Ryan Rouse

Growth advisor to consumer businesses with a focus on every line of the P&L | Previously, Co-Founder at Factor Meals (acquired), CEO at Highkey

Growth-minded CPG leader with deep experience across finance, brand building, and operational leadership.

After more than a decade in finance—culminating in an eight-year tenure at Merrill Lynch—I co-founded Factor_, a ready-to-eat meal delivery company that went on to be acquired by HelloFresh for $277M in 2020.

I joined HighKey Snacks as Chief Marketing Officer and later CEO, guiding the low-sugar snack brand through rapid expansion and an acquisition in 2024.

I'm currently the President of MALK Organics, a fast-growing, near nine-figure brand redefining the plant-based milk category with its commitment to clean, organic ingredients and uncompromising quality.

And I write a newsletter about what it really takes to grow—your company, your mindset, your tolerance for chaos:
​
​• The unfiltered truth about building a brand
• Why “strategy” isn’t always strategic
• What to do when everything feels on fire
• Mindset shifts that keep you sane(ish)​
• Founder mistakes, market moves, and lessons I’m still learning​
​
​Part playbook, part perspective shift.
For anyone trying to grow something—and keep their head on straight.

Sign up using the link here (or below my profile pic above): https://ryanrouse.me/

Vice President | Partner

Data driven investors in early stage consumer brands. 

Watched someone's face light up yesterday. 

I'd just told them their bonus number.

Not a polite smile. Not a professional nod.

Their entire face changed.

After a killer 2025 at MALK, I got to sit down with my team over the last few days and share what they'd earned.

These conversations are my favorite part of leadership.

Not because I'm handing out money. Because I'm watching bets pay off.

Every hire is a bet. Every promotion. Every time you give someone more responsibility than they've had before, you're betting they'll rise to it.

Most of those bets don't feel safe when you make them.

You're trusting people before they've proven they can handle it. Giving them room to fail. Hoping like hell they don't.

And then you get a year like this one.

Where chaos turned into wins. Grind turned into growth. And the people you bet on delivered more than you imagined.

That's the payoff.

Not the revenue. Not the milestones.

Watching someone realize their work mattered (and was recognized).

Never been on a Forbes list // President @ MALK Organics // Follow for posts about the highs and lows of building consumer brands from 13+ years in the trenches actually doing it

MALK made the Bain 2026 US Insurgent Brands list 👀 

What I love about this list is it's numbers based (i.e., not a popularity contest.)

• Greater than $35MM in revenue
• Grown at least 10x faster than their category average over the last 5 years
• Maintained positive growth over the past 2 years

A couple other stats that stand out. 

- While the overall market grew less than 2% in 2025, the insurgents captured 36% of market growth.

- Insurgents grew volumes by approximately 55% year over year in a market where overall volumes were largely flat, demonstrating that their growth reflects real consumer demand, not just price inflation.

- Insurgent brands continue to be at the forefront of where consumer demand is accelerating with 44% of the brands featuring natural or organic claims. 

I'm proud of what we're building at MALK. 

And honored to sit alongside the other amazing Brands on this list. 

Let's get after it once again in 2026!

We’re debuting our new Cleaner Creamers at Expo West.

Organic, dairy-free, and made without gums, oils, or natural flavors. 

One thing we all need at Expo is coffee (duh), so come have a cold brew on us at our Cleaner Creamer Coffee Bar outside of Hall E (S21). 

Or explore the full MALK lineup (and more) at our main booth N322.

Lastly, we're also hosting a happy hour on Thursday 3/5, from 4-5PM — where MALKtinis will also make their debut :)

See you there!

(Full details in the link in the comments)

I turn 47 today.

Five years ago, I wrote a post on my 42nd birthday about entering my prime.

Looking back, I was right. But I underestimated what was coming.

Because every year since then, I've finished even stronger than I started.

Not older. Stronger.

Mentally. Physically. Emotionally.

Patience made me stronger mentally.

I stopped needing everything to happen right now. The urgency that used to consume me is more controlled. The more I let things unfold, the quieter my mind gets. Clearer. 

