We are deep in Q4 2023 earnings season and this week's show starts with Jesse, Morgan, and Toby sharing their biggest takeaways from the results so far. Jesse covers how margins are evolving, Morgan complements that with cash-flow conversion metrics, and Toby gives his perspective on the various 280E tax strategies we are seeing utilized. 

Ascend CEO John Hartmann joins 20 minutes into the episode to give his perspective on the company's Q4 2023 results. Revenue and AEBITDA grew at Ascend in 2023 and it was their first full year of operating and free cash flow generation. John discussed the drivers of the results, and expansion opportunities in Ohio and Pennsylvania, and touched on their approach to 280E taxes. He also explains why they are comfortable running lower margins than the tier-one averages and what impact the outlet stores have on margins. 

This week's show concludes with Morgan asking Grok how to cheer up a a cannabis investor.