Ryan Rouse

MALK Organics

President

Self Employed

Growth Advisor

HighKey 

Chief Executive Officer (acquired)

Board Member

Chief Marketing & Ecommerce Officer

Tasseo Consumer Ecosystem

Operating Partner

Serenity Kids

Head of Growth

Factor_

Co-Founder (Acquired by Hello Fresh)

Chief Marketing Officer

Chief Operating Officer

Merrill Lynch

Vice President of Sales

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. 

I don't know a single truly successful person with a scarcity mindset.

Not one.

The ones who make it big? They're cheering everyone on, even their competitors. 

Sounds backwards. 

But the pie's not fixed. When the category grows, everyone grows. So their success doesn't shrink yours.

And when you operate from that place, you stop playing defense and start playing offense.

That's when you really win.


~~~~~~~~~~~~~

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Never Been on a Forbes List | President at MALK Organics | Daddy at Rouse House | Previously: Co-Founder & CMO at Factor_, CEO at Highkey

The most expensive person in your company isn't your highest-paid employee.

It's the one who loses their shit when things don't go their way.

The person who stays calm when shit hits the fan doesn't just solve problems faster.

They become the anchor everyone else holds onto.

When you're the one not freaking out, something magical happens.

People think clearer around you.
They bring solutions instead of panic.
They match your energy, not your emotions.

Being offended is a choice.
Getting emotional is a choice.
Losing your cool is a choice.

And every time you make that choice, you're choosing to make your team weaker.

The competitive advantage isn't in being right when everyone's wrong.

It's in being calm when everyone's not.

Because emotions are contagious.

Choose which ones you're spreading.


~~~~~~~~~~~~~

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Everyone thinks they're ready for their boss's job.

Until they get promoted.

And realize the job they thought they understood was maybe 30% of it.

The other 70%? 

Managing up while managing down.
Making decisions with incomplete data.
Taking heat for choices they didn't make.
Navigating politics they didn't know existed.

As well as the additional context. 

Board dynamics.
Investor relationships.
Internal politics.
Historical baggage.

All the shit you can't see from one level down.

Instead of assuming you know the role, assume you don't and seek to understand. 

Ask questions.
- Why'd you phrase it that way?
- What aren't you saying in this email?
- Who are you really managing here?

Not just in meetings - in the prep. In the follow-ups. In the calls that "weren't important enough to mention."

The real education isn't in the meetings you're invited to.

It's in the ones you're not.

Want that next role? Stop assuming you're ready for it.

Start learning what it actually is.

Because the gap between where you are and where you want to be isn't about skills.

It's about context you don't have yet.

And, likely, soft skills you need to refine. 

Get curious about what you can't see.

That's how you get ready.

Not by waiting.

By studying.


~~~~~~~~~~~~~

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Stop trying to motivate people.

You can't.

I wasted years at Factor_ thinking I could inspire people to care about our mission. Gave passionate speeches. Shared the vision until I was blue in the face.

Know what I learned?

Everyone's already motivated. Just not by what you think.

So your job isn't to motivate them.

It's to figure out what already drives them.

Then connect the dots.

I thought I was a shitty motivator at Factor_.

Turns out I was just a shitty listener.

Once I started asking "What matters to you?" instead of assuming everyone wanted what I wanted?

Everything changed.

People started crushing goals. Not because I motivated them.

Because I finally understood what motivated them.

And showed them how to get it.

Stop pushing your agenda.

Start pulling theirs.



~~~~~~~~~

If you liked this post, you'll love my emails. No BS observations and advice from 12+ years in the trenches building brands. 

Link in the comments 👇

The best deals happen when you're willing to lose them.

The best partnerships form when you're not desperate for them.

The best opportunities find you when you're not frantically searching.

I can't explain the mechanics of it.

But I've lived it.

The tighter you squeeze, the less you hold.

The more you relax, the more flows to you.

Sounds backwards.

Works forwards.

The difference between good leaders and great ones?

Good leaders hit their numbers.

Great leaders make everyone believe they can hit theirs.

Leadership isn't about being the hero of your own story.

It's about making everyone else the hero of theirs.

Your job isn't to cross the finish line first.

It's to make sure everyone believes they belong in the race.

Don't create followers.

Create more leaders.

Do it by making every single person feel like they're writing the story, not just reading it.

Your victories should feel like their victories.

