Mark MacLeod

I help startup CEOs go from $5M in revenue to a massive exit

Since 1999, I have sat at the right-hand side of the leaders of high growth technology companies as either a CFO, VC or deal maker. I served as CFO for software companies including Shopify (NYSE: SHOP) and Freshbooks. 

I was a General Partner in Real Ventures, one of Canada's largest and most active seed stage funds. My investments there include the fund's largest cash on cash and highest IRR returns to date. 

Most recently, I founded SurePath Capital Partners the leading investment bank for SMB SaaS companies where we did hundreds of millions in financing and exit transactions.

The thing I loved most about these roles was the one on one coaching and advisory conversations I had with CEOs. 

Since 2020 I have been coaching, investing in and advising CEOs + helping them execute game-changing deals.

I am a semi-active angel investor with a portfolio of 22 investments, 2 highly positive exits and counting.

In my spare time, I am a passionate CrossFit athlete and electronic music producer/ DJ. I also run Deep Down Music, a record label.

Founder

I coach, advise and invest in the CEOs of high growth technology companies & help them execute game-changing deals.

Just posted my interview with Vitaly Pecherskiy , CEO of StackAdapt.

The company went from 170 to 1,600 employees in 5 years. Crossed $500M in revenue. Bootstrapped early, then raised from tier-one growth investors.

Three takeaways:

✅ Own your destiny: When VCs passed early on, they built product and got it in customers' hands fast. That forced self-reliance became their operating DNA.

✅ Don't raise too early: Many founders overestimate TAM, raise too much capital, then can't grow into the valuation. By the time they exit, their shares are worthless. Vitaly delayed raising until traction proved the market was real.

✅ Product > Marketing: When asked about the state of advertising, Vitaly flipped it: "Great marketing is easier when you have a great product." Marketing teams should sit closer to product and influence its direction.

The full conversation covers scaling culture across 20 countries, transitioning to CEO after 9 years as co-founder, and building a $500M+ business without the typical VC playbook.

Link in comments and you can find it where ever you catch your podcasts.

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Certified Personal & Business Performance Coach

Chartered Professional Accountant (CPA)

An exclusive community of VC and PE-backed CEOs who want
to scale themselves and their companies without limits.

Limitless is an exclusive community of VC and PE-backed CEOs who want
to scale themselves and their companies without limits.

I coach startup CEOs to grow themselves and their business all the way to a massive exit

SurePath Capital Partners is the premier strategic financial advisor to the global SMB Software market. With offices in Toronto and San Francisco, we aim to be the #1 advisor in this space globally and the one call CEOs and board make when they need to make a deal happen.

I led finance and corporate development at FreshBooks - the #1 cloud accounting specialist for small business owners. Since 2004, over 5 million people have used FreshBooks to track time, organize expenses and invoice clients online and in the cloud.

Accomplishments:
- Closed $30M institutional funding round + other unpublished transactions
- Led the process to find a partner to backstop a new product line
- Sourced and closed other key revenue-generating partnerships

CFO + Chief Corporate Development Officer

Venture Partner

Parter at Real Ventures where I focus on SaaS, freemium, e-commerce and digital media seed investments

Director, Fabric Technologies
Director, Context.io (sold to Return Path)
Director, Frank and Oak
Observer, Rewardli Inc.
Investor, Thinknear.com (sold to Telenav)
Investor, Localmind.com (sold to Airbnb)
Investor, Massive Damage Inc.
Director, Sweet IQ (sold to Reachlocal)
Observer, Unbounce.com
Investor, Engagio (sold to Influitive)
Investor, Origin.al Internet Company General Partner

General Partner

CFO for Tungle - a great solution for meeting coordination.

Raised a $5M "A" round. Served as CFO through the successful sale of the company to RIM.

Interim CFO, Shopify
Advisor, Well.ca
Advisor, Cakemail 
Advisor, Dok Dok Inc 
Advisor, Raymark
Advisor, Sitezoogle 
Interim CFO, Status.net Inc.

Advisor & CFO

Led finance, operations, legal, HR, strategic planning functions for this mobile communications startup. Raised an $10M B round led by Flybridge. Raised an additional $1M in China. Made major improvements to execution, ops, key metrics, etc.

Led finance, operations, customer support, IT and manufacturing for this venture-backed networked storage vendor. Negotiated the sale of Terrascale to Rackable Systems (NASDAQ: RACK) in a deal returning 10x on invested capital.

VP, Finance

Prepared this 15 person IP networking startup for commercialization & ‘B’ round funding. Responsibilities included financing, all back office operations, investor + board relations and negotiation of all  agreements. Towards the end of my term, I was given increasing responsibility for OEM sales and strategic relationships.

Strategic consulting assignments: 
•	Advised on the sale of two software companies and the purchase of an education services company
•	Led the successful restructuring of an insolvent retailer. The company is now thriving and expanding
•	Enabled the restructuring & strategic refocus of a new media company that resulted in a 3x growth in revenues and 5x growth in profit & cash flow

President

Was responsible for Finance, Alliances and Corporate Development functions. Raised $19M in equity over 2 rounds + oversaw growth to over 100 people. Established many key partner relationships

Director, Finance + Corporate Development

Helping VC-backed CEOs scale themselves and their companies without limits. 
| Host of The Startup CEO Show podcast

CEO and Co-founder at StackAdapt

Helping VC-backed CEOs scale themselves and their companies without limits. | Host of The Startup CEO Show podcast

I'm giving up the one thing that's been holding me back.