Acceptance made me stronger emotionally.

I stopped fighting what I can't control. The setbacks, disappointments, and other people's opinions that used to stunt me... I learned to let them pass through instead of take up residence.

Balance made me stronger physically.

I stopped treating my body like it was separate from everything else. Sleep matters. Recovery matters. I'm in better shape at 47 than I was at 37 because I finally stopped grinding myself into the ground.

Focus made me stronger universally. 

I stopped giving F's to things that don't fill me up. Relationships, opportunities, envy of other's people's highlight reels on social media. 

I'm still a work in progress, but recognize and acknowledge that if I'm going to grow, those are the areas that need to be more developed. So I work on them. 

At 22, I thought 47 was ancient.

At 47, I know the truth.

I'm not declining. I'm compounding.

Every hard conversation. Every failure I sat with instead of ran from. Every time I chose the long game over the quick win.

It all stacks.

So if the 22-year-old version of me showed up today, I'd tell him the same thing I said five years ago:

You have no shot against this version of me.

But now I'd add one thing:

You won't have a shot against the 60-year-old version either.

We’re hiring a Director of Finance.

You’ll report directly to and work closely with our CFO Jay Stone. 

MALK is growing fast with a smaller team which means you’ll have meaningful ownership and impact.

It also means we need a builder. 

Someone comfortable operating in the fast-moving, messy world of high-growth CPG.

You’ll partner closely with Sales, Marketing, Category Insights, and Demand Planning to help us understand what’s driving growth and how we invest to scale the business.

We have a culture we protect furiously. 

A group of humans who are all different, but who have common traits. 

Self motivated, open minded, intellectually curious, and cool. 

Last thing I’ll say is this.

This place is special. And will be one of the most fun and rewarding work experiences of your life if you’re the right fit. 

I don’t just believe that. I know it. 

If you’re interested, or know someone great, email hr@malkorganics.com. 

Or text me if you know me.

I've never met a happy person in a hurry.

Last week I looked down and realized I'd eaten an entire lunch without tasting a single bite.

Fork in one hand. Slack in the other. Eyes on the next call starting in 4 minutes.

I couldn't tell you what I ate. I was already somewhere else.

And I thought: what am I actually racing toward?

Look, I get it. Speed wins. 

I've built my entire career on moving fast. I preach it constantly.

But there's a difference between moving with urgency and living in a constant state of hurry.

Urgency is a choice. Hurry is a disease.

Urgency says "this matters, let's go."
Hurry says "this moment isn't good enough. I need to be somewhere else."

Every time you're rushing, you're basically telling yourself: I don't want to be here. I want to be there.

"There" is always some future moment. When the deal closes. When the launch is done. When you're "further along."

You know what you'll find when I got there?

Another "there."

Happiness isn't waiting for you at the finish line.

It's not in the next milestone or the cleared inbox or the lunch you inhaled at your desk.

It's here. Right now. 

Even if "here" isn't where you thought you'd be.

If you can't get your arms around that, happiness will always elude you.

—

I write emails. Unfiltered takes from 12+ years building brands.

It's free. Subscribe (or don't):

https://ryanrouse.me/

Stop trying to be Steve Jobs.

He's the exception, not the rule.

An entire generation of founders watched the turtleneck tantrums and thought that was the playbook for great leadership. 

It's not.

I've watched brilliant people flame out because nobody wanted to work with them.

Being easy to work with is a competitive advantage.

Nice people make more friends.
Nice people create more loyalty from colleagues.
Friends and loyal colleagues expand your network.
Your network brings more opportunity.

The math is simple.

Be decent.

—

I write emails. Unfiltered takes from 12+ years building brands.

It's free. Subscribe (or don't):

https://ryanrouse.me/

There’s nothing like putting your skills to the test.

I say it to the team all the time. 

No doubt they’re sick of hearing it. 

But getting the chance to put your hard work to the test is a privilege. 

Full stop. 

