High Spirits: The Cannabis Business Podcast

Hosted by AnnaRae Grabstein and Ben Larson

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Episodes

176

Latest episode

Oct 2026

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EN-US

About the show

Hosts Ben Larson and AnnaRae Grabstein serve up unfiltered insights, reveal their insiders' perspectives, and illuminate transformative ideas about the cannabis industry for people who want to make sense of it all.

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October 16, 2026Episode 15752 min

Unlocking Pennsylvania Cannabis: Politics, Policy & Adult-Use with Terrapin's Peter Marcus

Is Pennsylvania poised to become the cannabis industry's next massive adult-use market? With a $7 billion budget shortfall and a pivotal election cycle underway, the Keystone State could be on the brink of historic legalization. -- But first, we want to give a huge shout-out to one of our big sponsors for the High Spirits Morning Mixer in Las Vegas: Select Risk Captive! Learn more about them at 6:35 and visit jpsquaredconsulting.net for more information. Contact Jesse Parenti at 805-704-6607 or email jparenti@HISIG.com to learn more about Select Risk Captive. And be sure to request your invite for our Fourth Annual High Spirits Morning Mixer in Las Vegas, Thursday December 3rd! Hope to see you there. -- In this episode of High Spirits, AnnaRae Grabstein (holding down the fort while Ben Larson is away) sits down with Peter Marcus, VP of External Affairs at Terrapin, to break down the complexities of the Pennsylvania cannabis market. They dive deep into the political gridlock in Harrisburg, the reality of operating as an independent challenger brand among tier-one MSOs, and how Terrapin navigated vertical integration loopholes to expand their retail footprint. Plus, AnnaRae covers the latest business news, including the brewing M&A bidding war for Aurora Cannabis and Square's sudden payment processing crackdown on hemp. What You’ll Learn: PA's Path to Adult-Use: How the state's budget shortfall and the current election cycle could finally force the transition to recreational legalization. Navigating Retail & MSOs: The strategies Terrapin used to successfully lobby for retail permits in a market heavily dominated by large, vertically integrated operators. Product Innovation in a Strict Market: Why Terrapin is launching cannabis "pouches" in a medical state that currently restricts edibles and pre-rolls. The Hemp Infrastructure Crisis: The immediate fallout of Square dropping hemp and CBD merchants, and what it signals for federal policy and payment processing. Meet the Guest: Peter Marcus is the Vice President of External Affairs at Terrapin, one of Pennsylvania’s original medical cannabis growers and processors, which operates a 180,000-square-foot cultivation facility and three retail stores. Before joining Terrapin in 2017, Peter spent over a decade as a political journalist, earning recognition from the Washington Post as one of the nation’s top state-based political reporters. Today, he leverages his deep understanding of government to lead Terrapin's communications, lobbying, and community impact work in Harrisburg and beyond. Why Tune In? Whether you're an operator eyeing expansion in the Northeast, an executive tracking M&A trends, or an entrepreneur navigating the tricky waters of hemp regulations and payment processing, this episode delivers the insider intelligence you need to stay ahead of the curve. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

October 7, 2026Episode 15655 min

156 - Why International Cannabis Won't Save You with Deepak Anand of Village Farms

