheet strength, brand building, and state-level exposure — that Zuanic argues will actually differentiate winners in the cannabis stock space. Key takeaways: - Institutional investor participation in cannabis stocks remains very limited (often 10-12% even for NASDAQ-listed names like Tilray and Aurora), with the rest held by retail — representing a major long-term opportunity if that changes. - Rescheduling to Schedule III is a significant catalyst for removing 280E and improving cash flow, but Zuanic is skeptical it fully legalizes cannabis federally or immediately enables uplisting and full bank participation; implementation details could take much longer than markets expect. - State-level legalization catalysts (Florida, Virginia, Pennsylvania, Ohio) are a more reliable near-term trading thesis than rescheduling headlines, which historically produced a pop that faded within months. - Vertically integrated MSOs currently capture more margin, but some competitive state markets (New York, Massachusetts) are pushing successful operators toward a wholesale model instead, foreshadowing a possible long-term shift to a tiered industry structure like alcohol or tobacco. - Growth potential varies enormously by state depending on how underdeveloped the existing medical market is — e.g., Virginia could grow 5-10x with adult-use, while a mature market like Pennsylvania might only grow 2-3x. - Germany's medical cannabis reforms could expand its patient base roughly 20x if it mirrors Florida or Pennsylvania adoption rates, with Curaleaf, Tilray, and Aurora well positioned there. - Long-term stock selection should prioritize strong balance sheets, real brand-building, and companies developing a defensible global moat rather than short-term rescheduling or news-driven trades. - Using simple market-sizing math (a potential $200B legalized US market), Zuanic argues cannabis market caps could grow dramatically from today's sub-$3B leader, but only for well-managed, disciplined operators. FAQ: - Q: Why is institutional investor participation in cannabis stocks so low? A: According to Pablo Zuanic, even federally-legal-in-Canada, NASDAQ-listed companies like Tilray and Aurora have only about 10-12% institutional ownership, with the rest retail. This is due to stock volatility, historically weak economics, limited appreciation of export opportunities, and structural barriers like lack of bank custody and major exchange listings for US plant-touching companies. - Q: Will federal cannabis rescheduling to Schedule III fully legalize cannabis and open the door for big banks and exchange listings? A: Not necessarily. Zuanic argues that under the current narrative, states would keep regulating their own medical and recreational programs while cannabis remains federally illegal outside of a DOJ safe-harbor memo, meaning NASDAQ/NYSE listings and full bank participation may not automatically follow rescheduling. - Q: What is 280E and why does it matter for cannabis stocks? A: 280E is the tax code section that prevents plant-touching cannabis businesses from deducting normal business expenses, forcing them to pay tax on gross profit rather than profit before tax. Removing it (expected with rescheduling) would let companies pay a normal ~21% corporate tax rate instead of effective rates as high as 70-80% for some operators like Green Thumb, significantly boosting cash flow. - Q: Why do state-level legalization catalysts matter more than federal rescheduling for near-term cannabis stock trades? A: Zuanic notes that rescheduling news historically produced a quick stock pop that faded within months (as seen with the MSOS index after August rescheduling news), whereas state-specific catalysts like Florida's ballot measure, Virginia's legislation, and Pennsylvania's adult-use progress have more direct, quantifiable impacts on specific companies' revenue and EBITDA. - Q: What's the difference between a vertically integrated cannabis business model and a wholesale model? A: Vertical integration means a company cultivates, processes, and retails its own product, capturing more margin. A wholesale model means selling product to third-party retailers. Some highly competitive or capped states (like New York and Massachusetts) are pushing operators toward wholesaling as the more scalable growth path, even limiting how many retail stores a company can own. - Q: How big could the US legal cannabis market become long term? A: Zuanic estimates the current $30 billion legal US market could grow to around $200 billion over the next decade with full legalization, wider distribution, product innovation, and reduced stigma — even beyond just converting the existing ~$100 billion combined legal/illicit market. - Q: Why is Germany considered an important cannabis market to watch? A: Germany already has federally legal medical cannabis, but only about 0.2% of its population uses the program versus 3.5-4% in mature US medical states like Florida and Pennsylvania. Regulatory reforms simplifying prescriptions could expand the German market roughly 20x, benefiting companies like Curaleaf, Tilray, and Aurora that are already established there. - Q: What criteria does Pablo Zuanic use to evaluate long-term cannabis stock winners? A: He focuses on companies with strong, diversified brand portfolios, healthy balance sheets that avoid dilution, and a global growth strategy — citing Green Thumb, Curaleaf, Cresco, MariMed, and Planet 13 as examples of companies executing well on these fronts. - [Rick Bashkoff: Why Cannabis Needs Unique Software Solutions](https://www.dimepodcast.com/episodes/rick-bashkoff-why-cannabis-needs-unique-software-solutions) — Rick Bashkoff: In this episode of The Dime, hosts Bryan Fields and Kellan Finney talk with Rick Bashkoff, a former music-industry and tech-startup operator turned cannabis investor and software executive, about why cannabis needs its own purpose-built software rather than one-size-fits-all solutions. Bashkoff shares his path from Warner Music Group to early-stage VC investing to running two cannabis-specific software products, Lit Alerts (competitive intelligence for brands, wholesalers, and retailers) and CanVersions (automated email marketing for dispensaries), explaining how founder-built, customer-driven tools are reshaping a fragmented, capital-constrained industry. The conversation also covers investing criteria for cannabis founders, the challenges of cannabis marketing regulation, and predictions for how AI and no-code tools will change staffing and software adoption across the industry. Key takeaways: - A 'second wave' of cannabis software companies is emerging, built lean and customer-driven rather than capital-heavy and all-in-one like earlier entrants. - Lit Alerts crawls dispensary menu websites hourly to generate real-time competitive intelligence on pricing, stock levels, and sales velocity for brands, wholesalers, and retailers. - CanVersions started as an internal tool built by a single-store dispensary operator (Bloom Brothers) to solve his own automated-email marketing needs before becoming a broader product. - Cannabis software's biggest operational difference from other industries is customer instability — collections issues, high churn, and constant disruption compared to enterprise software elsewhere. - Structured, clean data is a prerequisite for AI adoption in cannabis; without it, 'garbage in, garbage out' limits any AI-driven insight. - Investors like Receptive Capital Syndicate now prioritize founder grit, demonstrated resilience, and revenue traction over pitch decks or big-name comparisons like Facebook/Airbnb. - Cannabis marketing regulations remain a major constraint, creating tension between industry education goals and restrictive advertising rules that hinder competing with the illicit market. - Most cannabis operators are expected to partner with specialized software vendors rather than hire in-house software teams, since their core competency is growing and selling cannabis, not building tech. FAQ: - Q: What problem does CanVersions solve for cannabis dispensaries? A: CanVersions provides simple, automated, 'set-and-forget' email marketing for dispensaries — handling things like abandoned-cart follow-ups and win-back campaigns — so single-location operators with limited marketing resources don't need a full marketing team or complex enterprise tools. - Q: How does Lit Alerts gather its cannabis market data? A: Lit Alerts uses a web crawler, similar to how Google indexes pages, to scan dispensary menu websites roughly every hour, comparing snapshots over time to infer real-time market activity such as low stock, out-of-stocks, and pricing changes. - Q: Why does the cannabis industry need software built specifically for it rather than generic tools? A: Because cannabis operators face unique problems — unstable customers, compliance-driven marketing restrictions, fragmented data, and limited capital — generic enterprise software doesn't address these industry-specific pain points the way purpose-built cannabis tools can. - Q: What is Rick Bashkoff looking for when investing in cannabis founders through Receptive Capital Syndicate? A: He prioritizes demonstrated grit and resilience in overcoming past challenges, a working and revenue-generating product rather than a pre-launch idea, and alignment with a team he trusts, rather than founders pitching purely on vision or big-name comparisons. - Q: What is the biggest operational difference between running a software company in cannabis versus outside of it? A: According to Bashkoff, it's the stability of customers — cannabis software companies deal with far more collections issues, churn, and unpredictable disruptions than typical enterprise software businesses outside the industry. - Q: Will cannabis companies start hiring in-house software teams as AI tools like ChatGPT make development easier? A: Bashkoff predicts the opposite — cannabis brands and retailers will increasingly partner with specialized software vendors rather than build in-house, since their core focus should remain growing, producing, and selling cannabis rather than managing software teams. - Q: What is the biggest challenge with cannabis marketing regulations today? A: Regulations vary state by state and heavily restrict advertising and messaging, which conflicts with the industry's need to educate consumers and compete against the illicit market — a tension Bashkoff calls one of the biggest frustrations for cannabis marketers. - Q: Why does Rick Bashkoff believe cannabis beverages could be a major growth category? A: He points out that grocery store shelves already have an entire regulated beverage section ready to be disrupted, unlike flower, pre-rolls, or gummies which aren't sold there, positioning cannabis beverages as a potential mainstream entry point. - [House of Puff Evolves: Introducing The Spritz](https://www.dimepodcast.com/episodes/house-of-puff-evolves-introducing-the-spritz) — Guest: This episode of The Dime features Kristina Adduci and Holly Hager, co-founders of House of Puff, discussing how their friendship and shared (initially hidden) cannabis use led them to build a brand starting with artist-designed accessories, then a widely-watched educational YouTube channel, and now their first THC product: the Spritz, a discreet, low-dose sublingual THC spray launching in New York dispensaries. The conversation covers the destigmatization mission behind House of Puff's content strategy, the product development and manufacturing partnership with Lunada, and predictions about low-potency, smoke-free form factors driving the next wave of mainstream cannabis consumers. Key takeaways: - House of Puff was founded by Kristina Adduci and Holly Hager after they discovered, years into a close friendship, that they both privately consumed cannabis due to stigma. - The brand deliberately started with artist-designed accessories (pipes, rolling papers, candles) before entering the THC product category due to regulatory constraints and a desire to get the product right. - House of Puff's YouTube channel (nearing 3.5 million views) grew from simple, non-intimidating educational content like a how-to-roll-a-joint video, aimed at cannabis-curious beginners rather than legacy consumers. - The brand avoids direct product marketing on YouTube after facing demonetization, instead using content as a trust-building referral channel. - The Spritz is a pocket-sized sublingual THC spray developed to meet co-founder Holly Hager's need for a discreet, low-dose, lung-safe option due to a chronic illness, available in a 2:1 THC:CBD 'Social Spritz' and a 1:1:1 THC:CBN:CBD 'Serenity Spritz.' - The product is manufactured with New York processor Lunada using ethanol extraction, with a planned move to CO2 processing for cleaner formulation. - House of Puff is partnering with Etain to feature the Spritz in a new White Plains, NY dispensary, alongside launches at Union Square Travel Agency, Herbal IQ, and Gotham. - The founders predict a broader industry shift toward low-potency, smoke-free products as a way to destigmatize cannabis and expand the consumer base, similar to tobacco's cultural shift in the 1990s. FAQ: - Q: What is House of Puff? A: House of Puff is a cannabis lifestyle brand founded by Kristina Adduci and Holly Hager that started with artist-designed accessories like pipes, rolling papers, and candles, built an educational YouTube channel and blog, and has now launched its first THC product, a sublingual spray called the Spritz. - Q: What is the Spritz? A: The Spritz is a pocket-sized, discreet sublingual THC oral spray from House of Puff, available in a minty 'Social Spritz' (2mg THC to 1mg CBD) and a fruity pink 'Serenity Spritz' (1:1:1 THC, CBN, and CBD). - Q: How did Kristina Adduci and Holly Hager meet? A: They met years earlier on an art panel and worked together for two years promoting underrepresented artists, without ever realizing the other consumed cannabis, until Holly saw Christina post a rolling tray on Instagram and reached out. - Q: Why did House of Puff start with accessories instead of THC products? A: As newcomers to the cannabis industry, the founders were cautious of regulatory constraints around launching THC products, so they started with beautifully designed accessories made with artists from Christina's network, building the brand before entering the THC category. - Q: What inspired the Spritz's low-dose, sublingual format? A: Co-founder Holly Hager, who has an autoimmune disease and chronic pain, needed a discreet, lung-safe, easily dosed cannabis option she could use anywhere without smoking or relying on bulky tinctures, which directly shaped the Spritz's design. - Q: Where can consumers find House of Puff's Spritz? A: The Spritz launches February 1st at New York dispensaries including Union Square Travel Agency, Herbal IQ, and Gotham, with an Etain location in White Plains opening by the end of February. - Q: What role does House of Puff's YouTube channel play in the brand? A: The channel focuses on basic cannabis education (like how to roll a joint) aimed at beginners and the cannabis-curious rather than direct product promotion, building trust and driving consumers to dispensaries rather than being monetized directly. - Q: What trend do the House of Puff founders predict for the cannabis industry? A: They predict a shift toward low-potency products paired with cannabinoids and terpenes rather than high-THC products, arguing this will make cannabis more approachable for cautious or new consumers and further destigmatize use. - [Gabe Mendoza: Driving 4Front Ventures Revenue Growth through Innovation from Ideas to Opportunities](https://www.dimepodcast.com/episodes/gabe-mendoza-driving-4front-ventures-revenue-growth-through-innovation-from-ideas-to-opportunities) — Gabe Mendoza: In this episode of The Dime, Gabe Mendoza, EVP of Revenue at 4Front Ventures, walks through his path from winning one of Illinois's first medical cannabis licenses in 2013 to opening 14 dispensaries across seven states, including a memorable Arkansas town-hall-style hiring day. He details 4Front's cultivation and retail footprint in Washington, Illinois, and Massachusetts, the massive new 250,000-square-foot Matteson, Illinois facility (a 5x canopy increase), the company's pivot from low-cost to quality-focused cultivation, product innovation processes like the pheno-hunt-driven "The Hunt" brand, and strategies for squeezing incremental wholesale and retail revenue through menu placement, product gaps, and vendor partnerships. The conversation closes with predictions on rescheduling, 280E, interstate uplisting, and the technology and institutional capital that could reshape the industry. Key takeaways: - 4Front Ventures began in 2011 as an application-writing consultancy (leveraging Harborside's SOPs) before pivoting into owning and operating its own dispensary and cultivation licenses. - Regulatory hurdles vary drastically by state — Massachusetts took years per dispensary (including a near-raid in Cambridge over a permit dispute), while Illinois's limited-license structure has protected pricing and profitability compared to unlimited-license states like Michigan. - 4Front is investing heavily in a new 250,000-square-foot Illinois cultivation facility in Matteson with 40,000 square feet of canopy — a 5x increase — after tripling Illinois wholesale revenue year-over-year. - The company shifted its cultivation philosophy roughly two years ago from pure low-cost production to prioritizing quality, upgrading trimming, curing, and drying processes to retain trichomes and terpenes without sacrificing cost efficiency. - Products are tested in the highly competitive Washington market before being selectively launched in Illinois and Massachusetts based on demographic fit and identified product gaps, such as infused pre-rolls. - The "The Hunt" brand turns limited-run, small-batch pheno-hunt flower into a marketing advantage, creating scarcity and consumer excitement similar to the unpredictability of a local dealer's stash. - As EVP of Revenue, Gabe Mendoza focuses on both wholesale and retail growth, including monetizing retail floor space and e-commerce menu placement through vendor partnerships and margin-driven product positioning. - Mendoza predicts federal rescheduling, resolution of 280E tax burdens, and the ability for cannabis companies to uplist to major stock exchanges will be the biggest industry catalysts in the next two years. FAQ: - Q: How did 4Front Ventures get its start in the cannabis industry? A: 4Front began in 2011 as an application-writing consultancy, developing robust license-application SOPs in partnership with Harborside, one of the earliest legitimate dispensary chains. After winning roughly 60 applications for clients, 4Front pivoted to acquiring and operating its own licenses, starting in Illinois. - Q: Why is Illinois considered a favorable cannabis market compared to states like Michigan? A: Illinois limits the number of licenses and rolls out new licenses strategically, which slows price compression and protects profitability. Michigan, by contrast, issued a large number of licenses, producing high topline revenue statewide but forcing many individual dispensaries into unsustainable pricing and closures. - Q: What was 4Front's biggest cultivation strategy shift in recent years? A: About two years ago, 4Front shifted from a maniacal focus on low-cost production to prioritizing product quality, improving trimming, curing, and drying techniques so that lower-cost cannabis wouldn't come at the expense of trichome retention, terpene preservation, and overall smokability. - Q: What is 4Front's brand "The Hunt" and why was it created? A: The Hunt is a small-batch, limited-run flower brand born from 4Front's pheno-hunting process — cultivators bag standout, high-quality phenotype batches that may not be repeatable, creating scarcity and consumer excitement similar to buying from a trusted local grower rather than a predictable commercial supplier. - Q: How does 4Front decide which products to launch in each state it operates in? A: 4Front tests new brands and products first in the highly competitive Washington market, where it operates cultivation only, then evaluates demographic fit and identifies product gaps in Illinois and Massachusetts (such as missing infused pre-rolls) before selectively launching those products in those states. - Q: What challenges did 4Front face opening dispensaries in Massachusetts? A: Massachusetts municipalities were highly resistant to cannabis businesses; it took three years to open the Brookline dispensary, and at one point local police in Cambridge planned to raid an already-permitted 4Front dispensary due to a local permit dispute, despite the company operating legally. - Q: What does 4Front's EVP of Revenue role actually cover? A: Gabe Mendoza's role spans both external revenue growth (wholesale expansion, retail revenue despite a static footprint, and customer base growth amid falling prices) and internal revenue opportunities, such as monetizing retail floor space and optimizing e-commerce menu placement for margin. - Q: What industry changes does Gabe Mendoza predict will have the biggest impact in the next two years? A: Mendoza expects federal cannabis rescheduling to relieve the 280E tax burden, and for publicly traded cannabis companies to eventually uplist onto major stock exchanges, unlocking institutional investment and capital that could significantly boost valuations and reinvestment in the industry. - [Kim Rivers Discusses Trulieve Preparing for Florida's ~$6 Billion Opportunity](https://www.dimepodcast.com/episodes/kim-rivers-discusses-trulieve-preparing-for-floridas-6-billion-opportunity) — Kim Rivers: In this episode of The Dime, Trulieve CEO Kim Rivers breaks down Florida's path to a potential adult-use cannabis market — including the Smart & Safe Florida ballot initiative, the pending Florida Supreme Court ruling, and the roughly $6 billion opportunity Trulieve is preparing to capture with its 130-store footprint. Rivers also details Trulieve's cornerstone-market strategy (Florida, Pennsylvania, Arizona), why the company is stepping back from New Jersey and New York, its unique IRS tax-refund strategy around 280E, and how federal rescheduling and SAFER Banking could reshape the industry. The conversation offers a candid, insider look at how one of the largest MSOs is allocating capital, brands, and data strategy ahead of a potentially industry-defining catalyst. Key takeaways: - Trulieve is preparing to convert its ~130 Florida medical stores to adult-use, a footprint far larger than any prior MSO rec conversion (previously topping out around 20 stores). - Florida's adult-use ballot initiative needs a Florida Supreme Court ruling on ballot language, then 60% voter approval in November, with sales potentially starting six months after passage (around May 2025). - Florida's initiative intentionally excludes home grow because Florida law prohibits combining legalization and home grow into a single ballot measure. - Trulieve is deprioritizing New Jersey and New York expansion, choosing instead to focus resources on its three 'cornerstone' markets: Florida, Pennsylvania, and Arizona, plus Maryland. - Trulieve filed for an IRS refund on 280E taxes paid from 2019-2021 while continuing to pay taxes as a normal filer, distinguishing its approach from peers who stopped paying the IRS entirely and entered settlement/payment-plan agreements. - Rescheduling to Schedule III and SAFER Banking are separate processes — rescheduling is an executive-branch/administrative action (HHS/FDA/DOJ/DEA), while SAFER Banking is a bill moving through Congress to provide banking safe harbor. - Trulieve has retired 17 brands to streamline its portfolio around core brands like Roll One (value), Modern Flower (mid-tier), and Sweet Talk (edibles), using data and consumer personas to guide brand