Neal O'Grady 🍉

Demand Curve | 93,000 founders get 3 startup growth tactics in their inbox each week. Join the Growth Newsletter below.

I have an extremely strange mix of skills/experience:

- Mechanical engineer
- Full-stack developer
- Serial entrepreneur ($25M+ in total revenue)
- Content creator/marketer (100k+ newsletter subs and millions of page views)
- Growth marketer (ran marketing companies for 9 years)
- Crypto nerd (20k+ defi transactions)

Which is why I run marketing at a scrappy and highly technical crypto company—I can do a bit of everything.

Co-Founder

Demand Curve (YC S19) creates courses, content, and events to teach founders and marketers how to grow companies. Our weekly newsletter goes out to over 60,000 founders and marketers.

New job title just dropped

In 2026, you can:

- Bet on how many tweets Elon posts this month
- Bet on whether Jesus Christ will return in 2026
- Bet on which country the US strikes next

It's honestly a bit absurd 😅 

With memecoins, you can bet on the cultural relevance of ideas and moments.

And now with Zora, you can mint a token on anything you think will trend — a tweet, a news event, a vibe — and turn it into a market.

Yes, even the topic of the day on LinkedIn.

We've been talking for a while about the Attention Economy and how creators like Mr. Beast have learned to capitalize on it, but now we, the social media-addicted consumers, can capitalize on it as well.

So, although this job post is a joke, trading culturally relevant content is already how some people earn their living.

To you, this may be a dystopian future, but sports betting is surging among Gen Z. 

$1.3B was transacted on prediction markets during the Super Bowl alone.

The appetite to put money where your opinion is isn't going away — it's expanding into every corner of culture.

Whether you think that's exciting or terrifying, the infrastructure is being built right now. Which is why Codex Data Inc is excited to power Zora's token data.

"Attention Economist" might be a joke today. But what else are we going to do when AGI comes? 😅

Neal O'Grady

Head of Marketing at Codex.io & Defined.fi

Seth Yakatan

Raising & Selling 📈 $1B+ Raised 💰 22 Companies Sold 🤝

Are you struggling to communicate your vision to the capital gatekeepers?

Are you exploring selling your business but don’t know anything about:
✘ Due diligence
✘ Term sheets
✘ Earnouts

Friend, you're lucky you found me...

I'm Seth Yakatan.

I have 30-odd years experience as a corporate finance professional.

My specialties are:
💰 Raising money
🤝 Selling companies

And I’m f**king good at it.

I’ve raised over $1B and sold 22 businesses.

My career has mostly been supporting small-cap and major corporations seeking capital to grow, or
to find strategic acquirers.

Most of these companies are in: 
— biotech
— cannabis
— pharmaceuticals
— DTC consumer goods

I’ve been on boards, taken companies public, gone up against multinational corporations, raised from VC and PE funds.

All of it. 
Many times over.
Whatever your problem is, I’ve seen it before.

But let me level with you:

What I REALLY love is helping people to get to the finish line.

Talking to entrepreneurs excites me.

But in my experience, entrepreneurs are mostly s**t at raising capital and selling companies.

** They just don’t understand investors **

And that’s where I come in.

Together, we workshop: 
✔ Your pitch
✔ Your deck
✔ Your strategy 

And help you raise the capital to GROW and SELL your business.

If you need this help—and almost every business does—send me a DM.

Like, now.

Don't lose another potential investor or acquirer with the wrong pitch.

Seth ✌️

Merchant Bank / Advisory / Family Office

Hate the three largest MSOs?? Well hate all you want, look at the numbers…

You’ll see that THEY ALL DELIVERED on Q4 2025 results.

Say what you want…the numbers DON’T LIE.


>> What Happened?

Trulieve delivers industry-leading adj. EBITDA margin of 35.8%. 
(Oh they also have $255.5M in cash!)