Because they are.


~~~~~~~~~~~~~

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Nobody wants your advice.

They want to know what you did when you were in their shoes.

Huge difference. Took me years to learn it.

When I was at Merrill Lynch, an employee came to me. Struggling with a toxic coworker. Asked what to do.

I launched into this whole speech about "professional communication" and "setting boundaries."

Watched their eyes glaze over.

Know why?

Because I was talking like a management textbook. Not like someone who'd actually been there.

So I stopped. Started over.

"Had the same thing happen to me years ago. Guy constantly undermined me in meetings. Here's what I did: Started documenting everything. Every interaction. Every slight. Not to be petty - to see the pattern. After two weeks, I realized he only did it when the CEO was around. Insecurity. So I started praising his ideas publicly before meetings. Killed him with recognition. Stopped within a month."

Their whole posture changed.

Not because my story was brilliant.

Because it was real.

When someone asks for advice, they're not asking for wisdom.

They're asking for proof that someone survived what they're facing.

Your theoretical framework means nothing.
Your "5 steps to success" means nothing.
Your generic best practices mean nothing.

But that time you royally screwed up a product launch and recovered?
That matters.

That time you had to resolve an issue with your co-founder?
That matters.

That time you lost your biggest client and rebuilt?
That matters.

Stop playing guru.

Start sharing scars.

People don't need another expert.

They need someone who's been in the mud and made it out.

Next time someone asks for advice, skip the lecture.

Tell them about the time you faced the same shit.

What you tried. What failed. What finally worked.

That's the only advice worth giving.

Everything else is just noise.


~~~~~~~~~~~~~

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Stop writing novels before you get to the point.

• Slack messages with 2 paragraphs of context before asking if you can move a meeting.
• Emails that bury the budget approval request in paragraph 4.
• A "quick update" that takes 5 minutes to find the actual update.

You think you're being thorough. But you're burying the lead. 

Every second someone spends hunting for your point increases the chances that they miss it. 

Always. Lead. With. The. Ask. 

"Need budget approval for X. Details below."

"Meeting conflict - can we move to 3pm? Here's why..."

"Update: We're 2 weeks behind. Here's what happened..."

When you do that, speed of decision making increases.

People actually read the context because they know why they are reading it. 

Your high school English teacher was wrong.

Don't build to the conclusion. Start with it.

Don't provide context first. Give them the point, then explain.

People aren't reading your messages like novels. They're scanning for what you need.

Make it easy for them.

Or watch them start ignoring you.

I've never met a successful founder who was in a hurry to be happy.

But I've met plenty who were in a hurry to be successful.

And most were miserable.

Here's the thing about hurrying... 

Every time you rush through now to get to later, you're telling yourself this moment doesn't count.

That happiness is waiting for you somewhere else.

Spoiler: It's not.

The disease isn't being busy.

The disease is believing that busy gets you somewhere better than here.

Your next meeting isn't more important than this moment.
Your next milestone won't make you happier than you can be right now.
Your future success won't fix your current inability to be present.

Happiness isn't waiting at your next revenue or income threshold. Or an exit. 

It's sitting right here. Right now.

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

Especially if it isn't.


~~~~~~~~~~~~~

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One of the biggest turning points in an early stage business is when you stop thinking it's cute that the business "flies by the seat of its pants."

And start realizing that it's limiting growth.

"We're scrappy."
"We move fast."
"We figure it out as we go."

All code for: We don't have our shit together.

And it works. Until it doesn't.

Process is not about control. It's about freedom.

Freedom from:
- Solving the same problem 47 times
- Having every decision escalate to you
- Losing your best people to preventable burnout
- Watching quality tank because "everyone does it differently"

There's a fine line between startup energy and startup chaos.

But one you have to be on the lookout for. 

Because chaos doesn't scale.

Doing things that are hard will change how you see yourself.

They don't just build skills. They rebuild identity.

When you do the shit that scares you, you stop being the person who's scared of it.

When you tackle what you suck at, you stop being the person who sucks at it.

Each hard thing I've tackled in business changed the story I tell myself.

From "I'm not a numbers guy" to "I can figure this out."

From "I don't do operations" to "I'll handle it."

From "That's not my strength" to "Not yet."

The hard things you're avoiding?

They're not obstacles.

They're identity upgrades waiting to happen.

You think you know who you are.

But you're just who you've been so far.

Do the hard thing.

Meet who you could be.

This is cliche as hell. 

It's also true.


~~~~~~~~~~~~

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There are two types of people at startups.

The ones waiting for their manager to tell them what to do.

And the ones who've already done it.

Take two employees side by side. 
Same title. 
Same experience. 
Completely different trajectories.

One keeps asking "What should I work on next?"

The other is already shipping solutions to problems nobody had assigned yet.

Guess which one has a steeper trajectory?

At early stage companies, your task list is a suggestion.

The real work? It's everything that's not on it yet.

The stuff nobody's noticed is broken.
The process that takes 10 steps but could take 2.
The customer complaint that "isn't your department."

Everyone's busy at startups. That's not special.

What's special is being busy with the right shit.

The ones who wait for permission to level up never do.
The ones who just start fixing things become indispensable.

I used to think initiative was about working harder.

Wrong.

It's about working on what matters before someone tells you it matters.

Your boss isn't your career GPS.

Stop waiting for directions.

