Market Swings

$2.3M in cash. The IRS turned him away. Welcome to the real economics of legal cannabis. In this episode of MARKET SWINGS, host Josh Baylin walks the fairways of Southern Highlands in Las Vegas with Mitch Britten, CEO of Thrive Cannabis, the largest independently owned cannabis company in Nevada. For over a decade, Mitch ran a completely legal business under rules that treated cannabis worse than heroin — unable to deduct basic expenses, locked out of banking, and forced to literally carry millions of dollars in cash to pay taxes. Then came December 18th, 2025 — the day cannabis was reclassified. This episode breaks down what actually changed, why it matters, and how one executive order reshapes the economics of an entire industry. No stock hype. No talking heads. Just the real story — from someone who lived it. 💰 TOPICS COVERED: • Why legal cannabis businesses paid up to 70% effective tax rates • How Section 280E crippled profitability for 40+ years • Why banks wouldn’t touch legal cannabis companies • What cannabis rescheduling really changes (and what it doesn’t) • Where margin expansion actually comes from after reclassification • Why some operators will still fail — even after the rule change • How December 18th became a true market swing 👤 ABOUT THE GUEST: MITCH BRITTEN CEO, Thrive Cannabis • Founder of the largest independently owned cannabis operator in Nevada • Over a decade operating under federal prohibition • Led government affairs efforts around cannabis rescheduling • Built a vertically integrated business without MSO backing 🏌️ ABOUT MARKET SWINGS: Premium conversations on America’s finest golf courses — where the rhythm of the game creates space for real talk about money, policy, business, and life. Hosted by Josh Baylin, Wall Street veteran and MarketWise analyst. Market Swings isn’t about predictions. It’s about inflection points — the moments that divide before and after. ⏱️ CHAPTERS: 0:00 – What Is a Market Swing? 1:30 – Paying the IRS With $2.3M in Cash 4:09 – Why Cannabis Was Treated Worse Than Heroin 5:20 – Section 280E & the 70% Tax Reality 8:00 – Schedule 1 vs Schedule 3 Explained 9:24 – December 18th: What Actually Changed 11:34 – The Biggest Shift in Cannabis in 20 Years 13:18 – Why Stocks Moved (and Why That’s Not the Point) 15:02 – Cannabis as Indoor Agriculture 18:07 – What the Industry Looks Like in 5 Years 22:03 – The Real Takeaway From This Market Swing 📱 CONNECT: Instagram: @marketswings LinkedIn: Market Swings with Josh Baylin #marketswings #cannabis #cannabisbusiness #marketcycles #280E #investing #economics #businesspodcast #realstories #golfpodcast 🔔 NEW EPISODES WEEKLY — SUBSCRIBE

Autonomous golf carts, bunker disasters, and big conversations about risk. Josh Baylin is joined by Pete Katkov, Mitch Mammini, and Orlando Quevas for 18 holes of competitive golf and candid dialogue on entrepreneurship, financial literacy, insurance, AI, and what it really means to “shoot your shot” in business. In this episode of MARKET SWINGS, a friendly skins game becomes the backdrop for real-world lessons from three professionals who manage risk for a living. From building a boutique insurance firm after running a nightclub, to carrying forward a family legacy rooted in union pensions, to taking a cold-call swing that turned into a career-defining retirement-plan business—this round is about calculated risk, conviction, and client-first thinking. Along the way, we unpack how scale vs. specialization is reshaping professional services, why AI favors nimble operators over legacy giants, and how golf mirrors markets: momentum matters, mistakes compound, and confidence is everything. Oh—and yes, an autonomous golf cart does drive itself into a bunker. 💰 BUSINESS INSIGHTS IN THIS EPISODE: - Boutique vs. Scale: Why founder-led firms still win in a PE-dominated world - Risk as a Career: Lessons from insurance, wealth management, and entrepreneurship - AI in Practice: How small firms can move faster than “tanker ship” institutions - Shoot Your Shot: How one bold ask created an entire retirement-plan business - Golf = Markets: Momentum, psychology, and decision-making under pressure ⏱️ CHAPTERS: 0:02 – Autopilot Disaster: The Cart vs. The Bunker 0:16 – Meet the Foursome: Risk, Competition, and Clients 3:00 – From Nightclubs to Insurance: Learning Risk the Hard Way 5:16 – What “Boutique” Really Means in Professional Services 6:56 – AI & Insurance: Why Small Firms Move Faster 8:29 – Family Business & Union Roots: Building for Generations 10:10 – Institutional Training vs. Going It Alone 12:14 – Legacy, Responsibility, and Defining Success 13:11 – Building Before AI Was Cool 15:15 – Shooters Shoot: A Career Changed by One Ask 17:40 – Scale Wins: Inside a $1.7 Trillion Recordkeeping Business 19:11 – Entrepreneurship on the Course: Backyard Golf to Real Product 22:23 – Closing Holes, Closing Bets 26:07 – Final Tally, Final Thoughts, and Why Everyone Won 👥 GUESTS: Pete Katkov — Apex Risk Management Mitch Mammini — The Mammini Company Orlando Quevas — Empower | Father-in-law's business: minilinxgolf.com | Promo code: freeride25 🏌️ ABOUT MARKET SWINGS: Hosted by Josh Baylin, Market Swings explores the intersection of golf, risk-taking, entrepreneurship, and high-stakes decision-making—on the course and in the markets. FOLLOW FOR MORE: Instagram: @marketswings LinkedIn: Market Swings with Josh Baylin #marketswings #golfbusiness #entrepreneurship #riskmanagement #financialliteracy #insurance #wealthmanagement #golf #investing #401k #retirement #empower #pension #retirementplanning #businesspodcast