I’ve worked really hard on my jiu jitsu since picking it up 3.5 years ago. 

And love to compete in tournaments because what better way to test skills than that?

This is me getting a choke submission in the gold medal match at the Austin Open last week. 

Stoke Level = Off The Charts

Really proud of the work I’ve put in regardless of the outcome. 

But winning is pretty sweet.

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I used to think good leaders had an opinion on everything.

Every deck. Every decision. Every damn detail.

If someone brought me something, I had to weigh in. That was my job, right?

Wrong.

I was exhausting my team and myself.

Not everything demands your judgment.

You're actually allowed to say "I trust your call on this."

You can sit in a meeting and just listen. You can let your direct report run with their idea without inserting yourself into every corner of it.

The best leaders I know? They're selective about where they spend their opinion capital.

They know the difference between:

• Things that need their input
• Things that need their approval
• Things that need neither

When you comment on everything, two things happen:

Your team stops thinking for themselves. And you become the bottleneck.

So now I ask myself: Does this actually need me? Or do I just want to feel important?

Most of the time, it's the latter.

Shutting up is a skill. And it might be the most underrated one in leadership.

—

I write emails. Unfiltered takes from 12+ years building brands.

It's free. Subscribe (or don't):

https://ryanrouse.me/

Nothing will advance your career faster than being able to connect with other humans.

It trumps every other skill by a country mile.

This starts with you making everything less about you and more about them.

Ironically, even though it's the most important skill to get you into a leadership position, it's actually more important once you get there.


—

I write emails. Unfiltered takes from 12+ years building brands.

It's free. Subscribe (or don't):

https://ryanrouse.me/

The best leaders don't announce themselves.

Sure, you can feel their presence.

But when they're with their team, there's no performance. 

No need to remind everyone they're the boss.

Their authority comes from how they listen. How they ask questions instead of giving orders. How they make space for others to shine.

The insecure ones do the opposite.

They interrupt. 
They dominate conversations. 
They make damn sure you know they're running the show.

But real leadership shows up in the room without saying a word. 

People lean in when they speak. 
Decisions get made faster. 
The team moves with confidence.

That's the tell.

If someone has to constantly remind you they're in charge, they probably aren't.

Your best relationships aren't built in the good times.

They're forged in the shit storms.

When revenue's down. When you're making layoffs. When the product launch flops and everyone's pointing fingers.

That's when you find out who's really on your team.

I've watched partnerships crumble during growth phases that should've been celebrations. And I've seen teams get tighter during crises that should've torn them apart.

The difference?

How you communicate when it's hard. 

Whether you protect respect even when you disagree. If you can trust each other when the path forward isn't clear.

You can't go back to the early days when everything felt simple. When the stakes were lower and disagreements didn't matter as much.

And honestly? You shouldn't want to.

Because every hard conversation, every tense board meeting, every moment you chose trust over ego made you stronger.

The relationships that survive the pressure are the ones worth keeping.

Everything else is just networking.

Self reflection is in short supply.

Most people are so damn sure they're right.

I get it. Confidence feels good. Certainty is comfortable.

But what I've learned in nearly 47 years on this planet is the most dangerous thing you can do is stop asking yourself one simple question:

Am I wrong?

Not once in a while. Regularly.

Pick something you're convinced of and argue against yourself. Make the best case you can for the opposite view.

You'll either strengthen your position or realize you need to change it.

Either way, you win.

The people who do this consistently? They make better decisions. They build stronger teams. They avoid costly mistakes.

The ones who don't? 

They get blindsided by their own blind spots.


—

I write emails. Unfiltered takes from 12+ years building brands.

It's free. Subscribe (or don't):

https://ryanrouse.me/

People who tell you to "enjoy the journey" have already finished theirs.

They're not wrong. They're just not useful.

When I was grinding 90-hour weeks at Factor_, people would say "enjoy the process!"

I wasn't enjoying anything. I was trying not to go bankrupt.

You can't enjoy drowning while you're drowning. You're just trying to breathe.