Start building the map.


~~~~~~~~~~~~~

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The biggest sales job you'll ever make isn't to your customers.

It's to yourself.

Because it's the stories in your head determine the stories you tell the world.

If you're telling yourself you're an imposter, that's exactly what you'll project in every meeting.

If you're telling yourself you're not a "numbers person," guess what? You won't be.

If you're telling yourself you need one more certification, one more mentor, one more anything before you're ready...

You're right. You'll never be ready.

Because readiness isn't something you acquire.

It's something you decide.

The most successful people I know aren't the ones with the best credentials or the smoothest pitch.

They're the ones who changed their internal narrative first.

From "I'm figuring it out" to "I know my shit."
From "I hope this works" to "Watch me make this work."
From "I'm not that type of person" to "I'm becoming that type of person right now."

Your business can only grow as fast as your self-concept allows.

Change the story. Change everything.


~~~~~~~~~~~~~

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When emotions run high, intellect runs low.

Your IQ literally drops when you're heated. The part of your brain that handles logic? It checks out. 

Leaves you with the part that wants to fight or flee.

That's when we make our worst decisions.

Break trust with a team member.
Send the relationship-ending text.
Make the deal-killing move.

Now when I feel that heat rising, I do nothing.

No emails. No calls. No Slack messages. No decisions.

Just breathe. Stand up. Walk away.

The problem will still be there in the morning.

But I'll have my full brain back to solve it.

Because I now know that the most expensive words are the ones you say when you're emotional.

In those times, the most powerful thing you can do is absolutely nothing.

At least not until tomorrow.


~~~~~~~~~~~~~

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You can't be friends with people who work for you. 

I don't buy into this philosophy. 

I think you can. And believe it can an advantage in leadership. 

You just have to be willing to piss off your friends (who are also team members) more often then you do with people who are just friends.

We all want to be in good standing with our friends at all times. There's a weight that comes with being in conflict with people we care about that we'd rather not carry. 

But if you are going to be friends with people you lead, you have to get comfortable with that weight. 

Because you won't be in good standing with them all the time. 

Not if you're doing it right.

The best operators aren't the ones who can take the most punishment.

They're the ones who refuse to.

I used to pride myself on being the guy who could handle anything. Any timeline. Any ask. Any amount of chaos.

Until I realized I wasn't scaling the business.

I was enabling its dysfunction.

Real scaling happens when you make heroes unnecessary.

When you build processes that work without someone sacrificing their weekends.
When you invest in infrastructure before you're drowning.
When you say "this timeline isn't realistic" instead of "I'll figure it out."

Being irreplaceable isn't job security.

It's a trap.

The constraint of limited capital forces clarity.

When you can't throw money at problems, you have to actually solve them.

When you can't hire your way out, you have to execute your way through.

When every dollar matters, bullshit dies fast.

But at some point that constraint is a net negative on the business.

Because the "bootstrappers mindset" is established but company growth is stunted by a lack of cash.

When you can't invest in proper infrastructure, you pay in time.
When you can't hire the right people, you pay in mistakes.
When you can't test at scale, you pay in missed opportunities.

This is why experienced operators raise money differently. 

Not because they're greedy. Because they've lived through the hidden cost of being too lean.

They know when to be scrappy and when to invest.
They know which constraints sharpen you and which ones slow you down.
They know that sometimes the most expensive thing is being cheap.

Investors get this. That's why experienced operators raise bigger rounds sooner and often times operate in the red for longer.

Not because they have better pitch decks.

Because they've already paid the tuition on when capital constraint stops being an asset and starts being a liability.

The impact of your ability to connect with other human beings cannot be understated.

That skill alone unlocks more opportunities than everything else combined. 

This has nothing to do with the number of social media followers you have. Follower count is a terrible measure of the skill. 

I'm talking about your ability to find common ground with other people below all the surface level shit.

Which lives and dies with how early in a conversation you're willing to take off your mask and be honest about things. 

When I am real with people, I can literally see their face and body relax.  

The type of relief that only comes with the realization that you're in a conversation with someone you don't have to fake it with. 

Because faking it is exhausting.

~~~~~~~~~~~~~

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When it comes to brand, positioning matters the most.

There are many positioning frameworks out there. 

I personally like one from McKinsey consultant Victor Cheng.

Cheng says that the best positioning makes a “Unique Compelling Credible Promise to a potential buyer”.


1. Your promise must be unique. 

The first step in winning a customer is being unique in a field of sameness. 

To achieve uniqueness, riff on the Who / What / Where / Why / When / How of your offering:

- Who do you serve?
- What do you offer?
- Where are your sales happening?
- Why do you do what you do?
- When do you fulfill?
- How do you do what you do?

All can be unique and differentiators in the market relative to your competition.


2. Your promise must be compelling.

Whatever you are promising has to solve a customer problem in an overwhelmingly compelling way. 

Review your customer feedback. What are their searing problems? 

Not their surface level problems.