For years, I've had a love/hate relationship with alcohol.

I LOVE champagne. I love the ritual. I love wine. I have studied it. 

But I know it's bad for me.

For years in my journal, I've noted how alcohol lowers my vibration. It holds me back.

I've decided to take a pause. One year. Nothing.

I'm sharing this for accountability. This will be hard.

I'm making a public promise to myself. I know it's the right thing.

As I help CEOs become limitless, I need to remove the thing that creates limits for me.

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If you think HR is just about hiring and firing, you haven't met Christine Song 

I just published my conversation with Christine, a multi-time Chief People Officer who's built strategic HR functions across corporate and startup worlds.

She breaks down what most founders get wrong about people:

→ Why HR needs to earn its seat at the table (not demand it)
→ How to speak truth to power, even if it costs you your job
→ Why investing in high performers beats fixing underperformers
→ The trap of hubristic hiring ("fat and happy" vs. high-performance)
→ How to build systems that scale people, not just product

Christine doesn't sugarcoat it. She's the leader who tells the CEO what they need to hear, not what they want to hear.

She recently launched 5 to 9 Society, an invite-only network for elite operators. The kind of confidential, backdoor conversations that actually move business forward.

Everything in your business comes down to people.

If you're not treating people strategy as seriously as product or revenue, you're limiting your ceiling. See comments for the interview link.

Most CEOs make a fatal mistake when fundraising: They don't go for the NO. 

When I was a VC, I invested in 4% of the deals I saw. Imagine the deal flow of a partner in a top tier fund. You have to assume they are going to pass. Not because your company is bad. Just basic probability.

Too many CEOs waste so much time. They think a first pitch means interest. It doesn't! Even a 2nd meeting doesn't necessarily mean they are interested.

Andrew D'Souza, founder and CEO of Boardy (the company that I assume every single founder in N. America now knows...) recently shared his series A deck. It's not going to win any design awards, but it has a slide that I love:

Reasons NOT to invest.

Andrew calls it out. In fact, he begins the deck by stating what you need to believe in order to have conviction. Then later on he shares all the reasons not to invest.

I LOVE this. At FreshBooks, when we raised a growth round we had an entire presentation on the reasons not to invest. Of course, it was a bit of propaganda. We highlighted the reasons and then offered mitigating diligence. 
Still, we put the issues out there.

You need to do this when you raise. Don't hide them hoping they won't be found. You're just wasting time.

Go for the NO. Filter down rapidly to the investors who LOVE what you are doing.

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Founder of Boardy • Founder of Clearco (Clearbanc)

❌ "I'm a technical founder."

❌  "I'm not a sales guy."

❌  "I'm an introvert."

The moment you say these things, you've just built your own ceiling.

Every label is a limitation.

Your company needs you to evolve. Fast.

The role you played at $1M ARR won't work at $10M.

The leader you were with 10 people won't cut it with 100.

Stop defining yourself by what you were.

Start asking: Who do I need to become?

You have no limits except the ones you impose on yourself.

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Most CEOs set annual goals for their "Sunday self." The one who's rested, worked out, meditated, and firing on all cylinders.

But here's the truth: That's not the person running your business 90% of the time.

Real life is full of random Tuesdays. You wake up tired. An employee quits. Your kid is home sick. The deal you were counting on falls through.

This is your real baseline.

If you design your targets around your absolute best days, you're making it impossible to win. Because peak performance is rare. Consistency is what actually moves the needle.

Set goals for the version of you that shows up on a regular Tuesday in March, not the unicorn version that appears once in a while.

That's the person who gets you to December.

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The secret of my success has been following the same practice as Steve Jobs.

At his funeral, every guest received this book: Autobiography of a yogi. This is the story of Yogananda, the yogi who bought kriya yoga to the west.

The word “kriya” means “complete action”. Kriyas are yoga movements combined with breath work and breath locks. They are designed to create, move and stabilize energy. 

I discovered kundalini yoga, a form of kriya yoga, in 2012. I got serious about it in 2019. I now teach it. Kundalini yoga is the foundation of my life. Every day begins with practice. I see yoga not as the time on the yoga mat, but how I live my life. 

Kundalini is an energy practice. We all have dormant energy at the base of our spine. Through these kriyas we access this energy.

Studies have shown that this practice can turn on dormant parts of our brain. 

Why do I share this?

Despite being 2% of our body’s weight, our brain uses 20% of our energy. That’s for the average person. Imagine how much harder a founder’s brain works?

Energy is the key to your life. Energy is key to all of your dreams for your company.

It takes energy to create something from nothing. It takes to energy to create then keep up with massive growth.

If you want to turn your vision into reality, design your role, company and life around energy maximization. Kundalini yoga is how I did this. It has changed my life. 

Find the path that works for you. Make energy your top priority.

You wouldn't lead your company drunk.

So why are you leading it sleep-deprived?

After 17 hours awake, your brain performs like you're at 0.05% BAC.

That's legally impaired in most places.

Yet many CEOs run on six hours of sleep or less.

