Cannabis Lending After Schedule III with Steven Ernest of Chicago Atlantic

On this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia sit down with Steven Ernest, Head of Originations at Chicago Atlantic, to discuss how cannabis lending and private credit markets are evolving heading into a potential Schedule III world.Steven gives an update on Chicago Atlantic’s platform today, how cannabis credit has changed over the last 12–18 months, and why periods of industry stress can create compelling opportunities for disciplined lenders. The conversation also explores private credit valuation concerns, collateral structures, institutional capital flows, and what separates stronger operators from the rest of the market.The group dives deep into the potential impact of Schedule III rescheduling, including whether the biggest benefit is tax relief, improved fundamentals, or the psychological shift that could bring new institutional investors into the space.Topics include:- The state of cannabis lending in 2026- Private credit risk and valuation trends- Real estate collateral vs. cash-flow underwriting- Schedule III and institutional capital- Why cannabis remains a structurally inefficient lending market- The future of banking and commercial credit in cannabis- What the market still misunderstands about cannabis creditA timely conversation with one of the most experienced lenders in the industry.Higher Exchanges is powered by Flowhub.