Do they want to be healthier? (Surface level)

Or are they disgusted by how they feel and can't play with their kids because they are low on energy. (Searing problem)

Make your promise compelling. Address the searing problem head-on. 

Use the language your customers use. Mirror your solution back at them. 

Take this approach in all your sales copy, your ads, and your site.


3. Your promise must be credible. 

A unique and compelling offer means nothing if your potential customer doesn't believe you. 

It is asking a lot for a brand-spanking new visitor to take out her credit card and buy from you on the first visit to your site. 

This lack-of-trust is a big reason why conversion rates are so low.

You have to build credibility around your brand, fast. Here are some ways to do it:

- Customer testimonials
- Specificity
- Guarantees
- Research reports / Trials

Credibility is king. Without it, the first two don’t go very far.


You're gonna have a really tough time building and scaling a business without solid positioning. 

I love the approach above, but there are others. 

Pick one and do the thinking involved to carve out your own positioning. 

Every other aspect of running your business will become easier.

Action is the great equalizer.

It doesn’t care about your background, where you went to school, or how old you are. 

While everyone has things they want to do, significantly fewer people take action on them. 

Which presents an opportunity for those who do. 

Here's a simple formula for taking action on something new:

1/  Determine what the absolute smallest first step you can take looks like. 

2/  Take that step.

That’s it.

That one baby step will do a few important things for you. 

First, it will reveal the next step. There’s value in mapping out a step by step plan, but the step you actually take is the only thing will bring the next one into focus.

It will also help you decide if you want to take the next step. You don't have to.

Lastly, it will build momentum and internal belief. 

There’s nothing more powerful in the universe than the combination of these two things. 

This works for everything from a new business idea to a new hobby. 

Taking action, as imperfect as it may be, wins every time.

Seth Yakatan

Katan Associates International

Katan Associates is a corporate strategy and finance advisory group focused on the global life sciences industry.  Our mission is to add and create value for therapeutic and technology-based companies by implementing operational improvements and corporate capitalization strategies that will benefit your shareholders. 

Katan is driven to consistently deliver results by leveraging our experience and industry and investor relationships to benefit our clients.  Working closely with a handful of carefully selected clients, Katan Associates will identify and analyze your strategic opportunities, transactional requirements, operational needs and provide industry perspective essential to creating long-term shareholder value

Co-Founder

Ordo Verde

Glass House Brands Inc.

Strategic Advisor Capital Markets and Business Development

Cannatrek 

Member Board of Directors

FBK Holdings LLC

Founding Board Member

BrainTX

FitLife Brands, Inc.

Eaze

Kalytera Therapeutics

Co-Founder & CEO

Invion Limited

Co-Founder, Vice President Business Development

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

When @Forbes calls you for your take on a market, YOU PICK UP THE PHONE.

So grateful when my friend Javier Hasse calls.

ESPECIALLY when I can put my opinions in the great magazine.

"Yakatan also pointed to a list of brands he sees executing well despite the headwinds — from STIIIZY and Embarc to Wyld, Kiva Brands, Inc., Jeeter - a DreamFields Brand and Uncle Arnie's  — while stressing that long-term success will come down to profitability and discipline."

Peep the FULL article here...https://lnkd.in/gNERq7_h

Cannot thank YOU ENOUGH Javier Hasse!!!

Well…it’s about TIME ???
Congrats to Cann being named one of the best inventions of 2025 !

No one deserves this more than the company that CREATED the CATEGORY…
Only thing I can complain about here is..
That TIME should have done this 7 years ago (Cann was founded in 2018)

>>> What’s Happening?
Unless you live under a rock you know beverages are on FIRE.
Cann is now clearly the leader of the pack with this announcement.
According to Jake B. Jake they sold 10 million cans in 2024 (do the math).

>>>Why Is This Important?
Alcohol is declining (upcoming posts with data to prove this point)
America is switching to this product set!
It's growing and getting more and more mainstream and cross-over acceptance DAILY.

>>>What Am I Watching?
The move away from high calories and hangover is clear.
The brands that win the mindshare will own the category.
Everyone else? Good luck fighting for second place, Cann CANN just moved to first…

Congrats: Jake B. Robert Peck Nick Fasano Danielle Nicoll

The multi state gems in this industry are PRIVATE. Agree??

Keep crying about how hard it is and I'll keep telling you about the private MSOs that are killing it....

C3 Industries
Standard Wellness
Nova Farms
Elevate 
Illicit Brands
Good Day Farm
STIIIZY
JARS Cannabis
Jungle Boys
West Coast Cure

Keep whining, I'll keep finding winners...

Thank you to the boys at From the Weeds to the Clouds - Michael Krefman & Michael Peterson for having me on!

So we're in TARGET now. What's next??

Other than WAKING UP every CPG, Beverage and Alcohol person to the fact that this segment is HERE....I'm honestly not sure.