Sleep impairment is costly:

- 3x more likely to get sick
- 50% slower reaction times
- Triple the risk of diabetes
- 3.5x higher risk of hypertension

And these are the visible costs. The invisible cost is something you deal with non-stop. Chronic stress. Inability to think clearly. Lack of energy. Complete absence of joy.

Sleep deprivation doesn't just hurt you. It hurts your company. It hurts your family.

Worse decisions. More conflict. Weaker creativity. Higher burnout on your team.

You're not being hardcore. You're being inefficient.

What's the solution?

Treat sleep like your most important meeting. Non-negotiable. Seven hours minimum. Track it and improve it like any key metric in your company. This metric is the one that moves your company metrics.

Your brain compounds decisions daily. Sleep is how you clear the cache.

Limitless CEO knows: recovery isn't weakness. It's strategy.

Protect your sleep. Scale your capacity.

P.S.
Here's a random photo of my dog. If you need sleep lessons, she is the one to speak with...

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The best B2B brands are stealing from B2C playbooks.

My latest podcast guest proves it.

Reza Khadjavi (CEO of Motion) helps advertisers cut through the noise by combining science with creative that actually stops the scroll.

His journey includes:
✅  Disrupting his own agency to build Motion
✅  Navigating multiple AI waves and disrupting himself  again in the process
✅  Cracking the code on what makes creative work in today's noisy ad market

His biggest insight? B2B companies need way more consumer DNA in their marketing.

Most B2B brands are still playing it safe. Meanwhile, the ones winning attention are treating their audience like... humans.

See comments for episode link.

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CEO at Motion

You're not just a leader. You're a mental athlete, whether you realize it or not. 

Let's look at real athletes for a second.

They train obsessively. They perfect every move. They review their game tape. They have coaches, routines, and recovery days.

Their goal? Show up on game day at their absolute best.

But CEOs? You're expected to compete all day, every day. You never get "practice." You rarely hit pause.

That's a problem.

Here's where athletes have it right:

✅They don't just compete. They rest and review. 

✅ They don't go all out, all the time. They peak, then recover.

✅ they get real coaching and invest in support systems.

Want to level up in 2026?

Start treating yourself like a true mental athlete.

1. Prioritize physical fitness. Sleep, exercise and nutrition aren't "nice to haves" , they're high-performance tools.

2. Make rest strategic. You're paid to make decisions. Your mind needs clarity, not constant grind.

3. Review your performance. End each day with three questions: What went well? What didn't? What did I learn? Simple, powerful.

4. Get support. Every top athlete has coaches. CEOs need them too. Don't do it alone.

Personally, I use what I call my BOS (Business Operating System). It's a running chat, where I do my daily review, track patterns, and adjust my game.

If you've raised venture capital, the pressure to perform is real. Expectations are sky high.

So manage yourself like an elite athlete. Practice. Rest. Get support.

You'll be shocked at the difference this will make next year.

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The founder burnout myth nobody wants to admit:

If you're grinding 80-hour weeks, burnout isn't a risk. It's a certainty.

We love stories of founders at Meta, Stripe, Airbnb. We hear about their non-stop hustle, so we copy them. But there's a catch most people miss.

Those teams didn't just work hard, they started winning. And once you're winning, everything shifts.

Momentum changes how you feel. When your company becomes the market leader, the market pulls you forward. You wake up energized. You see results. The work fuels you. Your company has escaped gravity. Everything gets easier. 

But until then? You're just burning fuel to escape gravity. That's where most startups get stuck. The grind is unavoidable at first, but endless grind with no lift-off drains you, fast.

If you're still working endless hours and nothing feels lighter, you're not lazy. You're running out of energy because you haven't "escaped gravity" yet. And you can't brute-force your way through forever.

Here's the real dirty secret: The difference between burnout and breakthrough is simple. Progress.

Naval Ravikant said it best: "Startups die when founders run out of energy."

If you're not feeling the pull, stop pretending hustle is enough. Diagnose and work the problem. Be brutally honest. 

Ask yourself: "knowing everything I know about this company would I start it today"?

This question ignores sunk costs. It doesn't matter how long you have been at it. If the answer to this question is no, it's time for change.

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Most founders I meet are obsessed with the gaps.

What's broken. What's missing. What needs to be fixed.

They've trained themselves to scan for problems. It's how they got here.

But it's also stealing their joy.

You can't appreciate what's working when you're in constant high alert.

You miss the privilege of building something from nothing.
You miss the team that showed up and crushed it this quarter.
You miss the customer who just renewed because your product changed their business.

You're cutting yourself off from energy that actually fuels performance.

The irony? The CEOs who pause to appreciate what's working solve problems faster.

They're not stuck in anxiety. They're thinking clearly. Making better calls.

Gratitude isn't soft. It's strategic. It is an endless source of energy.

When you're grateful for the privilege of solving hard problems, you show up differently.

You stop chasing perfection and start creating momentum.

The gap will always be there. That's the nature of growth.

But so is everything you've already built.

Both are true. You get to choose which one you focus on.

The founders who last don't just optimize for performance.

They optimize for what makes the journey worth it.

Joy and gratitude are strategic.

Joy and gratitude will make your life better.

Joy and gratitude are self-fulfilling. The more you focus on them, the more you get of them.

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Last week I asked a CEO to declare schedule bankruptcy.

Blow up your calendar. Start from zero.

His days were back to back. No time to think. No time to execute. Just reacting.

"But these are all important meetings." Sure. But what are you optimizing for?

