Higher Exchanges

In this Higher Exchanges deep dive, we break down the cannabis sector at a critical moment following 4/20 and renewed momentum around federal rescheduling.Jesse Redmond is joined by Morgan Paxhia and Sammy J to focus on what’s actually changing — and what investors should be paying attention to.Topics Covered:Federal cannabis rescheduling: what just happened and what comes next4/20 recap and what it says about consumer demandGreen Thumb Industries (GTI): best-in-class or fully valued?Vireo Growth: the roll-up strategy and integration riskC21 Investments: a quiet operator worth revisitingWhere the real long-term opportunity in cannabis liesSponsored by FlowhubThe all-in-one platform powering dispensaries with POS, inventory, compliance, and ecommerce.If you’re investing in cannabis or tracking the evolution of the industry, this is a clear, focused breakdown of where things stand today.

Where can investors actually find value in cannabis today — and how should they be thinking about the space going forward?In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Jerry Derevyanny, Partner at Bengal Capital, for a wide-ranging conversation on capital allocation, alternative investment strategies, and what separates real operators from the rest.We cover:• Where value is emerging today — concentrated vs. broad exposure and where alpha is coming from• Alternative ways to invest — debt, preferred equity, and real estate vs. traditional equities• What real brand building looks like in cannabis — and how to separate true consumer demand from distribution advantages• Why “Nasdaq isn’t magic” — and what it actually takes to become institutional-qualityAs the industry evolves, the opportunity set is shifting. This conversation breaks down how experienced investors are approaching cannabis today.Powered by Flowhub.

On this episode of Higher Exchanges, we’re joined by Micah Anderson, CEO of LEEF Brands, to break down the company’s fourth quarter and full year 2025 results and what they signal about the next phase of growth.We cover LEEF’s evolution, including the addition of Salisbury Canyon Ranch, and how vertical integration is driving margin expansion, improved consistency, and stronger cash flow. Q4 marked a clear inflection point, with revenue up nearly 40% year-over-year, gross margins reaching 45.5%, and the business generating positive operating and free cash flow.We also unpack the transition from H1 to H2, where margins expanded significantly as LEEF shifted toward internally sourced biomass, and discuss what it means to build a large-scale cultivation asset inside a public company.Finally, we look ahead to what’s next, including expansion plans at Salisbury Canyon Ranch, the recent Mindset Capital investment, and the growing optionality across CBD, interstate commerce, exports, and M&A, along with listener questions on market share and unit economics.Higher Exchanges is powered by Flowhub. 

On today’s episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia sit down with Boris Jordan, Chairman and CEO of Curaleaf, the largest cannabis company in the world.We discuss what may be the most important policy and capital markets moment the industry has seen in years. Boris shares Curaleaf’s perspective on federal rescheduling, what it could change for operators, when it may become final, and whether additional catalysts like SAFER banking, uplisting, or even descheduling could follow.We also explore Curaleaf’s evolving strategy around hemp-derived THC. After entering the category in 2018, exiting in 2023, reentering in 2024, and now stepping away again, Boris explains what changed in the regulatory landscape and what conditions could bring Curaleaf back to hemp in the future.The conversation then turns to capital markets and consolidation across the cannabis industry. Following Curaleaf’s recent $500M refinancing, we discuss the improving tone in financing markets, whether deal activity is returning, and where industry consolidation may emerge.Finally, we dive into Curaleaf’s fundamentals, including the balance between U.S. and international growth, sustaining margins through years of price compression, and what investors may be missing when evaluating the largest operator in cannabis.A thoughtful discussion on policy catalysts, industry structure, and the next phase of growth for cannabis.Higher Exchanges is powered by Flowhub.Topics Discussed• Federal cannabis rescheduling and policy outlook• SAFER banking, uplisting, and future catalysts• The future of hemp-derived THC• Cannabis capital markets and financing conditions• Industry consolidation and M&A• Curaleaf’s international growth strategy• Margins and price compression in U.S. cannabis• Curaleaf’s “Built for Growth” strategy

On this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Bill Morachnick, CEO of Charlotte’s Web, to explore whether the CBD category is entering a true restart or simply experiencing another policy-driven moment.The conversation covers the evolution of CBD since the 2018–2019 boom, the emerging Medicare/CMMI reimbursement channel, and how regulatory momentum could reshape access, adoption, and total addressable market — particularly among senior consumers.Bill shares how Charlotte’s Web is positioning for a more medical and regulated future, including advantages in compliance, formulation, distribution, and brand trust, as well as the company’s botanical drug development strategy and long-term optionality.We also discuss minor cannabinoids, capital markets implications, the role of BAT’s investment, lessons from the last CBD cycle, and what a durable path forward for the category could look like.Higher is exchanges is presented by Flowhub. 