>> What’s Happening?

It was announced recently that TARGET is doing a 10 store trial selling THC beverages in Minnesota.

This is a great first step into larger big box stores and something we've all been expecting for some time.

Seems like ‘MERICA thinks that drinking cannabis might be a “healthier option” than alcohol.


>> Why Is This Important?

Several folks have been talking about this trend and growth for 2 years!!!

Now this has put the massive Bev/Alc/CPG media and pundit world in motion with this announcement.

Folks, these beverages have been being distributed for the last 1.5 years in the 3 tier system, big box retail and grocery (in middle and southern America).

I am glad the people who should be worried about the growth of this segment have now been shaken awake!

IT IS A MATTER OF TIME TILL THIS SHOWS UP IN YOUR TOWN…


>> What Am I Watching?

WHEN does a large Bev/Alc/CPG player jump in ?

WHEN do some of the Bev/Alc funds admit the alcohol HAS an issue??

WHEN do we see a pure financial player (P/E Fund) get involved (many are already in kratom!)??

Get clear now folks…. its WHEN not IF…

Super excited for all the brands that made it into this flight, keep GOING !!!!
Thoughts ? Hit the comments...

The worst moment a founder encounters: when it’s time for them to LEAVE their company.

Every founder thinks they’ll be the exception.

They’ll be the visionary who scales from garage to IPO and “evolves with the business.”

They’re actually the unicorn who “brings in professional management but stays involved.”

Newsflash: They RARELY do.

At some point, every company hits the wall where founder energy becomes a liability.

The chaos that once built momentum starts creating drag.

That potent “move fast” instinct becomes “bad management.”

And suddenly, the same person who got it off the ground can’t get out of the way.

And unfortunately, it’s never a clean handoff. It often ends up looking like a boardroom coup.

The founder cries “betrayal.” The board calls it “governance.”

And everyone pretends it’s mutual.


But here’s the truth:

Founders rarely *quit*. They get removed quietly, then thanked loudly.

Their photos stay on the website longer than their equity stays on the cap table.

The best ones see it coming and step aside early BEFORE the rot sets in.

The rest go down defending a vision and business that outgrew them years ago.

You can’t scale charisma.

And you can’t run a company on nostalgia.

Hey, don't feel so bad....even Steve Jobs got the boot.

My cat has taught me more about business than half the boardrooms I’ve sat in. 

I’m not joking. I’ll explain.

You can’t force a cat to do anything.

Try to pick them up when they’re not in the mood? Claws. 

Try to pet them when they’re not ready? They’ll vanish under the couch. 

But when THEY decide it’s time, you’ve got a purring ball of fur in your lap.

In business, there are times you can’t force outcomes. 

Deals, investors, customers, employees… they come around when they’re ready, not when you demand it.

Pushing harder doesn’t always make the timing right. 
It might just make you look desperate (or worse, oblivious).

Respect the cadence. Recognize when to pull back and when to lean in. 

THAT’S the difference between chasing your tail and actually winning.

My cat is teaching me to be wary of:

Founders trying to muscle capital raises when the market isn’t ready.

Execs who mistake force for leadership, burning out everyone in the process.

CEOs that mistake stories for cash, burning investor dollars like kindling.

Sometimes the best strategy is patience. Build the right environment, stay consistent, and let opportunity come to you. 

Just like a cat deciding when you’re finally worthy of their attention.

Thanks Alfred! You’re a G.

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What’s the most idiotic thing in Midwest c@nnabis right now?

Minnesota’s OCM Hemp moves.

The headline is “We are saving the consumers”…

They might kill the most robust beverage market in the United States while doing it.

Let’s dive in.


>> What’s Happening?

Minnesota’s hemp beverage scene—which is arguably the hottest in the country right now—is facing an existential crisis.

New rules kicking in January 1 require all THC beverages and edibles to be tested only at Minnesota-licensed labs….

And there are only TWO of them!

Rules are also requiring hyper-detailed labeling including manufacturer, processor, and license numbers (not feasible).


>> Why Is This Important?

This is another bureaucratic chokehold on a young industry that saved breweries and liquor stores from extinction.

Half MN’s 240 craft breweries would be at risk with this legistlation, per the industry letter to OCM Director Eric Taubel.

As always, the intent is great BUT the execution here would be a disaster.

Two labs for an entire state would create the mother of all bottlenecks.

Nothing like making rules that help big multi-state players with compliance departments while downing small operators in paperwork, amma right??


>> What Am I Watching?

Will dumb government (the OCM) pause implementation for six months, as many industry leaders have begged?

Does Minnesota become the first state to regulate its cannabis beverage market out of existence before it even matures?

”Protecting Consumers” doesn’t mean much when there’s nothing left on the shelf to protect.

This pisses me off as it is yet another example of regulators trying to manage an industry don’t understand.

The state’s hemp beverage boom worked. 