Your calendar should solve for two things:
1. Energy
2. Impact

Not accessibility. Not being helpful. Not keeping everyone happy.

Energy and impact.

So he is rebuilding from scratch.

What stays:
- Activities that leverage his unique superpowers
- Activities that give him energy
- Deep work blocks for his top strategic priorities

What goes:
- Status update meetings (send a doc)
- "Quick syncs" (usually not quick)
- FYI meetings (you don't need to be there)
- Networking coffees with no clear outcome

What gets blocked:
- Deep work blocks (energy)
- Exercise (energy)
- White space (both)

I can't wait to see the impact this has on his energy and the momentum of his business.

Most CEOs are calendar broke and don't know it.

You're spending time you don't have on things that don't matter.

Schedule bankruptcy isn't radical. It's necessary.

Your calendar is your strategy. Make it solve for what actually moves the business forward.

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Nobody on their deathbed wishes they worked more.

Yet here we all are, looking for ways to squeeze more hours into our weeks. 

There's a disconnect here. Something that we will likely regret in the end. 

The fix isn't working more. It's wasting less. So much of our time is wasted. Fix that and we don't need to search for more hours.

Stop tolerating:
- Chronic stress, fatigue and brain fog. You are not meant to live this way
- Meetings with no agenda
- Toxic team members
- Leaders who can't keep up with the company
- Projects that don't move the needle
- Interruptions disguised as "collaboration"

Start protecting:
- Your morning for deep work
- Your energy for what matters
- Your boundaries from urgency addiction

The limitless CEO doesn't outwork everyone. They outthink them. 

Limitless CEOs focus on physical, mental and spiritual health first. This gives them more energy, focus and inspiration. They direct that at unlocking the growth in their companies (and themselves). Creating a virtuous cycle.

Your company needs your creativity and energy, not your exhaustion.

Build the habits that expand what's possible without burning out.

That's the unlock. This is what we are doing Limitless.ceo

Limitless.ceo

Founders: stop pricing your deals for perfection.

Jason M. Lemkin just broke down the Brex acquisition: a $5.15B exit that's being called a "failure" because it's below their $12.3B peak valuation.

Think about that. A $5B exit. In 8 years. Called a failure.

This is what happens when you raise at valuations that require top 0.1% outcomes. You lose optionality. Jason calls these deals "hubristic". That nails it.

The problem isn't the capital. It's the expectations.

When you raise at $12B, a $5B exit isn't a win; it's a disappointment. The mercenaries who joined for paper gains leave. The narrative becomes "what went wrong" instead of "look what we built."

And it's happening again. Worse this time.

AI startups raising $2B seeds at $12B valuations. Before shipping products. Multiple funding rounds in one year. 3-4x markups in months.

Each round narrows your definition of success.

You're not just raising capital. You're setting the bar for what "winning" means to your team, your investors, and your ego.

A $3B exit sounds amazing—until you raised at $10B.

The founders who maintain optionality:
- Keep expectations grounded in reality
- Attract missionaries, not mercenaries 
- Preserve multiple paths to success
- Don't need perfection to win

I have raised over $1B in venture capital over the years. I never once went for the highest valuation. I always solved for the most aligned investor and the deal that would enable me to sleep at night.

Price for success, not perfection. Keep your options open.

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Here's how to get ahead of 99% of other founders:

Build a daily learning loop.

End each day with 4 questions:

1. What did I do well today?
2. What could I have done better?
3. What did I learn?
4. What adjustments do I need to make tomorrow?

Five minutes. That's it.

Most founders never do this. They just keep going. Same patterns. Same blind spots. Same results. 

The ones who scale themselves faster than their companies? They extract the lesson before moving on.

They notice when a decision worked, and why.
They catch patterns in what's not working before it becomes a crisis.
They adjust in real time rather than when something breaks (most often it is the founder that breaks).

The best founders go through compound learning.

Each day builds on the last. You get sharper. Faster. More deliberate.

Start tonight. Four questions. Five minutes.

That's the difference between grinding and growing.

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We read a lot about the big outliers. The multi-billion $ market leaders. That's interesting but not relevant. That's not your world. And it's not my world. 

It's far more relevant to hear stories from founders who are closer to our reality.

Blair Livingston founder of Street Context is a story teller like no other. I was enthralled listening to his journey. I wanted to be sitting by a campfire.

There is so much actionable and inspirational goodness in the episode. 

Check out "The Startup CEO Show" where ever you catch your podcasts.

Episode link in the comments.

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Tinkering at Contextual Markets

Darrell Heaps took Q4 public. Then took it private with PE. 

18 years leading one company through every stage of growth.

Most founders don't make it past Series B. Darrell stayed in the CEO seat through IPO, private equity, and exit.

He was on the podcast last year. If you missed it, here's what he learned:

✅ Going public isn't the finish line. It's a new set of constraints. Quarterly pressure. Public scrutiny. Different growth expectations.

✅ PE brings capital and operational rigor. But you trade some control for expertise and resources.

✅ Leadership evolves. What got you to $10M won't get you to $100M. You have to grow faster than the business or you become the ceiling.

Darrell stayed focused on customer value through every transition. Product-market fit at scale. Revenue growth is the unlock.

Not chasing trends. Not optimizing for the fundraise. Building something durable.