strategy. - Rivers believes cultivation/retail capacity built out before the adult-use launch window (Jan-May 2025) will be a major competitive advantage, since first-mover customer relationships in legal cannabis tend to be highly sticky. FAQ: - Q: Why doesn't Florida's cannabis legalization ballot initiative include home grow provisions? A: Under Florida law, a ballot initiative cannot combine legalization/adult-use with home grow in the same measure due to single-subject requirements, so supporters had to choose one; Trulieve and the campaign chose legalization since home grow provisions could still be addressed later through the legislature. - Q: What is the process and timeline for Florida's adult-use cannabis ballot initiative? A: The Florida Supreme Court must first rule on whether the ballot language meets legal standards (expected between January and early April), then the initiative goes to voters in November alongside the presidential election, requiring 60% approval. If passed, current medical operators can begin adult-use sales six months later, around May 2025, with a legislative session in between to address implementation details. - Q: What is the difference between cannabis rescheduling and SAFER Banking? A: Rescheduling is an executive-branch administrative process (HHS recommends a schedule to DOJ/DEA based on scientific evidence, followed by rulemaking) that could move cannabis to Schedule III and eliminate 280E tax burdens. SAFER Banking is a separate bill moving through Congress that would create a safe harbor for banks to work with legal cannabis businesses without regulatory risk. - Q: How is Trulieve handling its dispute with the IRS over 280E taxes? A: Trulieve paid all its 280E taxes in full through mid-2023, then filed for a refund of 280E taxes paid in 2019-2021 based on a legal position developed with outside counsel, and stopped paying the 280E portion of new taxes going forward while continuing to file and pay as a normal taxpayer — a different approach than peers who stopped paying the IRS entirely and entered settlement agreements. - Q: Why is Trulieve stepping back from expanding into New Jersey and New York? A: CEO Kim Rivers says Trulieve believes it's late to New Jersey's market with limited midterm upside relative to the resources required, and that New York's early draft regulations signaled the state didn't want multi-state operators as key business owners, so Trulieve chose to focus its capital and resources on its cornerstone markets, especially Florida, where the opportunity is far larger. - Q: How large is the estimated opportunity from Florida adult-use cannabis legalization? A: Trulieve estimates the Florida adult-use cannabis market opportunity at approximately $6 billion, calling it the largest single catalyst in the company's history, though CEO Kim Rivers notes actual demand could exceed that estimate based on trends seen in other newly legalized states. - Q: What cannabis brands does Trulieve operate under its house-of-brands strategy? A: Trulieve's core brands include Roll One (value-tier flower, vape, and concentrates), Modern Flower (mid-tier flower and vape products including HTE carts), and Sweet Talk (edibles), alongside partner brands like Connected and the Florida-based Sunshine, after retiring 17 other brands to streamline its portfolio. - Q: Why does Trulieve believe early operational capacity matters ahead of Florida's adult-use launch? A: CEO Kim Rivers says operators with idle cultivation and retail capacity already built out will be able to meet demand immediately when adult-use sales begin, and that being a customer's first legal cannabis relationship creates highly sticky, valuable long-term loyalty that's difficult for competitors to win away later. - [Cookies: The Only Global Cannabis Brand Ft. Crystal Millican](https://www.dimepodcast.com/episodes/cookies-the-only-global-cannabis-brand-ft-crystal-millican) — Crystal Millican: This episode of The Dime features Crystal Millican, Head of Marketing and Retail for Cookies, discussing how the brand grew from a Bay Area bud tender's clothing line into what's arguably the only truly global cannabis brand, now spanning 26 U.S. markets, Puerto Rico, and six countries. Millican unpacks Cookies' retail expansion strategy, genetics and menu planning, brand protection against counterfeit products, Berner's Forbes cover moment, and how the clothing and cannabis sides of the business cross-pollinate to build one unified ecosystem. It's a useful listen for anyone interested in cannabis branding, celebrity-driven cannabis companies, and multi-state retail expansion strategy. Key takeaways: - Cookies began 15+ years ago as a clothing brand tied to Berner's music career before entering the legal cannabis space about five years ago, and has since grown to 26 U.S. markets, Puerto Rico, and six countries. - Cookies Clothing and Cookies cannabis are run as separate 'sister companies' but share brand DNA, cross-promote through local retail clothing lines, and use clothing store performance as a data signal for future cannabis market entry. - New market launches favor a bold 'retail theater' approach over soft launches, timing product drops with high-visibility store openings and Berner's personal appearances. - Counterfeit and illicit-market use of the Cookies name is both a flattering sign of brand strength and a real business challenge, prompting investment in a brand protection agency and directing customers to legal retailers. - Genetics and menu planning are core to the brand, blending core staple strains (Gary Payton, London Pound Cake 75) with new drops, supported by a growing R&D facility in Humboldt aimed at strain development decades into the future. - Berner's authenticity and hands-on involvement — from naming strains to greeting customers in line to virtual hiring events during COVID — has become an organic and powerful marketing and lead-generation tool. - The Forbes cover was a fast-moving, top-secret inbound press opportunity that the team recognized immediately as a landmark moment for both Berner and the broader cannabis industry. - Cookies University, a Humboldt-based cohort program for social equity applicants and those impacted by the War on Drugs, reflects the company's seed-to-sale social impact focus. FAQ: - Q: How did Cookies grow from a clothing brand into a global cannabis company? A: Cookies started as a clothing line tied to co-founder Berner's music career and Jai's cannabis genetics work, and about five years ago made the leap into legal cannabis, growing from a single modest tent at Hippie Hill to 26 U.S. markets, Puerto Rico, and six countries. - Q: Are Cookies' clothing stores and cannabis dispensaries run by the same team? A: No — they are run as separate 'sister companies' with their own management structures, but they collaborate closely on events, tailored local clothing lines in dispensaries, and shared brand data. - Q: Does Cookies do soft launches when entering new cannabis markets? A: No, Cookies favors a bold 'retail theater' approach, timing product availability with a high-profile store opening and Berner's presence rather than a quiet soft launch. - Q: How does Cookies handle counterfeit or illicit-market products using its name? A: Cookies invests in a brand protection agency to identify counterfeits and directs consumers to its website, store locators, and licensed cannabis menu platforms to find legitimate products. - Q: What role did Berner's Forbes cover play for the cannabis industry? A: It was seen internally as a landmark moment not just for Berner and Cookies but for the legitimacy of the entire cannabis industry, marking one of the first times a cannabis figure appeared prominently on a major mainstream business magazine cover. - Q: What is Cookies University? A: It's an annual cohort program run in Humboldt, California, where Cookies walks social equity applicants and individuals impacted by the War on Drugs through the company's full seed-to-sale supply chain to explore careers in legal cannabis. - Q: What are some of Cookies' most popular cannabis strains? A: Gary Payton and London Pound Cake 75 are core staple strains, while Girl Scout Cookies is no longer actively sold; Ridgeline Lens is considered an underrated 'sleeper' strain the company is pushing into more markets. - Q: How does Cookies approach celebrity or influencer partnerships? A: Cookies leads with honesty, telling potential partners that building a cannabis brand or collaboration is a long, hard grind rather than an instant revenue stream, citing its Erykah Badu collaboration as a standout successful partnership. - [First-time Dispensary owner details his experience with the NY CAURD Program ft. Markel Bababekov](https://www.dimepodcast.com/episodes/first-time-dispensary-owner-details-his-experience-with-the-ny-caurd-program-ft-markel-bababekov) — Markel Bababekov: This episode of The Dime features Markel Bababekov, owner of The Herbal Care, a CAURD-licensed dispensary on Manhattan's Upper East Side, discussing his journey from cannabis processing in Los Angeles to becoming one of New York's first legal cannabis retailers. He details the grueling process of finding a location amid predatory landlord practices and a cannabis-specific rent tax, the emotional rollercoaster of surviving New York's CAURD licensing injunction while continuing an expensive buildout, and his strategy of differentiating his upscale, art-gallery-style store from the illicit shops flooding the city. The conversation offers a candid, ground-level look at the real costs, risks, and regulatory chaos facing first-time social equity dispensary operators in New York's emerging legal cannabis market. Key takeaways: - Markel Bababekov leveraged his justice-involved status and prior cannabis industry experience to qualify for New York's CAURD (Conditional Adult-Use Retail Dispensary) license. - Landlords routinely added a roughly 25% 'cannabis tax' on rent and offered zero negotiating power to CAURD licensees, unlike standard commercial leasing. - When the CAURD program was hit with a court injunction, OCM could no longer communicate with license holders, forcing Bababekov to continue his buildout blind, based only on regulations and legal counsel. - Making the 'short list' of dispensaries allowed to open during the injunction was a turning point that justified the risk of continuing to invest despite the shutdown. - The state's DASNY-administered social equity fund had loan terms and equity buyout conditions the guest considered predatory, leading him to self-fund the business with his brother instead. - Illicit/unlicensed smoke shops are often identifiable by heavy weed-themed exterior marketing and visible product, while licensed dispensaries like The Herbal Care intentionally keep storefronts discreet per regulation. - Cutting corners on contractors to save money backfired, costing an estimated extra $30,000-$40,000 in labor overruns on electrical work. - A lack of communication and marketing from OCM meant relatively few people even applied for CAURD or general licenses despite it being a major opportunity. FAQ: - Q: What is the CAURD program mentioned in this episode? A: CAURD stands for Conditional Adult-Use Retail Dispensary, New York's first licensing round for cannabis retail, prioritized for justice-involved individuals and entrepreneurs with existing qualifying businesses. - Q: Why did landlords charge cannabis dispensaries extra rent in New York? A: According to the guest, landlords routinely added an informal cannabis-specific premium of around 25% to asking rent once they learned a tenant was a licensed cannabis retailer, with little to no room for negotiation. - Q: What was the CAURD injunction and how did it affect license holders? A: A court-ordered injunction froze parts of New York's cannabis licensing rollout, cutting off communication between OCM (Office of Cannabis Management) and license holders and leaving many operators, including Markel Bababekov, uncertain whether they'd ever be able to open despite having already signed leases and started buildouts. - Q: How can consumers tell a legal dispensary apart from an illicit cannabis shop in New York? A: Per the guest, illicit shops tend to display heavy cannabis-leaf branding and visible product through their windows, while licensed dispensaries are required to keep storefronts discreet with blacked-out windows and no visible product from outside. - Q: What was DASNY's role in New York's cannabis licensing and why did the guest avoid it? A: DASNY (Dormitory Authority of the State of New York) administered a social equity fund meant to provide loans and build-out support to CAURD licensees, but the guest found its loan terms and equity buyout clauses unfavorable and chose to self-fund his dispensary with his brother instead. - Q: Why did the guest choose the Upper East Side over a tourist location like Times Square? A: After initially pursuing Times Square storefronts for tourist traffic, he pivoted to the Upper East Side, an area he knew well from living there for years, deciding a community-focused, art-gallery-style dispensary fit that neighborhood's demographics better than a tourist destination model. - Q: What is one of the most expensive mistakes the guest made during buildout? A: He hired day-rate electrical contractors to save money, but they padded hours and appeared busy without efficient work, ultimately costing him an estimated $30,000 to $40,000 more than hiring licensed professionals upfront would have. - Q: What does the guest suggest to improve New York's cannabis licensing process going forward? A: He recommends OCM hire more staff dedicated to communicating directly with license holders, and better market the licensing opportunity itself, since he found surprisingly few people even applied for CAURD or general licenses. - [Emergency Update: Shane Pennington Breaks Down Cannabis Rescheduling](https://www.dimepodcast.com/episodes/emergency-update-shane-pennington-breaks-down-cannabis-rescheduling) — Shane Pennington: This episode of The Dime features attorney Shane Pennington, partner at Porter Wright, breaking down the federal cannabis rescheduling process in granular detail — from HHS's recommendation and DEA's proposed rulemaking to the public comment period, administrative law judge hearings, and likely court challenges. Pennington debunks common myths about rescheduling (that schedule three increases enforcement risk, that it worsens 280E exposure, that descheduling alone would make cannabis federally legal, and that the international drug treaty blocks a move to schedule three), while urging the cannabis industry to organize, fund expert commentary, and build a unified administrative record before the comment window closes. The conversation matters because it clarifies what's actually at stake in the biggest shift in federal cannabis policy since 1971, and why industry apathy could hand a win to prohibitionist groups like Kevin Sabet's Smart Approaches to Marijuana. Key takeaways: - Rescheduling cannabis to schedule three would be the biggest change in federal cannabis policy since the Controlled Substances Act was signed in 1971, primarily because it would remove the 280E tax burden tied to schedule one and two trafficking. - The administrative process moving forward includes a DEA proposed rule, a 60-day public comment period, optional on-the-record ALJ hearings, a final rule, and likely federal appellate litigation — historically this process averages 9.2 years, though this case could move faster. - Everything submitted during the comment period and ALJ hearings becomes the permanent 'administrative record' that courts can review — if evidence or arguments aren't submitted now, they can never be introduced later. - Schedule three does not create new enforcement risk; the federal government already has full authority to enforce against cannabis under schedule one and lacks the funding, staffing, and state cooperation to shut down the industry either way. - Descheduling cannabis would not make it federally legal on its own, because FDA approval would still be required for interstate marketing under the Food, Drug, and Cosmetic Act. - The 2022 Medical Marijuana and Cannabis Research Expansion Act, championed by Kevin Sabet and Smart Approaches to Marijuana, actually makes cannabis research harder because its restrictions are tied to cannabis itself rather than to its schedule. - DEA has historical precedent (with synthetic THC drugs under Clinton and with Epidiolex in 2018) for rescheduling cannabis-related substances to schedule three or five while separately imposing import/export rules to maintain treaty compliance, undercutting the argument that international treaty obligations block rescheduling. - Pennington urges the industry to unify, fund expert scientific commentary, and get organized immediately, warning that opposition group Smart Approaches to Marijuana is already mobilizing resources and preparing for litigation. FAQ: - Q: What is the difference between cannabis rescheduling and descheduling? A: Rescheduling moves cannabis to a different tier of the Controlled Substances Act (such as schedule three), while descheduling removes it from the Act entirely. Descheduling would still not make cannabis federally legal to market, because FDA approval would be required under the Food, Drug, and Cosmetic Act before it could be sold in interstate commerce. - Q: Will moving cannabis to schedule three increase the risk of federal enforcement? A: No. According to Shane Pennington, the federal government already has full legal authority to enforce against cannabis businesses under schedule one, and lacks the funding, DEA staffing, and state cooperation to shut down the industry regardless of its schedule. Schedule three does not create new enforcement risk that doesn't already exist. - Q: How does the DEA rescheduling process work step by step? A: HHS makes a scientific and medical recommendation to DEA, DEA publishes a proposed rule in the Federal Register, there is a 60-day public comment period, interested parties can request on-the-record hearings before an administrative law judge, DEA then issues a final rule, and that final rule can be challenged in federal appellate court, which can even stay its effective date. - Q: Would moving cannabis to schedule three eliminate the 280E tax burden? A: Yes, because 280E only applies to trafficking in schedule one or two substances. If cannabis moves to schedule three, standard 280E tax treatment would no longer apply to cannabis businesses, even though they would still technically be violating federal law in other ways. - Q: Does the international drug treaty prevent the U.S. from moving cannabis to schedule three? A: Not necessarily. While DEA has historically said substances controlled under the Single Convention on Narcotic Drugs need to be in schedule one or two, DEA has precedent for rescheduling treaty-controlled cannabis-related substances (like Epidiolex in 2018) to lower schedules while imposing separate import/export rules to maintain treaty compliance. - Q: Will rescheduling cannabis to schedule three automatically improve cannabis research? A: No. The 2022 Medical Marijuana and Cannabis Research Expansion Act ties research restrictions specifically to cannabis itself rather than to its drug schedule, so those restrictions would remain in place even if cannabis moves to schedule three or five, according to Pennington. - Q: Why does Shane Pennington say cannabis industry stakeholders need to get involved now? A: Because the administrative comment period and ALJ hearings create a permanent record that courts will use to evaluate the final rule — if evidence and arguments aren't submitted during that window, they can never be introduced later, and opposition groups like Smart Approaches to Marijuana are already mobilizing resources to influence that record. - [Paul Weaver of Boston Beer Company on Big Alcohol's Cannabis Strategy](https://www.dimepodcast.com/episodes/paul-weaver-of-boston-beer-company-on-big-alcohols-cannabis-strategy) — Paul Weaver: This episode of The Dime features Paul Weaver, head of cannabis at the Boston Beer Company, discussing how the maker of Sam Adams, Twisted Tea, Angry Orchard, and Truly built an asset-light cannabis R&D division in Canada to create TeaPot, a 5mg THC cannabis iced tea line, ahead of eventual U.S. legalization. The conversation covers how big alcohol views and quietly researches cannabis, the challenges of cannabis data and product development versus alcohol, and the disruptive rise of hemp-derived Delta-9 THC beverages being sold in liquor stores and convenience stores under Farm Bill ambiguity. It's a useful listen for anyone tracking how legacy beverage alcohol companies are positioning for a future cannabis beverage market and the regulatory gray areas shaping it today. Key takeaways: - Boston Beer Company built TeaPot, a cannabis-infused iced tea line, through a Canadian R&D division since cannabis remains federally illegal in the U.S. - TeaPot uses an asset-light model with no owned cannabis cultivation or manufacturing infrastructure, keeping the company nimble versus competitors who overinvested. - Products are dosed at 5mg THC and designed around occasions — a caffeinated sativa daytime tea and a non-caffeinated indica evening tea meant to replace a glass of wine. - Hemp-derived Delta-9 THC beverages are being sold in liquor stores and convenience stores in non-cannabis-legal states like Minnesota, Texas, and Florida via a Farm Bill loophole, and are selling surprisingly well. - Cannabis companies lack the deep consumer and retail data infrastructure that alcohol companies rely on, forcing more inference-driven decision-making. - Only about 27% of Canadians consumed cannabis last year, showing massive untapped growth potential, especially through lower-barrier products like beverages. - Big alcohol companies are mostly quietly observing and researching cannabis ("ideating") rather than publicly building brands, and are more likely to eventually acquire established cannabis brands than build organically. - Regulators are unlikely to approve products that combine alcohol and cannabis directly, citing the Four Loko precedent as a cautionary example of unrestricted co-mingled intoxicants. FAQ: - Q: What is TeaPot, Boston Beer Company's cannabis brand? A: TeaPot is a line of cannabis-infused iced teas created by Boston Beer Company's Canadian R&D division, offering flavors like a caffeinated sativa daytime lemon black tea and a non-caffeinated indica blueberry chamomile evening tea, each dosed at 5mg THC. - Q: Why did Boston Beer Company set up its cannabis operations in Canada instead of the U.S.? A: Because cannabis remains federally illegal in the United States, Boston Beer established its cannabis R&D and commercial operations in Canada, where cannabis is legal, to build expertise and prepare for eventual U.S. market entry. - Q: How much THC is typically in a Boston Beer TeaPot beverage? A: Each TeaPot beverage contains 5 milligrams of THC, a dose designed to be approachable for new cannabis consumers while still being commercially meaningful. - Q: What is the hemp-derived Delta-9 THC trend happening in states like Minnesota? A: Due to ambiguity in the 2018 Farm Bill around THC limits in hemp-derived products, companies are legally selling hemp-derived Delta-9 THC beverages and edibles in liquor stores and convenience stores even in states where cannabis is not legalized, and these products are selling well. - Q: Will alcohol and cannabis ever be combined into a single beverage? A: Unlikely, according to the guest, because regulators are wary of co-mingling two psychoactive substances, drawing a comparison to the Four Loko controversy over mixing alcohol and caffeine. - Q: What percentage of the population currently consumes cannabis, and why does that matter for beverages? A: In Canada, considered a pro-cannabis market, only about 27% of the population consumed cannabis last year, meaning three-quarters of people are potential new consumers who are unlikely to start with smoking or vaping but might try a cannabis beverage. - Q: Does Boston Beer Company own its own cannabis cultivation or manufacturing facilities? A: No, the company deliberately runs an asset-light model, focusing on brand and liquid development rather than owning infrastructure, and manufactures TeaPot at a licensed third-party cannabis facility in Windsor, Ontario. - Q: How does Boston Beer distribute TeaPot to dispensaries that often lack refrigeration? A: The rollout relies on grassroots engagement — building relationships with budtenders, educating them on the product, and working within limited dispensary fridge space rather than depending on large cold-chain infrastructure. - Q: How are big alcohol companies generally approaching the cannabis industry? A: Most are quietly observing, researching, and conceptualizing potential cannabis strategies rather than building publicly, and are more likely to eventually acquire an established cannabis brand than build one organically like Boston Beer has. - [Bradley Nattrass: Applying AgTech Sensors for Automation & Efficiency, The Future Is Now](https://www.dimepodcast.com/episodes/bradley-nattrass-applying-agtech-sensors-for-automation-efficiency-the-future-is-now) — Bradley Nattrass: In this episode of The Dime, Bryan Fields and Kellan Finney sit down with Bradley Nattrass, Chairman and CEO of Urban-gro (NASDAQ: UGRO), a turnkey design-build firm serving the controlled environment agriculture (CEA) space. Nattrass traces Urban-gro's evolution from an LED lighting reseller into a full-service architecture, engineering, and construction firm, discusses the company's early and premature bet on AgTech sensor technology, and details the strategic pivot to diversify roughly two-thirds of its business outside cannabis in response to prolonged state licensing delays, 280E, and capital constraints. The conversation offers a candid look at running a public cannabis-adjacent company through a market downturn, the future of data-driven, autonomous cultivation, and why diversification has positioned Urban-gro to scale quickly once cannabis regulatory logjams clear. Key takeaways: - Urban-gro started as an LED lighting reseller and grew via acquisitions into a full turnkey design-build firm covering architecture, engineering, construction, and horticulture consulting. - Urban-gro invested heavily in AgTech sensor technology (real-time temperature, airflow, humidity monitoring) 3-4 years ago but was 'ahead of itself' — the market lacked the capital and data-science talent to act on the data. - Most cannabis operators still react to crop losses after the fact ('doing an autopsy') rather than proactively investing in monitoring technology, largely due to capex constraints. - Facing a prolonged cannabis downturn, Urban-gro diversified roughly two-thirds of its business into non-cannabis design-build work (manufacturing facilities, aircraft hangars, hotels, self-storage, CPG/beverage facilities), absorbing about $12 million in losses over five quarters to protect its team and pivot. - Beyond federal rescheduling and 280E reform, a major near-term bottleneck for cannabis is that newly legal states are stalled on regulatory/licensing delays, freezing client capex until licenses are awarded. - Urban-gro's stock has fallen roughly 95% from its NASDAQ debut market cap despite the company guiding to a $30 million cash-generating quarter, reflecting how underappreciated its diversification is among retail investors. - Nattrass predicts the next wave of cannabis technology will be sensor/data-driven autonomous cultivation systems (AI acting on real-time data) plus a growing role for plant genetics in yield optimization. - Trust, single-point-of-responsibility accountability, and a cost-plus (non-greedy) pricing model are core to how Urban-gro retains clients across both cannabis and its new industries. FAQ: - Q: What is Urban-gro and what services does it provide? A: Urban-gro (NASDAQ: UGRO) is a professional services and turnkey design-build firm that started as an LED lighting reseller and grew into a full-service provider offering architecture, engineering, construction, horticulture consulting, and equipment integration for controlled environment agriculture (CEA), including cannabis, leafy greens, and berries. - Q: Why did Urban-gro diversify outside of cannabis? A: Roughly a year and a half before the interview, cannabis industry revenue began a sustained decline driven by 280E tax burdens, lack of capital access, and regulatory/licensing delays in newly legal states. Urban-gro used its architecture, engineering, and construction acquisitions — most of which already had non-cannabis clients — to pivot about two-thirds of its business into other industries like manufacturing, hospitality, and aircraft hangars. - Q: What happened with Urban-gro's early investment in AgTech sensors? A: About three to four years ago, Urban-gro invested heavily in a sensor platform that tracked temperature, airflow, and humidity in real time to alert growers to problems before they became large-scale crop issues. The idea was right but the timing was premature — the cannabis market lacked the capital and in-house data scientists to fully act on the data, so the investment didn't pay off as hoped, though parts of the technology were repurposed into a client/vendor project management portal. - Q: What is the biggest obstacle facing cannabis operators right now, according to Bradley Nattrass? A: Beyond federal rescheduling and 280E, Nattrass points to regulatory and legal delays in the roughly seven states that have legalized cannabis but stalled on awarding licenses (e.g., New York, Alabama). Until operators are awarded licenses, their funding sources won't release capital for construction and equipment, even if design work is already underway. - Q: How much of Urban-gro's revenue now comes from outside the cannabis industry? A: More than two-thirds of Urban-gro's business is now outside cannabis, spanning sectors like manufacturing facilities, aircraft hangars, hotel engineering, self-storage, CPG/beverage distribution centers, and golf resort buildings. - Q: How does Urban-gro typically engage with cannabis operators on facility design and technology? A: Rather than clients requesting solutions, Urban-gro's horticulturists, architects, and engineers proactively bring recommendations based on lessons learned across more than 1,200 projects, ideally engaging clients before AEC (architecture, engineering, construction) plans are finalized rather than after a crop loss has already occurred. - Q: What does Bradley Nattrass predict for cannabis cultivation technology over the next several years? A: He predicts a shift toward sensors continuously recording environmental data that feeds AI systems capable of making autonomous cultivation decisions, alongside genetics research (optimizing plant structure and yield) becoming an increasingly important lever for efficiency. - Q: Why has Urban-gro's stock underperformed despite improving financials? A: Nattrass attributes it largely to a lack of retail investor awareness that Urban-gro has diversified away from being purely cannabis-dependent; the stock's market cap fell about 95% from its 2021 NASDAQ debut even as the company projected a $30 million, cash-generating quarter. - [Do You Have Cannabis DNA? ft. Kmesh](https://www.dimepodcast.com/episodes/do-you-have-cannabis-dna-ft-kmesh) — Kmesh: In this episode of The Dime, hosts Bryan Fields and Kellan sit down with Kmesh, a cannabis industry career coach and founder of KmeshCan, who spent years as an executive recruiter at Flower Hire placing over a thousand leadership hires across MSOs and ancillary companies. She unpacks the concept of "cannabis DNA" — the resilience, scrappiness, and self-awareness needed to survive in an industry defined by constant regulatory, financial, and cultural upheaval — and explains why traditional corporate hires often fail without startup experience. The conversation also covers burnout, workplace candor, banking struggles for ancillary businesses, and what leadership and talent will look like as the industry matures toward potential federal legalization. Key takeaways: - "Cannabis DNA" — scrappiness, resourcefulness, self-awareness, and a glass-half-full attitude — matters more than pedigree when hiring for cannabis leadership roles. - Executives from traditional Fortune 500 or Big Four backgrounds often fail in cannabis without prior startup or hypergrowth experience. - The lack of standardization across cannabis companies (org charts, job titles, HR functions) makes career pathing and hiring uniquely difficult compared to other industries. - Burnout is a major, often unrecognized issue among cannabis executives, driven by relentless regulatory change, funding instability, and constant crisis management. - Job candidates should vet company culture and financial health as rigorously as employers vet them, since many industry problems are systemic rather than company-specific. - Turnover is an enormous, underinvested-in cost in cannabis; companies should prioritize human capital management and leadership development rather than cutting HR first. - Even ancillary, non-plant-touching cannabis businesses face banking discrimination and de-risking from traditional financial institutions. - Future leadership success in cannabis will hinge on resilience, adaptability, and the willingness to make hard, sometimes unpopular decisions as consolidation and bigger players enter the market. FAQ: - Q: What is "cannabis DNA" as described by career coach Kmesh? A: It's a personality profile rather than a skill set — scrappiness, resourcefulness, creativity, self-awareness, a glass-half-full mindset, and the ability to build something (like a business or team) knowing regulatory or funding changes could wash it all away, requiring you to rebuild with the same energy each time. - Q: Why do executives from outside the cannabis industry often struggle after joining? A: Many come from stable, well-resourced corporate environments (like Big Four accounting firms or established consumer brands) and lack experience with lean, fast-changing startup conditions; without that background, even highly skilled operational leaders tend to leave within months of joining a cannabis company. - Q: What is KmeshCan? A: KmeshCan is the cannabis executive career coaching business founded by Kmesh in 2023, offering one-on-one coaching to help cannabis professionals develop their 'cannabis leadership story' and navigate career growth in an industry without standardized job titles or org charts. - Q: How should job candidates evaluate a cannabis company before accepting a leadership role? A: Candidates should research the company's financial and cultural health directly, ask about leadership team stability, funding sources, and turnover rates in interviews, and treat the process as mutual vetting rather than assuming a new company will be free of the problems they left behind. - Q: Why is burnout such a significant problem for cannabis executives? A: Constant regulatory shifts, funding instability, layoffs, and compliance pressures create relentless stress, and many executives don't even recognize they're burned out; it can be addressed through self-care, boundaries, and time management without necessarily leaving the job, though some benefit from extended sabbaticals. - Q: Why do ancillary (non-plant-touching) cannabis businesses still face banking problems? A: Even businesses that don't touch the plant, like a coaching or consulting firm serving the cannabis industry, can face scrutiny or pressure from traditional banks due to their association with cannabis, illustrating how federal illegality still creates real operational friction. - Q: What skills does Kmesh believe will be most valuable for cannabis leaders in the next five years? A: Resilience, adaptability, self-awareness, strong personal values, and the ability to learn and pivot quickly, since the industry's regulatory and funding environment remains highly unpredictable even amid potential federal legalization. - Q: What mistake do many companies make when facing financial pressure? A: Kmesh cautions against cutting human resources and people-development functions first when trimming budgets, arguing that investment in human capital management and reducing turnover is critical to long-term competitiveness, especially as larger, better-funded companies enter the market and compete for talent. - [Charlie Bachtell: The Inside Story of Cresco Labs & Impact of Rescheduling](https://www.dimepodcast.com/episodes/charlie-bachtell-the-inside-story-of-cresco-labs-impact-of-rescheduling) — Charlie Bachtell: In this episode of The Dime, Cresco Labs founder and CEO Charlie Bachtell joins hosts Bryan Fields and Kellen Finney to discuss how the company built its brand-first, data-driven strategy across state-legal cannabis markets, why 280E tax relief and federal rescheduling matter so much to MSO economics, and how Cresco is balancing growth in core markets like Ohio, Pennsylvania, and Florida while waiting for regulatory clarity. The conversation covers Cresco's proprietary retail and cultivation technology, its approach to market entry and branding, lessons learned from state transitions like New York and Virginia, and Bachtell's broader views on normalizing the cannabis industry through data and government affairs. It's a useful listen for investors and operators trying to understand how a leading MSO thinks about federal policy risk, automation, and long-term brand value creation. Key takeaways: - Cresco Labs built its strategy around branded consumer products from day one, betting that cannabis will eventually mirror traditional CPG where brands drive most of the value. - The company has evolved into a full retailer, distributor, producer, and manufacturer, allowing it to pull different operational levers depending on each state's specific regulatory structure. - Rescheduling is primarily valuable to Cresco because it could provide relief from IRC 280E's punitive tax treatment, though true interstate commerce would still require additional FDA-compliant pathways. - Federal or state regulatory promises can't be relied upon for planning — Cresco builds its 2024 plan assuming no federal reform, citing Virginia's stalled adult-use launch and New York's rocky rollout as cautionary examples. - Cresco has invested heavily in building proprietary retail (Sunnyside) and cultivation/automation technology from the ground up rather than licensing existing platforms, which it views as a long-term competitive moat. - New York's underfunded regulatory rollout is cited as proof that if legal cannabis programs aren't properly resourced, illicit markets and public safety risks (like unlicensed dispensary robberies) will fill the gap. - Ohio is highlighted as Cresco's most exciting near-term growth market because the adult-use legislative hurdle has already been cleared, unlike Pennsylvania and Florida. - Bachtell believes cannabis needed to prove itself as 'responsible and respectable' at the state medical and adult-use level before broader federal legalization could ever be politically viable. FAQ: - Q: What is IRC 280E and why does it matter to cannabis companies? A: IRC 280E is a federal tax code provision that prevents businesses trafficking in Schedule I or II substances from taking normal business deductions, resulting in extremely high effective tax rates for state-legal cannabis companies like Cresco Labs. - Q: Would federal rescheduling of cannabis to Schedule III immediately allow interstate commerce for cannabis companies? A: Not automatically. According to Charlie Bachtell, interstate commerce would require compliance with FDA channels for producing and distributing a Schedule III substance, and current state cannabis programs are not built to meet those FDA requirements, so companies would still be violating federal law in practice. - Q: Why did Cresco Labs focus on branded products instead of just wholesale production? A: Cresco believed that in the long run cannabis would resemble traditional CPG industries, where brands capture the most value, so it prioritized building a branded product portfolio and later added retail capabilities to adapt to different state regulatory structures. - Q: Why is New York considered a cautionary tale in cannabis retail regulation? A: New York's adult-use rollout allowed roughly 400 illegal dispensaries to proliferate, with around 598 armed robberies reported at them in 12 months, illustrating what happens when a legal cannabis market isn't properly resourced to compete with or displace the illicit market. - Q: Which growth market is Cresco Labs most excited about? A: Charlie Bachtell says Ohio is the most exciting near-term opportunity because the adult-use legislative hurdle has already been cleared, unlike Pennsylvania and Florida, and the gap between its current medical market and future adult-use market represents the largest growth delta of the three. - Q: How does Cresco Labs use data internally? A: Cresco uses proprietary retail data from its roughly 70 Sunnyside stores and cultivation data from crop steering and automation systems to inform product formulation, marketing promotions, market-entry decisions, and conversations with lawmakers about public safety and industry regulation. - Q: What does Charlie Bachtell believe is the biggest misunderstood fact about the cannabis industry? A: He points to 280E, noting most people outside the industry don't realize that cannabis businesses can't take standard tax deductions, which is hard for people to fully grasp until they see its financial impact. - Q: What is Cresco Labs' long-term vision according to its founder? A: Charlie Bachtell says Cresco's vision from the start was to become the most important company in cannabis, and he believes that within five years the industry will look back and recognize Cresco as having achieved that. - [Willie McKenzie: From Legacy California to Profitable 8-Figure Cannabis Operation & Building the Elite Cannabis Operators Mastermind](https://www.dimepodcast.com/episodes/willie-mckenzie-from-legacy-california-to-profitable-8-figure-cannabis-operation-building-the-elite-cannabis-operators-mastermind) — Willie McKenzie: This episode of The Dime features Willie McKenzie, co-founder of Le Coast Holdings, who shares his journey from legacy California cannabis cultivation and personal hardship to building an 8-figure vertically integrated operation in Michigan. He dives deep into Michigan's boom-and-bust regulated market, the industry-wide problem of lab shopping and inflated THC testing results, and the sophistication required to succeed in regulated cannabis versus the legacy market. McKenzie also discusses why he founded the Elite Cannabis Operators Mastermind to help operators and ancillary businesses share hard-won lessons, and reflects on the personal discipline and sacrifice behind his entrepreneurial success. Key takeaways: - Willie McKenzie transitioned from legacy/illicit California cannabis cultivation to building an 8-figure vertically integrated operation (cultivation, manufacturing, and three retail stores) in Michigan. - Michigan is the second-largest adult-use cannabis market in the US, but suffered one of the sharpest price crashes of any state, with distillate falling from $220,000 to $1,000 due to lax enforcement and unlicensed product entering the supply chain. - Lab shopping and inflated THC test results are a major public health and market integrity issue; McKenzie argues penalties for bad labs need real teeth, though he's wary of full government control over testing. - Moving from an illicit/legacy operation into a regulated business required significant self-education (including accounting classes at Harvard) because succeeding in regulated cannabis demands far more sophistication than legacy cultivation and sales. - McKenzie founded the Elite Cannabis Operators Mastermind, a weekly group (26 members, 450+ applicants) for plant-touching and ancillary business founders/executives to share mistakes and best practices and combat industry isolation. - Personal branding on platforms like LinkedIn is increasingly valuable for cannabis executives given restrictions on traditional advertising. - McKenzie credits discipline and prioritization — waking at 3:45am, sacrificing sleep rather than work or family — along with mastermind groups and personal development as the biggest catalysts in his turnaround from addiction and debt to entrepreneurial success. - His most expensive business lesson: don't overpay for cannabis licenses in an emerging market. FAQ: - Q: Who is Willie McKenzie and what is Le Coast Holdings? A: Willie McKenzie is a former legacy California cannabis cultivator turned regulated-market operator, and co-founder of Le Coast Holdings, a vertically integrated Michigan cannabis company with roughly 50,000 outdoor plants, 360 indoor lights, a manufacturing/processing facility, and three retail stores. - Q: Why did Michigan's cannabis market experience such a severe price crash? A: The state initially took a hands-off enforcement approach, allowing unlicensed and untested product from other markets to be checked into the system, flooding supply and causing distillate prices to fall from about $220,000 to $1,000, one of the sharpest declines of any legal cannabis market. - Q: What is 'lab shopping' in the cannabis industry? A: Lab shopping is when cannabis operators choose testing labs known to inflate potency (THC) results or overlook contaminants, giving their products a competitive marketing edge even though the results are inaccurate, which undermines consumer trust and safety. - Q: What is the Elite Cannabis Operators Mastermind? A: It's a group founded by Willie McKenzie that meets weekly via Zoom, where cannabis operators and ancillary business founders/executives take turns discussing business problems in a 'hot seat' format and receive peer feedback, plus monthly guest speaker sessions on topics like personal branding. - Q: How does Michigan's cannabis market compare to California's? A: Michigan is the second-largest adult-use cannabis market in the US after California, and on a per-capita basis Michigan consumers may smoke even more cannabis, making it a market that any aspiring national brand needs a presence in, despite being one of the most price-challenged markets alongside Oregon. - Q: What does Willie McKenzie consider his most expensive business lesson? A: Overpaying for a cannabis license in an emerging market — he specifically references paying around $3.5 million for a license that later became worth a fraction of that. - Q: Who should join a cannabis mastermind group like the one McKenzie founded? A: Founders and executives of both plant-touching cannabis businesses and ancillary companies (marketing, insurance, SEO, etc.) who want mentorship, peer feedback, and shared best practices from operators across different state markets. - Q: What skill does Willie McKenzie predict will matter most for cannabis leaders in the next 5-10 years? A: Flexibility — the ability to pivot quickly, stay nimble, and avoid getting stuck on decisions as the industry continues to shift rapidly. - [The Secrets of Global Cannabis Smuggling with Kingpin Barry Foy](https://www.dimepodcast.com/episodes/the-secrets-of-global-cannabis-smuggling-with-kingpin-barry-foy) — Barry Foy: This episode of The Dime features Kingpin Barry Foy, founder of Gentleman Smugglers, who ran one of the largest cannabis smuggling operations in the world from 1971 to 1986, moving an estimated 200+ tons of cannabis and 50-70 tons of Lebanese hash and generating over a billion dollars. Barry walks through how