Here's what actually helps:

• Permission to not love every moment
• Knowing survival mode is temporary
• Understanding gratitude comes later

Stop beating yourself up for not loving the grind.

The appreciation comes when you've got bandwidth for it.

Right now? Just keep climbing.

—

I write emails. Unfiltered takes from 12+ years building brands.

It's free. Subscribe (or don't):

https://ryanrouse.me/

Intelligence isn't why leaders fail.

They fail because they can't connect.

I watched a VP with all the talent in the world lose his team in 6 months. Not because the plan was wrong. Because no one wanted to follow him.

He couldn't read a room. Couldn't give feedback without destroying morale. Couldn't build trust.

The gap between good and great leadership isn't IQ. It's EQ.

You can be the smartest person in the building and still create a vibe people don't enjoy.

Because leadership isn't about being right. It's about bringing people along with you.

Your direct reports. 
Your counterparts. 
Your boss. 

The hard skills get you in the door. The soft skills determine how far you go.

If you're stuck at a certain level, ask yourself: Is it really your capabilities holding you back? Or is it how you make people feel?

Start there.

The hardest workers at startups aren't always the ones who get promoted.

I've watched this play out dozens of times across three companies.

Everyone's grinding. Everyone's busy. That's table stakes.

The difference? It's not who works the most hours.

It's who takes ownership of their own growth.

Take two different people. Both talented. Both working their asses off.

One finishes a project and asks "what's next?" before you even have time to think about it. She spots gaps in your process and just... fixes them. Builds skills you didn't even know you needed yet.

The other does his job well. Really well. But he waits. Waits for you to assign the next thing. Waits for feedback. Waits for someone to tap him on the shoulder and say "here's your growth opportunity."

Guess which one gets promoted?

Here's the reality at a startup: No one has time to manage your career development for you.

Your boss is putting out fires. Your company is trying not to die. There's no HR department building you a nice little development plan.

If you're waiting for that, you're already behind.

The people who make it aren't necessarily the smartest or most experienced.

They're the ones who look at their current role and ask "what's next?" without being prompted.

They find the gaps. They raise their hand. They build new skills before they need them.

The others? They're always surprised when growth opportunities go to someone else.

Stop waiting. Start owning.


—

I write emails. Unfiltered takes from 12+ years building brands.

It's free. Subscribe (or don't):

https://ryanrouse.me/

I used to think confidence was more correlated to competence.

That the person dominating the conversation must know what they're talking about.

I was wrong.

Tens of thousands of meetings over the decades taught me this lesson the hard way.

The pattern is always the same.

Someone walks in with all the answers. Voice loud. Presence commanding.

Most people defer to them because of the volume and presence.

But...

The quiet ones. The people who didn't fight for airtime. Who wait until everyone else has spoken before they say anything at all.

They aren't quiet because they have nothing to say.

They're quiet because they were actually thinking. Processing.

Connecting dots that everyone else misses while they're busy talking.

I've watched entire strategies shift because someone who barely said a word for 45 minutes finally raised their hand and pointed out the one thing everyone else overlooked.

The flaw in the logic. The customer insight we missed. The operational reality that would kill the whole plan.

But here's the thing.
If you're not paying attention, you'll miss it entirely.

Because those voices don't demand space. They don't interrupt. They don't repeat themselves three times to make sure everyone heard.

They say it once. Quietly. And if you're not listening, it's gone.

The quiet people aren't always right.

But when they're wrong? They're wrong in interesting ways.

Ways that make you think differently. Ways that open up new angles you hadn't considered.

Real insight doesn't need volume.

It needs space. And attention. And someone willing to create room for it to surface.

If you're leading a team, this matters more than you think.

Because the breakthrough idea you're looking for? It's probably already in the room.

It's just not screaming at you.

It's sitting quietly in the corner, waiting for someone to notice.

Pay attention to the people who don't fight for airtime.

Ask them what they think.

Then shut up and listen.

You might be surprised what you've been missing.

Momentum is the most powerful force in business.

It's intoxicating. And finicky as hell.