Green Thumb Industries (GTI) grows revenue and adj. EBITDA by 5% and 19%, respectively. 
(While reversing the gross margin slide and delivering GM of 52.7%.) 

Curaleaf grew revenue by 4.0% while beating adj. EBITDA estimates.
(All while lapping the FIELD with 65% y/o/y growth in Europe.)


>> Why Is It Important?

Kim has a war chest and is poised to dominate TX and PA.

Ben has cash, stock, and has grown margin DESPITE compression.

Boris is the world’s largest cannabis operator by market cap. PERIOD.


>> What Am I Watching?

Boris has made a jump into EU for growth, do Kim and Ben follow suit?

If 280e goes away, do Truelive and GTI see a big bump in price?

Which one of these three raises THE MOST equity the day after S3?


You know I have been critical of all three of these companies and CEOs.

Time for me to give a tip of the cap to all three for DELIVERING on RESULTS, period.

Say whatever you want about these MSOs…

The NUMBERS DON’T LIE.

Where will you find me this year ???

At an IgniteIt Cannabis thats where...


Taking some time to thank the whole squad there...
Elliot Lane
Patrick Lane
Jason Raznick

Appreciate ALL YOU DO...
CHI-TOWN IS COMING !!!!!

Want a relationship ?

Start with a bank, I did...

Shout out to the whole team First Citizens Bank
And My ACE Diana A.

Need a place because you been thrown out of every other bank ?
Call her or DM me...

Thanks to the crew at Sweed for the video...

U.S. cannabis sales fell 3.1% in Jan. 2026 vs. Dec. 2025…

This was across 15 tracked markets.

The data shows us that demand didn’t collapse….

But momentum has softened.


>> What’s Happening?

January sales dropped 3.1% sequentially across 15 U.S. markets.

Yes, down from December, but UP 4.6% year-over-year.

So demand didn’t fall off a cliff.

Declines hit western markets and 8 Eastern markets

What we are seeing is a redistribution.


>> Why Is This Important?

This is what market maturity can look like.

We are now playing with price compression + market saturation.

Cannabis might be behaving like a real consumer category.

Real consumer categories don’t grow in straight lines.

Ask Alcohol…


>> What Am I Watching?

Does this make already scarce capital become even more scarce?

Solvency wins in markets like this, watch the balance sheet…

This is where M&A waves begin (and have begun): in slowdowns.


January 2026 was not a bad month.

January 2026 was a signal, if you are able to read it.

The industry is shifting from land grab…to capital discipline.

And historically?

That’s when consolidation begins.

Watch the balance sheets — not the headlines.

No alternative text description for this image

What is it that you "do" for work ???

Honestly I am not 100% sure what "I Do"

I am 
a therapist
a garbage man
a facilitator
But most of all

a truth teller...

Thanks to Rachel Wright, CPA, MST and VERDANT Strategies

So you thought the labor unions were going to sit still? Well, the TEAMSTERS started being the TEAMSTERS.

Cresco Labs is going to template how unions are going to begin shaping the future of the sector.


>> What’s Happening?

Workers at a Cresco Labs’ store in have gone on strike!

The decided to unanimously walking out over wages, hours, and long-term stability.

And the employees ARE REPRESENTED by…..Teamsters Local 429.

Shocked? I’m not…


>> Why Is This Important?

Make no mistake, unions are still powerful.

Teamster-affiliated pension capital exceeds $100B.

1.3 million members…nah…1 in 10 workers is a Teamster.

Teamsters touch almost 20% of ALL CPG goods in the USA.


>> What Am I Watching?

The Brotherhood has be quietly showing up in the industry for 3+ years. Does this signal great action by the Union?

They have the power to make changes, force policy and provide capital. Does this put the National in a mood to make a move?

Teamsters move America. Will they organize in a way that shapes the future trajectory of the industry?


When organized labor starts demanding “middle-class careers” inside cannabis, we know we’re no longer in a “startup ecosystem.”

You are in an “industry.”