In today’s episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia tackle five of the toughest questions shaping the next phase of the cannabis industry.Will Schedule III trigger a lasting cannabis bull market?Will federal hemp restrictions remain in place through November 2026?Will two of Pennsylvania, Virginia, and Florida legalize adult use and restart growth?Will three of today’s Tier One operators still be the top five cannabis companies in ten years?And will a U.S. plant-touching MSO uplist to NASDAQ or NYSE by year's end?This is a focused discussion on regulation, capital markets, state expansion, consolidation, and long-term leadership in cannabis.If you’re investing in marijuana stocks or following U.S. cannabis reform, this episode breaks down the structural forces shaping where capital flows next.Higher Exchanges is powered by Flowhub, check 'em out at flowhub.com

On this episode of Higher Exchanges, hosts Jesse Redmond and Morgan Paxhia are joined by Jason Wild and Ziad Ghanem of TerrAscend for a timely conversation on where cannabis investing goes next.As federal reform approaches and capital markets begin to reawaken, the group explores how operators and investors are positioning for the industry’s next phase.We discuss:Whether this catalyst cycle is truly differentTerrAscend’s perspective on rescheduling and what changes post-reformWhat may come next: SAFER Banking, uplisting, and interstate commerceRecent Supreme Court developments and their broader impactShifts in capital markets and consolidation activityM&A trends and how TerrAscend is thinking about growth and portfolio optimizationQ3 fundamentals, margin improvement, and navigating price compressionCapital allocation, balance sheet strength, and how TSND would approach financing if markets reopenWe close with a simple but important question for investors: why buy today?🎙️ Higher Exchanges is powered by Flowhub.

Higher Exchanges is presented by Flowhub. Following the federal Executive Order to move cannabis from Schedule I to Schedule III, the cannabis industry may be entering the early stages of a new M&A cycle.In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Dai Trong, Managing Director at Arlington Capital Partners, to discuss how rescheduling could accelerate consolidation, unlock capital, and reshape strategic behavior across the sector.After years of contraction, oversupply, margin pressure, and 280E tax burdens, cannabis M&A is beginning to re-emerge—starting with distressed and opportunistic deals by better-capitalized operators.We cover:What Schedule III changes most for cannabis M&AWhere we are in the current consolidation cycleWhy some operators are moving now while others remain cautiousRecent real-world deal activity across California and beyondWhat still needs to happen for larger strategics and capital to re-engageFinally, we close with Dai offering M&A tips to both operators and investors!

This is a line-in-the-sand moment for legal cannabis.In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia break down the Schedule III announcement alongside policy expert Hirsh Jain and capital markets veteran Scott Grossman. We unpack what just happened, why it matters, and what could come next for cannabis policy and markets.We cover: • A clear overview of the Schedule III news and first reactions • What changes on the policy side — including CBD and Medicare implications, and potential state and federal follow-ons • What this means for capital markets — institutions, uplisting potential, lending rates, and what makes a rally sustainable • A forward-looking close: what each of us is most excited about heading into 2026This is the most significant policy development for cannabis since Colorado legali

We’re fresh back from MJBiz and breaking down everything: the people we saw, the energy on the floor, standout moments, and yes—Jesse’s run-in with the “Angry” hot chicken.Each of us shares the surprises that caught our attention this year, along with our biggest learnings from the conference. From there, we shift into a forward-looking conversation about 2026: what to expect, how the hemp ban reshapes TAM, why Curaleaf exiting the hemp category matters, and which opportunities emerge (like CBD + Medicare) as others fade.We explore what the market might be missing—especially around enforcement, potential stays, capital flows, pricing, and state-level catalysts—and close with a conversation about what still excites us about working in this industry. 

Today on Higher Exchanges, Jesse and Morgan sit down with Whitt Steineker, Partner at Bradley Arant Boult Cummings LLP, to break down the major regulatory shifts impacting hemp, cannabis, and the broader U.S. market.We cover:What just happened to the U.S. hemp market — why it happened, what it means, and when enforcement may hit.How new hemp rules affect state-licensed cannabis — potential opportunities, risks, and implications for federal reform.The future of industrial hemp — genetics, farming incentives, infrastructure needs, and whether this resets the narrative around American hemp production.The divide in D.C. between intoxicating hemp and legal cannabis, why it exists, and how these sectors might align to drive federal change.Whitt also shares how Bradley is advising clients through this moment — and what he expects to see in both cannabis and hemp policy over the next 12 months.