If you're a B2B SaaS founder thinking about what comes after Series B, this interview is worth your time.

Link in comments.

The real reason you can't sleep? You're trying to finish the workday in your head after hours.

Most CEOs lie in bed replaying conversations, solving problems, planning tomorrow. That's not insomnia. That's unfinished business.

When I was at FreshBooks, this happened to me all the time. I called them "freshmares" (FreshBooks nightmares).

Your brain doesn't care that it's 11pm. If you didn't close the loops, it will close them for you.

Spend 10 minutes at the end of your work day:
- Do a quick review: what went well today? What did not? What did I learn?
- Write down what's unresolved
- Capture tomorrow's priorities
- Acknowledge what you completed

Ideally this work day should end hours before you want to sleep.

You need a simple closing ritual to signal to your body that you are done. 

Even though I work from home, I change my clothes when my work day is done. I get outside if it's nice out. I change my context completely.

Your brain needs permission to stop working.

Give it that before you ask it to sleep.

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Most CEOs are running on fumes by 2 pm.

Burnt out. Scattered. Making decisions that matter with zero energy left.

I used to be the same. Until I rebuilt my day around energy, not efficiency.

Here's what changed:

No meetings before noon:

Mornings are for deep work. Writing. Podcast recording. Program design. This is when my brain works best. I protect it ruthlessly.

I work out before lunch:

This resets me. I'm not grinding through the afternoon. I'm starting fresh with full energy for my clients.

I batch my coaching calls:

All client work happens in the afternoon. I'm in flow state. Full focus. No context switching between a coaching call and a budget review.

I stop when the work is done:

Not when I'm exhausted. When my priorities are complete. Then I actually rest.

Sleep is non-negotiable:

Same bedtime every night. Wind-down ritual. Today's performance started with last night's sleep.

This isn't about discipline. It's about design.

Your calendar either protects your energy or destroys it.

Most CEOs let their calendar happen to them. Then wonder why they're making million-dollar decisions at 6 pm when they're mentally done.

You can't scale a company faster than you can scale yourself.

Start with energy. Everything else follows.

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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

Will there be ONLY ONE California distro left standing?

If that’s true, my money’s on NABIS.

Nabis just acquired assets from Humble Cannabis Solutions.

Distribution. 
Commerce systems. 
Compliance. 
Logistics.

Others chase vibes, Nabis keeps chasing leverage.


>> What’s Happening?

Nabis just picked up assets from Humble Cannabis Solutions.

No hype. Just more control over the infrastructure that moves cannabis.

And now they OWN California…


>> Why This Matters

Infrastructure wins in markets where margins are thin.

And A/R drives the leverage of brands and suppliers.

Owning distribution, commerce, and compliance creates LEVERAGE.


>> What Am I Watching?

Can KSS last?

How many brands realize too late that they don’t control their own destiny?

Whats next for Vince Ning and Jun S. Lee? 

No vibes. No hyperbole. No fanfare.

Just own the damn channel…

The WHOLE DAMN THING.

I LOVE it when someone proves me WRONG… particularly when it’s someone with such a unique and positive character.

Case in point… my main hermano Los Arias and the Green Horizons, you guys have CRUSHED IT.


>> What’s Happening?

A few years back I heard something I thought was crazy

Someone was running around trying to raise big money for a greenhouse in the desert of CA.

A green house? How much $$$?? WTF???

Wrote him off as crazy.

Well, Green Horizons has built one of the best facilities I have walked, PERIOD.

Clean, tighter than a tick, good flower, and serious PASSION…

Impressive, MOST impressive.


>> Why Is This Important?

Sometimes I’m puzzled by the industry and things which I see and hear…

It’s one thing to raise this money. It’s another to know how to use it AND execute…

Cultivation is really easy to do wrong, and very hard to do right…everything about what Los and Green Horizons has built is RIGHT.

And I could not be happier for Los and his whole squad.

Sometimes you just have to BELIVE.


>> What Am I Watching?

Will anyone else have the STONES to build more cultivation in CA?

How soon will this crew stand up facility #2?

Will Green Horizons change the view of CA and the desert?

They sure changed this Joshua Tree’s path…

Abrazos, Jefe…

"You can't fight the desert. You have to ride with it." ~ Louis L'Amour.


Los is an INSPIRING DUDE who just back on LinkedIn, give him a follow and keep up to date with their progress 📈

Am I Trending???

Well you know what I say:

Once is luck, twice is an anomaly…

Three times? Then you’ve got a trend, my friend.

I was highly privileged to be featured alongside the savvy Mitchell Osak in this excellent Forbes piece by Javier Hasse on cannabis M&A in 2026.

Superb reporting, AS ALWAYS Javier.

Essential reading for everyone trying to make moves in the industry this year.

Check it out: https://lnkd.in/gxNfAQ6W

Here’s an idea: why not just sell Hemp TCH Beverages till the last possible second

Eight brands including Cann, Drink DELTA, Wynk™, MAGIC CACTUS, Nectar, HOWDY and NOWADAYS are rolling out at Sprouts (WITH A BAN PENDING).

Yes. A national grocery store! Actual Hemp THC beverage! Next to groceries!


>> What’s Happening?

Sprouts just green lit the sale of THC drinks in stores.

First Target, NOW a mainstream grocer.

So while half the industry is still arguing about about regulation…

….Sprouts says: “Cool. We’ll take the money.”