Make no mistake the Brotherhood has the power and $$$ to shape things.

Now we have to wait and see what they will do next.

The Booze guys keep telling me:

“Everything is OK” but…

THE DATA tells a completely different story.

What I’m reading is:

GEN Z ain’t DRINKING.


>> What’s Happening?

In 2025, Gen Z accounted for only 4 % of alcohol sales.

You read that right. FOUR PERCENT!

21% of the country only purchased 4% of the alcohol.

And they’re THE FUTURE.

This is WAYYYY smaller than any marketers and policymakers assumed.


>> Why Does This Matter?

Well…EVERY industry is betting on Gen Z driving massive consumption.

And that might be true for a lot of products, but absolutely not for alcohol.

So the question then becomes, if Gen Z ain’t showing up for alcohol, then WHERE ARE THEY?


>> What Am I Watching?

What is the actual spend by this demographic across alcohol AND c@nnabis?

What is driving the buying behavior of this group??

IS there a cross-category substitution occurring???


If Big Booze is telling me everything’s ok but the segment they NEED to drive growth is a ghost…

What does that mean for alcohol?

And what does it mean for the future of consumption in the US??

The times are a changin’!

When in doubt about THC bevs, just copy whatever alcohol does…

Makes sense, right?

That’s what Missouri is doing…


>> What’s Happening?

Missouri lawmakers are evaluating new rules around hemp bevs.

Basically, treat it just like alcohol: 21+ age floor, excise taxes, structured compliance, and formal retail controls on where and how and when they can be sold.

Interesting…


>> Why Is This Important?

The free-for-all is over, McConnell saw to that.

Now regulators are making sure this is not a GREY AREA in their own state.

Public policy and public safety means real rules.

AND states are moving AHEAD of FEDERAL CLARITY…

Interesting indeed…


>> What Am I Watching?

Does the alcohol-style model becomes a template?

Potency, labeling, age restrictions, retail placement, and taxation?

IF federal shifts which products actually survive in this space?


This is early how “cannabis beverages” get folded into mainstream categories.

Novelty products, that’s one outcome.

Alcoholic beverages, that’s a market shift YOU need to watch…

Want the key to success ???

BE PROFITABLE (yes, it's that simple !)

Very few business that are PROFITABLE actually fail...

Crazy, I know...but I am Crazy...

Appreciate Rachel Wright, CPA, MST + The VERDANT Strategies crew

So did you REALLY think the ban was about hemp??

No no no.

It was about ALCOHOL.

And now the numbers are in:


>> Whats Happening?

Alcohol is done watching hemp from the sidelines.

In Q4 2025 a bunch of companies files highlight lobbying disclosures tied to intoxicating hemp:

Moët Hennessy
Bacardi
Diageo
Brown-Forman
The HEINEKEN Company
Sazerac Company

Hmm….read the tea leaves and follow the money.


>> Why Does This Matter?

Lobbying is balance-sheet-based muscle memory for alcohol.

They have been doing it since 1950 and they are GOOD at it.

Make no mistake, the alcohol industry is acknowledging something BIG:

THAT intoxicating hemp is already part of the adult-use landscape.


>> What I Am I Watching?

Which alcohol players move from lobbying to minority investments?

Or does alcohol flex harder to push hemp off the shelves?

Can cannabis incumbents realize they were out gunned (and outspent)?


Not sure how this plays out but I am going to crack 10mg bev and grab the popcorn!

undefined undefined

Moët Hennessy

Bacardi

Diageo

Brown-Forman

The HEINEKEN Company

Sazerac Company

Little more love from the MJ BIZ scene...
Shout for Rectitude Partners LLC
and my man Nicholas Bowers

thanks to the squad at 

Fat Nugs Magazine
Puff Creative

for a great night....4 Grams...COMING!!!!!

Rectitude Partners LLC

Rectitude Partners - Global Cannabis Packaging & Vape Tech Experts

Fat Nugs Magazine

Puff Creative

Is this the FIRST MAJOR ON PREMISE shot fired for THC beverages??