In this episode, we sit down with Micah Anderson, CEO of LEEF Brands (CSE: LEEF | OTCQB: LEEEF), to break down the company’s Q3 2025 financial results and what’s driving its turnaround story.LEEF delivered a standout quarter with revenue up 24% year-over-year to $8.4M, gross margins doubling to 45%, and the company generating positive adjusted EBITDA and free cash flow for the first time. We discuss the key drivers behind that performance — from the first successful harvests at Salisbury Canyon Ranch in California to the rapid launch of LEEF’s extraction lab in New York.Topics we cover:• The execution behind Salisbury Canyon Ranch and New York — LEEF’s two 2025 strategic goals — and how they are reshaping cost structure and margins.• The operational levers behind a 23-point margin expansion: how much came from vertical integration vs. new market mix.• How LEEF is maintaining cost discipline with operating expenses down 12% YoY while growing topline performance.• The company’s approach to managing 280E taxes and its stance on accruing vs. paying UTP.• Why LEEF added Bitcoin to its corporate treasury, and how Micah views Bitcoin allocation versus other growth investments like expansion or scaling SCR.• Plans for the next phase: expanding cultivation at Salisbury Canyon Ranch to 187 acres, scaling production in New York, and evaluating new state entries every 12–24 months.After Micah joins, we broaden the discussion with a look at the Q3 earnings season across cannabis, including Verano and Jushi. We dig into trends like margin compression, limited catalysts until 2026+ in key states, and how efficiency and vertical integration are separating strong operators from those treading water.A grounded, data-driven discussion on execution, cost control, and strategy in a tough market — plus a look at where real growth may come next.

In this episode of Higher Exchanges, we sit down with Ron Gershoni, CEO and co-founder of Jetty Extracts — one of California’s longest-standing cannabis brands — to explore what it takes to build, protect, and scale a cannabis brand in today’s challenging market.We cover:🚀 Jetty’s founding story and lessons from a decade of brand building💨 From the first vape to solventless, pre-rolls, and product innovation🛡 How Jetty navigated “Vape Gate” and built consumer trust through clean products🌱 The Clean Cannabis initiative and raising standards across the industry📊 California market dynamics: growth, price compression, and consolidation🍃 OCAL certification, organics, and addressing California’s pesticide problemA must-listen conversation for anyone curious about how durable brands endure and scale in cannabis.

Minnesota just launched adult-use cannabis sales — and the market could quickly become one of the most lucrative in the U.S. Jesse Redmond and Morgan Paxhia sit down with Aaron Edelheit, CEO of Mindset Capital, to unpack why Minnesota’s cannabis rollout is so unique and what it means for operators, investors, and policy watchers.In this episode:Minnesota’s cannabis history and the adult-use rolloutThe massive cultivation gap (60,000 sq. ft. available vs. 2 million needed)Why Green Thumb, Vireo, and Grown Rogue are best positioned to benefitCross-border demand from prohibition statesHemp beverages in liquor stores (15–20% of sales!) and how they fit inHemp vs. cannabis: what each industry can learnAaron’s insights on investing, capital markets, and the ETF TOKEWhether you’re an operator, investor, or consumer, this episode offers sharp insights into how Minnesota could reshape the future of U.S. cannabis.

What’s really driving the rise of intoxicating hemp—and where is it headed next?In this episode, we sit down with Tucker Johnson, whose career spans CFO roles at Lil Wayne’s cannabis company and the Emerald Cup, Head of Finance & Cannabis Lead at British American Tobacco, and consulting for top hemp operators. Tucker brings a rare perspective from both mainstream finance and the front lines of cannabis.We dig into:🌿 The 2018 Farm Bill — how it created today’s intoxicating hemp loophole and what might change.🤠 Texas — 8,000+ smoke shops, a vetoed hemp ban, and Gov. Abbott’s new executive order reshaping the market.🏝️ Florida — hemp as a de facto adult-use market, where tourists and consumers choose between black market, medical cannabis, and hemp products.🔮 What these state experiments tell us about the national future of hemp.If you want to understand the fast-changing hemp landscape and its impact on cannabis, this conversation is a must-listen.

Join us on Higher Exchanges for an insightful conversation with Aaron Miles, Chief Investment Officer of Verano Holdings Corp., as we dive into the evolving landscape of the cannabis industry. With over 20 years of financial expertise, he shares how Verano continues to navigate challenges and seize opportunities. Q2 2025 Financial HighlightsWe break down Verano’s latest performance: a 9% year-over-year revenue dip to $202M, with a projected 7% decline for 2025. With 157 dispensaries nationwide, $403M in debt, $69M in cash, and a 28% drop in operating cash flow, Aaron unpacks the strategies behind these numbers and how Verano is positioned to resume growth as key new states flip to adult use.  Answering Top Listener QuestionsAaron tackles your burning questions: Will Verano bring back wholesale by state reporting? What’s the latest on the Vireo lawsuit? And how is Verano positioning itself for the future of interstate commerce in cannabis? Managing the ChaosBeyond the numbers, we explore how Aaron stays grounded in the high-pressure world of cannabis. From psychedelics and meditation to creative outlets like Music for Mushrooms, discover the tools that help us manage the chaos of cannabis investing. To learn more about East Forest and his Music for Mushrooms documentary, visit: https://eastforest.org/Think Harder