trust, relationships, and cash management defined the black-market era with suppliers in Colombia, Jamaica, and Lebanon, and compares those dynamics to the challenges of building a legal cannabis brand in Massachusetts today, including compliance, pricing collapse, and banking restrictions. The conversation is a rare firsthand look at the transition from legacy smuggling to the modern regulated cannabis industry, touching on brand trust, global expansion, and the ongoing issue of cannabis prisoners. Key takeaways: - Barry Foy's smuggling operation moved an estimated 200+ tons of cannabis and 50-70 tons of Lebanese hash between 1971 and 1986, valued at over $1 billion. - Trust was built through vetting, handshake agreements, and shared financial incentive with international suppliers in Colombia, Jamaica, and Lebanon. - Barry considers navigating today's regulatory legal cannabis environment more complicated than running an illegal smuggling operation in the past. - The legacy market's demand always outpaced supply in the '70s-'80s, unlike today's highly competitive and price-collapsed legal market. - Cash-handling and banking remain a major operational challenge in the legal cannabis industry, echoing issues from the smuggling era. - Barry advocates for freeing cannabis prisoners still incarcerated in states where cannabis is now legal. - Gentleman Smugglers is currently sold in around 60 Massachusetts dispensaries and is eyeing expansion into New Mexico, Missouri, Florida, and other states. - Barry and the hosts predict Europe, South America, and Asia (particularly Japan) as future global cannabis growth hotspots, alongside Jamaica. FAQ: - Q: Who is Barry Foy and why is he called a 'Kingpin'? A: Barry Foy is the founder of the cannabis brand Gentleman Smugglers and a former large-scale cannabis smuggler who ran operations from 1971 to 1986, moving an estimated 200+ tons of cannabis and dozens of tons of Lebanese hash, generating over a billion dollars before being caught by federal authorities. - Q: How did Barry Foy get his start in the cannabis trade? A: He started in the early 1970s selling small amounts of cannabis to U.S. soldiers being shipped out to Vietnam, and the operation gradually grew into an international smuggling network with boats, crews, and distribution across major U.S. cities. - Q: How did Barry Foy build trust with international cannabis suppliers? A: Trust was built through shared financial incentives, careful vetting of partners, transparency, and consistent follow-through on deals with suppliers in Colombia, Jamaica, and Lebanon, which allowed for smooth, long-term relationships despite handling large sums of cash. - Q: How does operating a legal cannabis brand compare to running an illegal smuggling operation, according to Barry Foy? A: Barry says the legal, regulated cannabis industry is actually more complicated to navigate than the black market was, due to compliance requirements, packaging rules, pricing pressure, and banking restrictions that didn't exist during the smuggling era. - Q: What is Gentleman Smugglers and where can you buy it? A: Gentleman Smugglers is a cannabis brand founded by Barry Foy, currently sold in roughly 60 dispensaries across Massachusetts, with a dispensary locator available on its website and plans to expand into states like New Mexico, Missouri, and Florida. - Q: What does Barry Foy think about cannabis prisoners still in jail? A: He finds it troubling that people remain incarcerated for cannabis-related offenses in states where the plant is now legal, and says his ideal billboard message to the world would be to free all cannabis prisoners. - Q: What regions does Barry Foy predict will become major cannabis markets in the next 15 years? A: He points to Europe and South America as major growth markets, while his co-hosts add Asia (especially Japan) and Jamaica as strong candidates due to cultural history, economic factors, and proximity to existing cannabis trade routes. - Q: What cannabis strains were common during the 1970s and 1980s smuggling era? A: According to Barry Foy, there were only a handful of well-known strains at the time, including Colombian Gold, Santa Marta Gold, Jamaican Lamb's Bread, Lebanese hash, Mexican bricks, and Panama Red or Thai sticks, compared to the vast strain variety available today. - [Miss Grass: A Community to Brand Masterclass ft. Kate Miller](https://www.dimepodcast.com/episodes/miss-grass-a-community-to-brand-masterclass-ft-kate-miller) — Kate Miller: This episode of The Dime features Kate Miller, co-founder and CEO of Miss Grass, discussing how she built a cannabis brand by launching an online media community first and a physical product years later, ultimately amassing a nearly 990,000-person email list before ever selling a product. Miller unpacks Miss Grass's brand and product philosophy, from terpene-rich, consistent formulations across Fast Times/Quiet Times/All Times SKUs to state-by-state supply chain challenges, New Jersey and Arizona expansion, and why she believes women remain an underserved, high-opportunity demographic in cannabis. It's a useful listen for founders and marketers interested in community-first brand building, terpene science, and multi-state cannabis expansion strategy. Key takeaways: - Miss Grass launched as an online media and community platform for nearly three years before releasing its first physical product, building a ~990,000-person email list and ~880,000 social following first. - The brand's approach was modeled partly on Glossier's playbook: build community and collect first-party data, then use that data to inform product development. - Miss Grass uses terpene-rich, consistent formulations (Fast Times, Quiet Times, All Times, Half Times) rather than relying on sativa/indica/hybrid labels, sometimes blending multiple strains to keep terpene profiles consistent batch to batch. - Building a cannabis supply chain state-by-state is a major operational challenge; Miss Grass vets flower quality and strain diversity in each market before launching and is starting to bring its own genetics into markets. - Women are cannabis's fastest-growing consumer demographic, but many still avoid smoking due to discretion or lung-health concerns, making education and product format (e.g., edibles, minis) especially important for adoption. - Despite strong consumer and market data pointing toward gummies, Miss Grass chose not to launch a me-too gummy edible due to market saturation, prioritizing differentiation over pure data-following. - New Jersey stood out as a smoothly operating cannabis market with sound supply-chain economics, while New York's rollout was described as inconsistent; Arizona was announced as Miss Grass's next state launch via partner Sorse Roots. - Kate Miller's biggest lesson learned was the importance of collecting payment before wholesale partners go bankrupt, after taking a bad debt hit in the California market. FAQ: - Q: What is Miss Grass and who founded it? A: Miss Grass is a cannabis lifestyle and product brand co-founded by Kate Miller and Anna Duckworth, originally launched as an online community and media platform in January 2018 before releasing its first physical products roughly three years later. - Q: How did Miss Grass build its audience before launching a product? A: Miss Grass launched as an online magazine and community platform, publishing over 2,000 pieces of educational editorial content, running events with partners like Beats by Dre, Alo Yoga, Lululemon, and Soho House, and using email capture to build a subscriber base of nearly 990,000 before selling any product. - Q: What do Miss Grass's product names like Fast Times and Quiet Times mean? A: Instead of relying on traditional sativa/indica/hybrid labels, Miss Grass names products by desired effect and consistency — Fast Times for an uplifting sativa-like effect, Quiet Times, All Times, and Half Times — built around consistent terpene profiles rather than strain names alone. - Q: Why is terpene consistency important to Miss Grass's product strategy? A: Consumers reported inconsistent experiences buying the same strain across different batches, so Miss Grass full-panel tests terpene profiles via COAs and blends strains as needed to deliver a consistent experience from batch to batch and state to state. - Q: What challenges does a multi-state cannabis brand face with its supply chain? A: Because cannabis can't be shipped across state lines, brands must vet and manage separate cultivation and production partners in every state, checking flower quality and strain diversity before launching, which Miss Grass addressed in markets like New York by waiting for better greenhouse-grown flower. - Q: What state did Miss Grass identify as one of the best-run cannabis markets? A: Kate Miller pointed to New Jersey as an especially well-run market currently, citing sound supply-chain economics and a more regulated rollout compared to the inconsistent early rollout in New York. - Q: Why do many women avoid cannabis, according to Miss Grass's research? A: Miller cited data showing many women in their community don't want to smoke due to discretion concerns (like smell) or being mothers, and often lack basic cannabis education, making formats like edibles and clearer labeling important for adoption. - Q: Is Miss Grass planning to expand into hemp-derived THC products? A: Miss Grass previously sold a CBD-based Hemp and Herb Mini as a direct-to-consumer product but sunset it to stay focused; Kate Miller said she'd reconsider hemp-derived THC only for non-inhalable formats like beverages, not as a core current priority. - [Are Drugs Bad, The Future Cannabinoids as a Medicine 3.0 ft. Dr. Matthew Moore](https://www.dimepodcast.com/episodes/are-drugs-bad-the-future-cannabinoids-as-a-medicine-30-ft-dr-matthew-moore) — Dr. Matthew Moore - [Tony Verzura Innovating with Authentic Cannabis-derived Terpenes & Deconstructing Extracts](https://www.dimepodcast.com/episodes/tony-verzura-innovating-with-authentic-cannabis-derived-terpenes-deconstructing-extracts) — Tony Verzura: This episode of The Dime features Tony Verzura, CEO of Blue River Turps, discussing his journey from Colorado medical caregiver to pioneering cannabis-derived terpene extraction and 'designer dab' solventless concentrates on the West Coast. Verzura breaks down the real differences between fake flavoring, CO2-derived terpenes, hydrocarbon live resin, and unadulterated live rosin, explains how state licensing structures (limited vs. unlimited) shape which cannabis business models can succeed, and details how consumer feedback, packaging technology, and pricing strategy drove Blue River's product evolution from Fla and Jelly to old-school hash and next-gen vape hardware. It's a useful listen for anyone trying to understand terpene sourcing, extraction categories, and how regulatory and retail dynamics shape brand strategy in cannabis. Key takeaways: - Cannabis-derived terpenes fall into distinct tiers - fake/non-cannabis flavoring, CO2-derived cannabis terpenes, hydrocarbon live resin, and unadulterated mechanical live rosin - each with very different effects, authenticity, and price points. - State licensing structures (limited vs. unlimited licenses) heavily dictate which cannabis business models and brands can succeed in a given market. - Massachusetts' tightly capped licensing structure pushed operators toward craft quality, while unlimited-license states like Colorado and Michigan scale on canopy and patient counts. - Home-grow caregiver models, even where not commercially scaled, foster genetic innovation and craft quality that dispensary markets often can't replicate. - Packaging and hardware technology (like Miron violet-glass jars and ceramic vape chambers) is critical to preserving terpene integrity and shelf stability in solventless extracts. - Direct, in-person retail feedback from thousands of customers drives nearly all of Blue River's new product and packaging decisions. - Price point is described as the single biggest barrier to mainstreaming solventless cannabis products, prompting deliberate price caps regardless of production cost. - Transparency about aging inventory (discounting older product rather than holding price) builds long-term consumer trust. FAQ: - Q: What is the difference between cannabis-derived terpenes and non-cannabis-derived (fake) terpenes? A: Cannabis-derived terpenes come from actual cannabis flower or extract, while non-cannabis-derived terpenes are flavor compounds (like 'natural flavor' or 'pumpkin spice') that mimic a taste but never touched the cannabis plant, often used to flavor cheap distillate vape products. - Q: What's the difference between live resin and live rosin? A: Live resin is made using a hydrocarbon solvent (like butane) passed through frozen plant material to extract cannabinoids and terpenes, followed by solvent recovery. Live rosin is a solventless, mechanical extraction that isolates trichome heads with heat and pressure, with no solvent involved at any point. - Q: What are 'limited' versus 'unlimited' cannabis licenses? A: Unlimited license states allow unrestricted canopy size, dispensary counts, and license issuance (e.g., Colorado, Michigan), while limited license states cap the number of licenses and canopy/square footage per operator (e.g., Massachusetts, Florida), which tends to push operators toward smaller-scale, craft production. - Q: Why do some cannabis products avoid the term 'live resin' or 'live rosin' on packaging? A: According to Tony Verzura, some makers avoid these terms because they fear consumers may not understand or trust the terminology, even though using the accurate term would better inform buyers about the extraction method used. - Q: Why is cannabis-derived terpene product typically more expensive than standard vape products? A: Cannabis-derived terpenes require significant amounts of raw flower and specialized extraction processes to isolate a small percentage of pure terpene content, making them far more costly to produce than synthetic or non-cannabis-derived flavoring used in cheaper vape products. - Q: How did Blue River Turps get its start? A: Founder Tony Verzura began as a medical cannabis caregiver in Colorado, then was challenged to isolate cannabis terpenes into a pure form, eventually achieving 98% terpene purity, which became the foundation for Blue River Turps' terpene and extract product line. - Q: Why did Blue River name products 'Fla' and 'Jelly' instead of more descriptive extract names? A: Tony Verzura says Instagram repeatedly shadow-banned and blacklisted overtly cannabis-related terms, so the brand invented dessert-inspired names like 'Fla' (from flan) to describe product textures without triggering social media bans. - Q: Why does pricing matter so much for solventless cannabis products? A: Even high-quality solventless concentrates won't gain mass adoption if priced too high; Blue River intentionally caps prices (e.g., around $60/gram for premium products) because consumers will choose cheaper, lower-quality options if price gaps are too large, regardless of product superiority. - [Warren Bobrow: Bestselling Author & Cocktail Whisperer Reveals the Secret Ingredient for Crafting Cannabis Beverages](https://www.dimepodcast.com/episodes/warren-bobrow-bestselling-author-cocktail-whisperer-reveals-the-secret-ingredient-for-crafting-cannabis-beverages) — Warren Bobrow: In this episode of The Dime, bestselling author and 'Cocktail Whisperer' Warren Bobrow joins hosts Bryan Fields and Kellen Finney to trace his path from culinary school and years as an international spirits brand ambassador to writing the first-ever cannabis cocktail book after a memorable NYC arrest, and eventually founding the terpene-forward THC beverage brand Klaus. The conversation dives deep into his philosophy of simple, high-quality, love-driven ingredient combinations, how he sources strains and craft spirits, his views on curing and terroir in cannabis cultivation, and why he believes cannabis beverages can offer a healthier, more sociable alternative to alcohol. It's a useful listen for anyone curious about the craft and business side of cannabis-infused drinks and where the beverage category is headed. Key takeaways: - Warren Bobrow wrote 'Cannabis Cocktails, Mocktails and Tonics' in 2015 (published 2016), the first book of its kind, after being arrested in NYC for smoking a joint and realizing cannabis cocktails could let people enjoy cannabis discreetly. - He quit alcohol entirely in 2018 after years as an international spirits brand ambassador and rum judge took a toll on his health and weight. - His THC beverage brand Klaus uses just three ingredients — spicy ginger beer syrup, French lime purée, and dry mirin — infused with Hippie Crasher live resin terpenes. - Bobrow's core philosophy is simplicity: quality craft ingredients and technique matter more than piling on dozens of components. - He is strain-specific and working with Sonoma Hill Farms' Pink Jesus THCV strain for a low-THC, high-CBD product, plus a Delta-9 version for wider U.S. distribution. - He believes many commercial cannabis beverages 'suck' because they use cheap, industrialized ingredients like white sugar instead of real craft components. - He praises Albuquerque, New Mexico's dry desert climate for producing exceptionally well-cured cannabis, contrasting it with poorly cured product he found in New Jersey. - He predicts the cannabis beverage market will mature toward simpler, higher-quality, more terpene-forward products as inferior industrialized brands fall away. FAQ: - Q: Who is Warren Bobrow? A: Warren Bobrow is a bestselling author known as 'the Cocktail Whisperer,' a trained chef and master mixologist who wrote the first cannabis cocktail book and later created the THC beverage brand Klaus. - Q: What inspired Warren Bobrow to write the first cannabis cocktail book? A: After being arrested in New York City for smoking a joint on the street in 2013, he realized that a book of cannabis-infused cocktails would let people enjoy cannabis discreetly, without everyone smelling smoke and 'knowing your business.' - Q: What ingredients are in Warren Bobrow's Klaus THC beverage? A: Klaus is made with just three ingredients: a spicy Jamaican-style ginger beer syrup, a French lime purée, and dry mirin (rice vinegar), infused with Hippie Crasher live resin terpenes for a true cannabis aroma and taste. - Q: Why did Warren Bobrow stop drinking alcohol? A: Years of heavy 'day drinking' as an international spirits brand ambassador and rum judge left him 75 pounds heavier with a damaged liver; he quit alcohol entirely in 2018 and moved fully into the cannabis beverage business. - Q: How much THC is in a serving of Klaus, and how should you dose it? A: Each can contains about 10 mg of THC; Bobrow recommends drinking half, waiting roughly an hour, then finishing the rest if desired, describing the effect as conversational, leading to relaxation and better sleep. - Q: What does Warren Bobrow think is wrong with many cannabis beverages on the market? A: He says most commercial cannabis drinks are industrialized and made with poor-quality ingredients like white sugar, lacking the genuine cannabis aroma and flavor that a well-crafted, terpene-forward beverage should have. - Q: Which U.S. region does Warren Bobrow consider underrated for cannabis cultivation? A: He highlights Albuquerque, New Mexico, where the dry desert climate and natural-soil growing produce exceptionally well-cured cannabis that rivals flower from California or Maine. - Q: Where can people find Warren Bobrow's books and the Klaus beverage? A: Listeners can visit cocktailwhisperer.com for his books and background, drinkklaus.com for same-day delivery of Klaus in San Francisco and Los Angeles, and find him on Instagram, Facebook, and LinkedIn as Warren Bobrow. - [Dr. Matthew Johnson: The World's Most Published Scientist on the Human Effects of Psychedelics](https://www.dimepodcast.com/episodes/dr-matthew-johnson-the-worlds-most-published-scientist-on-the-human-effects-of-psychedelics) — Dr. Matthew Johnson: This episode of The Dime features Dr. Matthew Johnson, a Johns Hopkins professor and one of the most published scientists studying the human effects of psychedelics, discussing his 20-year research career spanning behavioral pharmacology, psilocybin, MDMA, salvia, and dextromethorphan. He breaks down the science of dosing (microdose vs. recreational vs. heroic dose), the safety profile of classic psychedelics, the placebo-heavy evidence behind microdosing, the risks of legal and psychological abuse within the psychedelic therapy space, and where FDA-approved treatments and pediatric research are likely headed next. It's a deep, credentialed look at what's real, what's hype, and what's still unknown in psychedelic medicine as it moves toward mainstream legitimacy. Key takeaways: - A 'heroic dose' of psilocybin (around 30mg, or roughly 5 dried grams of mushrooms) is far larger than both a microdose (under a gram) and a typical recreational dose, and produces intense, sometimes overwhelming subjective effects. - Classic psychedelics like psilocybin and LSD have no known lethal overdose for most healthy people and aren't physically addictive, though behavioral risks (panic, accidents) exist at high doses in uncontrolled settings. - Lab studies on microdosing so far mostly show mild intoxication effects (like impaired time perception) rather than proven antidepressant benefits, suggesting much of the reported benefit may be placebo. - There's a theoretical, unproven concern that chronic activation of serotonin 2B receptors from regular psychedelic use could contribute to heart valve disease, similar to the fen-phen diet drug scandal. - Numerous personal anecdotes describe people quitting alcohol, tobacco, cocaine, opioids, or cannabis after a single unplanned psychedelic experience — a pattern Johnson says is not documented with any other substance. - Johnson believes the psychedelic research and therapy field currently has cult-like dynamics, with hero worship of researchers/guides and real risk of abuse of power, including inappropriate clinician-client relationships. - MDMA and psilocybin are expected to gain FDA approval for multiple conditions (PTSD, depression, substance use disorders, possibly end-of-life care) in the coming years, with adolescent studies likely to follow adult approvals. - Legal risk remains a real-world consequence of psychedelic use even as cultural acceptance grows, as shown by cases of professionals facing career consequences for admitting to microdosing or cannabis use. FAQ: - Q: What is a 'heroic dose' of psilocybin? A: A heroic dose is generally considered to be 30 milligrams or more of psilocybin, roughly equivalent to about five dried grams of Psilocybe cubensis mushrooms — a term popularized by Terence McKenna and used in much of Dr. Matthew Johnson's clinical research at Johns Hopkins. - Q: Is microdosing psychedelics scientifically proven to work? A: According to Dr. Matthew Johnson, careful lab studies, including self-blinding research from Imperial College, have not found clear benefits beyond placebo for microdosing; most studies detect mild intoxication effects like impaired time perception rather than confirmed antidepressant efficacy. - Q: Are classic psychedelics like psilocybin and LSD physically dangerous or addictive? A: For most healthy people, there is no known lethal overdose of classic psychedelics, and they don't appear to be physically addictive, unlike substances such as alcohol or opioids. The primary risks are behavioral (dangerous actions while intoxicated) and, for people with severe heart disease risk, elevated blood pressure and pulse. - Q: Can a single psychedelic experience really change someone's life or help with addiction? A: Dr. Johnson has published research documenting cases where people say a single unplanned mushroom or LSD experience helped them