WELCOME to the 2026 Stadium EXPERIENCE!

THC Drinks are coming soon to an ARENA NEAR YOU!


>> What’s Happening?

Chicago’s United Center just announced its serving hemp-derived THC drinks.

Concerts/Sporting events/Big shared moments.

In case you didn’t know, that’s alcohol’s home turf….

THC is showing up more and more, without asking ANYONE for permission.


>> Why Is This Important?

Booze vs. THC is not the point.

The point is THC is now competing for share of occasions.

Normalization comes from repetition in trusted environments.


>> What Am I Watching?

The first league, venue group, or national operator that treats THC beverages in the same way ?

Who puts up the first THC Beverage advert in a stadium? (Remember USC/ Cookies?)

What major sports/food/airport group jump in next ?


5 beers or 5 2MG THC Beverages??

Same night, VERY different morning

Hang 10 and hit the dispo??

Adult use cannabis may be coming to the Aloha State…


>> What’s Happening?

Hawaii lawmakers filed legislation that would put rec cannabis to voters in November 2026.

If passed by a two-thirds vote in both chambers, Hawaii voters would be asked whether to amend the state constitution to legalize adult-use cannabis.


>> Why Does This Matter?

Ballot initiatives are cool but they are NOT a guarantee.

This was not brought forth by the electorate but by elected officials…

Not sure this get traction or mahalo…


>> What Am I Watching?

Do MSOs even bother modeling Hawaii as a near-term market?

Is capital ready to fund something in one of the worlds largest tourist economies?

Do voters notice they’re being asked to decide a policy?


Feel like another version of Pele’s curse.

Cannabis style…I will just grab a shaved ice.

Guess who’s messin’ with Texas?? Cann, that’s who.

Cann is fixin’ to dominate the Lone Star State.

Here’s what’s going down:


>> What’s Happening?

Cann secured Texas distribution with Spec’s.

Spec’s, for those that don’t know, is THE LARGEST beverage retailer in Texas.

Full SKU set in one of the biggest alc retail channels in the USA.


>> Why Is This Important?

This is not a test, a dispensary, one franchisee gone rogue, or a limited run.

THC drinks are moving via mainstream beverage infrastructure.

Spec’s has 200+ doors statewide.

Say what you want, I AM seeing a distribution shift...


>> What Am I Watching?

What other brands can howdy on down to distribution?

What other retailers jump on board now that we have Target, Circle K and Spec’s?

Is there movement on the regulatory side in Texas? (Remember a few months ago they tried to BAN HEMP??)


Want to make sure we give a big congrats to the Cann Team!

Jake B. and Nick Fasano 👏 👏

Feels like Danny Stepper and the LA Libations team left their fingerprints all over here, cause this ain’t my first rodeo…

Want to LEARN MORE? Get your spurs to The Beverage Forum April 2026.

Cann

Changing the way people socialize!

Deep understanding of all things cannabis. From brand development, company structure, state expansion and financial complexities. I help organizations grow from the Black to the white

CEO & Co-Founder at L.A. Libations & Globestepper Productions

LA Libations

The Beverage Forum

When you fail 3 times, why not try for a 4th??

That’s what PA is doing right now as the state makes its FOURTH attempt at a move to Adult Use.

Sure, why not??


>> What’s Happening?

My guy Shapiro gave his fourth budget address.

Increasing overall spending by 6% without broad-based tax hikes.

Oh and he put adult-use BACK on the table…AGAIN.


>> Why Does This Matter?

PA is surrounded by NJ/NY/MD/OH, all of which are pumping REC.

The budget conversation shows how much $ PA is leaving on the table staying medical.

How ELSE can you spend more and NOT tax the general public?


>> What Am I Watching?

This is now #4. Can it REALLY HAPPEN this time?

What will be the policy tradeoffs if this happens? Who loses?