>> Why Does This Matter?

This is something of a watershed moment for THC beverages.

Alcohol didn’t win because it was moral.

Nicotine didn’t win because it was healthy.

They won because they were available, familiar, and frictionless.

THC drinks just took a HUGE step in that direction.

>> What Am I Watching?

Which retailers will follow? (Because they WILL…)

Which of these eight brands win at grocery, and which dies trying?

How will regulators react now??


Fun fact: The market is moving faster than the rulebook.

Retail just signaled a big fat IDGAF for regulatory clarity.

You’re still debating whether THC beverages are “real”…

Congrats, you’re already two years behind.

Well...it happened: Wyld + Grön announced a definitive merger yesterday.

If you've been following me or listening to my BS, this is great news.

Why?

1. This represents a hallmark transaction for the industry and can foster a new era of M&A in the future

2. The combined company fully illustrates the importance of PLATFORMS driven by BRANDS

3. This represents the first national platform (and in ANT other industry this would be the basis of a Private Equity roll up deal/strategy)

4. It illustrates that there are companies (i) of scale, (ii) generating revenue and profit, (iii) that can find exits, (iv) that are Founder-led and (v) that can be stronger and grow together !!!

5. With this announcement and some form of Federal change on the horizon, 2026 could be our best year YET.

Congrats to all my friends at both companies on an AMAZING deal...

Aaron Morris and Christine Apple you should both be proud… and thank you both for showing the world what IS POSSIBLE!!!!

And if you know Draper Bender, then you know how and why this got done. Period.

Here is to the future for us all.

P.S. This video was recorded July 17, 2025 with Michael Krefman and Michael Peterson on From the Weeds to the Clouds

Even a broken clock is right twice a day....

Germany is officially importing TONS of lettuce.

The EU’s biggest single c@nnabis market is sprinting toward 600 metric tons of annual imports.


>> What's Happening?

Germany's medical cannabis imports have climbed quarter over quarter.

From 41 metric tons in early 2025 to 57 t in Q3 2025, crushing records.

German regulators even raised the annual import ceiling once the original quota was exhausted.

Prescription access is expanding and telemedicine is growing…the trajectory now looks like hundreds of tons annually…

>> Why Is This Important?

Germany is now Europe's largest regulated medical cannabis market and its explosive import growth is a global signal.

Deutschland’s policy reforms have created predictable patient access and a huge upstream opportunity for exporters and supply chain players.

At 600 tons of annual imports, that is global supply chain scale and a new benchmark for what "big cannabis" might look like outside North America.


>> What Am I Watching?

Can anyone in Europe actually grow weed at scale, or will the country remain dependent on imports long term?

How pricing, pharmacy networks, and telemedicine evolve and can a patient market can coexist with both social clubs + adult use.

Which countries and companies position themselves as primary exporters into Europe's hottest cannabis corridor?


Bottom line:

Europe's medical cannabis boom isn't theoretical anymore…

It is measurable, explosive, and reshaping global supply chains.

If you haven't been tracking Germany's trajectory closely, you're late.

Glad you all gave up because some of us just GOT STARTED.

Looks like 2026 is off to a terrible start…


>> What’s Happening?

Nothing at all, just go back to sleep

Cannabist’s VA footprint goes for $130M.

Wyld/Gron pops off.

Illicit does a landmark ESOP.

Sunderstorm grabs Lime.

Nabis grabs Humble.

Key takes Bellrock.

Canopy puts $150M on the balance sheet

But its only January, go back to sleep….


>> Why Does This Matter?

The strong are getting STRONGER.

Notice any similarities in any of these deals? (read any of my posts??)

I have profiled most of these companies as “working”.

And the others have big balance sheets.

THE CONSOLODATION will not be televised.


>> What Am I Watching?

Who and what is NEXT?

SUPER-BRAND V2 is coming. Count on it…

Can someone take control of California?

What am I missing??

First of 12 innings down.

The pitcher has not even warmed up and

Already its a Perfect GAME ….

In case you missed it 

Wyld and Grön was announced earlier this week...

Have to give props again to both teams on the absolute magnitude of this deal for the industry....I am still amazed by this one....

And do not forget why....and what else is possible and for who...

Jeeter - a DreamFields Brand
Timeless
Nova Farms
Standard Wellness
C3 Industries

Thank you Aaron Morris + Christine Apple for showing the WORLD what this industry CAN DO !!!!

Here is to the future for us all...
and never sleep on Draper Bender (might just be the best in the business) 

P.S. This video was recorded July 17, 2025 with the amazing squad of Michael Krefman and Michael Peterson on From the Weeds to the Clouds
(MORE PROGNOSTICATIONS FORTHCOMING.... )

I am never giving up on California...EVER...

Keep an eye on my friends at Embarc
Keeping it REAL FOR EVERYONE....

CA is still #1 and will be #1 for a while.

We ain't going nowhere...

Just training for the next 12 rounds....

Welcome to Las Vegas !!!!
Wait...did I see you there ?
Well if I did, maybe you made the edit...

Seibo Shen
Elliot Lane + IgniteIt Cannabis
Diana A. + First Citizens Bank
Salvatore (Sal) LaTorre
Aisha Alves + the squad from FlowerHire
My main man Frank Colombo,  CFA + Viridian Capital Advisors
The ever popular Jesse Parenti, TRA 
Marty Higgins
and the ever magnanimous Lisa Williams + Hello Again

Want to thank my good friends from Sweed for all the help !