quit drinking, smoking, cocaine, opioids, or cannabis use — a pattern he says is not seen with any other substance, though he cautions this is anecdotal rather than clinical proof. - Q: Is there a health risk to using psychedelics regularly over a long period? A: There's a theoretical, unconfirmed concern that chronic activation of serotonin 2B receptors by classic psychedelics could contribute to heart valve disease, similar to what caused the diet drug fen-phen to be pulled from the market — but this hasn't been established for typical psychedelic use patterns. - Q: When might MDMA and psilocybin become FDA-approved treatments? A: Dr. Johnson predicts that, depending on FDA and EMA (European) regulatory timelines, MDMA and psilocybin will likely be approved for multiple conditions such as depression, certain substance use disorders, and possibly end-of-life care within the coming years. - Q: Will psychedelic therapy ever be studied or approved for children? A: Dr. Johnson says the FDA actually incentivizes pediatric studies once a treatment is approved for adults, typically starting with 16-17 year olds, and organizations like MAPS have plans to study MDMA in adolescents given the real risks of untreated PTSD and depression in that age group. - Q: Why does Dr. Matthew Johnson describe the psychedelic research field as 'cult-like'? A: He points to hero worship of prominent researchers and guides, ego inflation, and the vulnerability of people confronting existential questions during psychedelic experiences, which creates real potential for abuse, including inappropriate clinician-client relationships. - [Lulu Tsui: Applying West Coast Lessons on the East Coast & Hard Truths in the Cannabis Industry](https://www.dimepodcast.com/episodes/lulu-tsui-applying-west-coast-lessons-on-the-east-coast-hard-truths-in-the-cannabis-industry) — Lulu Tsui: In this episode of The Dime, Bryan Fields and Kellen Finney sit down with Lulu Tsui, co-founder of On The Revel, to trace her journey from a Chinese immigrant family with Legacy cannabis roots in Oregon to building community-driven events, trade shows, and media initiatives across New York's emerging cannabis market. Tsui unpacks the cultural and business differences between West Coast and East Coast cannabis, the supply-chain gaps facing new operators, the dangers of the gray market, and hard-won lessons on due diligence and partnerships. The conversation offers practical insight for anyone building relationships, brands, or businesses in a newly legal, still-forming cannabis market. Key takeaways: - On The Revel was built to bring West Coast cannabis lessons — on products, supply chains, and market cycles — to New York's newly legal market, avoiding the need to 'reinvent the wheel.' - East Coast cannabis business culture is high-touch and relationship-driven, contrasting with the West Coast's more transactional, Zoom-call-based approach. - A lack of a public license-holder database has made it hard for New York retailers and suppliers to find each other, which is why events and trade shows filled a critical supply-chain gap. - The gray market (opportunistic smoke shops) is actively hurting Legacy operators' market share in New York more than legal competition is. - Due diligence — actual reference checks on partners, investors, and speakers — is repeatedly cited as the difference between success and costly six-figure mistakes. - Executives with strong résumés but no willingness to 'roll up their sleeves' are a major pitfall in cannabis, since most companies lack the built-out teams found in other industries. - Tsui suggests pairing Legacy operators with experienced business partners under shared KPI-based compensation as a practical way to integrate Legacy players into the regulated market. - New York's multifaceted, high-energy culture shapes how On The Revel curates diverse speakers and community events rather than relying on a repetitive conference speaker circuit. FAQ: - Q: What is On The Revel? A: On The Revel is a New York cannabis community platform co-founded by Lulu Tsui and Jacobi that runs educational talks, trade shows, and cultural events connecting license holders, brands, and supply-chain operators in the state's legal market. - Q: How does New York cannabis business culture differ from the West Coast? A: According to Lulu Tsui, New York relationships are high-touch and built over time, similar to old-world family relationship building, whereas West Coast business can often be conducted remotely via calls and demos with less personal rapport. - Q: What is the difference between the gray market and the Legacy market in cannabis? A: The Legacy market refers to longtime unlicensed operators, often driven by socioeconomic necessity, who supported their communities before legalization. The gray market refers to newer opportunistic operators, such as unlicensed smoke shops, that Lulu Tsui says are actively hurting both Legacy and legal market share. - Q: Why did New York lack a directory of licensed cannabis operators? A: Lulu Tsui says no public database exists that lets people search a cannabis license number to find the holder, partly to protect license holders from being spammed, which made it especially hard for new retailers and suppliers to find each other. - Q: What lesson does Lulu Tsui emphasize most for new cannabis markets? A: She emphasizes rigorous due diligence — doing reference checks on partners, advisors, and executives before bringing them into a new market — arguing that skipping this step is why many new markets repeat the same costly mistakes. - Q: What mistake does Lulu Tsui warn against when hiring cannabis executives? A: She warns against being swayed purely by an executive's résumé or reputation from outside the industry, noting that most cannabis companies lack the built-out teams found elsewhere, so leaders need to be willing to execute hands-on work themselves. - Q: How does On The Revel select speakers for its events? A: On The Revel does not accept open calls for speakers; instead it builds programming around real market feedback and selects speakers who are within two degrees of separation from the founders, vetted through informal reference checks. - Q: What solution does Lulu Tsui propose for integrating Legacy cannabis operators into the regulated market? A: She suggests grandfathering Legacy operators into services like delivery and pairing them with experienced regulated-market business partners under a shared, KPI-based compensation structure. - [Storyteller generating Millions of Monthly Views documenting Berner & Jungle Boys and others ft. Luc](https://www.dimepodcast.com/episodes/storyteller-generating-millions-of-monthly-views-documenting-berner-jungle-boys-and-others-ft-luc) — Luc: This episode of The Dime features Luc, creator of the LMC and High Design YouTube channels, who built a massive following documenting cannabis figures like Berner (Cookies), Ivan (Jungle Boys), and David (Preferred Gardens) through long-form video essays. Luc walks through his journey from Seattle's I-502 market to becoming one of cannabis's most-watched storytellers, explaining how he builds trust with traditional-market OGs, why storytelling outperforms straight reporting, and how brand authenticity — not scale — will ultimately give small operators leverage against MSOs and incoming big-money players. Key takeaways: - Luc produced roughly 1,000 short-form videos before finding success with long-form documentary storytelling, starting with 'Berner and the Cookies Cannabis Empire.' - Building trust with traditional-market OGs takes time; some stories get shelved for years until it's legally safe to publish them. - Storytelling humanizes cannabis entrepreneurs and is an underused marketing tool, sometimes directly leading to real business deals (e.g., the Cookies NYC clothing store connection). - Luc avoids working with large MSOs by choice, preferring to spotlight small and mid-size operators with compelling, well-timed stories. - He argues MSOs often lack authentic brand equity despite scale, and that brand loyalty will become the key leverage point for small operators negotiating with big capital. - State-level cannabis regulation is frequently structured to favor big money and limit competition, creating conditions ripe for corruption. - Traditional market veterans must adapt to survive as legal markets mature, even as large, non-culture-driven money begins entering the industry. - Luc plans to expand his documentary storytelling format beyond cannabis into music and other entrepreneurial stories. FAQ: - Q: Who is Luc (LMC) and what is he known for? A: Luc runs the YouTube channels LMC and High Design, where he produces documentary-style video essays on cannabis entrepreneurs and traditional-market figures, including Berner, Jungle Boys' Ivan, and Preferred Gardens' David. - Q: How did Luc get his breakout video? A: After making around 1,000 short-form videos, Luc released a video essay called 'Berner and the Cookies Cannabis Empire' on a whim, which unexpectedly went viral and set him on the path of long-form storytelling. - Q: How does Luc build trust with cannabis industry OGs before telling their stories? A: He emphasizes patience, observation, and letting his body of work speak for itself; he also shelves stories that are 'too soon' to protect subjects still active in less-legal parts of the market. - Q: Why does Luc avoid partnering with large MSOs? A: He prefers to help small and mid-size operators who he feels are disadvantaged compared to MSOs, and looks for a strong story, authentic history with the plant, and the right timing before working with a company. - Q: What does Luc believe is the biggest advantage small cannabis brands have over MSOs? A: Brand equity and brand loyalty built through authenticity and time, which he argues billion-dollar companies cannot simply buy, giving small operators negotiating leverage. - Q: What is Luc's criticism of companies like Glass House Farms? A: He isn't against operating both legal and traditional-market channels, but criticizes continuously expanding greenhouse scale while regulators simultaneously squeeze out small outdoor growers. - Q: What other industries or subjects does Luc want to cover in future documentaries? A: He wants to do real, non-puff-piece documentaries on music industry figures like Ghazi (Empire) and Gucci Mane, and eventually expand his storytelling format into general entrepreneurship stories outside cannabis. - [Peter Barsoom: How 1906's has crafted Microdosing Cannabinoids with Targeted Effects](https://www.dimepodcast.com/episodes/peter-barsoom-how-1906s-has-crafted-microdosing-cannabinoids-with-targeted-effects) — Peter Barsoom: This episode of The Dime features Peter Barsoom, CEO and co-founder of 1906, discussing how he left a 20-year Wall Street career to build a cannabis edibles company focused on fast-acting, low-dose, targeted-effect products like Go, Bliss, Chill, and Love. Barsoom details the years-long R&D process behind combining cannabinoids with dietary supplements and plant medicines to replicate the entourage effect in edible form, the regulatory and market hurdles of building a cannabis brand from scratch, and why 1906 deliberately focused on the East Coast rather than following the industry west. The conversation offers useful insight for anyone interested in cannabis product formulation, low-dose consumer trends, and the business challenges of scaling a plant-medicine brand under prohibition-era regulatory constraints. Key takeaways: - 1906 was founded to solve three problems with cannabis edibles: unpredictable onset time, inconsistent effects, and poor taste/quality compared to flower. - The company built formulations by combining cannabinoids with dietary supplements and plant medicines (like caffeine, theanine, and originally 5-HTP) since terpenes only create the entourage effect when smoked, not eaten. - 1906 intentionally avoided high-dose products, sticking to 5mg offerings even when dispensary buyers pushed for 10mg products, to protect its identity as a low-dose brand. - Removing ingredients like 5-HTP (interacted negatively with SSRIs) and yohimbe (caused headaches in some users) shows how real-world market feedback shaped product safety and formulation over time. - 1906's Drops (pills) now make up about 95% of the business, offered in six targeted-effect lines: Go, Genius, Bliss, Love, Chill, and soon Sleep, plus Boost for straight THC. - State-by-state regulatory differences (e.g., Pennsylvania restricting supplement additives, New Jersey banning chocolates, varying legal dosage caps) force significant formulation and product variation across markets. - 1906 deliberately focused East of the Rockies rather than following the industry's westward expansion into California, citing California's fragmented micro-markets and growing East Coast consumer demand. - The company's name references 1906, the year the Wiley Act passed and began cannabis prohibition, reflecting a mission to destigmatize cannabis and restore its pre-prohibition medical status. FAQ: - Q: Why did Peter Barsoom start 1906? A: Barsoom and his co-founder started 1906 for three reasons: to serve flower smokers who needed a better option when they couldn't smoke, to serve consumers like Barsoom's parents who wanted simple, effective products without understanding cannabis jargon, and to honor cannabis history by naming the company after 1906, the year prohibition-era regulation began with the Wiley Act. - Q: How does 1906 create a specific targeted effect in an edible? A: Since terpenes only produce the entourage effect when inhaled as volatile compounds, 1906 combines cannabinoids with other well-researched dietary supplements and plant medicines (such as caffeine for energy) to recreate targeted effects like energy, focus, relaxation, mood enhancement, arousal, and sleep in edible form. - Q: Why did 1906 avoid making a 10-milligram product? A: 1906 stayed with 5-milligram low-dose products because introducing a 10mg option would have shifted dispensary buyers away from their low-dose line entirely, turning them into just another commodity brand instead of maintaining their identity as a controlled, low-dose cannabis company. - Q: Why did 1906 remove 5-HTP from its Bliss product? A: After launch, 1906 found that 5-HTP was causing GI upset in customers who were also taking SSRIs for depression, due to a negative drug interaction, so they removed the ingredient from the formulation even though it had tested well overall. - Q: Why did 1906 focus on the East Coast instead of California or Washington? A: Barsoom found California to be a fragmented collection of micro-markets rather than one cohesive market, and personally preferred not to live there or in the Pacific Northwest. He also saw growing consumer and voter support for legalization on the East Coast, positioning 1906, based in New York, to become more of an East Coast brand. - Q: What products make up 1906's current lineup? A: 1906's core lineup is a line of fast-acting pills called Drops, including Go (energy), Genius (focus), Bliss (mood enhancement), Love (aphrodisiac), Chill (relaxation/anxiety), an upcoming Sleep product with CBN and RSO, and Boost (straight fast-acting THC). - Q: What was 1906's most expensive lesson in the cannabis industry? A: Pursuing a limited cannabis license in New Jersey in 2018 was Barsoom's most expensive lesson; 1906 was passed over despite strong scores, leading to a lawsuit against the state that they eventually won, but the legal battle dragged on for more than four years. - Q: What does Peter Barsoom predict will be the future of cannabis and mental health? A: Barsoom predicts microdosing cannabinoids will become central to mental health treatment, arguing that traditional pharmaceutical interventions for anxiety and depression have largely failed and that cannabis, as the only legal microdosing substance, will play a growing role, alongside sleep-focused products becoming a daily staple. - [Why MariMed is Doubling Down on Brand Consistency & the Boston Tea Party-Style 280E Protest ft. Jon Levine](https://www.dimepodcast.com/episodes/why-marimed-is-doubling-down-on-brand-consistency-the-boston-tea-party-style-280e-protest-ft-jon-levine) — Jon Levine: In this episode of The Dime, MariMed CEO Jon Levine joins hosts Bryan Fields and Kellen Finney to discuss stepping into the CEO role after the passing of his best friend and co-founder Bob Fireman, and how the company is honoring him through the new Bob Fireman Entrepreneur Award with Benzinga. Levine also details MariMed's origin story from a California grow house in 2008 to becoming a public multi-state operator, its expansion strategy across Maryland, Missouri, Illinois, and other states, and its Boston Tea Party-style protest against the 280E tax code, arguing federal rescheduling matters more to the industry than SAFE Banking. The conversation closes with a deep dive into MariMed's branded product strategy (Betty's Eddies, Bubby's Baked, Vibations) and why brand consistency will define winners in the cannabis market. Key takeaways: - MariMed CEO Jon Levine stepped into the top role after co-founder Bob Fireman passed away in December, highlighting the importance of succession planning even for closely bonded partners. - MariMed and Benzinga created the Bob Fireman Entrepreneur Award to honor grit and entrepreneurial spirit in the cannabis industry. - MariMed traces its roots to a 2008 California grow house investment, evolving into consulting work in Rhode Island and Delaware, and eventually merging entities into a public company (formerly Worlds Online) by 2018. - Jon Levine argues that eliminating 280E would benefit the cannabis industry more than SAFE Banking passage, since it directly reduces the tax burden preventing companies from taking ordinary business deductions. - MariMed staged a Boston Harbor "tea party" protest, throwing empty branded boxes into the harbor in colonial garb to draw attention to 280E during the 50th anniversary of the original Boston Tea Party. - The company is prioritizing Maryland expansion (new GMP kitchen, expanded cultivation) due to faster adult-use rollout and quicker cash flow return compared to Massachusetts or Missouri. - MariMed's growth strategy follows four pillars: complete entity roll-ups, achieve vertical integration in existing states, expand via M&A and new state applications, and grow branded products consistently nationwide. - Brand consistency, quality, and clear messaging were identified as the key differentiators that will separate winning cannabis brands going forward. FAQ: - Q: What is 280E and why is it a major issue for cannabis companies? A: 280E is a federal tax code provision that prevents businesses trafficking in federally scheduled substances, including cannabis, from deducting ordinary business expenses like rent, payroll, and advertising, forcing companies to pay taxes on gross profit rather than net profit. - Q: Why does Jon Levine believe 280E reform matters more than SAFE Banking? A: He argues that while SAFE Banking would only make banking more accessible, eliminating 280E would allow cannabis companies to take normal business deductions like any other industry, resulting in far greater tax savings and easier survival for smaller operators. - Q: What was the Boston Tea Party-style protest MariMed organized? A: MariMed employees dressed in colonial outfits, boarded a schooner in Boston Harbor, read a statement protesting 280E, and threw empty boxes labeled "weed" into the harbor to symbolically demonstrate against the tax code, timed to the 50th anniversary of the original Boston Tea Party. - Q: How did MariMed become a public company? A: MariMed grew out of cannabis consulting and licensing work starting in 2008; after winning multiple state applications, its founders merged their private cannabis entities with a public shell company (Worlds Online) around 2013, eventually consolidating all partner entities under the MariMed name and stock symbol by 2018. - Q: Why is MariMed prioritizing expansion in Maryland? A: Maryland moved quickly to adult-use sales, turning around from a November vote to a July 1st launch, and MariMed expects faster cash flow generation there than in slower-moving states like Massachusetts or Missouri, prompting them to redirect capital toward Maryland's grow and kitchen expansion. - Q: Does 280E affect every part of the cannabis supply chain equally? A: No — retail dispensaries selling directly to consumers are hit hardest since they can only deduct cost of goods sold, while manufacturers and processors selling to retailers have somewhat more flexibility in what they can deduct. - Q: What are MariMed's main cannabis brands? A: MariMed's key brands include Betty's Eddies (gummies/taffy chews), Bubby's Baked (baked goods like blueberry muffins and brownies), Vibations (a cannabis-infused drink mix), and Nature's Heritage flower. - Q: What does Jon Levine think will differentiate cannabis brands going forward? A: He points to consistency, quality, flavor, and giving customers clear choices for specific effects (like sleep or energy) as the key factors that will separate leading cannabis brands from competitors. - [Higgs: The 90s-Influenced Cannabis Brand Everyone Will Soon Be Talking About](https://www.dimepodcast.com/episodes/higgs-the-90s-influenced-cannabis-brand-everyone-will-soon-be-talking-about) — Guest: This episode of The Dime features Oliver Higgins, founder and CEO of cannabis brand Higgs, discussing how a decade of hobby growing in his LA garage and a chance encounter in the Hamptons led to a minimalist, early-90s-inspired pre-roll brand. He walks through the brutal realities of scaling a cannabis company through California's broken regulatory rollout, multi-state expansion successes and failures, sourcing and consistency challenges across markets like Michigan and Canada, and why grassroots community events like his 'Buds on Rose' block party have driven more authentic brand equity than celebrity endorsements. The conversation offers a candid, founder-level look at building and nearly losing a cannabis brand, and why staying narrowly focused on doing a few things extremely well has been key to survival. Key takeaways: - Higgs was built around a specific aesthetic ethos (early-90s, minimalist, LA-meets-NYC) rather than loud cannabis branding, which helped it earn organic attention from celebrities without paid endorsements. - Pre-roll/joint manufacturing remains an underinvested, largely manual process in cannabis compared to modern tobacco or edible manufacturing, due to lack of capex, real banking, and cannabis's inconsistent burn characteristics. - Chasing every new state opportunity or copying competitors' product trends (like infused pre-rolls) spreads resources too thin; Higgs scaled back to focus on markets where it could build real brand equity. - California's high tax burden combined with a large black market makes profitable operation nearly impossible, pushing brands like Higgs to diversify into other states and countries rather than rely on their home market. - Grassroots, community-integrated events (like the 'Buds on Rose' block party) built far more brand loyalty per dollar spent than traditional cannabis marketing or celebrity-driven campaigns. - Sourcing and cultivation standards shift by state (greenhouse in California, indoor in Michigan) due to differing light/quality conditions, requiring brands without centralized distribution to manage quality consistency market by market. - Non-cannabis business failures (unpaid receivables, partners not delivering) can be existential threats to smaller cannabis brands in ways they wouldn't be for companies with deeper reserves. - Genuine, consistent branding tied to a lifestyle (golfing, surfing, skating) rather than partying or getting 'messed up' builds more durable customer loyalty than short-term influencer