Is THIS a state surrounded by AU finally admitting leakage is a tax policy?


Adult-use didn’t magically reappear…

It reappeared because PA needs the $$$.

Politics and budgets are not based on morality…

Bet your butt they are based on COLD HARD CASH.

And AU seems like a magical cash machine.

Has someone actually cracked the code to S3?

Well, maybe…

Kazmira Pharmacy just announced the first licensed 503A compounding pharmacy in the U.S. dedicated to prescription-only, THC-free CBD.


>> What’s happening?

I’m no lawyer but under the current S3 regs this could be a category.

Take CBD off the wellness aisle and into clinical practice.

Legal, all 50-states with reimbursement?

Hmmmm…


>> Why Does This Matter?

Well, if they crack the distribution matrix problem this could be a thing.

Both anticipating tighter CBD/THC rules and making compliant medicine ahead of the compliance wave.

Seems like a product doctors can prescribe without standing in a dispensary…


>> What Am I Watching?

Do physicians now have a reason to get involved?

Do payers/HSA/FSA systems begin to reimburse and treat this like specialty pharma?

Do others adopt this model?


I know that cannabinoids BEHAVE like medicine…

But once payors get ready for this category to stop being treated like lifestyle products.

Think your business is HARD?

Try this:

1. Every state (and city) has a different set of rules

2. The Government taxes you at an exorbitant rate 

3.  Capital flow is weighted to larger and later-stage operators

4. There is very little capital to begin with...

Now tell me you product is not Federally legal...WELCOME TO C@NNABIS!!!!

Appreciate the love from Alex D. and the squad from The High Index for the spot!

CEO @ The High Index | Connecting people, data, and opportunity

The High Index

Best advice for a bad outcome: Let someone ELSE pick your dose.

Or worse still, let someone who knows NOTHING about dosing pick your dose…

Because that’s what’s going on


>> What’s Happening?

Food & Beverage put out an article on the “perfect dose” for HEMP Beverages.

At 2.5MG

2.5MG??

REALLLY???


>> Why Is This Important?

It reveals a gap between cannabis reality and every outside stakeholder.

2.5mg ain’t a “sweet spot”. It’s a training wheel AT BEST.

Alcohol didn’t scale on near-beer.

Cannabis won’t scale on microdoses dressed up as safety or wisdom.

Low-dose has a place. (THANK YOU Cann)

Calling it “THE PLACE” is telling me you don’t understand the market.


>> What Am I Watching?

How much mainstream “acceptance” does this get?

Is this the way Bev/Alc gets comfortable?? (You sure sell more cans at 2.5mg…)

How many consumers do not “feel” an effect at this level???


2.5mg is not the right dose.

If your entire thesis starts and ends there, you’re throwing darts blindfolded.

While congratulating yourself for hitting something, anything.

Everything's BIGGER in TEXAS? Well, Texas Original just bet the ranch.


>> What's Happening?

Texas Original just opened the largest medical cannabis facility in Texas.

They’re expanding cultivation and processing capacity to meet rising patient demand.

No change in law…no ballot initiative.

Just cash, concrete, steel, and CONFIDENCE.


>> Why Does This Matter?

Well son, you don't go build the largest facility inside one of the most restrictive medical programs in the country…

THIS is what early movers look like in medical states.

And might signal that regulators are comfortable enough to let serious operators scale.


>> What Am I Watching?

Does demand absorb this build?

Does the program allow for success?

Who’s the next operator is to break ground?


Texas ain't first.

It won't be loud.

But when it moves, it will move at TEXAS SCALE.


Cowboy UP y'all.

Got a dream ???
Me too
Bad news for you...
Dreams are made to be broken in the early stage of many industries..

Not just c@nnabis...its just HARD everywhere...
Fail 10 times, try 11...
Thats the lesson..

Thanks to Rachel Wright, CPA, MST and VERDANT Strategies for the time !

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