It drew consumers away from alcohol, built jobs, and normalized THC.

Now, MN government is about to turn that success story into another government-engineered contraction.

Thoughts? 

Hit those comments…

After one leveraged roll up closes what do you do?

Well, you move onto the next one of course!

It was announced recently that Vireo was buying Schwazze’s debt. 

Because…..their garbage pile wasn’t big enough?

If this is the next chapter in “disciplined growth,” it reads more like the sequel to Dumb Money: Cannabis Edition.


>> What’s Happening?

Vireo Growth (CSE: VREO) just announced it’s scooping up 86% of Schwazze’s senior secured convertible notes for about $62M in stock — and they’re bragging that’s “below par.”

Translation: they found a zombie’s yard sale and couldn’t resist.

The deal’s expected to close in October, assuming someone, somewhere, still wants to approve another paper shuffle. 


>> Why Is This Important? 

This isn’t “strategic M&A.” It’s hoarding liabilities dressed up as growth.

Let’s be real — Vireo hasn’t exactly proven it can integrate anything.

They’ve been in “platform-building” mode since 2014…

🥱

Another transaction, another promise that THIS TIME they’ve “aligned strategy and execution.”

Schwazze has been a poster child for the roll-up bubble, now their debt is a prize??


>> What Am I Watching?

Does this debt buyout somehow turn into operational synergy? (I doubt it)

Is Vireo just doubling down on confusion by stacking assets they can’t digest and equalizing liabilities no one can fix?

Unless Vireo SUDDENLY learns how to integrate, this feels less like strategy and more like playing hot potato with toxic paper.

Cannabis M&A isn’t dead. It has just devolved into balance sheet taxidermy.

Sorry/Not Sorry

I can’t believe I’m saying this but, Curaleaf just did something smart!

Yeah — I said it.


>> What’s Happening?

Curaleaf up sized its revolving credit facility from $40M to $100M with Needham Bank.

Interest rate: 7.99% (WOW).

Term: 1 year (extendable up to 5).

Step-up to 8.99% if they refinance their senior notes due 2026.

They’ll use at least $50M to pay off higher-interest acquisition debt, while keeping the rest for working capital.

On the surface, it’s a pretty standard corporate finance move. 

But for cannabis? This is a HUGE deal.


>> Why It’s Important?

This is a First in Class structure...

Revolvers are confidence signals from the capital markets.

They say: “You have earned enough trust with a regulated lender to get flexible, repeatable capital.”

That’s different from the usual “convertible note treadmill” or “friends-with-options” financing you see across the sector.

A revolver means a bank believes in your cash flow.

And in cannabis, that’s practically a unicorn.


>> What Am I Watching?

Curaleaf still carries a mountain of debt, and the balance sheet hasn’t exactly been a masterpiece. 

But this move shows savvy: paying down expensive M&A liabilities / extending maturities strategically.

Structuring real banking relationships, not just B/S financing.

Let’s be clear: this doesn’t fix the business or its image of what is wrong with how Corporate C@nnabis works. 

But it may mark a turning point.

Boris is acting like a CEO that plans to survive the next credit cycle.

So yeah… as much as it pains me to say it:

Congrats, Boris. You did something that deserves my respect.

How do you raise $1B in cannabis today??

Simple, start by losing $190M.

Pelorus Capital Group just launched the “Pelorus Growth Fund” — a shiny new equity strategy with up to $1B in dry powder to scoop up cannabis companies.

They’re calling this a “generational opportunity.”

NOTE: They don't say how much fresh capital they have, only that they'll invest "up to".....

>> What’s Happening?

Pelorus has been a cannabis lender since 2016. $500M+ in deals, mostly real estate backed.

Now they want to shift into equity ownership, using a “first-of-its-kind” growth fund seeded with assets from their own portfolio.

Translation: distressed operators everywhere, Pelorus wants your broken toys.

They’ve stacked an advisory squad of industry vets, PE guys, and MSO co-founders to legitimize the play.


>> Why This Matters?

Forgive me, but their track record is, frankly, pretty bad:

Juva Life, Inc. → defaulted on an $11.8M loan from Pelorus; Pelorus now has to deal with receivership.

Item 9 Labs → defaulted on tens of millions in construction loans.

StateHouse Holdings → Pelorus sued over defaults (~$116M) and ended up taking over assets in receivership.

Arena Investors, LP → accused Pelorus of swapping $5M of collateral on one of its notes.


>> What I’m Watching?

If you are not a “great” lender, do you get a second chance as an equity investor?

How does one deploy $1B in a market where most companies can’t raise $10M without begging?

Does anyone really believe now is the “equity super-cycle” when operators are closing stores and regulators still treat the industry like a pariah?

This isn’t Pelorus suddenly getting religion. 

It’s capital stacking 101: 

1. Lend against assets
2. Watch companies fail
3. Convert debt into ownership
4. Rinse and repeat.

Cannabis founders spent a decade playing “growth at all costs.” 