Think international markets are the shiny new object that will save your struggling domestic cannabis brand? Think again. As the US waits on Schedule III, the global cannabis trade is booming—but the barriers to entry are brutally high and unapologetically strict. In this episode, Ben Larson and AnnaRae Grabstein sit down with Deepak Anand, VP of Global Government Affairs at Village Farms International, to unpack the harsh realities and massive opportunities of the global cannabis supply chain. We discuss why a "right to win" at home is required before expanding abroad, the critical importance of EU GMP certification, and what big tobacco's moves mean for the industry's future. Plus, Ben and AnnaRae tackle the latest news on DEA Schedule III delays, Curaleaf’s hostile bid for Aurora, and New York’s surging retail market. What You’ll Learn: The EU GMP Golden Ticket: What European Good Manufacturing Practices actually entail from seed to sale, and why it's the mandatory standard for international export. Finding Your Right to Win: Why US brands shouldn't look to global markets as a bailout, and how to audit your core competencies before going global. The Capital Shift: How Big Tobacco and Big Pharma are aggressively positioning themselves in international markets while the US remains federally stalled. Global Legalization Pathways: How the legacy of America's drug war impacts global policy, and why CBD is acting as a strategic gateway for legalization in countries like Australia and India. Meet the Guest: Deepak Anand is the Vice President of Global Government Affairs at Village Farms International, one of the largest EU GMP-certified cannabis cultivators in the world. Starting his career in pharma and transitioning into patient access advocacy, Deepak has spent years building the global cannabis industry. Having previously consulted for over 40 cannabis, CPG, and tobacco companies looking to navigate global operations, he brings unparalleled, under-the-hood expertise at the intersection of cannabis policy, international markets, and global compliance. Why Tune In?: If you're a cannabis operator, entrepreneur, or executive trying to understand where the real capital is flowing globally—and whether your business has the operational grit to compete on the world stage—this conversation is your masterclass in international cannabis strategy. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

October 2, 2026Episode 15554 min

#155 - Hemp Taxes & 280E Survival Guide with Nick Richards, Greenspoon Marder LLP

280E isn't just a cannabis problem anymore. If the federal hemp ban passes, liquor stores, distributors, and beverage brands could be staring down a tax nightmare they never planned for. In this episode, hosts Ben Larson and AnnaRae Grabstein sit down with Nick Richards, Partner and Tax Attorney at Greenspoon Marder LLP, to unpack the chaotic intersection of cannabis, hemp, and federal taxes. From Trulieve’s $100M+ tax refund playbook to the looming threat of 280E crushing the hemp beverage market, Nick breaks down exactly how operators need to prepare for the road ahead. Whether you're navigating the complexities of Schedule III rescheduling or building out state-level hemp programs, this is a masterclass in protecting your revenue. What You’ll Learn: The Hemp Tax Trap : Why the potential Schedule I status for hemp could subject retailers and beverage brands to the brutal reality of 280E. Corporate Structure Defenses : How to use C-corps, separate entities, and Section 471(c) to protect your profitable business from risky trafficking liabilities. The Trulieve Playbook & Clawback Risks : The truth behind the massive tax refunds claimed by MSOs and why companies like TerrAscend are being sued by the government to return them. Retroactive vs. Retrospective Relief: What Schedule III actually means for your bottom line and why the DEA's historical findings might force the IRS to play fair. Meet the Guest: Nick Richards is a Partner and Co-Chair of the Cannabis Law Practice Group at Greenspoon Marder LLP. With over 20 years of experience in tax law, Nick began his career at the IRS as a trial attorney and Chief Counsel advisor before switching sides to represent a Colorado cannabis company in one of the legal industry's very first audits. Today, he is a go-to expert on 280E, BSA cash reporting, M&A, and tax strategy, defending cannabis and hemp companies across the country. Why Tune In? Navigating federal tax law is a high-stakes game that can literally make or break your cannabis or hemp operations. Tune in to arm yourself with the strategic legal insights and structural defenses you need to keep the IRS out of your pockets and protect your bottom line. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

September 28, 202632 min

TWICL (9/25/26) - Florida's License Value Collapse, NY's Debt Crisis, & Record Low Teen Cannabis Use