When you have it, deals close faster. Hiring gets simpler. Problems suddenly have solutions.

That part is obvious. The part that isn't... 

Your team doesn't feel it the way you do.

They're in the weeds. Focused on tasks. They don't see the pattern you're seeing.

So when momentum's on your side, your job isn't just to ride it.

It's to make sure everyone else feels it too.

Point it out. Celebrate wins. Connect the dots between their work and the results. 

So you can get the most out of it when the winds are at your back. 

Because it can disappear as fast as it arrived.

Consuming content doesn't build confidence.

Doing does.

I spent years thinking I needed one more book, one more course, one more framework before I was ready. Spoiler: I was never ready.

The confidence I have now didn't come from any of that.

It came from:

• Launching things that flopped
• Making calls I wasn't sure about
• Building Factor_ with no roadmap
• Getting it wrong, then getting it right

You can watch every YouTube video on swimming. But you don't learn to swim until you're in the water.

Same with business. Same with parenthood. Same with life.

The reps are the education. The failures are the curriculum. The wins are just proof you survived long enough to figure it out.

Stop waiting until you feel ready. You won't.

Start before you're confident. That's how confidence actually gets built.

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 ✌️

Co-Founder

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.

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

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!

A long held belief just got UPENDED last week:

Vapes just eclipsed FLOWER in terms of sales in CA.

YUP. WILD.

So, ask YOURSELF why…


>> What Happened?

In CA, vape products overtook flower as the #1 seller in licensed dispensaries.

This is a HISTORIC first in the U.S. legal market.

In 2025, vapes pulled ahead, with higher monthly sales and widening share


>> Why Does This Matter?

Flower has been KING forever.

Economics, culture, product…it was Michael Jordan.

Now the consumer wallet has shifted its preferences.

And upended norms (hello Gen Z!)


>> What Am I Watching?

Is Gen Z the demand anchor we should be trying to reach?

Does margin in vapes continue if this trend sticks?

Does quality and testing MATTER, or is price #1?

How does this change the retail plan-o-gram??


Flower has to take off its crown, for now…

But let me be clear: I don’t think flower is losing its heritage or dominance, YET….

I do think that consumer choice and pricing show us how the market is shaping the future…

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!!!!!

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.

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.

Why can’t an MSO be successful in one of the BEST markets in the US?

Missouri is quietly becoming one of the most attractive cannabis markets in the country — WITHOUT the MSOs.

Go figure.


>> What’s Happening?

Curaleaf exited Missouri.

Not cut back. Not paused. EXITED.

And they are not alone. No major MSO has meaningful exposure to Missouri.

Yet MO is consistently ranking among the healthiest AU markets in the U.S…


>> Why Does This Matter?

Missouri breaks the MSO playbook.

Limited license structure, strong retail economics, rational competition.

Not race-to-the-bottom pricing.

This is the rare cannabis market where operators actually make money (REALLY).


>> What Am I Watching?

When do private equity and strategic buyers re-rate “boring” markets?

Does the next consolidation wave starts OUTSIDE the MSO universe?

Who comes out of this market as a winner?


Missouri didn’t fail the MSOs but the MSO model failed in Missouri.

Not every great market wants a national flag planted in it.

Sometimes the best markets are the ones Wall Street ignores.

Why do you keep doing this LinkedIn thing ???

BECAUSE THE POWER OF PERSONAL BRANDING IS YOUR FUTURE.

Here's a case study:

Few years ago met Lisa Williams via LinkedIn.

She reached out.
We got to know each other
We have supported each others' collective journey.

Lisa Williams is: 
— A working mother
— An entrepreneur
— Who owns two businesses
— Keeps up with her content 
— And is a TOTAL badass!

About 2 years ago she purchased a product SHE believed in. 

Hello Again...Something to help female health, specifically menopause.

She started putting some videos on TikTok...

And guess what... last week SHE WENT VIRAL.

1,000,000 views
122,000 likes
5,000 comments
21,000 saves 
59,000 forwards

AND SO MANY SALES SHE COULD NOT KEEP UP.

