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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 2026 This 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 Highlights We 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 Questions Aaron 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 Chaos Beyond 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 investors Thanks 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