Now, the reaper is calling and the lenders are coming for your equity. 

(If you want more color on this please see some of Kraig Fox recent posts and a full length discussion of the topic here: http://bit.ly/3KxEGlw)

Frankly I am insulted by this. It’s whats WRONG with the capital markets.

And ANYONE WILLING to give these guys money again, call me…PLEASE!!! 

(I might save you some $$$$)

“I’ll take a tank of Gas, some peanut M&Ms and an Uncle Arnie’s please!”

That’s right folks….Circle K goes FULL THC BEV!

3,000 stores. 
Nationwide. 
2026.

You heard that right.


>> What’s Happening?

Circle K is set to roll out THC beverages nationwide.

This is going to happen next year after successful tests in the Southeast (Georgia, Carolinas, Florida).

The launch builds on early pilots and is now expanding “in states where THC products are authorized for sale.”

Get it: corporate America is quietly building the distribution skeleton for cannabis WITHOUT touching cannabis licenses.


>> Why Is this Important?

Big Box retail is THE unlock everyone’s been waiting for.

Forget dispensaries. THIS is on-premise meets C-store + on-the-go, and it’s happening.

The numbers are NUTS:

Circle K = 7,000 U.S. stores

THC drinks in 3,000 = 40% penetration

Average convenience store sells $1.5M/year in packaged beverages

Even if it hits 5% that is a $225M channel on launch.

And that’s before QT, Speedway, or Buc-ee’s get the memo.


>> What Am I Watching?

Regulatory hypocrisy is now a business model.

No 5mg seltzer in Minnesota’s liquor store, but you can get one next to a Slim Jim in Georgia.

It’s the exact thing I’ve been calling out for months:

The hemp supply chain (or big ALC) just back-doored cannabis distribution.

Circle K is now your biggest dispensary. You just don’t call it that….


How it Started: “Hemp is a loophole.”

How it’s going: “3,000 Circle K locations, please.”

I’m gonna call 2025 a failure for me. Here’s why:

I watched 2 deals blow up in my face.

For most of the year, I’ve been working on two really big deals.

As we started to head into early August, it looked like both of them were gonna close imminently.

Within a week both blew up 😑

So I’ve spent most of August + September :

— Annoyed
— Upset
— Moody
— Questioning myself

I felt like I let down my partners, my team, my clients.

As September wound down I got back on the horse and started riding slowly.

That muscle memory kicked in….

I found alignment.

I went into something with pure intention and was able to call on the totality of my skills to see the through line.

I trusted my gut, and without trying that hard something great and unexpected happened.

Failure is the best teacher, folks.

It resets the clock.

And just like a great professional DB or Safety….

You get beat deep for six.

Get back on that line.

You play another play.

And you tell yourself you’re an All Pro.

The great Ronnie Lott cut off his finger to play again…

How far will you go to win?

It’s not how we wear our victories but how we respond to our failures that makes us.

Take that to the HOUSE!

BIG SCANDAL in NY this past month…

Omnium Health just found out the hard way that renting your license isn’t the same as running a business.


>> What’s Happening?

NY state says Omnium was renting out warehouse space to unlicensed operators and then moving products through its own distribution channels.

The regulators are moving to yank Omnium Health’s permits and hit them with 7-figure fines, and recall $10M worth of product.


>> Why is This Important?

This is the first major enforcement under the state’s new crackdown.

It signals a shift from “we’re building the market” to “we’re cleaning it up.”

And now the fallout is real:

Multi-million dollar recall.
Permanent ban on participation.
Dozens of brands hurt.


>> What Am I Watching?

I have called out that New York’s cannabis roll out experiment has been chaos from DAY ONE.

Slow licensing, illegal stores on every block, and bureaucrats chasing their tails.

But this move finally shows they’re willing to go after the suits, not just the bodegas.

It’s a warning shot.

Maybe, just maybe New York will clean up its act?

The Great Gavin Newsom has just signed perhaps his dumbest c@nnabis related bill to date.

AB 8 permanently folds intoxicating hemp products into the state’s cannabis regulatory framework.

So…..first you ban them all, then tell me its for the kids, now this??


>> What’s Happening?

Glorious Gavin is out here celebrating a 99.78% compliance rate under emergency hemp regulations under AB 8, a bill that permanently folds intoxicating hemp products into the state’s cannabis regulatory framework.

Talking points sound great: 

1. Protect kids
2. Eliminate bad actors
3. Create “one system” for cannabis and hemp!

Huzzah!

But the reality is that instead of fixing c@annbis, California regulates something ELSE and calls it a win.


>> What’s Really Going On?

This isn’t about 99.8% compliance… it’s about 99.8% stupidity.

The same state that can’t regulate taxes, licensing, or retail in the cannabis program just decided to extend that absolute dysfunction to hemp.