We are excited to have Jamie Mendola on the show for the first time.  You know Jamie from his leadership roles at AYR, he was a board member at Glass House Brands, and before cannabis, he was an accomplished investor in the hedge-fund world. Here's what we’ll cover:🚀 First cannabis SPAC (CSAC) in 2017🏗️ Lessons from Ayr Wellness on M&A & scaling🌱 Board insights at Glass House Brands⚠️ Industry pitfalls: over-expansion, bad cap allocation, compliance costs📊 Smart strategies: vertical integration, data, brand building🌎 What federal reform could mean for cannabis💵 Public vs. private opportunities for investorsThanks for listening and watching on YouTube!

In this episode, we kick things off with a quick market update, highlighting the recent surge in MSOS ETF momentum, institutional inflows, and what’s been driving cannabis stocks higher since late June.We then dive into AYR Wellness’s restructuring agreement—what it means, how the credit bid process works, and why it could set the tone for distressed M&A in the sector.From there, we break down Q2 earnings from the top tier U.S. operators, including:Trulieve – Continued cash generation and margin leadershipGreen Thumb  – Steady growth and operational disciplineCuraleaf – International strength offsetting U.S. softnessVerano – Quiet performance amid macro headwindsCresco – Margins up, revenue down—focused execution in a rationalizing marketWe close with big-picture takeaways, sharing how we’re thinking about the industry’s next chapter, potential catalysts, and what separates resilience from risk in U.S. cannabis right now.

This week on Higher Exchanges, we dive into the chaos and clarity surrounding cannabis reform, capital markets, and hemp regulation. Joining us is Scott Grossman of Turning Point Brands for a timely roundtable on what’s real, what’s noise, and what could actually move the needle.🔍 Topics include:Schedule 3 speculation:Who’s driving the renewed chatter, and what do Appropriations moves, VA access, and the DEA vote on Terrance Cole really mean?Political chessboard:Will cannabis reform matter to Trump in 2025? Does it poll high enough to compete with narratives like firing Jay Powell?Operator strategy:Is Schedule 3 enough to spark M&A or fresh capital without top-line growth? Who benefits—and who doesn’t?Reform-dependent vs. reform-independent:MSOs, tier ones, Canadian LPs, and the small-cap battlegroundLate in the episode, the audio begins to echo. We apologize and did our best to fight through it!

In this episode, we sit down with leading cannabis attorney Jeff Schultz, Partner at Foley Hoag, to unpack the real story on New York's adult-use market—what’s working, what’s broken, and where the industry goes from here.We cover: 🔹 The Good:- New York’s adult-use cannabis market is scaling fast—projected to hit $1.5–- $2B+ in 2026, up from just $300M in 2023.- National brands like Kiva, STIIIZY, Wyld, and Heavy Hitters are thriving.- Margins look strong🔸 The Bad:- Limited retail outlets, but this is changing quickly- Licensing gridlock: Conditional licensees remain stuck due to zoning, financing, and OCM hurdles.- High taxes: Effective rates reach up to 41%, depending on product type.🔻 The Ugly:- The illicit market still dominates, with thousands of unlicensed shops in NYC.- Political and legal chaos: Lawsuits, infighting, and regulatory dysfunction are shaking investor confidence.

In this episode of Higher Exchanges, we sit down with Ted Lidie, founder of Alien Labs, to talk about building one of California’s most iconic flower brands—and what it takes to scale that success across markets.We cover:🌱 The Alien Labs origin story and legacy in the 215 era🤝 Partnering with Connected and navigating Prop 64🔥 What makes truly great flower—and why it’s harder to grow now📉 Pricing pressure, quality control, and the reality of California cannabis in 2025🏜️ Expanding into Arizona: lessons learned and brand reception🌴 The Trulieve partnership in Florida and growing under medical-only rules🌍 Going global: takeaways from Germany and where Alien is headed next

In this episode of Higher Exchanges, we sit down with Sammy J to break down what it takes to navigate the cannabis market in 2025. With low or negative growth, tightening margins, and shifting consumer behavior, the landscape is forcing operators to get sharper, leaner, and more strategic.We cover:📉 Pricing, volume, and profitability in today’s market🌴 How tourism is shaping cannabis sales in Nevada🛍️ 2025 consumer spending habits — what’s changed🌱 Greenshoots: where opportunity is showing up🌿 Hemp — hype or real growth channel?💬 What’s resonating with investors in today’s capital climate

In this episode of Higher Exchanges, we cover:📈 Bitcoin 2025 recap – key takeaways from the Vegas conference🗓️ Benzinga Cannabis Capital Conference preview – what to expect and who’s attending🧾 Earnings review – insights and investor signals from the latest quarterly reports⚖️ BSF update – legal developments and potential implications of the landmark Boies Schiller Flexner lawsuitWe had hemp on the agenda, but ran out of time! We'll be back to cover that "soon"....

In this episode of Higher Exchanges, we sit down with Seth Yakatan, Partner at Katan Associates and Strategic Advisor to Glass House Brands. Known for his candid insights and strong voice on LinkedIn, Seth joins us to unpack the hard truths, overlooked opportunities, and evolving dynamics in the cannabis capital markets.We dive into:Seth’s journey into cannabis investing and how he became one of the most outspoken figures on LinkedIn.A deep look at the Glass House x LEEF Brands partnership, why it's a rare win/win, and how both sides view the deal.What’s working right now: Why fundamentals, discipline, and the low and middle-market privates are where Seth is focused—and how he’s identified 100-150 compelling companies.What’s broken: From flawed regulatory frameworks to the dangers of fast and loose capital and the illusion of scale without exits.The hemp and beverage space: Where Seth sees the real opportunities and how investors should approach the category.

Zachary George joins Higher Exchanges to share the strategic vision behind SNDL’s transformation into a debt-free, cash-rich cannabis leader.We cover:🌱 Zach’s journey from Wall Street to cannabis🇨🇦 Canada's retail evolution & market reset🌍 Germany & global growth opportunities🇺🇸 U.S. expansion strategy & OTC ambitions💰 Capital deployment: buybacks, M&A, and long-term ROIPlus, another fun question for Grok. 

In this episode of Higher Exchanges, we’re joined by one of the sharpest minds in cannabis policy and strategy — Hirsh Jain of Ananda Strategy — for a fast-moving, wide-ranging conversation on where growth is actually happening in the cannabis industry.We cover:🌍 Germany legalizes adult-use cannabis — and what that means for international markets🌐 Key takeaways from ICBC and the emerging global cannabis landscape📈 U.S. growth markets in 2025 — New York leads, with muted gains expected in Ohio, Delaware, and New Jersey🗺️ Why Pennsylvania is strategically critical, yet stuck in reform limbo🧊 Minnesota disappoints — no adult-use timeline and strong resistance to MSOs🌴 Florida’s political chaos — hemp bans, DeSantis drama, and a shaky outlook📉 Mature markets under pressure — what's driving pain in CA, MA, MI, and AZ🏛️ A reality check on federal reform — from the Farm Bill to the noise around SAFE and 2024 election narrativesIt's a sharp, honest look at the road ahead — in the U.S. and abroad.

In this episode of Higher Exchanges, strategic advisor and industry veteran Mitchell Osak joins us to unpack what it really means to win in today’s cannabis landscape.We dig into:🧬 Mitchell’s journey into cannabis & key lessons from other industries📊 What defines success today: financials, market share, leadership, & geography🌎 U.S. vs. Canada — who’s setting the pace?🌿 Hemp vs. cannabis — which has the edge?🚀 How to disrupt: quality, cost, or a better business model📦 Why tariffs might be a good thing for U.S. cannabis companiesA sharp, insightful conversation for anyone serious about strategy, performance, and staying ahead in the cannabis game.Be sure to subscribe to Mitchell's Substack: https://mitchellosak.substack.com/

In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia dig into three pressing topics shaping the cannabis industry.🌱 Planting Salisbury Canyon RanchWe kick things off with a look at LEEF’s landmark cultivation project. With 83-day auto-flowering plants going in the ground, the team is on track for a summer harvest and a second replant this fall. We break down how this lowers COGS, increases supply chain control, and sets the stage for higher-quality products and improved margins.💸 The Fall of Gold FloraNext, we analyze what went wrong at Gold Flora. With SG&A and interest expenses far outpacing revenue, the company posted a $56.5M net loss in 2024 and entered receivership. We discuss what this means for the industry, who might acquire the distressed assets, and the hard lessons in cost control and toxic debt.📉 The 2025 ProblemFinally, we zoom out to look at the macro landscape. With no new adult-use markets coming online and reform stuck in neutral, the cannabis sector is facing a critical year. We explore what’s holding the industry back, the increasing threat of illicit markets and mislabeled hemp, and how operators can stay agile and survive the storm.

In this episode of Higher Exchanges, we’re diving deep into the latest cannabis investment trends, exploring key shifts in credit markets, pricing strategies, and hemp sentiment with Colin Ferrian, Portfolio Manager at Poseidon. Topics Covered:💰 Credit & Lenders – A deep dive into IIPR’s distress, how other lenders are positioning themselves, and whether refinancing moves will create the next major MSO.📉 Pricing Trends – Are price degradation rates finally slowing? Can MSOs shift successfully to premium products, or is the value segment too dominant?🌿 Hemp Sentiment – Lower cost of capital is attractive, but will margins improve? We analyze the latest moves by industry leaders.🤖 AI in Cannabis Investing – How we’re using AI to analyze trends and make investment decisions. Plus, how Colin Ferrian is leveraging NotebookLM for deeper market insights.

Join us as we sit down with Sam Brill, CEO of Ascend Wellness Holdings, to unpack the latest in cannabis investing and industry strategy. We cover:✅ Ascend’s strategic evolution and key takeaways from Q4 📊✅ Retail expansion and how Ascend is investing for growth in 2025 🏪✅ The shift in the cannabis market—from the "Green Rush" to today’s challenges 📉✅ How consumer behavior is changing and what strategies companies are using to adapt 🛒✅ What Sam is most excited about in 2025 and what keeps him up at night. 

In this episode of Higher Exchanges, we sit down with Erich Mauff, Principal at FiSai, to explore the evolving cannabis investment landscape. From his time at Deutsche Bank and Jushi to launching FiSai, Erich shares key lessons learned.We dive into:📉 Industry Woes: How we went from the “Green Rush” to today’s struggles—politics vs. industry missteps.🏢 Operators & Survivors: Who’s making it through this downturn, and what mistakes are sinking others?⚖️ Debt vs. Equity: Tradeoffs of investing in different portions of the cap structure.💰 Politics: Why are we stuck, and who has benefitted from this stalemate? Don't miss this deep dive into cannabis investing with one of the industry’s top financial minds!

In this episode of Higher Exchanges, we sit down with TerrAscend Executive Chairman Jason Wild and CEO Ziad Ghanem to break down the company’s Q4 and full-year 2024 results. We cover TerrAscend’s key market strategies across New Jersey, Maryland, Pennsylvania, Michigan, and Ohio, and dive into how the company has been strengthening its balance sheet and tax position.Jason and Ziad also weigh in on shifting consumer trends, including the decline in alcohol consumption and the potential opportunities in the intoxicating hemp market. Finally, Jason Wild addresses a crucial question: What would he say to a frustrated TerrAscend investor?

This week on Higher Exchanges, we’re joined by Nick Gastevich, aka CannaVestments, Vice President of V. Gastevich Investments, for an in-depth look at cannabis industry earnings.🔍 Topics Covered:✅ What are we looking for in these earnings reports?✅ Deep dive into Tier 1 operators: Green Thumb Industries, Verano, and Trulieve.✅ The conversation concludes with the guys weighing in on where we go from here...Key takeaways, concerns, and the outlook ahead.

In this episode of Higher Exchanges, we sit down with Sammy J, VP of Corporate Development at C21 Investments, to discuss the state of the cannabis industry four years into the Great Cannabis Drawdown. Sammy shares his insights on the key factors behind the market’s decline, including revenue drops, margin erosion, and overspending on growth.We explore the potential catalysts for recovery, from value-driven opportunities to possible regulatory shifts with S3, SAFER banking, and the BSF lawsuit. Sammy also breaks down what investors should own when the next bull market hits—reform dependents vs. independents—and how the path to industry recovery may look different from past cycles.Whether you’re an investor, operator, or industry watcher, this episode offers an in-depth look at what’s next for cannabis. 

In this episode of Higher Exchanges, we sit down with Scott Grossman, VP of Corporate Development at Turning Point Brands, to dive deep into the state of the regulated cannabis and hemp markets.We explore:✅ Scott’s role at TPB and how legacy brands like Zig-Zag provide unique market insights✅ Which states are seeing strong unit growth—and which are struggling✅ Why cannabis stocks are down 95% and the key drivers behind the downturn✅ What needs to change for the industry to recover and grow again✅ The most important reforms to watch—and when they might happen✅ Why is the MSOS ETF selling Green Thumb Industries?Plus, Morgan has another insightful ask Grok comparing the gold and cannabis industries. 

Morgan is fresh off the plane from Vegas, and we start the show by asking how Poseidon is approaching investing in cannabis beverages. We discuss opportunities, risks, and ways to get involved. Twenty minutes in, we are joined by Craig "Lewie" Lewis, Founder and CEO of Flyers Cocktail Co., to explore the fast-growing non-alcoholic and hemp-infused beverage industry. Lewie shares his journey into the space, the "aha moment" that led to Flyer’s creation, and the surprising trends—like the fact that 54% of Gen Z legal drinkers have never tried alcohol. We dive into the market size, regulatory challenges, and federal lobbying efforts, including the latest on the Farm Bill and beverage carveouts. On the business front, we explore Flyer’s positioning in a crowded market, direct-to-consumer vs. wholesale strategies, and the role of AI in shaping product development. Plus, Lewie gives us a sneak peek into new product launches and key trends to watch in the next 18-24 months.

Jesse just joined LEEF Brands as Head of Investor Relations and Business Development. LEEF is one of the leading producers of bulk extracts in California, has a dispensary in Palm Desert, and a wellness line called LEEF Organics. LEEF CEO Micah Anderson joined Jesse and Morgan to discuss his background, the origins of LEEF, and the unique set of fundamental catalysts ahead for the company in 2025: 1. Planting Salisbury Canyon Ranch2. Advances in extraction technology3. Out-of-state opportunities4. Bitcoin treasury strategyThe show ends with the guys asking Grok if Salisbury Canyon Ranch may become the world's largest cannabis farm. This was a fun show, thanks for listening!

This week's show starts with a conversation about whether we are seeing signs of the bottom. Jesse and Morgan contrast sentiment with valuations, drawing parallels to the tech bubble and recovery. Kyle Sherman, CEO of Flowhub, joings the show to talk about his cannabis journey, insights from visiting dispensaries across the U.S., and key trends shaping the industry. We explore price sensitivity, differences between public and private companies, and how Flowhub’s data drives innovation. Plus, we discuss the potential role of cryptocurrency in cannabis and how companies like LEEF Brands are integrating Bitcoin into its ecosystem. Morgan wraps up the show with a timely Ask Grok about hemp beverages at concert venues. 

The first show of 2025 starts with Jesse and Morgan reviewing Senorita Beverages. This is Agrify's first hemp beverage acquisition, and the guys give their thoughts on the two flavors they tried and where they fit in the evolving beverage landscape. Jerry Derevyanny, Partner at Bengal Capital, joins to discuss what has gone wrong with the MSO model. The guys discuss cracks in the state-led growth story, particular challenges facing Florida, and which operators may have the most difficulties ahead. Jerry points out potential opportunities on the debt side, which gives investors greater security than equity investing. The conversation concludes with an analysis of how banning or approving intoxicating hemp may drive more revenue, and Morgan asks Grok about the economic impact of dry January. 

The boys are back for the final show of the year. This week, they discussed what they got wrong in their 2024 predictions and made fresh predictions for 2025. Topics covered include: - Rescheduling timeline- Boies Schiller Flexner lawsuit- Potential Republican reform- Price compression- Intoxicating hemp- Potential M&A- Dispersion in returns and stock prices- The future of intoxicating hemp, and more...Many thanks to everyone who listened this year, and we look forward to more conversations in the new year!

The guys are back from traveling and eager to share lessons learned from the road. Morgan was in Boston for the Boies Schiller Flexner oral arguments and explained what happened that day and the next steps for the case. Jesse went to MJBiz in Las Vegas and offered his take on sentiment, outlooks, and how intoxicating hemp has penetrated the Nevada market. The show also covers Verano Co-Founder Sammy Dorf joining Flora Growth as Executive Chairman to accelerarte entry into the THC-infused beverage market. Plus, there is a conversation about Texas potentially banning all THC products, which would damage its network of approximately 7,000 smoke shops. Finally, Morgan offers a thought-provoking Ask Grok about cannabis, mental health, and productivity.

This week's show focuses on the next steps with the Boise Schiller Flexner lawsuit. Oral arguments are on December 5th, and we are joined by Jason Wild, Emily Paxhia, Erik Luna, and Weldon Angelos to dive into the details. Topics covered: * Overview of the case.* What's happening on December 5th? * Key parties involved. * Benefits of the case versus Schedule III and SAFE Banking.* Potential outcomes and timelines. Please consider supporting the case. You can donate here: https://atach.org/constitutional-challenge/

This week's show begins with Morgan and Jesse talking about the evolution of Agrify. A once stale and forgotten business has new life with an investment from Green Thumb Industries and evolution into intoxicating hemp. The guys talk about the path to get here and how it may evolve. AYR Wellness Interim CEO Steven M. Cohen joins the show and shares his background and vision for the future. We cover the lost opportunity with Florida's failure to pass Amendment 3, and Cohen explains why AYR is still moving forward with cultivation expansion in the Sunshine State. We dig into how AYR can evolve in Ohio and New York and what other growth levers the business has. AYR has a large amount of debt, and Cohen gives his perspective on how they can service the debt and maximize the probability of refinancing it before 2026. The conversation closes with Cohen offering his perspective on the Trump administration and potential political progress in 2025. 

This week's show starts with an update on Jesse's experience at Benzinga's California Cannabis Spotlight conference in Anaheim. He explains who attended, what was discussed, and why you can't paint California with one brush. Jesse points out that California operators like LEEF Brands (CSE: LEEF, OTCQX: LEEEF) have transformational catalysts on the horizon and may stand out in 2025. Ascend Wellness (CSE: AAWH, OTCQX: AAWH) CEO Sam Brill joins us and shares his background and how he hopes to evolve and optimize the business. We cover the company's cost-saving initiatives, recent quarterly results, Ohio's launch, and the importance of value brands. The conversation with Sam concludes by getting his perspective on the recent political appointments and why he's excited about the next step in the Boise Schiller Flexner case. 

It's been a wild week in cannabis with elections and earnings results. We were joined this week by Dai Truong, Managing Director at Arlington Capital Partners, and Doug Kass, Founder of Seabreeze Partners. The conversation begins with a recap of the elections, emphasizing Amendment 3 failing in Florida and Republicans sweeping the executive and legislative branches. Doug Kass makes a surprise appearance to share his perspective on the industry challenges and the short-term invest-ability of the space. The need for new states and federal catalysts is impacting investor sentiment. The conversation concludes by analyzing the latest lackluster earnings results. While margins and adjusted EBITDA remain relatively strong, the industry is struggling to return to growth.

With the election just days away, we are happy to have Hirsh Jain, Founder of Ananda Strategy, join us to break down all the races. We start with the Presidential election and handicap the outcome and potential consequences of a Harris or Trump victory. Cannabis is a state-led growth story, and several new adult-use states are on the horizon, with none more significant than Florida. We assess the chances that Amendment 3 will be passed and dig into smaller states like North Dakota, South Dakota, Nebraska, and Arkansas. Finally, we cover the control of Congress and potential implications for SAFER Banking and other legislative progress. 

This week's show has two special guests: Dan Neville, CEO of AFC Gamma, and Brady Cobb, Founder and CEO of Sunburn. The episode begins by discussing the vibes in Florida as we head into the adult-use vote on November 5th. Brady shares his optimism and how they are preparing for the potential adult-use launch. Dan offers his perspective on the Sunshine State, the deals they have done, and what they look for when evaluating Florida operators. Brady drops off, and we dig deeper into the AFC Gamma business and how it differs from other debt funds. Dan explains how they underwrite investments and manage risk in the portfolio. The episode concludes with Dan sharing what he sees as a favorable and unfavorable environment for their portfolio and his views on the potential catalyst ahead in 2025. 

Morgan and Jesse are back from a busy week at the Benzinga Cannabis Capital Conference in Chicago. This week's show focuses on what they learned at the event, and they both share their three biggest takeaways. Topics include institutional involvement, hemp, M&A, Ohio, and more. The guys also discuss the Gartner Hype Cycle and how we feel deep in the trough of disillusionment. Investors feel impatient and fatigued, which contrasts with what may be an exciting set of catalysts as we head into 2025. 

With no guests this week, Morgan and Jesse had time to catch up on several topics. The episode starts with an update on a recent X poll about moving off Spaces and how the podcast may evolve. Jesse and Morgan are heading to the Benzinga Cannabis Capital Conference in Chicago next week and shared what's on their schedules and how to make the most of the event. It would not be a cannabis podcast without addressing politics, and the guys talk about the Democrat's recent comments. Jesse stumps Morgan by asking which candidate is better for cannabis and then has difficulty answering the same question. The rest of the show focuses on California. Statehouse appears to be heading to receivership, and Morgan explains the history of the business and the steps that contributed to the company's problems. They also review the demise of Ignite and the incremental progress the state is making with removing double taxation and allowing cannabis cafes.  

This week's show begins with a discussion about Senator Wyden's Cannabinoid Safety and Regulation Act, which proposes more regulation for the hemp industry. Jesse and Morgan review the key points and how they may impact the intoxicating hemp market and legal cannabis business. Grown Rogue's CEO, Obie Strickler, joins the show to share how the company has cultivated a low-cost flower production advantage and expanded to new markets. We review the company's core operations in highly competitive Oregon and Michigan markets and attempt to get Obie to explain the secret ingredient to their low-cost advantage.The conversation evolves into exploring expansion opportunities in Illinois and Michigan. We also cover the company's strategic advisory agreement with Vireo Growth in Minnesota and Maryland. Finally, Obie shares what risks an investor may consider when investing in Grown Rogue.  We apologize for Obie's connection issue. We record live on X, and this week, the internet was not our friend.