When does a celebrity brand officially hit the skids?

When it turns into a $50M lawsuit.

Iron Mike Tyson and The Nature Boy Ric Flair just turned their brand in weed biz into federal lawsuit.

And the allegations are wild.


>> What’s Happening?

Tyson and Flair filed a 76-page RICO-heavy lawsuit against their former cannabis partners at Carma Holdings.

Accusations include all the good stuff: wire fraud, embezzlement, money laundering, extortion and securities fraud. 

And further accused management of siphoning off cash and company funds for private jets, yachts, home renovations, mortgages and lavish perks.

NY Post has the scoop if you want to read the details...

Tyson & Flair are seeking more than $50 million in damages.


>> Why This Matters?

RICO is typically reserved for organized fraud and systemic corruption not partner disputes.

Defendants are pushing back hard, calling the suit “fiction dressed up as a lawsuit.” 

Celebrity + cultural icons + weed business + alleged internal theft = BAD LOOK

As an industry we do NOT need further headline drama.


>> What Am I Watching?

Does this show anything about governance, IP control, and fiduciary accountability?

Or does it just becomes another in a long list of “bad-celebrity brand” tabloid footnotes?

Can RICO stick here?

Which is the next celebrity cannabis brand to go ass over tea kettle? 

Bottom line:

Celebrity cannabis brand launches make headlines.

Celebrity cannabis boardroom lawsuits makes worse headlines.

Can we just NOT do any more celebrity brands, PLEASE??

You think its easy to get a deal done?

Think again...

Getting any deal done is HARD:
— Senior Debt
— Equity
— M&A
— Partnerships

It's like walking a drunk person home in the snow.

You might slip and fall a few times before you get there..

You have to realize it is going to fall out of bed once or twice.

And you have to have people around you who know how to get it done....
AND CLOSE.

Appreciate my friends Louis Magazzu and  Rachel Wright, CPA, MST for the discussion and the crew from IgniteIt Cannabis for the platform....

Nothing makes me happier than seeing good people succeed.

Especially those who pulled me up with them on the path.

So it gives me GREAT pleasure to give a huge congratulations to my friend  Austin DeAngelis on his most recent feat with furl.


>> What’s Happening?

A few years back I got pulled into Eaze, one of the better experiences of my life.

Were it not for the software sales veteran boom-mic trio of Nick Fasano, Austin DeAngelis and Owen Ruh…

I would have been left out on Venice Boardwalk.

But they took me in as one of their own and I am eternally grateful for that.

Especially when you have to pivot to make moves in c@annabis.


>> Why is This Important?

Sometimes you hear people leave the industry and hope they land feet first…

Then you check it…

One of the guys who pulled me along at Eaze

Drops a presser about a $10M seed round for his new AI start up deal furl.

With gold plated investors Ten Eleven Ventures, Rapid7 CEO Corey Thomas and Open Opportunity Fund, furl seems like a BANGER.


>> What Am I Watching?

What do I know about AI? Well frankly nothing…

But I do now how hard it is to pivot industries.

I also know how hard it is to RASIE CAPITAL.

SO when you pivot and knock the ball out of the park….

I can only admire the achievement and offer my most sincere congratulations.

Austin, I’m betting on you and furl thats for sure.

And thank you for all the help you have given me.

‘Seth, how did you make it into Forbes AGAIN?’

Well dummy I worked my butt off and I picked the right partner. That’s how…

Last week, Forbes published a piece on cannabis M&A that I was quoted in — alongside Mitchell Osak, who is the most credible and consistently right analyst in Canadian cannabis consulting, full stop.

No hype. No BS. No capital-markets vocabulary tests. This article didn’t come out of thin air.

It was grounded in a long-form piece Mitchell and I debated, pressure-tested, and refined because the loudest narrative in cannabis right now (“M&A is dead”) is… well just lazy.


>> What’s Happening?

M&A narratives dominate headlines, but how?

Behind the curtain, consolidation IS happening.

Private deals, restructurings, recaps, and strategic repositioning is where the action is.


>> Why Does This Matter?

Public markets for the next big cannabis deal? Maybe…

The next wave of exits, value and consolidation will emerge through private channels.

M&A didn’t disappear. It just stopped showing up in places that make for easy screenshots.

Public markets are frozen and private markets are doing the real work.

And anyone still waiting for a headline-grabbing “tsunami” deal from a busted MSO balance sheet is watching the wrong screen.


>> What Am I Watching Next?

How private capital structures continue to adapt to cannabis realities?

Does MORE off-market consolidation accelerate?

Does federal clarity finally unlock the value trapped in state-legal operators?

If you care about where real deal flow lives, this Forbes piece will be a reference point for 2026.

If you’re an operator, investor, or board member still anchoring strategy to press releases instead of private deal flow… good luck.


Two final points:

The Forbes piece is worth your time

Mitchell’s perspective is worth following

And if you want the WHOLE 18 pages behind the article download it here:

https://lnkd.in/eBxsGE7H

Read it. Argue with it. But don’t ignore it.

It's not what they say when you are IN the room
It's ALL ABOUT what they say when you are NOT IN the room...

What happens when two rival founders stop competing and start collaborating? 