This isn’t safety. This is not better. It’s regulators (again) trying to regulate TWO MARKETS THEY DON’T UNDERSTAND!


>> What Am I Watching?

The Farm Bill didn’t “endanger children”, but it SURE DID expose how poorly CA managed its legal cannabis rollout.

Nothing more than an awesome mix of high taxes, poor retail access, zero enforcement and a thriving black market.

So…instead of fixing cannabis, Glorious Gavin is dragging hemp down to its level.

Newsom can celebrate his “compliance victory.”

But from where I’m sitting, it looks like California just protected kids by killing two industries.

NEWSOM…Do better.

Alcohol has a BIG problem brewing…

People ain’t pounding brews like they used to.

Now, some Bev/Alc folks on this platform seem to want to downplay this.

Maybe they’re too invested in the space?
Maybe they’re pushing a narrative?
Maybe they’re afraid?

Which is understandable when you see the numbers…

Because the data don’t lie.

From a recent research report from Jefferies:

“Alcohol consumption has dropped from a peak of 9.5L in 2021 to 8.3L by end of 2025. In the absence of a major intervention, e.g. a severe tax increase / regulatory headwind, the industry could be close to trough. However, we now build in a further step down to 7L, which would take alcohol consumption to lower than 1960s levels (7.8 litres).”

But don’t worry. It’s ALL GOOD.


>> What's Happening?

Common logic dictates that alcohol is the next tobacco.

Beer sits at a -27% discount relative to staples, compared to its 20Y average discount of 7%.

Harm reduction has driven lower consumption overall.

And the COVID bump is over.


>> Why It Is Important?

The sector NEEDS a catalyst

Wellness is NOT going away and consumers continue to choose health…

And as everyone who follows me knows, THC beverages are eating everyones lunch.


>> What Am I Watching?

I’m paying attention to what the young people are doing, and you might have noticed that they ain’t drinkin’!

Most Analysts now think alcohol consumption is set to FALL by 2% per year over the next decade.

What area is growing?

(Hint: HEMP/THC Beverages)

We’re standing at the dawn of a new era in social consumption folks.

When does it work ???

When I have MIND SHARE...

I can tell you whatever I want, if YOU don't listen...
It AIN'T going to work...

People bring me in to do a job...
You going to tile your own bathroom or hire someone ?
Don't tell me how to place the tiles...

Let me do my thing and we can both win...
Or you can struggle and learn and maybe get there yourself...

One approach that will get you nowhere with me: 

Cold DM me a deck and IMMEDIATELY say:
“Let’s talk today or tomorrow if this sounds interesting.” 

If you’re going to go to all this trouble, at least take some time to think up a specific ASK.

Most early stage folks that DM me don’t have any ask, AT ALL.

They’re generally fishing for free advice.

It’s clear if you are reaching out to me that you need help, so….ASK FOR HELP.

Maybe you could ask one specific question?

Maybe you could LOOK at my offerings and suggest how I could help?

My experience has been hard earned and I have the scars to prove it.

Do you think I am going to give it FOR FREE with NO ASK, and on a COLD DM?

Come on…

How about a reciprocal trade?

Maybe you could look at my service offerings and book a paid hour?

Maybe you can offer me an advisor role?

Or maybe you could find someone who actually knows me and get an intro?

This is the thing with being out in public like I am….people somehow think they can ask you to do things for free.

Weird.

Hey Joe Rogan, wanna jump on a call this afternoon to talk about my podcast??

Most important question for the CEO to answer?

— What is YOUR goal?

Not your investors goal.
Not your co-founders goal.
Not your ego's goal.

WHAT IS YOUR GOAL?

Are you doing this to:
>> Solve a problem?
>> Build a global company?
>> Exit and drop the mic?

Go walk around in your moccasins for a week and figure it out.

THEN we can talk about what your goal is and if I can help you achieve it...

You know what I think of New York??

Well I'm coming to The Big Apple to give them those thoughts straight!

My friends at Business of Cannabis have asked me to kick it in the city.

Come check out their meeting in Williamsburg.
November 6, 2025.
The Wythe Hotel.

Attendance by invitation and only a limited number of tickets.

www.cannabisnewyork.live
Use my Code: SPEAKERDISCOUNT_Yakatan15

And if you're lucky I might give you a bracelet...

How did I get in ?
I saw what I thought was opportunity...thats how...

A wave of consolidation waiting to occur
No one authentic and genuine enough to facilitate it
A bunch of great companies that could be the catalyst...
Wyld
Timeless
Grön
Jeeter - a DreamFields Brand

Looked like Biotech in 1987....
LinkedIn...total accident...and the wrong intention to start

My mantra:
1. Speak my truth
2. Get 2 or 3 things done a year
3. Let the press releases to all the talking...

Thank you to the boys at From the Weeds to the Clouds
Michael Krefman + Michael Peterson 
for having me on !!!

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