Is the multi-million dollar Florida cannabis license dead? How is New York handling millions in unpaid retail debts? This week, the market is serving up harsh financial realities alongside some surprising data wins. AnnaRae brings her sharp operator's edge to This Week in Cannabis Live . Joining Jay Rosenthal, Jeremy Berke, and Marc Hauser, the crew dissects the most disruptive headlines impacting cannabis operators, retail dynamics, and state-level policy. What You’ll Learn: Teen Use Hits Record Lows: The latest CDC data proves that regulated, age-gated markets work, directly undercutting the narratives of anti-cannabis lobbying groups like SAM. Florida’s License Reality Check: 22 new licenses just dropped in a vertically integrated market dominated by four massive MSOs. We break down the brutal math of building supply chain infrastructure and why license valuations have plummeted from $50M to under $4M. New York’s $3.9M Retail Debt Canary: A leaked COD list reveals NY retailers owe millions to small brands and growers. We explore the supply-chain domino effect, predatory lending terms, and how this compares to California’s billion-dollar accounts receivable crisis. The Metrc Silver Lining: How mandatory track-and-trace compliance in New York is unexpectedly cleaning up messy product and brand data across the state. Executive Action & Policy: A brief masterclass on what cannabis advocates can learn from top geopolitical leaders when it comes to lobbying the executive branch. Why Tune In: For cannabis and hemp operators, entrepreneurs, and executives, headline noise can easily distract from operational reality. This episode cuts through the political spin to deliver the unvarnished truth about asset valuations, supply chain risk, and the actual capital required to survive in hyper-competitive markets. You will walk away with the data and strategic foresight needed to navigate regulatory hurdles, protect your margins, and position your brand for sustainable growth. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

September 23, 2026Episode 1541 hr 8 min

#154 - Rescheduling, Global Politics, & Executive Action w/ Jason Adelstone of Harris Sliwoski

While the cannabis industry fixates on the slow drip of domestic legislation, the real momentum might be hiding in executive actions and international political shifts. Are you paying attention to the right signals, or just the loudest ones? In this episode, Ben Larson and AnnaRae Grabstein sit down with Jason Adelstone, attorney at Harris Sliwoski, to unpack the complex realities of international cannabis markets and US federal rescheduling. They break down how a global surge in right-leaning governments is impacting cross-border cannabis policy, decode the confusing dual-track Schedule III process, and explore why executive action might be the ultimate key to federal descheduling. What You’ll Learn Global Political Shifts: How upcoming elections in massive markets like Brazil and political changes in Europe are dictating the future of international cannabis commerce. Schedule III Demystified: The critical differences between the DEA’s ALJ hearing to reschedule the term “marijuana” and the Attorney General’s executive order for medical cannabis. Federal Realities: Why DEA registration and interstate commerce won't happen overnight, and how operators should prepare for the operational hurdles ahead. The Power of the Pen: How Project Four 2029 aims to leverage existing executive authority and international treaties to force cannabis reform without waiting on a gridlocked Congress. Meet the Guest Jason Adelstone is an attorney at Harris Sliwoski tackling cannabis policy at the intersection of federal and international law. His practice spans corporate formation, market entry, and regulatory compliance, guiding operators through the nuances of US rescheduling and cross-border markets. Before law, Jason spent two decades in the restaurant industry, and he is now the co-founder of Project Four 2029 , an initiative built on the premise that significant cannabis reform is more likely to arrive through executive action than traditional congressional lobbying. Why Tune In? If you’re a cannabis or hemp operator trying to parse through the noise of Schedule III, 280E relief, or international expansion, this episode cuts through the hype to deliver the unvarnished legal truths and strategic foresight you need to survive and scale in a volatile landscape. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

September 18, 2026Episode 1531 hr 14 min

#153 - Breaking the Hemp Beverage Stigma with Chris Fontes of High Spirits Beverages

Is the cannabis industry getting in its own way? With shifting legislation, political action committees playing both sides, and an impending supply chain crunch, the divide between hemp and marijuana has never been more contentious. In this episode, Ben Larson flies solo while AnnaRae is out, welcoming Chris Fontes, Founder and CEO of High Spirits Beverages and President at U.S. Hemp Authority. Chris brings his polite but blunt perspective to unpack the hypocrisy of cannabis political funding, the strategic genius behind hemp-derived Delta-9 beverages, and why the current trade association infighting threatens the entire plant’s future. It’s a provocative deep dive into the policies, market dynamics, and tech shifts shaping the next era of mainstream access. What You’ll Learn: The Dispensary Alternative : Why mainstream retail and hemp-derived beverages are doing more to normalize cannabis for non-stoners than traditional dispensary models. Policy Hypocrisy Unpacked : A candid look at the political maneuvering, PAC funding, and ideological infighting between marijuana and hemp operators. 2027 Supply Chain Realities : Why impending legislative "extinction events" and historically low hemp planting could severely choke the global cannabinoid supply chain next year. The AI Arms Race : Why cannabis operators must pay attention to artificial intelligence and how the push for tech control mirrors regulatory battles over the plant. Meet the Guest: Chris Fontes is the Founder and CEO of High Spirits Beverages and Trojan Horse Cannabis, and a pioneering leader who brought hemp-derived Delta-9 THC to the national market. With a deep background as a technology entrepreneur, Chris previously created the Hemp Exchange and Project Hemp Flower. A committed activist and pragmatic voice in drug policy, he has served as the president of the US Hemp Authority and as a board member of the US Hemp Roundtable, continually consulting lawmakers, regulators, and brands to fight for the freedom of the plant. Why Tune In? If you want the unfiltered truth about where the hemp and marijuana markets are colliding, this episode cuts through the trade association noise. Tune in to arm yourself with the pragmatic insights needed to navigate looming regulatory shifts and position your beverage or cannabis brand for survival in a volatile landscape. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