Ben Larson and AnnaRae Grabstein find out from Draper Bender, President of Grön, as he shares the unlikely beginning of his friendship with Aaron Morris, CEO of Wyld  the man he once viewed as a bold, untouchable industry persona. 

Remember this was a Founder-led deal, there were no bankers. It was a direct, operator-to-operator discussion and transaction. No financial engineering. Just aligned businesses with similar DNA: bootstrapped, profitable, and deeply operational to their cores...

I was not even close to this one. 
Love you Draper and Christine Apple
And Aaron Morris count on me sending more pictures of boxes....
XO

Props to AnnaRae Grabstein + Ben Larson for the LOVE
And get on High Spirits: The Cannabis Business Podcast
On Apple Podcast (apple.co/40e8I2T )
Spotify (spoti.fi/4iUKphY )
and YouTube (https://lnkd.in/g5CMxNAM)

Here's the latest speculation on Schedule 3…


A few weeks ago a Senator proposed a measure that would direct the AG of the USA to create a commission charged with making recommendations on a c@nnabis regulatory system….


That MODELS for what is currently in place for ALCOHOL….YUP.

>> What's Happening?

Sen. John Hickenlooper (D-CO) introduced the PREPARE Act.


This directs the U.S. Attorney General to establish a Federal Regulation of Cannabis Commission.

This will draft a regulatory framework for post-prohibition cannabis.


Safety standards, labeling, crop and trade practices, banking & revenue systems, and social equity impact.

The bill would effectively give the AG Trump's a formal job to coordinate federal cannabis policy and set rules before full legalization.

>> Why is this Important?

A commission BEFORE legalization is scary.

That's not helping us….that's pre-ordained federal architecture by committee, which seems to create MORE problems.

The industry deserves clarity on issues like taxation, banking, and ADA/FTC guidance.


Not MORE mechanisms based on bureaucracy.


>> What Am I Watching?

Does this commission actually draft binding regulatory standards or just recommendations that Congress can ignore?

Which stakeholders get a seat at the table?

Does this become the new pretext to delay real federal legalization until the next election cycle?

Commissions are easy press releases. Regulation is hard law.

Don't confuse politicking with legalization.

Contact your elected officials today…PLEASE.

Why was I so hyped on Beverage ???

I am a history major
I studied how Alcohol was rolled out over the last 80 years

Why ?

Normalized adoption and distribution...
And they MAKE MONEY
(and its the only thing that we have as an example)

and you know what...they make $$$$$

Thanks to Alex DeFazio and the The High Index for the spot

Everything early stage is HARD...
Next to impossible actually

I don't have a solution for early..

C@nnabis
Biotech
SaSS
AI
Retail
CPG/Beverage

All hard...

We just have 2 arms tied behind our backs on top of it all...

Grateful for the spot on From the Weeds to the Clouds
Michael Krefman + Michael Peterson

The Yellowhammer State might just GO GREEN!

Alabama’s Medical cannabis program might finally be real.

It only took four years….

>> What’s Happening?

Alabama regulators awarded dispensary licenses in a medical cannabis program that’s been legal since 2021 (yes really!).

IF this moves as planned, patients could FINALLY see actual dispensaries in 2026.

Legal on paper is becoming legal in practice…ROLL TIDE.

>> Why Does This Matter?

Because legislation without EXECUTION is theater.

Licenses without TIMELINES don’t help patients.

Delays don’t just stall access they burn capital AND credibility.

Alabama “legalized” medical cannabis years ago.

Patients got nothing….until now….we hope!


>> What Am I Watching?

Do lawsuits finally stop and licenses stick?

How fast will product actually reach shelves?

If regulators prioritize access over process?

Medical cannabis doesn’t work if it never shows up.

Let’s see if Alabama finally delivers in the Heart of Dixie!

New York has been on quite the journey since it passed adult use.

It’s gone from total rollout chaos to $2.5B in legal c@nnabis sales.

And A LOT more people are smoking it legally.

So… let’s talk about what that actually means (and what it doesn’t).


>> What Is Happening?

Empires adult-use market has now exceeded $2.5B in total sales since launch.

Licensed dispensaries doubled year-over-year to 556 statewide, with 200+ in the 5 boroughs.

Tax revenue from legal sales has now topped $360M for state and local governments.

On paper, that looks like success. Headlines love it.


>> Why Does This Matter?

New York’s market FINALLY is scaling, but I’m not throwing a parade, just yet…

Years of rollout chaos, lawsuits, enforcement whiplash, and illicit sales have given me PTSD.

It’s not a shock that revenue has arrived now that the legal doors have actually opened.

$2.5B SOUNDS huge till you think about years of demand being (and still being) served by bodegas, vans, and Telegram menus.

Being honest: gross sales ≠ healthy operators.

Margins, taxes, and compliance costs are tough and NYC ain’t even seen price compression…and capital starvation still eats most licensees alive.


>> What Am I Watching?

How many of those 500+ stores are still standing in 24 months?

Do taxes and enforcement finally get aligned enough to actually shrink the illicit market?

Who survives at retail when this STOPS being a land-grab and STARTS being the knife fight over price, rent, and cash flow.


New York didn’t prove cannabis “works.”

Cannabis demand was never the question.

The real test is whether this market can graduate from revenue headlines to durable, profitable businesses.

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