Delta Dispatch
Delta Dispatch
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Is the THC Beverage Category Investable?

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00:47:39
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ABOUT THIS EPISODE

Three investors across the capital stack sit down with moderator AnnaRae Grabstein (Wolf Meyer) at CannaBev Summit 2026 to answer a foundational question: is this category investable right now? Ryan Lake from JP Morgan's beverage investment banking group, Ian Dominguez from Delta Emerald Ventures, and Brian Rosen from InvestBev ($700mm under management, beverages only) bring three different vantage points to the same conclusion: capital is available for founders who build track record.

The panel covers why beer distributors hold the keys to scale (and why betting against them is a losing proposition), how COD economics and distributor lobbying power make the three-tier path the most pragmatic route to market, what velocity metrics actually unlock investment capital, and how the post-November/December regulatory landscape could trigger a wave of M&A. We also get into margin profiles at distribution scale, the Jim Cook / Boston Beer playbook for building pull, and why an extension without restrictions is dead in the water.

The full Delta Dispatch is invite-only. Request access at https://deltaemerald.substack.com/.

Business
Investing
Society & Culture
English
United States
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SHOW NOTES 🔗

00:00:00Introduction
00:00:22Opening Remarks
00:01:30Speaker Introductions
00:02:03Willie's Remedy Series A
00:03:52Is the Category Investable?
00:06:52Macro Context and JP Morgan's Role
00:10:05Three-Tier Distribution Strategy
00:12:37Beer Distributor Leverage
00:15:27Distribution Market Dynamics
00:18:55COD and Capital Float
00:21:28What Capital Looks For
00:27:20Margins and the Jim Cook Playbook
00:30:14Exit Partners and M&A Pathways
00:33:57Public Markets and IPO Potential
00:37:09Regulatory Scenarios
00:40:47Extension Realities
00:42:51Velocity Metrics and Final Q&A

TRANSCRIPT 🔗

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