collaborations. FAQ: - Q: Why is manufacturing pre-roll joints considered harder than making other cannabis products? A: According to Higgs founder Oliver Higgins, cannabis lacks the consistency of tobacco, so it can't run through modern cigarette-style machines and burn uniformly; combined with a lack of investment capital and real banking access, most pre-roll production still relies on manual labor rather than automated factories. - Q: Why is California considered such a difficult cannabis market to operate in? A: High state and local taxes combined with a large, persistent illicit market make it difficult for licensed operators to run profitably, and California is really dozens of fragmented city-level markets rather than one unified state market. - Q: How did Higgs build brand recognition without paying for celebrity endorsements? A: Founder Oliver Higgins says the brand simply showed people quality work and design, and public figures organically gravitated to it because it felt authentic, rather than through paid promotions or influencer deals. - Q: What was the 'Buds on Rose' event Higgs threw in Venice, California? A: It was a community block party along Rose Avenue in Venice for a 420 celebration, where Higgs partnered with local businesses (bars, barbershops, retailers) to run cross-promotions and capped the day with a concert, all for roughly five thousand dollars in direct cost. - Q: Why does Higgs grow flower differently depending on the state? A: Because it lacks a single centralized distribution hub, Higgs sources greenhouse-grown flower in California (where outdoor-equivalent quality greenhouse growing is achievable) and indoor-grown flower in states like Michigan, where outdoor light depth can't match California's quality. - Q: Why haven't celebrity-branded cannabis products generally succeeded? A: Oliver Higgins argues that celebrity association works for most consumer products but tends to feel inauthentic in cannabis, so consumers don't necessarily follow a public figure into buying a cannabis brand the way they might with sneakers or spirits. - Q: How is selling cannabis products in Canada different from the U.S. from a branding standpoint? A: Health Canada requires plain, rotating warning-label packaging for the actual product, so brands can't showcase their branding on the inner package the way they can in the U.S.; companies have to build brand recognition instead through events, clothing, and education. - Q: What business book did Higgs founder Oliver Higgins credit with helping him persevere? A: He cited Phil Knight's memoir 'Shoe Dog,' noting that Nike's decades-long struggle before becoming successful helped him stay resilient through years of uncertainty running Higgs. - [Emergency NY Update, Unknown Impact of Cannabis Rescheduling & IP Protection ft. Jon Purow](https://www.dimepodcast.com/episodes/emergency-ny-update-unknown-impact-of-cannabis-rescheduling-ip-protection-ft-jon-purow) — Jon Purow: This episode of Dime features cannabis IP attorney Jon Purow of Greenspoon Marder breaking down New York's chaotic Conditional Adult-Use Retail Dispensary (CAURD) rollout, the 'Farmageddon' oversupply crisis facing upstate hemp-turned-cannabis farmers, and the pending lawsuit threatening to unwind the CAURD program entirely. The conversation then widens into a deep discussion of federal cannabis rescheduling to Schedule III, its real (and overstated) impacts on 280E, SAFE Banking, and the 2023 Farm Bill, before turning to Purow's specialty: how patents, trademarks, and trade secrets will shape competitive advantage as cannabis IP litigation and pharma acquisitions accelerate. It's a useful listen for operators, investors, and policy watchers trying to understand both New York's licensing mess and the bigger federal IP and regulatory shifts reshaping the industry. Key takeaways: - New York's CAURD program was created to give hemp farmers (who bet the farm on cannabis after the CBD market crashed) a place to sell, but a lawsuit alleges it violates the plain language of the MRTA and could imminently unwind the program. - Of 463 CAURD licenses issued, Jon Purow estimates only around 90 stores will ultimately open under the program, with the bulk of applicants shifting to New York's full adult-use retail licensing round expected to open around October 4th. - Real estate and municipal opt-outs (especially on Long Island) are becoming the biggest practical bottleneck to opening legal dispensaries in New York, favoring well-capitalized real estate developers. - Oversupply is a recurring, avoidable regulatory mistake across cannabis markets (Canada's LPs, Massachusetts, and now potentially Maryland/New York), and it can undercut the social equity goals these programs are meant to serve. - If cannabis is rescheduled to Schedule III, the biggest practical industry impact is the elimination of 280E tax restrictions, potentially boosting profitability by up to 30% — a bigger deal than SAFE Banking passing. - The 2023 Farm Bill is viewed as the last real opportunity to federally address hemp-derived psychoactive cannabinoids (Delta-8, THC-O) that currently let sellers bypass state licensing and 280E. - Rescheduling is not expected to trigger a wave of new plant-touching patent lawsuits immediately, since federal medical/FDA pathways incentivize drug patents and trademarks rather than attacking the existing state-licensed market. - Trademarks and trade secrets are often more valuable and durable than patents in cannabis; finding a legally clearable brand name across 50 state markets plus the hemp-derived market is exceptionally difficult. FAQ: - Q: What is New York's CAURD program and why is it at risk? A: CAURD (Conditional Adult-Use Retail Dispensary) is the program New York's Office of Cannabis Management created to quickly open retail stores so the state's early cannabis harvest — grown largely by hemp farmers who transitioned under conditional cultivator licenses — would have somewhere to sell. A lawsuit now argues CAURD violates the plain language of New York's MRTA legalization law, and regulators repeatedly changed program rules after applications closed, creating legal exposure that could shut the program down. - Q: What is 'Farmageddon' in the New York cannabis market? A: It's Jon Purow's term for the situation where upstate hemp farmers, who had bet their farms on becoming New York's first licensed cannabis cultivators, produced roughly $800 million worth of the state's first adult-use harvest with almost no legal retail stores open to sell it, due to delays in launching the dispensary licensing system. - Q: How many CAURD dispensaries does Jon Purow expect will actually open in New York? A: Despite 463 CAURD licenses being issued and earlier targets ranging from 150 to 300, Purow predicts only around 90 stores will ultimately open under the program, with most remaining applicants shifting into New York's separate full adult-use retail licensing round. - Q: What is the biggest practical impact of cannabis rescheduling to Schedule III? A: According to Jon Purow, the biggest impact is eliminating IRS Section 280E restrictions, which currently prevent cannabis businesses from deducting normal business expenses. Removing 280E could boost industry profitability by up to 30%, making it more impactful than SAFE Banking passage. - Q: Will rescheduling cannabis lead to more IP lawsuits against state-licensed cannabis companies? A: Purow doesn't expect it to. He argues rescheduling loosens restrictions rather than tightening them, and companies that pursue the FDA medical pathway are incentivized to seek their own drug patents or federal trademarks (like Marinol) rather than attack the existing state-licensed adult-use market. - Q: Why is the 2023 Farm Bill considered so important for the cannabis industry? A: It's viewed as the last realistic chance for Congress to address hemp-derived psychoactive cannabinoids like Delta-8 and THC-O, which currently let sellers avoid state cannabis licensing costs and 280E taxes by selling nationally in convenience stores, undercutting state-licensed cannabis operators. - Q: Why is oversupply considered a recurring problem in legal cannabis markets? A: States repeatedly license far more cultivation canopy than the market can absorb — as seen in Canada's licensed producers and Massachusetts — leading to price crashes and business failures. Jon Purow argues this hurts social equity goals because it puts smaller, equity-focused operators at a disadvantage against oversupplied, well-capitalized competitors. - Q: Is it difficult to find a legally protectable cannabis brand name? A: Yes — Jon Purow explains that because each state functions as its own trademark microcosm and hemp-derived products can be sold nationwide, finding a brand name that's actually clearable and protectable across many states is extremely hard; he's had clients go through six or more name options before finding one usable. - [Boosting Revenue with Crop Cycle Monitoring: How Sensors Increase Your Yield and Bottom Line](https://www.dimepodcast.com/episodes/boosting-revenue-with-crop-cycle-monitoring-how-sensors-increase-your-yield-and-bottom-line) — Scott Campbell: This episode of The Dime features Scott Campbell, president of METER Group and the team behind AROYA, a crop cycle monitoring platform built on decades of substrate-sensor research originally developed for Dutch greenhouse growers. Campbell explains why fewer than 10 percent of indoor cannabis facilities properly capture and use cultivation data, how substrate and climate sensors translate into measurable yield and quality gains, and why bridging the disconnect between cultivation teams and CFOs is critical to profitability. The conversation also covers post-harvest water activity testing, terpene degradation research, and where technologies like machine vision and AI are realistically headed in cannabis cultivation. Key takeaways: - Only about 10% of indoor cannabis cultivation facilities have a true crop cycle monitoring system where sensor data is actually tied to the cultivar record and usable for analytics. - AROYA's substrate sensors, which measure pore water EC, temperature, and water content, originated from 2010-era work with Dutch rockwool company Grodan and were later adapted specifically for cannabis. - Cannabis is uniquely suited to sensor-driven optimization because it's high-value enough that small yield gains have an immediate, outsized impact on profitability compared to other crops. - The biggest barrier to tech adoption isn't competition, it's non-consumption — many growers succeed without data tools, but those who use them consistently outperform over time through compounding marginal gains. - A common deployment approach is to install all sensors, change nothing for one full flower cycle to establish a baseline, then make one measured change at a time with a crop consultant. - There's a persistent divide between CFOs (who treat cultivation as an uncontrollable black box) and cultivation teams (who see finance as just budget-cutters); closing that gap by modeling yield data into financials is rare but highly valuable. - Post-harvest water activity testing (targeting ~0.6 or below) improves product safety and consistency, and correcting over-drying can recover 1-2% in dry-weight yield — worth hundreds of thousands of dollars annually at scale. - Independent food science research found that roughly half of the terpenes in sealed, packaged cannabis flower degrade within eight weeks due to oxidative degradation, an issue not addressed by current state regulations. FAQ: - Q: What percentage of cannabis cultivation facilities actually use crop cycle monitoring systems? A: Only around 10% of indoor cannabis cultivation facilities have a system that gathers substrate and climate sensor data and writes it back to the cultivar record for analysis; the rest either lack sensors or have data trapped in systems that can't be used for analytics. - Q: What is 'crop steering' in cannabis cultivation? A: Crop steering is the practice of intentionally managing root-zone conditions, especially irrigation and osmotic stress, particularly in early flower, to influence plant growth, yield, and quality outcomes. - Q: How much does it cost to deploy a crop cycle monitoring system in a cannabis facility? A: For a mid-sized 20,000-square-foot facility, sensor hardware typically costs $80,000-$90,000 upfront with roughly $1,500/month for data and analytics; a small grow with a couple of rooms can implement a system for around $4,000 upfront and about $50/month. - Q: What yield improvements can growers expect from crop cycle monitoring? A: The lowest yield increase observed after a year of monitoring and iterative adjustments is around 5%, while some facilities have seen increases of 50-100% by continuously refining irrigation and environmental practices based on sensor data. - Q: What is water activity and why does it matter in cannabis post-harvest processing? A: Water activity measures the energy status of water in a sample; a cannabis bud with water activity at or below 0.6 cannot support mold, yeast, or bacterial growth. Testing for it ensures product safety, consistency, and helps prevent over-drying, which can recover 1-2% in salable yield. - Q: How quickly do terpenes degrade in packaged cannabis flower? A: Research cited in the episode found that roughly half of the terpenes in sealed, packaged cannabis flower degrade within eight weeks due to oxidative degradation, even though this isn't addressed in most state cannabis regulations. - Q: Why hasn't 'big ag' entered the cannabis industry yet? A: Large traditional agriculture companies like the Wonderful Company, Driscoll's, and Windset Farms have stayed out of cannabis primarily because it isn't federally legal; once federal legalization occurs, their entry is expected to significantly reshape production costs and pricing. - Q: Is AI currently being used effectively in cannabis cultivation technology? A: Not yet in a meaningful way; according to the episode, most claims of AI-enabled cultivation systems today are overstated, with the industry still largely at the stage of basic modeling rather than true machine learning applications. - [The Future of the Industry: State Packs & Market Dynamics, Safe Banking, Capitol Hill Updates ft. Rob Sechrist](https://www.dimepodcast.com/episodes/the-future-of-the-industry-state-packs-market-dynamics-safe-banking-capitol-hill-updates-ft-rob-sechrist) — Rob Sechrist: In this episode of The Dime, Rob Sechrist, co-founder and president of Polaris Capital Group, breaks down how his firm became the first dedicated cannabis real estate lender and pioneered structured products like bonds and securitizations for the industry. He explains why sale-leasebacks carry hidden long-term risk, how each state should be viewed as its own distinct market on its own maturation curve, and why removing 280E may actually matter more for operators than SAFE Banking. The conversation also covers Capitol Hill dynamics around SAFE Banking, the realities of cannabis banking access today, lessons from local permitting disputes, and predictions on which states will reach market maturity first. Key takeaways: - Polaris Capital Group became the first dedicated cannabis real estate lender in 2016 and later completed the industry's first bond offering and first securitization with institutional investors. - Sale-leaseback deals can misalign operator incentives, lock them into rising rent escalators, and create systemic write-down risk if interstate commerce ever removes state-level protections. - Each state functions as its own distinct cannabis market; full federal legalization won't create one national market because licensing remains a states' rights issue. - Polaris's data suggests California could theoretically support around 1,600 more dispensaries, but roughly 70% of counties ban cannabis retail, meaning the market isn't actually stabilized despite operators struggling. - SAFE Banking wouldn't solve the industry's biggest cash problem — 684 banks already accept cannabis deposits; the real unresolved issue is the inability to process credit cards on federal payment networks. - Removing 280E could be the single most impactful federal reform, potentially delivering a 20-40% net income uplift to nearly every cannabis operator, but it's also the hardest to pass since it costs the federal government tax revenue. - Small, nimble operators in unlimited-license states can often out-compete large MSOs on cost efficiency, challenging the assumption that scale always wins in cannabis. - Poorly designed social equity licensing programs can set recipients up to fail without proper guarantor structures, legal counsel, and tax planning around the license's value. FAQ: - Q: What does Polaris Capital Group do in the cannabis industry? A: Polaris is a private credit asset manager focused on value-add commercial real estate lending to cannabis operators. It became the first dedicated cannabis lender in 2016 and has since completed the industry's first bond offering and first securitization with institutional investors. - Q: What is a sale-leaseback and why is it risky in cannabis real estate? A: A sale-leaseback involves a company selling its property to an investor and leasing it back, cashing out the operator immediately in exchange for a long-term lease with rising rent escalators. In cannabis, this can misalign incentives and create major write-down risk if regulatory changes, like interstate commerce, later compress rents in previously protected markets. - Q: Why doesn't SAFE Banking solve cannabis's cash problem, according to Rob Sechrist? A: Because 684 banks already accept cannabis deposits today. The real unresolved issue is that cannabis businesses still can't process credit card transactions on federal payment networks, and passing SAFE Banking won't immediately bring many new banks into the space since they'd still need to build out compliance departments. - Q: Which federal cannabis reform does Rob Sechrist consider most impactful for operators? A: Removal of the 280E tax provision, because it would immediately boost net income 20-40% for nearly every cannabis business nationwide, whereas SAFE Banking mainly benefits access to institutional capital. - Q: Why won't legalizing cannabis nationally create one unified U.S. cannabis market? A: Because cannabis licensing and regulation remain governed by states' rights, so even after full legalization, each state will continue operating as its own distinct market with different maturation timelines. - Q: What did Polaris's data find about California's dispensary market? A: Despite many operators struggling, Polaris's data suggests the state could theoretically support roughly 1,600 more dispensaries, because about 70% of California counties currently prohibit cannabis retail, leaving significant unmet demand concentrated in a limited number of areas. - Q: Can small cannabis operators really out-compete large multi-state operators (MSOs)? A: Yes, according to Sechrist — in unlimited-license states, small, nimble operators are forced to become extremely cost-efficient, and large MSOs often can't match that efficiency due to regional differences in labor, power costs, and regulation across their broader footprint. - Q: Which state does Rob Sechrist predict will reach cannabis market maturity first? A: California, due to its legislative supermajority favoring pro-cannabis policy, unlimited licensing structure, and deep cannabis history — though he estimates full stabilization could still take roughly five years. - Q: How did Polaris's cannabis loan securitization work? A: Polaris pooled about $70 million of cannabis real estate loans, sold the senior $45 million tranche to institutional investors at a lower rate to capture a spread, isolated that pool from the rest of the fund with no recourse, and then re-originated the proceeds into new loans. - Q: What risk did Polaris learn about local government permitting in cannabis real estate? A: Small-town building departments can jeopardize deals by not honoring previously issued conditional use permits or occupancy certifications, sometimes trying to swap in a different operator, which exposes both the business and the city to significant legal risk. - [Pairing Convenience & Cannabis Flower: Why Pre-Rolls is here to stay ft. Harrison Bard](https://www.dimepodcast.com/episodes/pairing-convenience-cannabis-flower-why-pre-rolls-is-here-to-stay-ft-harrison-bard) — Harrison Bard: In this episode of The Dime, hosts Bryan Fields and Kellen sit down with Harrison Bard, co-founder of Custom Cones USA, to unpack the rise of pre-rolls as one of cannabis's fastest-growing product categories. Harrison shares his entrepreneurial journey from a failed cannabis-paper startup to building a leading pre-roll cone and equipment supplier, and breaks down industry mechanics like infused pre-rolls, multi-packs, rolling paper myths, shelf-life transparency, and why cones beat straight tubes. The conversation also covers his new consumer brand DaySavers, the compliance and banking/real-estate hurdles facing even non-plant-touching cannabis businesses, and predictions on whether pre-rolls, vapes, or beverages will dominate cannabis consumption in the next decade. Key takeaways: - Custom Cones USA began as a failed cannabis-infused blunt-paper startup before pivoting to pre-roll cones, growing from a Seattle living room in 2017 into a full one-stop-shop supplier. - Pre-rolls grew from a low-margin way to use trim/shake into a premium category as cannabis flower prices dropped, making higher-quality flower economical to put into joints. - 'Rice paper' is a marketing myth — there's no such thing; it's simply highly refined white paper made from wood pulp, and white paper actually preserves cannabis flavor best. - Infused pre-rolls (oil painted with kief, bubble hash mixed in, or hash-injected 'donut' style) are a major growth driver because they're difficult for consumers to replicate at home. - Multi-packs have grown from 27.7% of pre-roll sales in 2018 to over 47% in 2023, driven by convenience and lower per-unit labor and packaging costs for manufacturers. - Cone shapes dominate over straight tubes because their geometry funnels sticky cannabis material for a tighter, more consistent pack, especially in automated machinery. - There's currently no industry standard for pre-roll freshness or shelf-life labeling; the first brand to guarantee fresh, dated pre-rolls could gain a major competitive advantage. - Even non-plant-touching cannabis ancillary businesses face serious banking discrimination and real estate/leasing rejections due to their association with cannabis. FAQ: - Q: What is the difference between a regular pre-roll and an infused pre-roll? A: A regular pre-roll is simply a joint of cannabis flower rolled and ready for sale, while an infused pre-roll has cannabis concentrate added — commonly oil painted on the outside and rolled in kief, concentrate mixed directly into the flower, or oil/hash injected down the center to create a 'donut style' infused pre-roll. - Q: Is 'rice paper' used for rolling actually made from rice? A: No. According to Harrison Bard, there is no such thing as paper made from rice — 'rice paper' is a marketing term for a highly refined white rolling paper made from wood pulp, and even some popular brands quietly admit this in fine print. - Q: Why do cannabis pre-rolls use cone-shaped papers instead of straight cigarette-style tubes? A: Cones pack more efficiently because their tapered geometry naturally funnels sticky, chunky cannabis material to a tight pack at the bottom, whereas straight tubes are prone to loose, floppy tips, especially in automated manufacturing equipment. - Q: Why don't pre-rolls typically use cigarette-style filters? A: Cigarette filters are made of plastic (cellulose acetate) that can release microplastics when heated, and