September 14, 202631 min

TWICL (9/11/26) - Rescheduling Survives Its First Court Test & VA Drops a $10M Bomb

Is a cannabis contract truly enforceable in federal court? The 6th Circuit Court of Appeals just delivered a ruling that sent shockwaves through the industry—and sent operators rushing to review their legal agreements. In this episode of This Week in Cannabis Live , High Spirits hosts Ben Larson and AnnaRae Grabstein join Jeremy Berke and Jay Rosenthal of Cultivated and Marc Hauser of Cannabis Musings to break down the massive legal precedents, regulatory hurdles, and market shifts altering the cannabis landscape. From Curaleaf’s contentious federal court win and the DC Circuit’s latest move on rescheduling to Virginia’s proposed $10M conversion fee for medical operators, the crew unpacks what these developments mean for creditworthiness, retail strategy, and long-term business survival. What You’ll Learn: The 6th Circuit Bombshell: Why federal courts rejected contract enforcement under federal illegality—and why operators must rethink jurisdiction clauses and state court strategies. Rescheduling Reality Check: What the DC Circuit’s decision to deny a temporary stay signals for the ongoing medical rescheduling timeline. Virginia’s $10M Adult-Use Blueprint: The business case behind the high conversion fee, the proposal for 350 retail licenses, and how store density impacts dispensary survival. Credit & Payment Terms in Cannabis: How federal illegality continues to disrupt supply chain payments, credit ratings, and banking options. Winners & Losers of the Week: Quick takes on Metrc tag subsidies in New York, major arbitration awards, and tax revenue vs. mainstream credit card processing. Why Tune In: Navigating the legal gray areas of cannabis requires more than just keeping up with news—it requires understanding the downstream commercial impacts. Tune in to get sharp, unfiltered analysis from industry insiders so you can protect your contracts, plan your expansion strategy, and navigate shifting state regulations with confidence. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

September 9, 2026Episode 1521 hr 4 min

#152 - Bootstrapping to $100M in California Cannabis with Big Oil Co.’s John LaFata

While most operators treat California as an impossible market, Big Oil Co. is scaling past $26M in revenue and setting its sights on $100M—completely bootstrapped. In this episode of High Spirits , hosts Ben Larson and AnnaRae Grabstein sit down with John LaFata , CEO and co-founder of Big Oil Co. (parent company of Bear Labs). John pulls back the curtain on processing 16,000+ pounds of biomass monthly, navigating customer concentration risks, and building an operational fortress in the world’s most competitive cannabis market. He also shares a contrarian operator’s view on why federal Schedule III and the repeal of 280E could trigger unforeseen challenges for independent producers. What You’ll Learn The "No Deal" Strategy: How strict 50% target margins and saying "no" to small or unprofitable contracts keeps a bootstrapped business thriving. Extraction & Co-Packing at Scale: The operational realities of running hydrocarbon and solventless extraction while processing up to 1 million white-label units monthly. The Dark Side of 280E Repeal: Why a Schedule III shift might reopen the floodgates for deep-pocketed capital willing to sustain long-term losses to grab market share. Transitioning from Micromanager to CEO: How empowering key leaders and leaning on dedicated HR helped John step back from daily firefighting to focus on long-term strategy. Meet the Guest John LaFata is an entrepreneur and cannabis industry veteran with nearly two decades of experience dating back to California's Prop 215 era. He is the founder and CEO of Big Oil Company, a premier California cannabis manufacturing, extraction, and distribution firm known for its Bear Labs brand and extensive white-label B2B partnerships. Drawing on a background in finance, John brings rigorous operational discipline, margin focus, and supply chain consistency to large-scale hydrocarbon and solventless extraction. Why Tune In? If you want a raw, fluff-free look at how a legacy-rooted operator builds a multi-million-dollar B2B and retail engine without taking on predatory capital, this conversation is essential listening. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

