The cannabis industry is sprinting toward major U.S. stock exchanges, but a high-stakes showdown in Washington could completely rewrite the rules of the game.

On this episode of This Week in Cannabis Live, host Jay Rosenthal and the Cultivated Media team (Jeremy Berke) are joined by regular panel experts AnnaRae Grabstein (High Spirits) and Marc Hauser (Cannabis Musings) to break down a massive transparency battle unfolding at the DEA.

As major operators find creative new legal pathways to land on the NYSE, the federal government is preparing to hold its historic Schedule III rescheduling hearings entirely behind closed doors. From "prohibitionist theater" in DC to trade association collapses in Canada, the panel cuts through the noise to show operators, entrepreneurs, and executives where the industry is actually heading.

What You’ll Learn:

• The "Medical-Until-Retail" Loophole: How Glass House Brands followed Trulieve's fast follow to the NYSE by deconsolidating its supply chain, and what it means for up-supply chain operators.
• The DEA’s Secret Hearings: Why the public and media are being locked out of the historic Schedule III rescheduling trial, and the grassroots legal effort to force a live stream.
• The Skepticism Behind Schedule III: Will the DEA actually defend cannabis reform in court, or are we witnessing performative prohibitionist theater?
• Why Trade Associations are Failing: What the sudden shutdown of the Cannabis Council of Canada teaches us about fractured supply chain desires and industry normalization.
• The Federal Lobbying Boom: Why Washington lawyers and lobbyists are the biggest financial winners of the current regulatory whiplash.

Meet the Panel:

• Jay Rosenthal & Jeremy Berke: Co-founders of Cultivated Media, the leading daily briefing for cannabis business and policy professionals.
• AnnaRae Grabstein: Regular panel guest, cannabis compliance expert, and co-host of High Spirits: The Cannabis Business Podcast.
• Marc Hauser: Cannabis legal strategist and author of Cannabis Musings.

Why Tune In?

If you are an operator trying to project your 2026 tax burden, a hemp brand surviving daily regulatory whiplash, or an investor tracking macro capital inflows, this breakdown is essential. The Cultivated panel uncovers the hidden structural risks of asset deconsolidation and gives you a front-row seat to the most consequential federal drug policy battle in fifty years.

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

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

Your hosts are Ben Larson and AnnaRae Grabstein.

Follow High Spirits on LinkedIn.

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

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

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

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

Live from the media stage at IgniteIt Chicago, High Spirits co-host AnnaRae Grabstein conducts five lightning-round interviews with the industry’s sharpest minds. From the realities of major M&A integration and enterprise AI deployment to a wild on-stage metaphor involving a literal caterpillar, this special bonus episode captures the exact energy, momentum, and anxiety of the current market.

Featuring insights from Patrick Lane, Ed Keating, Sarah McLaughlin, Jordan Eisenstat, and Dr. Lucas McCann.

What You’ll Learn:

• Data-Driven AI: How Claude and custom AI tools are replacing manual analytics for conference organizers and content creators.
• Navigating Consolidation: The operational reality of merging with your top competitor and how to manage staff during a surprise buyout.
• Formulation & Hemp Risk: Why the upcoming November hemp regulations are forcing a strategic pivot for edible and beverage brands.
• The Global Opportunity: How Canadian export data shows a clear survival blueprint for lean American operators looking overseas.

Why Tune In?

Get a seat on the expo floor and hear exactly how top cannabis executives, PR strategists, and scientists are preparing their businesses for the next 12 months of federal policy changes.

Timestamps:

0:00 - Live Podcast Kickoff with Patrick Lane (IgniteIt)

5:30 - M&A Data & Vendor Shakeouts with Ed Keating (Emerald Intel)

14:25 - Why Gummies Dominate the Market with Sarah McLaughlin (Melt Make)

20:45 - AI Disrupting PR Workflows with Jordan Eisenstat (Marino PR)

29:20 - Bold Policy Forecasts & Global Markets with Dr. Lucas McCann (CannDelta)

36:30 - Final Wrap-Up

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

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

Your hosts are Ben Larson and AnnaRae Grabstein.

Follow High Spirits on LinkedIn.

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

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

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

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

The federal government has officially rewritten the history books by shifting medicinal cannabis to Schedule III—and Glass House Brands is making a massive, unprecedented chess move to capitalize on it.

About This Episode

In this episode of High Spirits, hosts Ben Larson & AnnaRae Grabstein sit down with Graham Farrar, Co-Founder, President, and Chief Cannabis Officer of Glass House Brands. Graham breaks down Glass House’s recent structural deconsolidation to position itself as a 100% medicinal company ready for a historic NYSE up-listing. The trio dives deep into why the DEA's recent actions aren't standard bureaucracy, how the Dormant Commerce Clause will eventually force a 50-state open market, and why the West Coast is uniquely positioned to dominate the global cannabis stage.

What You’ll Learn

• The Deconsolidation Strategy: Why Glass House split its retail operations from cultivation to align with federal Schedule III protections and target a major US stock exchange listing.
• Reading the DEA’s Playbook: Inside the unexpected speed, proactive drug code updates, and "pendency rules" that show the current administration’s true intention to move fast.
• The Dormant Commerce Clause & Interstate Trade: Why state-level protectionism will inevitably fall, and how shipping bulk, non-final form cannabis circumvents current regulatory gridlocks.
• The European Premium: Graham's key takeaways from Berlin on why international markets are willing to pay a premium for California culture and sun-grown genetics.

Meet the Guest

Graham Farrar is the President, Co-Founder, and Chief Cannabis Officer of Glass House Brands (NEO: GLAS.A.U) (OTCQX: GLASF), one of the largest vertically integrated cannabis companies in the United States. A serial entrepreneur and tech alumnus (including being part of the founding teams at Software.com and Sonos), Graham has spent the last decade building Glasshouse into a powerhouse that operates the largest legal greenhouse facility in the world in Carpinteria, California. Beyond cannabis, he is a dedicated music enthusiast who served on the board of the Santa Barbara Bowl for 18 years.

Why Tune In?

If you are an operator, investor, or executive waiting for "the other shoe to drop" on scheduling, this episode is a blueprint for proactive leadership. Learn how the biggest players are shifting from a defensive posture to an offensive, global scale strategy before the ink on federal reform is even dry.

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

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

Your hosts are Ben Larson and AnnaRae Grabstein.

Follow High Spirits on LinkedIn.

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

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

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

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