they filter out some THC along with tar and carcinogens — reducing the harsh, high-inducing hit that cannabis consumers actually want. - Q: How are multi-packs changing the pre-roll market? A: Multi-packs grew from about 27.7% of pre-roll sales in 2018 to over 47% in 2023, driven by consumer convenience and lower per-unit packaging and labeling costs for manufacturers, who pass some savings on to consumers. - Q: Is there a recommended shelf life for cannabis pre-rolls? A: No formal industry standard exists; many states, including Washington, have even removed harvest/package date labeling requirements. Over time, THC degrades and converts to CBG or CBN, altering potency and effects, but there's currently no widely used 'best by' system like in the grocery industry. - Q: What is DaySavers? A: DaySavers is Custom Cones USA's consumer-facing brand of rolling papers, cones, and smoking accessories, built to bring the same rigorous compliance testing (for heavy metals, pesticides, and microbials) and transparent education used in their B2B pre-roll supply business directly to everyday consumers. - Q: Do pre-roll consumption habits differ significantly by generation? A: Not much — data from a Custom Cones USA and Headset white paper showed pre-rolls have the most consistent wallet share across baby boomers, Gen X, millennials, and Gen Z, unlike flower (declining with younger generations) and vape pens (increasing with younger generations). - Q: What challenges do non-plant-touching cannabis businesses face? A: Even ancillary companies that never touch the plant, like Custom Cones USA, face banking discrimination (including sudden account closures) and real estate rejections, as landlords and banks often refuse to work with any business associated with cannabis. - Q: Will pre-rolls become the top cannabis product category? A: Harrison Bard predicts pre-rolls will eventually overtake flower as the top category, pointing to Canada where pre-roll market share grew from 20% to 31.5% between 2022 and 2023 while flower fell from 45% to 35%, with U.S. trends expected to follow more slowly. - [The Art of Connection: Inside The Canna Pac with RW Navis](https://www.dimepodcast.com/episodes/the-art-of-connection-inside-the-canna-pac-with-rw-navis) — Guest: This episode of The Dime features executive recruiter RW Navis, founder of The Canna Pac, discussing the critical difference between true executive headhunting and staffing in the cannabis industry, and why hiring mistakes can sink cannabis companies operating on tight capital runways. Navis also explains how his invite-only networking events for cannabis operators and sponsors evolved from pandemic-era Zoom calls into a national series that has directly facilitated M&A deals like Greenfield Cannabis's sale to STIIZY/Shryne Group. The conversation closes with his outlook on capital raising, leadership qualities needed as the industry matures, and optimism around rescheduling, safe banking, and 280E reform reviving depressed markets like California. Key takeaways: - There's a critical difference between staffing (posting jobs and waiting) and executive recruiting/headhunting (proactively poaching top talent from competitors), and many cannabis companies still don't understand or pay for the distinction. - Candidates from big corporate America often struggle to adapt to cannabis's fast-changing, startup-like environment, while those with prior startup experience tend to fit in better. - Cannabis compensation still lags more mature industries, with lower base salaries offset by bonus and equity structures, largely due to lack of capital access and 280E tax burdens. - The Canna Pac started as interactive COVID-era Zoom Q&As and grew into invite-only, sponsor-funded in-person executive happy hours capped around 100-125 attendees, focused strictly on operators rather than vendors. - Real business gets done at these events — deals like Greenfield Cannabis's sale to STIIZY/Shryne Group and Leaf Holdings' acquisition of Iconic Brands originated from introductions made there. - Contrary to common assumptions, many cannabis company owners are successful business people from unrelated industries, and politically many are Republican rather than uniformly progressive. - Future cannabis leaders will need strong finance and capital-raising skills, plus patience to give underperforming hires real runway rather than reacting with quick terminations. - Rescheduling, safe banking, and the potential elimination of 280E are seen as catalysts that could quickly revive depressed markets like California and roughly double company valuations. FAQ: - Q: What's the difference between a staffing company and an executive recruiter (headhunter) in cannabis? A: A staffing company posts a job online and waits for candidates to apply, while a true headhunter proactively identifies and recruits top performers away from competitor companies, often the only way to land the best talent since strong performers usually aren't browsing job boards. - Q: Why do executives from big corporate America often struggle in cannabis? A: According to RW Navis, cannabis operates like a giant, rapidly changing startup, so candidates coming straight from rigid big-corporate environments without any startup experience tend to have a hard time adapting, whereas those with even one prior startup stop adjust more easily. - Q: What is The Canna Pac? A: The Canna Pac is an invite-only networking event series founded by RW Navis, originally started as interactive Zoom Q&A calls during COVID and later expanded into in-person, sponsor-funded executive happy hours across major U.S. markets, focused on connecting cannabis operators and C-suite decision-makers. - Q: How are The Canna Pac events funded and kept vendor-free? A: Events are funded by a small number of paying sponsors (capped around four per event, costing roughly $2,500 to $6,000), which keeps the guest list focused on actual operators rather than being overrun by service vendors. - Q: What deals have resulted from The Canna Pac networking events? A: Notable examples include Greenfield Cannabis's sale to STIIZY and Shryne Group, and Leaf Holdings' acquisition of Iconic Brands, both of which originated from introductions made at Navis's events. - Q: Why are cannabis salaries generally lower than in other industries? A: Cannabis companies often can't offer competitive base salaries due to limited capital access, banking restrictions, and 280E tax burdens, so compensation is frequently structured with bonuses and equity to make up the difference. - Q: How could federal policy changes like rescheduling or ending 280E affect cannabis company valuations? A: RW Navis notes that ending 280E would let cannabis companies deduct normal business expenses like other industries, and combined with increased capital access from safe banking or rescheduling, some believe it could roughly double the value of cannabis companies. - Q: What qualities will cannabis leaders need most in the next decade? A: Strong financial acumen and capital-raising ability, sound stewardship of capital, and more patience with underperforming hires by giving them clear deliverables and runway instead of reacting immediately with terminations. - [All-in-One Dispensary Solution ft. Anne Forkutza](https://www.dimepodcast.com/episodes/all-in-one-dispensary-solution-ft-anne-forkutza) — Anne Forkutza: This episode of The Dime features Anne Forkutza, Head of Strategic Partnerships and Industry Relations at Dutchie, discussing how the all-in-one cannabis dispensary platform helps operators navigate state-specific compliance, traceability, and licensing hurdles. She details Dutchie's innovative "dispensary showroom" tour built for first-time social equity licensees who've never stepped inside a legal dispensary, the company's handling of a 4/20 e-commerce outage, its stance against selling client data, and its lobbying efforts around 280E and SAFE Banking. The conversation offers practical insight for aspiring dispensary owners on hiring, infrastructure, and what it really takes to succeed in cannabis retail. Key takeaways: - Cannabis dispensaries require specialized point-of-sale software because of state-specific purchase limits, THC equivalencies, taxes, and mandatory traceability integrations that standard retail POS systems don't support. - Compliance rules like Metrc and BioTrack vary significantly not just state to state, but in how each state implements the same system, requiring dedicated compliance and government relations teams. - Dutchie created a touring 'dispensary showroom' after learning that many social equity license applicants, such as those from the Bronx Cannabis Hub, had never actually been inside a licensed dispensary before applying. - The showroom highlights both front-of-house (ID scanning with consent-based privacy protections) and back-of-house compliance requirements (vaults, quarantine areas for returns, specific security camera placement). - During a 4/20 e-commerce outage, Dutchie took ownership, credited clients for estimated lost profits, and published a root cause analysis report rather than deflecting blame. - Dutchie does not sell client data, arguing it would conflict with its dispensary-first mission and put it in competition with clients who monetize their own data. - 280E disproportionately burdens dispensaries compared to operators higher in the supply chain, since retailers have fewer options to offset the tax through creative accounting. - New dispensary operators should prioritize hiring and succession planning for high bud tender turnover, invest in strong internet infrastructure, and honestly assess how badly they want to endure a genuinely difficult business. FAQ: - Q: Why can't cannabis dispensaries just use a standard restaurant or retail point-of-sale system? A: Cannabis retail involves compliance requirements that generic POS systems don't handle, such as per-consumer purchase limits, THC-to-dried-cannabis equivalencies, cannabis-specific taxes, and mandatory integration with state seed-to-sale traceability systems like Metrc or BioTrack. - Q: What is Dutchie's dispensary showroom? A: It's a touring, built-to-scale mock dispensary created by Dutchie and partners so first-time social equity license holders — many of whom had never been inside a legal dispensary — can see both the customer-facing retail floor and the compliance-driven back-of-house operations (vault, quarantine area, security camera setup) before opening their own store. - Q: Does Dutchie sell dispensary or customer data? A: No. Dutchie says it does not sell client data, explaining that doing so would conflict with its dispensary-first mission and potentially put it in competition with clients who use their own data as a revenue stream. - Q: What happened during Dutchie's 4/20 outage? A: Dutchie's e-commerce/online ordering menus went down for part of the day due to a third-party issue, though in-store point-of-sale transactions hit record highs. Dutchie took ownership, credited affected clients for estimated lost profits, and published a root cause analysis report. - Q: Why does 280E hit cannabis dispensaries harder than other cannabis businesses? A: Because dispensaries are pure retailers with fewer alternative revenue streams or accounting structures to offset the tax, while operators further up the supply chain reportedly have more flexibility to structure their business to lessen 280E's impact. - Q: What should first-time dispensary owners focus on before opening? A: Beyond software and compliance, operators should prioritize hiring and staff retention (bud tender turnover is high), build a succession plan, invest in reliable business infrastructure like strong internet, and honestly evaluate their commitment level since cannabis retail is a genuinely difficult business with thin margins. - Q: What is SAFE Banking and why does it matter for cannabis retailers? A: SAFE Banking would guarantee cannabis businesses access to banking services, reducing reliance on cash-only operations, which pose significant security risks, and enabling more standard business functions like alternate payment options. - Q: How does Dutchie help new dispensary operators get set up in a state like New York? A: Dutchie sequences onboarding around key milestones — confirming real estate approval from agencies like OCM and DASNY, ensuring staff (especially the person who will run day-to-day operations) are hired before software training, and pairing clients with implementation specialists who often have prior dispensary experience. - [Cannabis Ecommerce will be ~$9 Billion Dollars in 2023 ft. Jeremy Johnson](https://www.dimepodcast.com/episodes/cannabis-ecommerce-will-be-9-billion-dollars-in-2023-ft-jeremy-johnson) — Jeremy Johnson: This episode of Dime features Jeremy Johnson, business development lead at Dispense, breaking down the surprisingly massive scale of cannabis e-commerce — estimated at up to nine billion dollars a year, or roughly 30% of total U.S. retail cannabis sales. Jeremy explains why iframe-based menus hurt dispensaries' Google search visibility, how 'dispensary near me' versus 'product related' searches evolve as markets mature, and why retailers rather than brands should own the customer relationship online. The conversation is essential listening for dispensary operators, brands, and marketers trying to understand SEO, digital menus, and where to invest limited marketing dollars for the best return. Key takeaways: - Cannabis e-commerce is estimated at a minimum of $9 billion a year in the U.S., roughly 30% of total retail cannabis sales, with top MSOs like GTI and Cresco each doing around $400 million a year online. - States that were legalizing recreational sales right as COVID hit (Michigan, Illinois, Massachusetts) built strong e-commerce infrastructure out of necessity, while many West Coast markets (California, Oregon, Washington) still rely heavily on Weedmaps or Leafly with little to no native website presence. - Most dispensary menus run on outdated iframe technology, which Google struggles to crawl and index — meaning local dispensaries often lose search visibility to marketplaces like Weedmaps, Leafly, and Dutchie even when their own menus are online. - Consumer search behavior shifts as markets mature: early on, searches are dominated by 'dispensary near me,' but as markets mature, high-intent 'product related' searches (brand, strain, category) — like 'Jeeter pre-rolls near me' — grow to outnumber dispensary searches, with very little competition for that traffic. - There's an ongoing tension between brands and retailers over who should 'own' high-intent product searches; Jeremy argues retailers are better positioned to own the customer relationship, similar to a grocery store versus a beer brand. - Digital shelf advertising on dispensary menus mirrors the paid-search dynamic and can undercut brand-retailer trust, which is why Dispense intentionally does not offer that feature. - Organic search traffic to Weedmaps and Leafly has declined 60-70% since peaking in June 2021, which Jeremy sees as a positive sign that traffic is shifting toward retailers' own websites. - Retailers should prioritize efficiency (cutting excessive SKU counts, often ~1,500 per store) and invest in owned digital assets like SEO rather than 'renting' visibility from marketplaces. FAQ: - Q: How big is the cannabis e-commerce market in the U.S.? A: According to Jeremy Johnson, cannabis e-commerce is estimated at a minimum of $9 billion a year, accounting for roughly 30% of total U.S. retail cannabis sales, with top multi-state operators like GTI and Cresco each generating around $400 million a year in online sales alone. - Q: Why do dispensary websites often not show up in Google search results? A: Most dispensary menus are built using iframes, a 25-plus-year-old technology that reloads JavaScript on the same page repeatedly. Google struggles to crawl and index iframe content, so it typically surfaces marketplace listings (Weedmaps, Leafly, Dutchie) instead of the dispensary's own site, even when that dispensary has an online menu. - Q: What is the difference between 'dispensary near me' searches and 'product related' searches in cannabis? A: 'Dispensary near me' searches (about 12 million per month) are location-based queries for the nearest store, common in newer or immature markets. 'Product related' searches combine a brand, strain, and/or category (e.g., 'Jeeter pre-rolls near me') and, according to Jeremy Johnson, outnumber dispensary searches while facing far less SEO competition, making them a major untapped opportunity. - Q: Why did some U.S. cannabis markets develop stronger e-commerce than others? A: States like Michigan, Illinois, and Massachusetts legalized recreational sales right around when COVID-19 hit, forcing dispensaries to rapidly build online ordering to survive. Older markets like California, Oregon, and Washington had already established gray-market retail habits and largely didn't invest in native e-commerce, leaning instead on marketplaces like Weedmaps and Leafly. - Q: Should cannabis brands or retailers own high-intent product search traffic? A: There are two schools of thought: brands want to own searches for their own product names to control the customer relationship and data, while retailers argue that owning that traffic creates a simpler, more frictionless buying experience. Jeremy Johnson personally favors retailers owning that relationship, comparing it to how consumers relate to their grocery store rather than a beer brand. - Q: What has happened to organic traffic on Weedmaps and Leafly since 2021? A: Organic search traffic to both platforms peaked in June 2021 and has since declined significantly — Leafly down about 60% and Weedmaps down about 70% — which Jeremy Johnson interprets as a sign that consumers are shifting toward searching for and ordering directly from individual dispensary websites. - Q: How much does it cost a cannabis retailer to build a proper e-commerce website? A: Jeremy Johnson notes that basic budget solutions exist in the $1,000-$2,000 range, and agency-built packages typically start around $8,000, but realistically it's difficult to get a solid, professional cannabis e-commerce website up and running for under $10,000. - Q: What is digital shelf advertising and why is it controversial in cannabis menus? A: Digital shelf advertising lets competing brands pay to be promoted on a dispensary's online menu, similar to Google Ads. It's controversial because it can redirect a customer searching for one brand toward a competitor via price discounts, creating friction between brands and retailers; Dispense has chosen not to offer this feature for that reason. - [Switching Spirits for Strains: Cannabis a Substitute for Alcohol ft Dr. Amanda Reiman](https://www.dimepodcast.com/episodes/switching-spirits-for-strains-cannabis-a-substitute-for-alcohol-ft-dr-amanda-reiman) — Dr. Amanda Reiman - [Germany's Cannabis Landscape and the Impending Farm Bill Renewal: What you need to Know ft. Bob Hoban](https://www.dimepodcast.com/episodes/germanys-cannabis-landscape-and-the-impending-farm-bill-renewal-what-you-need-to-know-ft-bob-hoban) — Bob Hoban - [Matt Zorn: The Attorney Who Sued The DEA and Won](https://www.dimepodcast.com/episodes/matt-zorn-the-attorney-who-sued-the-dea-and-won) — Matt Zorn - [Inside Kiva's House of Brands: Building a National Edible Empire ft Kristi Palmer](https://www.dimepodcast.com/episodes/inside-kivas-house-of-brands-building-a-national-edible-empire-ft-kristi-palmer) — Kristi Palmer - [Educating Yourself: The Key to Getting Started & Unlocking the World of Psychedelics and Cannabis ft. Emma Beckerle](https://www.dimepodcast.com/episodes/educating-yourself-the-key-to-getting-started-unlocking-the-world-of-psychedelics-and-cannabis-ft-emma-beckerle) — Emma Beckerle - [Realigning AYR Strategy: Building Brand Equity with a Luxury Retail Mindset ft. David Goubert](https://www.dimepodcast.com/episodes/realigning-ayr-strategy-building-brand-equity-with-a-luxury-retail-mindset-ft-david-goubert) — David Goubert - [The Strategic Mindset of AVD's IP Triumph Battle & How an Innovative Manufacturing Powerhouse stays 3 Steps Ahead ft Alex Kwon](https://www.dimepodcast.com/episodes/the-strategic-mindset-of-avds-ip-triumph-battle-how-an-innovative-manufacturing-powerhouse-stays-3-steps-ahead-ft-alex-kwon) — Alex Kwon - [How Grön sold millions of edibles and disrupted the market ft. Christine Smith](https://www.dimepodcast.com/episodes/how-grn-sold-millions-of-edibles-and-disrupted-the-market-ft-christine-smith) — Christine Smith - [From One of the Nation's First Licensed Medical Operators to Kingpin Statute for a Nonviolent Offense: Luke Scarmazzo's Shocking Story vs. the Federal Government](https://www.dimepodcast.com/episodes/from-one-of-the-nations-first-licensed-medical-operators-to-kingpin-statute-for-a-nonviolent-offense-luke-scarmazzos-shocking-story-vs-the-federal-government) — Luke Scarmazzo - [Alien Labs, an Orginal California Cannabis Brand, Scaling Top-Shelf Exotic Products to a Different Level ft. Ted Lidie](https://www.dimepodcast.com/episodes/alien-labs-an-orginal-california-cannabis-brand-scaling-top-shelf-exotic-products-to-a-different-level-ft-ted-lidie) — Ted Lidie - [Inside the Lab: Synthetic Cannabinoids and the Genomic Landscape of Cannabis with Dr. Daniela Vergara](https://www.dimepodcast.com/episodes/inside-the-lab-synthetic-cannabinoids-and-the-genomic-landscape-of-cannabis-with-dr-daniela-vergara) — Dr. Daniela Vergara - [How to Start Cooking with Cannabis at Home: Dosing for Deliciousness ft. Christina Wong](https://www.dimepodcast.com/episodes/how-to-start-cooking-with-cannabis-at-home-dosing-for-deliciousness-ft-christina-wong) — Christina Wong - [World Renowned Harvard Doctor Untangles Myths, Misconceptions, and Medical Uses of Cannabis ft. Dr. Grinspoon](https://www.dimepodcast.com/episodes/world-renowned-harvard-doctor-untangles-myths-misconceptions-and-medical-uses-of-cannabis-ft-dr-grinspoon) — Dr. Peter Grinspoon - [Maryland's Cannabis Market: What to Look Out for, Strategic Location, & Potential Federal Legalization Influence ft. Brandon Barksdale](https://www.dimepodcast.com/episodes/marylands-cannabis-market-what-to-look-out-for-strategic-location-potential-federal-legalization-influence-ft-brandon-barksdale) — Brandon Barksdale - [Marketing in Cannabis: Maximizing Your Toolbox, Building Brand Loyalty, and Understanding Your Customer ft. Lisa Buffo](https://www.dimepodcast.com/episodes/marketing-in-cannabis-maximizing-your-toolbox-building-brand-loyalty-and-understanding-your-customer-ft-lisa-buffo) — Lisa Buffo - [The Blending of Big Tobacco and Cannabis: The Future of Distribution ft. Scott Grossman](https://www.dimepodcast.com/episodes/the-blending-of-big-tobacco-and-cannabis-the-future-of-distribution-ft-scott-grossman) — Scott Grossman - [Cannabis Creatives: How Innovators are Redefining the Industry with Artistic Innovation ft. Andreas "Dre" Neumann](https://www.dimepodcast.com/episodes/cannabis-creatives-how-innovators-are-redefining-the-industry-with-artistic-innovation-ft-andreas-dre-neumann) — Andreas "Dre" Neumann - [Raj Grover: The Visionary Behind the Costco of Cannabis and Its Thriving Ecosystem](https://www.dimepodcast.com/episodes/raj-grover-the-visionary-behind-the-costco-of-cannabis-and-its-thriving-ecosystem) — Raj Grover - [Tackling Chronic Pain with Plant Medicine: How this NFL Duo's Partnership with Harvard to Advance Cannabis Research & Athlete Performance ft. Rob Sims](https://www.dimepodcast.com/episodes/tackling-chronic-pain-with-plant-medicine-how-this-nfl-duos-partnership-with-harvard-to-advance-cannabis-research-athlete-performance-ft-rob-sims) — Rob Sims - [Cannabis Dispensary Secrets: Beyond the Promo Wars & Enhancing the Dispensary Sales Funnel ft. Ian Rumpp](https://www.dimepodcast.com/episodes/cannabis-dispensary-secrets-beyond-the-promo-wars-enhancing-the-dispensary-sales-funnel-ft-ian-rumpp) — Ian