September 8, 202628 min

TWICL (9/4/26) - Hemp Gets a One-Month Lifeline, M&A Power Plays & Michigan’s Tax Reality

The cannabis and hemp industries are navigating a pivotal crossroads where federal timelines, policy battles, and high-stakes corporate maneuvering collide. In this episode of This Week in Cannabis Live , host Jay Rosenthal ( Cultivated ), Ben Larson ( High Spirits ) and Marc Hauser ( Cannabis Musings ) unpack a week packed with major regulatory and commercial shifts. The crew breaks down what the short-term CR extension means for hemp operators, how MSO strategies are evolving around public M&A, and the harsh lessons coming out of state-level tax policy. What You’ll Learn: The Federal Hemp Lifeline: What the 30-day CR extension actually means for hemp beverages and operators, and why the real policy battle lies in the upcoming December funding deadline. Capital, M&A & Optionality: Insights from Verano’s leadership on footprint reinvestment, share repurchases, and why preserving optionality remains the ultimate survival strategy while waiting for federal clarity. Curaleaf vs. Aurora Takeover Drama: A front-row look at the rare, public hostile takeover attempt playing out in real-time—and what it signals for the future of cannabis consolidation. The Diminishing Returns of High Taxes: Why Michigan’s tax hike to 24% severely missed revenue projections, offering a stark reminder to state legislators about tax elasticity. Why Tune In: Navigating federal regulatory uncertainty while managing capital requires real-time insights from industry experts who understand both policy mechanics and balance sheets. Tune in to get a clear breakdown of where the market is moving, how operators are positioning themselves for the end of the year, and what these legislative delays mean for your business strategy heading into Q4. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

September 2, 2026Episode 15145 min

#151 - Cannabis Business News Roundup w/ Ben & AnnaRae: De-cluttering, DEA & PPP

As business leaders settle back into fall routines, the cannabis industry is undergoing its own massive season of spring cleaning, federal audits, and regulatory reckoning. In this episode of High Spirits, hosts Ben Larson and AnnaRae Grabstein dive into the latest headlines shaping the cannabis and hemp landscapes. From Glasshouse's historic NYSE listing to the DEA's bizarre new operator questionnaires, they break down what recent policy moves mean for operators on the ground. Plus, they examine the real-world fallout of tax hikes in Michigan and the high-stakes lobbying battle surrounding the federal continuing resolution and hemp regulations. What You’ll Learn Why Glasshouse’s NYSE listing marks a major milestone for cannabis legitimization. What the DEA’s new 26-question operator audit signals about federal intentions and interstate commerce. How predatory AI whistleblower lawsuits are forcing cannabis software companies to repay PPP loans. The unintended economic consequences of state tax hikes on retail markets like Michigan. Why Tune In? Get clear, expert commentary on the shift in federal oversight, tax policy, and federal funding fights so you can navigate the dynamic road ahead for your business. Have a question for us? Send us a text. We may answer it in the next show! -- High Spirits is brought to you by Vertosa and Wolf Meyer . Your hosts are Ben Larson and AnnaRae Grabstein . Follow High Spirits on LinkedIn . We'd love to hear your thoughts. Who would you like to see on the show? What topics would you like to have us cover? Visit our website www.highspiritspod.com and listen to all of our past shows. THANK YOU to our audience. Your engagement encourages us to keep bringing you these thought-provoking conversations. Remember to always stay curious, stay informed, and most importantly, keep your spirits high.

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