Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – ⁠https://www.tryglimpse.com

He helped scale JUUL from $1M to $1B in just three years. Now, he’s investing in the next generation of consumer brands.

In this episode, Mike sits down with Alex Cantwell, founder of Cartograph Ventures, an early-stage technology and consumer fund built by operators for operators. Alex shares what it was really like to scale one of the most controversial startups in the world—and what he learned about hypergrowth, backlash, regulation, and leadership along the way.

You’ll learn:

✅ How JUUL went from failure to billion-dollar rocket ship

✅ Why vape shops—not gas stations—became JUUL’s secret weapon

✅ What founders get wrong about retail expansion

✅ The dark side of hypergrowth and founder burnout

✅ Why “disruption” always invites controversy

✅ How operator-investors think differently about building vs. funding

✅ The future of vice categories: nicotine, caffeine, and beyond

✅ Why fiber might be the next big consumer trend

👉 If you want to understand how to build a disruptive brand, survive a backlash, and think like an operator-investor—this conversation is packed with hard-won lessons.

Timestamps

00:00 Intro

01:00 From Wharton to JUUL: The Accidental Entry Point

03:00 Why JUUL Failed in Gas Stations

05:00 Finding Early Adopters in Vape Shops

07:00 Rethinking Retail & Route to Market

09:00 The Fallacy of “Instant Scale” with Big Retail

11:00 Lessons from Hypergrowth Inside JUUL

13:00 The Psychological Cost of Scaling Too Fast

15:00 What JUUL Got Right (and Wrong)

17:00 Should JUUL Have Been Banned?

19:00 Why Every Disruptive Brand Becomes a Lightning Rod

21:00 How Operator VCs Think Differently from Traditional Investors

25:00 The Real Difference Between Operators and Financial Investors

30:00 Betting on Regulated Categories (and Knowing When to Walk Away)

33:00 The Nicotine Pouch Boom: Zen vs. JUUL

36:00 Is Nicotine in a Harm Reduction Era?

38:00 Nicotine vs. Caffeine: The Mental Shift

41:00 Why Venture Has Become Hits-Driven

43:00 The “Cowboy Diet”: Protein, Nicotine & Caffeine

45:00 The Future of Consumer: Simplicity, Identity, and Less Friction

48:00 When to Go Deep vs. Broad in Retail

50:00 What Great Founders Do Differently

53:00 Why Operator-Led Funds Push Founders Harder

56:00 The Real Bubble in AI (and What Comes Next)

60:00 Underrated Categories: Why Fiber Might Be the Next Big Thing

63:00 Lightning Round: Lessons, Regrets & Fast Food Favorites

📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/

Follow Mike Gelb:

Twitter / IG / TikTok → @mikegelb / @consumervc

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – ⁠https://www.tryglimpse.com

What if cannabis could become a true social beverage—an alternative to alcohol that delivers the buzz without the hangover?

That’s the bet Jake Bullock, co-founder of Cann, made when he left the world of finance to reinvent drinking culture. Today, Cann is the #1 THC-infused beverage brand in the U.S., sold in liquor stores across 30 states, backed by celebrities like Gwyneth Paltrow and Kate Hudson, and changing the way people think about unwinding.

In this episode, Jake shares the full story of how Cann went from a garage experiment to a category-defining brand:

✅ Why lowering THC to 2mg unlocked cannabis’ social potential

✅ How Cann turned stigma into approachability with smart branding

✅ The brutal challenges of selling drinks through dispensaries

✅ The regulatory pivot that opened up liquor store distribution

✅ Competing head-to-head with alcohol (and winning shelf space)

✅ Product innovation: Grapefruit Rosemary, Lemon Lavender, and Roadies

✅ What celebrity investors really bring to the table

✅ The future of THC vs. non-alcoholic drinks in American culture

👉 If you’re curious about the future of social drinking—or want to hear what it really takes to build a disruptive CPG brand—this conversation is a must-listen.

Timestamps

00:00 Intro

01:00 Why 100mg Drinks Were a Problem

03:00 Cann’s Insight: Low-Dose, Great Taste

07:00 Unlocking the Social Buzz at 2mg

10:00 Making Cannabis Approachable (Not Premium-Elite)

13:00 Campaigning Against Alcohol Culture

15:00 Breaking Out of Dispensaries

18:00 Regulatory Challenges & State-by-State Growth

22:00 The Big Pivot: From Dispensaries to Liquor Stores

28:00 Winning Shelf Space vs. Craft Beer & RTD Cocktails

33:00 The Rise of Roadies & Naked Highboys

38:00 Flavor Innovation: Grapefruit Rosemary, Lemon Lavender

42:00 Gross Margins & Beverage Economics

45:00 Fundraising & Celebrity Investors

49:00 What Value-Add From VCs Really Means

51:00 Defining Success: Exit, IPO, or Independence?

53:00 Cann’s Mission to Change Drinking Culture

55:00 Lightning Round: Humor, Misconceptions & Mistakes

01:02:00 Book Recommendations

📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/

Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – https://www.tryglimpse.com

What does it take to raise and run a venture fund focused on the overlooked—and why women’s health, parenting, and sports are the future?

In this episode, Mike sits down with Rachel Springate, Co-Founder & General Partner of Muse Capital, to unpack her journey from luxury partnerships and entertainment to building a venture capital firm with a mission. Rachel shares how she and her partner Assia uncovered their thesis through personal experience, why women’s health remains one of the most underserved opportunities in venture, and how Muse balances investing in overlooked sectors with the hype cycles of AI and beyond.

Here’s what you’ll learn:

✅ How Rachel’s career in partnerships and entertainment shaped her investing style

✅ Why Muse Capital doubled down on women’s health long before it was popular

✅ What LPs really said when Rachel and Asya pitched Fund I—and how they overcame it

✅ How Muse approaches partnerships with celebrities and Fortune 500s authentically

✅ Why proprietary data in women’s health and family tech is a hidden AI moat

✅ The thinking behind Muse Sport and investing in women’s sports + SailGP

✅ How to avoid hype-driven investing and focus on recession-proof markets

✅ Rachel’s one-sentence mission for Muse: “Investing in companies that should exist”

👉 If you’re a founder, investor, or operator navigating consumer, healthcare, or sports in 2025, this episode is packed with insights you won’t want to miss.

Timestamps

00:00 Intro

01:00 Rachel’s path from luxury partnerships to venture

06:00 The authentic way to approach celebrity + startup partnerships

11:00 Founding Muse Capital & the personal experience that shaped its thesis

16:00 Raising Fund I with a contrarian focus on women’s health

22:00 How Muse filters noise from venture hype cycles

27:00 Early conviction in MIDI Health and spotting overlooked opportunities

35:00 How Muse helps portfolio companies through partnerships

38:00 The origin of Muse Sport and investing in women’s teams & leagues

44:00 The SailGP Italia story & sports investing strategy

47:00 Books Rachel recommends (professional & personal)

50:00 Muse’s mission distilled

📬 Subscribe for more founder stories & venture insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/

Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc