Advertise on podcast: Cannabis Unlocked

In this episode of #FrontierMarketsUnlocked, Michael Drozd, CEO of ACT Labs, sits down with Jordan Youkilis to discuss the infrastructure behind cannabis compliance and what it takes to build a testing business inside one of the most cash-constrained industries in the country. After earning his MBA from Stanford and an engineering PhD from Duke, Michael gained experience in the food and medical testing space. Michael started his first company in the food industry, eventually getting recruited into the cannabis space by Eurofins in 2015 to help launch their cannabis testing operation. When the federal regulations prevented this publicly traded company from building their testing lab in Colorado, Michael pivoted to hemp testing, building his new company into the largest hemp tester in the country. He later ran a publicly traded drone company before finding his role at ACT four years ago as CEO. From here, the conversation dives into how cannabis testing is structured and where the friction is. Michael breaks down why the majority of testing is compliance-driven, seen as a necessary step to get product on a shelf, and why cash-constrained operators rarely have the runway to invest in proactive environmental monitoring or yield optimization that could benefit them long-term. Michael and Jordan then cover the patchwork of state regulators versus federal standards and the problem of "dry labbing" with potency inflation across the industry. When it comes to what ACT tests for day-to-day, Michael walks through the key categories: potency, cannabinoids, heavy metals, microbiology, residual solvents, pesticides, and terpenes. To close, Michael shares ACT's growth strategy, preferring acquisitions over greenfield labs, with strong interest in markets like Ohio, New York, Maryland, and New Jersey, and explains why he expects large institutional players like Eurofins to re-enter the US cannabis testing market within the next two to three years as the regulatory environment continues to evolve. Enjoy! Tiby Erdely III Pete Karabas #FrontierMarketsUnlocked #CannabisCompliance #CannabisIndustry #CannabisInvesting #LabTesting #Cannabis

Tiby sits down with longtime cannabis investor and advisor Seth Yakatan for a candid discussion on the state of the industry - what is working, what is not, and where the next opportunities may emerge. They cover the growing importance of cash flow and capital discipline, successful operators and business models, the role of debt, Schedule III, international trade, public-market uplistings, and what cannabis companies must demonstrate to attract increasingly selective capital. Seth also shares why he remains optimistic about consolidation, institutional investment, and the industry’s next phase of growth.Enjoy!

In this episode of Cannabis Unlocked, Jordan Youkilis sits down with Seth Schorr, CEO of Fifth Street Gaming. They discussed the growing overlap between the casino and cannabis industries and why Las Vegas may be uniquely positioned to bring the two together. Seth has run Fifth Street Gaming in Las Vegas for nearly 20 years and brings a veteran operator's perspective on how the city's gambling industry keeps reinventing itself, from a shift toward full resort experiences in the late '90s to the rise of mobile sports betting after PASPA's repeal, and the constant churn of disruptors, from DraftKings and FanDuel to today's prediction markets. As a Nevada gaming licensee, Seth can't be directly involved in cannabis, but he offers a candid outside view: Nevada's early, high-performing market , rising interest from alcohol and tavern operators in hemp beverages, and his own work helping regulators and operators explore bringing cannabis consumption on-premise at casinos, an idea still tangled up in federal restrictions but gaining real momentum. They close by looking ahead to Las Vegas's next chapter: an incoming MLB team, a potential NBA expansion team, and why The Sphere remains the city's biggest innovation in a decade. Enjoy!

In this episode of #CannabisUnlocked, Tiby Erdely sits down with Frederico Gomes of ATB Cormark Capital Markets to discuss why this moment in cannabis feels materially different than prior reform cycles - and why investors may finally be approaching a new institutional capital cycle. Frederico has covered the cannabis sector for more than seven years across U.S. MSOs, Canadian LPs, retailers, and ancillary operators. Having lived through the 2019 boom, a brutal bear market, and multiple federal reform false starts, he brings a seasoned perspective on what is real, what remains uncertain, and what could drive the next major leg of value creation. Fred and Tiby dive into the rapidly developing Schedule III rescheduling process, the potential timing and structure of a final rule, and why the biggest risks may be delay, litigation, and implementation - not whether cannabis ultimately moves forward. Fred explains how rescheduling could lower the cost of capital, improve cash flow, support institutional re-entry, and create a clearer path for industry leaders to emerge. The conversation then turns to valuations, uplisting, consolidation, SAFER Banking, and the rumored hemp ban. Fred discusses why many operators still trade at distressed multiples despite improving catalysts, and why exchange uplistings, cheaper capital, and limits on intoxicating hemp could drive sales growth, pricing stability, margin expansion, and renewed M&A. In closing, Tiby and Fred shift to Canada and the global cannabis opportunity, including how Canadian operators have evolved after their own boom-and-bust cycle, why Germany and international exports have become major growth drivers, and how U.S. operators may eventually participate in global markets.  With rescheduling hearings underway, SAFER Banking back in the conversation, intoxicating hemp under pressure, Canadian names moving, and institutional investors beginning to revisit the sector, this episode captures one of the most important cannabis inflection points in years. Enjoy!

In this episode of #CannabisUnlocked, Jordan Youkilis sits down with Bill Kirk, Managing Director at ROTH Capital Partners, to discuss what institutional capital markets are waiting for before they move meaningfully into cannabis and why the investment window may finally be opening. Bill's path to cannabis started by working at a dispensary while pursuing professional baseball. After retiring, he pivoted his focus to finance where he covered the beverage and retail industries, ultimately working with MKM Partners (later ROTH Capital Partners) in 2019.  Bill and Jordan dive into how the top MSO stocks have been overlooked as if they were the same but with rescheduling/uplisting on the horizon the differences between these businesses is now more respected than ever. Bill explains that uplisting could immediately double trading volume, and create the conditions for passive index inflows that have never existed in the sector before. Bill then walks through how a potential ban on intoxicating hemp could benefit regulated cannabis operators by shifting the competitive landscape against hemp and beer distributors. In closing, Bill and Jordan discuss the SAFE Banking Act's bipartisan reintroduction, the upcoming adult use rescheduling hearing, and why this moment feels different. Enjoy! #CannabisUnlocked #CannabisInvesting #Rescheduling #CapitalMarkets #MSO #CannabisIndustry

In this episode of Cannabis Unlocked, Jordan Youkilis sits down with Nasos Makriyiannis, President of The KOMAND Group, to discuss the evolution of the global cannabis market and why Europe is quickly becoming one of the industry’s most important long-term opportunities. Nasos shares his path from healthcare consulting into cannabis M&A and explains how KOMAND Group became one of the earliest North American advisory firms operating across European markets ( The KOMAND Group works closely with Broderick Capital (www.broderickcapital.ca)) on cross-border transactions. From here, Nasos breaks down how the Canadian market evolved from post-legalization exuberance and oversupply into a globally optimized export hub supplying emerging medical markets abroad. The conversation explores the accelerating momentum across Europe particularly in Germany following deregulation and why international operators are increasingly focused on supply chain positioning, regional partnerships, and scalable distribution strategies. In close, Nasos and Jordan discuss the challenges that still remain around capital formation, the growing role of family offices and strategic investors, and how Schedule III momentum in the U.S. could reshape international participation over time. Enjoy!

In this episode of Cannabis Unlocked, Jordan Youkilis sits down with Jared Maserk, CEO of Baked Bags, to explore the rise of digitally native hemp brands and the challenges of building in an uncertain regulatory environment. Jared shares his journey from cannabis sales in the early days of cannabis to becoming CEO of Baked Bags, a hemp brand that has scaled rapidly by leaning into social media, unique product formats, and a direct-to-consumer mindset. What began with innovative edible cones has evolved into a broader portfolio designed to stand out in a crowded, fast-moving market. Jordan and Jared dive into the realities of operating in the hemp-derived THC space, the looming regulatory crackdown tied to the 2018 Farm Bill and how Baked Bags is preparing for potential disruption. Jared discusses the importance of staying agile, whether that means exploring new markets, experimenting with emerging product categories like beverages, or maintaining a capital-efficient, cash-flow-positive business model. The conversation is a candid look at resilience, creativity, and what it takes to build a brand at the intersection of culture, content, and cannabis. #CannabisUnlocked #CannabisBrands #THC #StartupJourney #CannabisIndustry

In this episode of Cannabis Unlocked, Jordan Youkilis sits down with Elliot Lane, President and Co-Founder of Igniteit Inc, to discuss the evolving role of media, events, and investor education in the cannabis industry. Elliot shares his unconventional path, from studying music and acting in New York to ultimately entering the cannabis world through Benzinga. What began as an effort to build investor-focused editorial content through Benzinga quickly revealed a growing need for education and community within the sector. That realization eventually led to the creation of Igniteit, a platform focused on connecting operators, investors, and regulators through high-value events and curated industry conversations. This conversation explores why meaningful content and education have become critical in a market where capital is tighter and operators must be more strategic. Elliot explains how Ignited’s conferences and their new Spotlight Series are designed to bring together influential voices from CEOs and financial institutions to regulators to reflect the unique challenges and opportunities within each state market.  Please Enjoy! #CannabisUnlocked #CannabisEvents #CannabisInvesting #IndustryLeadership #CannabisIndustry

In this episode of Cannabis Unlocked, Jordan Youkilis is joined by Adi Divgi, Founder and CIO of Divino Global Holdings, for a thoughtful discussion on manager selection, and what it takes for institutional investors to engage with emerging asset classes like cannabis. The conversation begins with Adi's 20+ year history in financial services, spanning institutional allocation, private insurance, and wealth management, and how that experience shaped Divino’s focus on specialized, under-the-radar managers with disciplined deployment strategies. Next Adi shares how his portfolio construction has evolved in approach into a manager-first framework designed to reduce risk and improve consistency across cycles. Jordan and Adi then turn the conversation to liquidity, private credit, and why shorter realization timelines and current income matter in volatile markets. In closing, Adi offers his perspective on cannabis as a distressed but compelling opportunity, explaining why regulatory uncertainty has kept large pools of capital sidelined, and how Schedule III momentum plus SAFE Banking could unlock broader participation. Please enjoy! #CannabisUnlocked #InstitutionalInvesting #PrivateMarkets #CannabisCapital #AlternativeInvestments

In this episode of Cannabis Unlocked, Jordan Youkilis is joined by Steve Robinson, Editor-in-Chief of The Maine Wire, for a sobering conversation on organized crime and how cartels have abused the complexities of cannabis regulations to flood the market with illicit product. The conversation begins with Steve tracing his career as a journalist, to uncovering a sprawling network of illegal cannabis grows across Maine. From here they discuss the details of Steves’ investigation and how it all began with a leak that said there were over 200 illegal cannabis grows in Maine alone. What began as local reporting quickly revealed a national pattern, one that law enforcement were largely unprepared for once cannabis shifted from criminal priority to agricultural afterthought.  The discussion explores why these operations continue to adapt and expand, how uneven state regulation has burdened legal operators, and why financial oversight may be the key to disrupting these networks. In closing Steve shares his thoughts on what a functional cannabis market would actually require to limit illegal foreign operations in our states. To learn more check out The Robinson Report,  The Maine Wire, & SteveRob on X

In this episode of Cannabis Unlocked, Tiby Erdely sits down with Brian Kuo, an operator-investor with a rare mix of Big 4 rigor and “in the trenches” cannabis experience, and a new Investment Partner alongside KEY in MM Brands - to talk candidly about what actually drives success in this industry. Brian shares his unconventional path from PwC and academia into cannabis, including the moment he realized the best opportunities weren’t about hype or financial engineering - they were about unit economics, clean fundamentals, and the captain of the ship. Drawing on his early CFO work with Wyld and his co-founding journey at Vape Jet (and a meaningful exit), Brian breaks down what “good” looks like inside a real business: tight controls, honest numbers, disciplined cash management, and incentives that keep teams aligned when markets get tough.   Together, they dig into why mismanaged debt has been a recurring killer in cannabis, what Brian prioritizes in diligence, and how he thinks about investing in and around the space today, what to look for, what to avoid, and why asymmetric setups can be especially compelling in a reset.   The episode closes with a forward-looking conversation on where opportunity still lives: battle-tested operators, disciplined capital, and the networks that compound over time. Please enjoy the episode.

In this episode of Cannabis Unlocked, Jordan Youkilis is joined by Joe Bayern, newly appointed CEO of MM Brands Inc., following their acquisition of BellRock Brand’s portfolio. Joe shares his career path from consumer packaged goods and beverage turnarounds to senior leadership roles across cannabis, including taking Indus Holdings public and scaling Curaleaf through its most aggressive growth phase. Drawing on experience across both vertically-integrated operations and brand-led platforms, he explains why trust, efficacy, consistency, and execution, not simply scale,  will define the industry’s next chapter. The conversation covers the opportunity Mary’s Medicinals and Dixie Brands have to stand out as national brands. With industry normalization beginning Schedule III momentum, 280E relief, and evolving regulation could reshape distribution, banking, and consumer education. In closing, Joe and Jordan also discuss the future of cannabinoid research, product consistency, and building an omni-channel, asset-light brand model in a state-by-state market. Please enjoy the episode!

In this episode of Cannabis Unlocked, Chris Colón, CEO of Highway Cannabis, joins KEY Founding Partner Jordan Youkilis to unpack how cycles, capital, and timing define success in cannabis retail. Chris shares how he went from scaling fast-casual concepts like Smashburger to launching Highway Cannabis. The conversation covers how Chris sees states cycles over time sharing where smart M&A plays emerge across states like Colorado and California. Chris and Jordan also explore how hemp competes with cannabis retail, what products are moving in stores today, and why Schedule III won’t bring the capital shift the industry needs. In closing, Chris emphasizes the need for operational discipline, trusted product portfolios, and strategic patience in a fragmented market. Please enjoy the episode!

In this episode of Cannabis Unlocked, Andrew Davison, CEO of Long Play Inc, joins KEY Founding Partner Jordan Youkilis to share how he built a national cannabis brand with a true American icon, Willie Nelson. Andrew recounts his path from Crocs’ first CMO to launching Willie’s Reserve in 2016, following a four-day interview with Willie Nelson’s team. The brand has since grown from flower and pre-rolls into vapes, edibles, and now beverages. Next they uncover positive outcomes of the Farm Bill, specifically the emphasis on product quality. In closing Andrew shares how Willie’s Reserve is different from other celebrity brands and how cannabis and music are historically intertwined.

KEY Investment Partners Webinar 11/25 : Rescheduling & Cannabis Investing Why now and why it’s exciting): The DOJ/DEA’s Schedule III process is underway, and rescheduling would be the biggest federal shift in cannabis policy in decades.What you’ll learn: What’s real, what’s next. A clear, investor-focused briefing on timing, process, remaining steps, and what Schedule III does and doesn’t change (taxes, banking, listings, and M&A).