NEVER QUIT. 
NEVER question if you should be posting.

And buy some Hello Again!

And check the video here: https://bit.ly/4qCX4sq

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 !

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.

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.

Montana, the Gold and Silver State, is going GREEN.

Montana’s cannabis market just put up a number…which I found very interesting.


>> What’s Happening?

AU retail in Montana threw up a record $327M in sales in 2025.

AU represents roughly 90 % of Montana purchases.

AND this growth came DESPITE falling retail prices per gram.


>> Why Does This Matter?

Pattern recognition: price compression + volume growth = real consumer demand.

Out of this, the state grabbed $60 million in tax revenue, underscoring how important this product can be.

Medical markets seems to vanish in the face of AU. Unclear how this moves in S3…


>> What Am I Watching?

Montana works because it’s not drowning in licenses or over-financialized.

Its relatively open licensing structure and modest population make it a unique case, but can it last?

It’s also a NO MSO Zone…proving that you don’t need MSOs for a sold adult-use market.

Low population, controlled rollout, limited speculation.


Markets like this don’t scale nationally, but they do expose what broke elsewhere.

Record sales are nice, but structural market health is the REAL story.

We’ll see what prevails here.

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 !!!!!

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.

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!

"Always pass on what you have learned" ... Yoda

Thank you Christine Apple + Draper Bender

And looking forward to the amazing future of..
Wyld + Grön

(Aaron Morris is the REAL JEDI...)

Please get your news from Cultivated Media 
and support my good friends 
Ben Larson + AnnaRae Grabstein on 
High Spirits: The Cannabis Business Podcast

It’s NEVER a good idea to let government run a business.

Right??

Anoka, Minnesota is set to cut the ribbon on the Anoka Cannabis Company.

The first and ONLY city-managed dispensary in the U.S.

What could possibly go wrong??


>> What’s Happening?

A city running retail cannabis is like a turtle teaching people how to fly…

Bad idea for government to staff, regulate, and be accountable to voters.

This seems like a BIG departure from the usual “license it and pray” model.


>> Why Is This Important?

This city just decided licensing WASN’T enough.

Screw regulating private operators, Anoka wants to own the P&L too.

This is a fundamental shift for government FROM oversight TO asset control.


>> What Am I Watching?

How soon till every cash strapped municipality gets in the game?

Does this model work financially?

How does a city deal with illicit markets?

How long until they start growing weed and creating their own brand…??


Cannabis didn’t normalize…

It went on the city Balance Sheet.

Government is best which governs least, PERIOD.

Did you see the BIG deal last week?

Organigram Global paid 3.78x REVENUE for some German company…

Sure…go back to sleep, I’ll stay up and watch.


>> What’s Happening?

Organigram is buying Sanity Group for €250M.

€113.4M upfront (70% CASH) + up to €113.8M in earn-out…

Revenue for 2025: €60M

Up front or with the earn-out, this deal is BIG.


>> Why Is This Important?

EU has to now be in “catalyst” conversation.

France has not even come online and thats 500k patients.

Germany is the largest legal market outside of Canada.

The race is now on.


>> What Am I Watching?

LPs and Curaleaf are in. When do we see another MSO enter the frenzy?

Is it ONLY ME that thinks the EU will eventually place a cap on the volume its importing from NON EU countries?

Who’s next? (Because I know of some assets that are way more important that this one that are still on the board…)


This is a Canadian LP buying growth.

Not sure they are NOT over-paying for it but time will tell…

It is also A Canadian LP looking for catalysts.

Hello, US MSO’s?? Crepes in le future???

Want to know my SECRET?

It's ALL ABOUT in-person meetings. PERIOD. 

I'm hotter than the Jersey Devil for another one with the squad from IgniteIt Cannabis!

I'M COMING IN HOT: 
— February 10th, 2026
— Westin Jersey City

Tony Soprano and I are signing autographs...

Register HERE: https://bit.ly/49pHgUF

and use my CODE: SETH20

Patrick Lane Elliot Lane Javier Hasse

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