Rumpp - [Las Vegas Newest Attraction: A Cannabis Consumption lounge a stone's throw away from the strip](https://www.dimepodcast.com/episodes/las-vegas-newest-attraction-a-cannabis-consumption-lounge-a-stones-throw-away-from-the-strip) — Chris LaPorte - [Michael Johnson: Metrc, The Cornerstone of Cannabis Regulations](https://www.dimepodcast.com/episodes/michael-johnson-metrc-the-cornerstone-of-cannabis-regulations) — Michael Johnson - [Luke Anderson: RIP Hangovers, The Cannabis Beverage taking on Alcohol](https://www.dimepodcast.com/episodes/luke-anderson-rip-hangovers-the-cannabis-beverage-taking-on-alcohol) — Luke Anderson - [Aaron Miles: How a Leading MSO Invests for the Cannabis Unknown](https://www.dimepodcast.com/episodes/aaron-miles-how-a-leading-mso-invests-for-the-cannabis-unknown) — Aaron Miles - [Alvaro Torres: Health Insurance that pays for your Medical Cannabis & International Opportunities](https://www.dimepodcast.com/episodes/alvaro-torres-health-insurance-that-pays-for-your-medical-cannabis-international-opportunities) — Alvaro Torres - [John Yang: The Dispensaries Edge: Actionable Advantages at the Point of Sale](https://www.dimepodcast.com/episodes/john-yang-the-dispensaries-edge-actionable-advantages-at-the-point-of-sale) — John Yang - [New York’s Adult Use Cannabis Market Update ft. Jesse Campoamor](https://www.dimepodcast.com/episodes/new-yorks-adult-use-cannabis-market-update-ft-jesse-campoamor) — Jesse Campoamor - [The Cannabis Conference where Deals get Done ft. Elliot Lane](https://www.dimepodcast.com/episodes/the-cannabis-conference-where-deals-get-done-ft-elliot-lane) — Elliot Lane - [Chad Bronstein: The Mastermind behind Tyson 2.0 & Fyllo](https://www.dimepodcast.com/episodes/chad-bronstein-the-mastermind-behind-tyson-20-fyllo) — Chad Bronstein - [How Trulieve became the Most Dominant Cannabis Company in the World ft. Kim Rivers (Part 2)](https://www.dimepodcast.com/episodes/how-trulieve-became-the-most-dominant-cannabis-company-in-the-world-ft-kim-rivers-part-2) — Kim Rivers - [How Trulieve became the Most Dominant Cannabis Company in the World ft. Kim Rivers (Part 1)](https://www.dimepodcast.com/episodes/how-trulieve-became-the-most-dominant-cannabis-company-in-the-world-ft-kim-rivers-part-1) — Kim Rivers - [Safe Banking is Dead. What's next for Investing in Cannabis ft. Jason Spatafora](https://www.dimepodcast.com/episodes/safe-banking-is-dead-whats-next-for-investing-in-cannabis-ft-jason-spatafora) — Jason Spatafora - [Breeder Steve: The Pope, Breeding Secrets & Living Library of Cannabis Genetics.](https://www.dimepodcast.com/episodes/breeder-steve-the-pope-breeding-secrets-living-library-of-cannabis-genetics) — Breeder Steve - [One Plant = 30,000+ Opportunities, Breaking Down Industrial Hemp ft. Coleman Beale](https://www.dimepodcast.com/episodes/one-plant-30000-opportunities-breaking-down-industrial-hemp-ft-coleman-beale) — Coleman Beale - [The Kush Queen, Disrupting the Beauty Industry ft. Olivia Alexander](https://www.dimepodcast.com/episodes/the-kush-queen-disrupting-the-beauty-industry-ft-olivia-alexander) — Olivia Alexander - [Bringing Art, Style & Personalization to Cannabis ft. Kristina Adduci](https://www.dimepodcast.com/episodes/bringing-art-style-personalization-to-cannabis-ft-kristina-adduci) — Kristina Adduci - [ButACake, Feeding and Educating consumers ft. Matha Figaro](https://www.dimepodcast.com/episodes/butacake-feeding-and-educating-consumers-ft-matha-figaro) — Matha Figaro - [Ganjier Program, Educating the Cannabis Industry ft. Max Simon](https://www.dimepodcast.com/episodes/ganjier-program-educating-the-cannabis-industry-ft-max-simon) — Max Simon - [From Bartender to Cantrip - Unlocking Cannabis Beverages ft. Adam Terry](https://www.dimepodcast.com/episodes/from-bartender-to-cantrip-unlocking-cannabis-beverages-ft-adam-terry) — Adam Terry - [New York's Only Family-run, Women-Owned Cannabis Company](https://www.dimepodcast.com/episodes/new-yorks-only-family-run-women-owned-cannabis-company) — Guest - [Trailblazing Cannabis ft. Jane West](https://www.dimepodcast.com/episodes/trailblazing-cannabis-ft-jane-west) — Jane West - [The Largest Cannabis Greenhouse in the US-Ft. Graham Farrar](https://www.dimepodcast.com/episodes/the-largest-cannabis-greenhouse-in-the-us-ft-graham-farrar) — Graham Farrar - [Florida’s Premium Power Player ft. Brady Cobb](https://www.dimepodcast.com/episodes/floridas-premium-power-player-ft-brady-cobb) — Brady Cobb - [Building an Equitable and Inclusive Cannabis market for NY ft. Damian Fagon](https://www.dimepodcast.com/episodes/building-an-equitable-and-inclusive-cannabis-market-for-ny-ft-damian-fagon) — Damian Fagon - [Building a Brand in Cannabis Ft. Kieve Huffman](https://www.dimepodcast.com/episodes/building-a-brand-in-cannabis-ft-kieve-huffman) — Kieve Huffman - [A Cannabis PSA ft. Shaleen Title](https://www.dimepodcast.com/episodes/a-cannabis-psa-ft-shaleen-title) — Shaleen Title - [Hiring Secrets in Cannabis. Ft Karson Humiston](https://www.dimepodcast.com/episodes/hiring-secrets-in-cannabis-ft-karson-humiston) — Karson Humiston - [Guaranteeing Payments in Cannabis ft. Daniel Muller](https://www.dimepodcast.com/episodes/guaranteeing-payments-in-cannabis-ft-daniel-muller) — Daniel Muller - [The First Cannabis Consumption Hotel ft. Chris Chiari](https://www.dimepodcast.com/episodes/the-first-cannabis-consumption-hotel-ft-chris-chiari) — Chris Chiari - [David vs Goliath - Challenging the Status Quo ft. Chris Becker](https://www.dimepodcast.com/episodes/david-vs-goliath-challenging-the-status-quo-ft-chris-becker) — Chris Becker - [The Last Cannabis Mile ft. Cory Azzalino of Eaze](https://www.dimepodcast.com/episodes/the-last-cannabis-mile-ft-cory-azzalino-of-eaze) — Cory Azzalino - [Crossroads of Cannabis Culture & Hip Hop ft. M1 & John Monopoly](https://www.dimepodcast.com/episodes/crossroads-of-cannabis-culture-hip-hop-ft-m1-john-monopoly) — M1 & John Monopoly - [Cannabis a Political Pawn ft. Matt Hawkins](https://www.dimepodcast.com/episodes/cannabis-a-political-pawn-ft-matt-hawkins) — Matt Hawkins - [Exploring the Future of Cannabis Cultivation ft. Nate Lipton](https://www.dimepodcast.com/episodes/exploring-the-future-of-cannabis-cultivation-ft-nate-lipton) — Nate Lipton - [The Great Disrupter ft. Leslie Bocskor](https://www.dimepodcast.com/episodes/the-great-disrupter-ft-leslie-bocskor) — Leslie Bocskor - [Digital Personalized Cannabis Experience ft. Socrates Rosenfeld](https://www.dimepodcast.com/episodes/digital-personalized-cannabis-experience-ft-socrates-rosenfeld) — Socrates Rosenfeld - [The Art of Glass Blowing ft. Chris Piazza](https://www.dimepodcast.com/episodes/the-art-of-glass-blowing-ft-chris-piazza) — Chris Piazza - [The OG Cannabis Edible ft. Eric Leslie of Cheeba Chews](https://www.dimepodcast.com/episodes/the-og-cannabis-edible-ft-eric-leslie-of-cheeba-chews) — Eric Leslie - [Cannabis Therapeutics for Those in Need ft. Adam Young](https://www.dimepodcast.com/episodes/cannabis-therapeutics-for-those-in-need-ft-adam-young) — Adam Young - [The Amazon of Cannabis ft. Vince Ning](https://www.dimepodcast.com/episodes/the-amazon-of-cannabis-ft-vince-ning) — Vince Ning - [Is your Cannabis Facility ready for Federal Legalization? Ft. Kim Stuck](https://www.dimepodcast.com/episodes/is-your-cannabis-facility-ready-for-federal-legalization-ft-kim-stuck) — Kim Stuck - [Cannabis TED talks ft. Ashley Reynolds](https://www.dimepodcast.com/episodes/cannabis-ted-talks-ft-ashley-reynolds) — Ashley Reynolds - [The Chairman of Cannabis ft. Jason Wild](https://www.dimepodcast.com/episodes/the-chairman-of-cannabis-ft-jason-wild) — Jason Wild - [Bringing Israeli Cannabis Science to the US Wellness Market](https://www.dimepodcast.com/episodes/bringing-israeli-cannabis-science-to-the-us-wellness-market) — Guest - [East Coast Infused Cannabis Beverage Leader, from Origin to Exit ft. Matt Melander Levia](https://www.dimepodcast.com/episodes/east-coast-infused-cannabis-beverage-leader-from-origin-to-exit-ft-matt-melander-levia) — Matt Melander - [Harnessing the Green Wave® ft. Emily Paxhia](https://www.dimepodcast.com/episodes/harnessing-the-green-wave-ft-emily-paxhia) — Emily Paxhia - [Collaborating with your Cannabis testing labs Ft. Josh Smith](https://www.dimepodcast.com/episodes/collaborating-with-your-cannabis-testing-labs-ft-josh-smith) — Josh Smith - [Influencing Culture w/ Industry Leading brands ft. Troy Datcher](https://www.dimepodcast.com/episodes/influencing-culture-w-industry-leading-brands-ft-troy-datcher) — Troy Datcher - [The West Coast MSO – ft. Oren Schauble](https://www.dimepodcast.com/episodes/the-west-coast-mso-ft-oren-schauble) — Oren Schauble - [The Cannabis App ft. Otha Smith](https://www.dimepodcast.com/episodes/the-cannabis-app-ft-otha-smith) — Otha Smith - [Global Cannabis Politics ft. Nathan Mison](https://www.dimepodcast.com/episodes/global-cannabis-politics-ft-nathan-mison) — Nathan Mison - [Franchises in the Cannabinoid Industry ft. Franny Tacy](https://www.dimepodcast.com/episodes/franchises-in-the-cannabinoid-industry-ft-franny-tacy) — Franny Tacy - [Cannabis Superbowl Tactics ft. Lisa Weser](https://www.dimepodcast.com/episodes/cannabis-superbowl-tactics-ft-lisa-weser) — Lisa Weser - [THC-O vs Delta-8 / Psychedelics as a Medicine ft. Lauren Wilson](https://www.dimepodcast.com/episodes/thc-o-vs-delta-8-psychedelics-as-a-medicine-ft-lauren-wilson) — Lauren Wilson - [New York State of Mind, Cannabis Edition ft. Kaelan Castetter](https://www.dimepodcast.com/episodes/new-york-state-of-mind-cannabis-edition-ft-kaelan-castetter) — Kaelan Castetter - [Viral Cannabis Brownie ft. Howard Schacter-of Marimed](https://www.dimepodcast.com/episodes/viral-cannabis-brownie-ft-howard-schacter-of-marimed) — Howard Schacter - [Prepping to be Acquired ft. Wes Campbell](https://www.dimepodcast.com/episodes/prepping-to-be-acquired-ft-wes-campbell) — Wes Campbell - [Mushrooms + Cannabinoids ft. Eric Levitt](https://www.dimepodcast.com/episodes/mushrooms-cannabinoids-ft-eric-levitt) — Eric Levitt - [Cannabis Compliance, a moving target ft. Dede Perkins CEO of ProCanna](https://www.dimepodcast.com/episodes/cannabis-compliance-a-moving-target-ft-dede-perkins-ceo-of-procanna) — Dede Perkins - [Cannabis for Pets : ft. Dr. Tim Shu of VetCBD](https://www.dimepodcast.com/episodes/cannabis-for-pets-ft-dr-tim-shu-of-vetcbd) — Dr. Tim Shu - [Diversification of a Cannabis MSO ft. Gary Santo CEO of Tilt Holding](https://www.dimepodcast.com/episodes/diversification-of-a-cannabis-mso-ft-gary-santo-ceo-of-tilt-holding) — Gary Santo - [Cannabinoid Research, Education and Advocacy ft. Clinical Psychologist Nicolas Schlienz](https://www.dimepodcast.com/episodes/cannabinoid-research-education-and-advocacy-ft-clinical-psychologist-nicolas-schlienz) — Nicolas Schlienz - [The Next Cannabis Unicorn ft. Jeff Ragovin of Fyllo](https://www.dimepodcast.com/episodes/the-next-cannabis-unicorn-ft-jeff-ragovin-of-fyllo) — Jeff Ragovin - [From Seed to Sale: ft Robert Beasley, CEO of Cansortium](https://www.dimepodcast.com/episodes/from-seed-to-sale-ft-robert-beasley-ceo-of-cansortium) — Robert Beasley - [High Tech Cannabis Extraction: ft Rob Wirtz of MACH Technologies](https://www.dimepodcast.com/episodes/high-tech-cannabis-extraction-ft-rob-wirtz-of-mach-technologies) — Rob Wirtz - [Infusing Cannabis Products: ft Ben Larson, CEO of Vertosa](https://www.dimepodcast.com/episodes/infusing-cannabis-products-ft-ben-larson-ceo-of-vertosa) — Ben Larson - [Opening the door for Minorities in Cannabis: ft Tahir Johnson, US Cannabis Council](https://www.dimepodcast.com/episodes/opening-the-door-for-minorities-in-cannabis-ft-tahir-johnson-us-cannabis-council) — Tahir Johnson - [Connecting Professional Cannabis Leaders: featuring Mike Mejer of GreenLane Communications](https://www.dimepodcast.com/episodes/connecting-professional-cannabis-leaders-featuring-mike-mejer-of-greenlane-communications) — Mike Mejer - [Cannabis Nursing Solutions with Ashley Grimes MS, RN-BC LSSBB](https://www.dimepodcast.com/episodes/cannabis-nursing-solutions-with-ashley-grimes-ms-rn-bc-lssbb) — Ashley Grimes - [Cannabinoids for Cancer: ft. MSc BioChemist Ben Euhus](https://www.dimepodcast.com/episodes/cannabinoids-for-cancer-ft-msc-biochemist-ben-euhus) — Ben Euhus - [Arizona Cannabis Legalization: FT. Sam Richard of ADA](https://www.dimepodcast.com/episodes/arizona-cannabis-legalization-ft-sam-richard-of-ada) — Sam Richard - [Leading the way into Cannabis: Ft. the Cannabis PR Queen Rosie Mattio](https://www.dimepodcast.com/episodes/leading-the-way-into-cannabis-ft-the-cannabis-pr-queen-rosie-mattio) — Rosie Mattio - [Texas Cannabis: Shayda Torabi CEO of Restart CBD](https://www.dimepodcast.com/episodes/texas-cannabis-shayda-torabi-ceo-of-restart-cbd) — Shayda Torabi - [Disrupting Cannabis for Social Equity: Martine Pierre of Cannalution leads the way to revolution](https://www.dimepodcast.com/episodes/disrupting-cannabis-for-social-equity-martine-pierre-of-cannalution-leads-the-way-to-revolution) — Martine Pierre - [Creating the Cannabis Conference: MJBizCon delivers the highest experience in professional Cannabis](https://www.dimepodcast.com/episodes/creating-the-cannabis-conference-mjbizcon-delivers-the-highest-experience-in-professional-cannabis) — Guest - [Cannabis Consulting: How ArcView Consulting helps Cannabis companies succeed ft. Jason Malcolm](https://www.dimepodcast.com/episodes/cannabis-consulting-how-arcview-consulting-helps-cannabis-companies-succeed-ft-jason-malcolm) — Jason Malcolm - [Cannabis 101: Cannabis history and investment future education with Jordan Highley](https://www.dimepodcast.com/episodes/cannabis-101-cannabis-history-and-investment-future-education-with-jordan-highley) — Jordan Highley - [What is Delta-10 THC with Dr. Matt Moore](https://www.dimepodcast.com/episodes/what-is-delta-10-thc-with-dr-matt-moore) — Dr. Matthew Moore - [The Etiquette of High Society: Sitting down with author and journalist Andrew Ward @thecannawriter](https://www.dimepodcast.com/episodes/the-etiquette-of-high-society-sitting-down-with-author-and-journalist-andrew-ward-thecannawriter) — Andrew Ward - [Helping Cannabis Start Ups Light Up: How LeafWire is connecting Investors, Start Ups, and everyone in between together.](https://www.dimepodcast.com/episodes/helping-cannabis-start-ups-light-up-how-leafwire-is-connecting-investors-start-ups-and-everyone-in-between-together) — Peter Vogel - [Budding Cannabis News: Who are the next major companies in the Cannabis Market with Matt O’Brien of Four PM](https://www.dimepodcast.com/episodes/budding-cannabis-news-who-are-the-next-major-companies-in-the-cannabis-market-with-matt-obrien-of-four-pm) — Matt O'Brien - [Optimizing Cannabis for the Consumer Experience: ft. Colin Landforce CTO of Unrivaled Brands](https://www.dimepodcast.com/episodes/optimizing-cannabis-for-the-consumer-experience-ft-colin-landforce-cto-of-unrivaled-brands) — Colin Landforce - [Deciding on a Dose: Medical Cannabis Research with Dr. Jean Talleryand of MediCann](https://www.dimepodcast.com/episodes/deciding-on-a-dose-medical-cannabis-research-with-dr-jean-talleryand-of-medicann) — Dr. Jean Talleryand - [Let us be Buds: Discussing Cannabis policies between pro and anti-legalization advocates with Mona Zhang of Politico](https://www.dimepodcast.com/episodes/let-us-be-buds-discussing-cannabis-policies-between-pro-and-anti-legalization-advocates-with-mona-zhang-of-politico) — Mona Zhang - [Turning your Green into Green: Investing in the Cannabis Market with Colin and Mike of MJ Research Co.](https://www.dimepodcast.com/episodes/turning-your-green-into-green-investing-in-the-cannabis-market-with-colin-and-mike-of-mj-research-co) — Guest - [The Leading Non-Profit of Cannabis Science Research ft. Dr. John Abrams Chairman of The CESC](https://www.dimepodcast.com/episodes/the-leading-non-profit-of-cannabis-science-research-ft-dr-john-abrams-chairman-of-the-cesc) — Dr. John Abrams - [Passing the Smell Test: Terpenes Edition ft. Dr. Jason Lupoi of Thar Process](https://www.dimepodcast.com/episodes/passing-the-smell-test-terpenes-edition-ft-dr-jason-lupoi-of-thar-process) — Dr. Jason Lupoi - [Your Cannabis Tour Guide ft. Johanna Nuding, Host of the Casually Baked Podcast](https://www.dimepodcast.com/episodes/your-cannabis-tour-guide-ft-johanna-nuding-host-of-the-casually-baked-podcast) — Johanna Nuding - [Gage, Cookies, & Michigan Dominance ft Fabian Monaco, CEO of Gage Cannabis Company](https://www.dimepodcast.com/episodes/gage-cookies-michigan-dominance-ft-fabian-monaco-ceo-of-gage-cannabis-company) — Fabian Monaco - [The Leader of Cannabis Intelligence ft. ArcView Consulting](https://www.dimepodcast.com/episodes/the-leader-of-cannabis-intelligence-ft-arcview-consulting) — Jake Kuczeruk - [Pediatric Medicine, Testing & Education ft. Josh Crossney](https://www.dimepodcast.com/episodes/pediatric-medicine-testing-education-ft-josh-crossney) — Josh Crossney - [Legally Protecting Yourself: Cannabis Edition ft. Neil Juneja of Gleam Law](https://www.dimepodcast.com/episodes/legally-protecting-yourself-cannabis-edition-ft-neil-juneja-of-gleam-law) — Neil Juneja - [Meet the Queens of Cannabis ft. Her Highness](https://www.dimepodcast.com/episodes/meet-the-queens-of-cannabis-ft-her-highness) — Laura Eisman & Allison Krongard - [US Cannabis: A Generational Wealth Opportunity ft Jon Rubin](https://www.dimepodcast.com/episodes/us-cannabis-a-generational-wealth-opportunity-ft-jon-rubin) — Jon Rubin - [Simplifying Cannabis Genetics ft. Jordan Zager CEO of Dewey Scientific](https://www.dimepodcast.com/episodes/simplifying-cannabis-genetics-ft-jordan-zager-ceo-of-dewey-scientific) — Jordan Zager - [The MSO Gang: How an Internet Army is Policing the Cannabis Industry ft. Kevin Carrillo host of the Cannabinoid Connect podcast](https://www.dimepodcast.com/episodes/the-mso-gang-how-an-internet-army-is-policing-the-cannabis-industry-ft-kevin-carrillo-host-of-the-cannabinoid-connect-podcast) — Kevin Carrillo - [An Inside Look into a Hemp Processing Facility ft Malcolm Boyce of Axtell Labs](https://www.dimepodcast.com/episodes/an-inside-look-into-a-hemp-processing-facility-ft-malcolm-boyce-of-axtell-labs) — Malcolm Boyce - [Industrial Scale CBD Hemp Operations ft Pure Valley Solutions](https://www.dimepodcast.com/episodes/industrial-scale-cbd-hemp-operations-ft-pure-valley-solutions) — Austin Fricker & Nick Layton - [Mainstream Media's Disconnect with the Cannabis Industry ft. Rena Sherbill Senior Editor at Seeking Alpha and host of The Cannabis Investing Podcast.](https://www.dimepodcast.com/episodes/mainstream-medias-disconnect-with-the-cannabis-industry-ft-rena-sherbill-senior-editor-at-seeking-alpha-and-host-of-the-cannabis-investing-podcast) — Rena Sherbill - [Cannabis Industry Secrets ft. Bruce Eckfeldt host of the Thinking Outside the Bud podcast](https://www.dimepodcast.com/episodes/cannabis-industry-secrets-ft-bruce-eckfeldt-host-of-the-thinking-outside-the-bud-podcast) — Bruce Eckfeldt - [The Evolution of Cannabis featuring Wes Burke & Ken Snoke](https://www.dimepodcast.com/episodes/the-evolution-of-cannabis-featuring-wes-burke-ken-snoke) — Wes Burke & Ken Snoke - [Cannabis Potency Technology: Purpl Pro featuring Chad Lieber](https://www.dimepodcast.com/episodes/cannabis-potency-technology-purpl-pro-featuring-chad-lieber) — Chad Lieber - [Minor Cannabinoids featuring Chris Denicola](https://www.dimepodcast.com/episodes/minor-cannabinoids-featuring-chris-denicola) — Chris Denicola - [Cannabis & Pop Culture featuring John Shute](https://www.dimepodcast.com/episodes/cannabis-pop-culture-featuring-john-shute) — John Shute - [Growing Cannabis (featuring Hans Schulfer)](https://www.dimepodcast.com/episodes/growing-cannabis-featuring-hans-schulfer) — Hans Schulfer - [Testing for Cannabinoids (featuring Cree Crawford)](https://www.dimepodcast.com/episodes/testing-for-cannabinoids-featuring-cree-crawford) — Cree Crawford - [Cannabis Controversy: DUIs](https://www.dimepodcast.com/episodes/cannabis-controversy-duis) — Guest - [Delta 8 THC Deep Dive featuring Dr. Matt Moore](https://www.dimepodcast.com/episodes/delta-8-thc-deep-dive-featuring-dr-matt-moore) — Dr. Matthew Moore - [Smelt It & Dealt It: Cannabis Odor Part II](https://www.dimepodcast.com/episodes/smelt-it-dealt-it-cannabis-odor-part-ii) — Guest - [Smelt It & Dealt It: Cannabis Odor Part I](https://www.dimepodcast.com/episodes/smelt-it-dealt-it-cannabis-odor-part-i) — Guest - [Cannabinoids & the NFL (ft. Delvin Breaux Sr)](https://www.dimepodcast.com/episodes/cannabinoids-the-nfl-ft-delvin-breaux-sr) — Delvin Breaux Sr. - [Investing in Cannabis Part II](https://www.dimepodcast.com/episodes/investing-in-cannabis-part-ii) — Guest - [Investing in Cannabis Part I](https://www.dimepodcast.com/episodes/investing-in-cannabis-part-i) — Guest - [Terp Time Part II](https://www.dimepodcast.com/episodes/terp-time-part-ii) — Guest - [Terp Time Part I](https://www.dimepodcast.com/episodes/terp-time-part-i) — Guest - [Recent News: Georgia's Senate Election](https://www.dimepodcast.com/episodes/recent-news-georgias-senate-election) — Guest - [Cannabis Myth Busters II (featuring Evan Friedmann) PART 3](https://www.dimepodcast.com/episodes/cannabis-myth-busters-ii-featuring-evan-friedmann-part-3) — Evan Friedmann - [Cannabis Myth Busters II (featuring Evan Friedmann) PART 2](https://www.dimepodcast.com/episodes/cannabis-myth-busters-ii-featuring-evan-friedmann-part-2) — Evan Friedmann - [Cannabis Myth Busters II (featuring Evan Friedmann) PART 1](https://www.dimepodcast.com/episodes/cannabis-myth-busters-ii-featuring-evan-friedmann-part-1) — Evan Friedmann - [Cannabis U: A New Generation of Learning](https://www.dimepodcast.com/episodes/cannabis-u-a-new-generation-of-learning) — Guest - [Data for Dispensaries (featuring Ben Aronowitz)](https://www.dimepodcast.com/episodes/data-for-dispensaries-featuring-ben-aronowitz) — Ben Aronowitz - [Water Soluble Cannabinoids (featuring Mike Padgett)](https://www.dimepodcast.com/episodes/water-soluble-cannabinoids-featuring-mike-padgett) — Mike Padgett - [Cannabis Culture](https://www.dimepodcast.com/episodes/cannabis-culture) — Guest - ["Green" Cannabis](https://www.dimepodcast.com/episodes/green-cannabis) — Guest - [Cannabis & Other Smokable Herbs](https://www.dimepodcast.com/episodes/cannabis-other-smokable-herbs) — Guest - [Cannabis & Hemp Marketing](https://www.dimepodcast.com/episodes/cannabis-hemp-marketing) — Guest - [Cannabis Myth Busters I](https://www.dimepodcast.com/episodes/cannabis-myth-busters-i) — Guest - [Fast- Acting Edibles](https://www.dimepodcast.com/episodes/fast-acting-edibles) — Guest - [Florida's New Edible Market (Medical Cannabis)](https://www.dimepodcast.com/episodes/floridas-new-edible-market-medical-cannabis) — Guest - [The Legacy Market](https://www.dimepodcast.com/episodes/the-legacy-market) — Guest - [Cannabis Tolerance](https://www.dimepodcast.com/episodes/cannabis-tolerance) — Guest - [Nomenclature](https://www.dimepodcast.com/episodes/nomenclature) — Guest - [Delta-8 THC](https://www.dimepodcast.com/episodes/delta-8-thc) — Guest - [cGMP & the Cannabis Industry](https://www.dimepodcast.com/episodes/cgmp-the-cannabis-industry) — Guest - [Politics & Cannabis](https://www.dimepodcast.com/episodes/politics-cannabis) — Guest - [The Potential of Cannabis](https://www.dimepodcast.com/episodes/the-potential-of-cannabis) — Guest - [COVID-19 & The Cannabis Industry](https://www.dimepodcast.com/episodes/covid-19-the-cannabis-industry) — Guest - [Cannabis Industry Milestones](https://www.dimepodcast.com/episodes/cannabis-industry-milestones) — Guest - [Delivery & Online Cannabis Sales](https://www.dimepodcast.com/episodes/delivery-online-cannabis-sales) — Guest - [Why Should Cannabis be Legal Everywhere?](https://www.dimepodcast.com/episodes/why-should-cannabis-be-legal-everywhere) — Guest - [The FDA & CBD as a Legal Additive](https://www.dimepodcast.com/episodes/the-fda-cbd-as-a-legal-additive) — Guest