This week's episode is all about cannabis earnings season. The guys start by sharing their biggest takeaways from this quarter.  Companies are finally beating expectations, CEOs are increasingly confident about getting to Schedule III, and it's becoming clear which companies are more dependent on reform for success. 

AYR Wellness' CEO David Goubert joins for the second half of the show to review their most recent quarter. David explains the motivation and terms for the recent debt restructuring and how it gives AYR time to harvest potential upcoming adult-use opportunities in Ohio, Florida, and Pennsylvania. AYR has 89 stores, but only 15 are fully ramped adult-use locations. The conversation concludes with David sharing AYR's assets in these key assets and AYR's philosophy of hoping for the best but planning for the worst. 

We apologize for the technical issues in the first half of the episode. Higher Exchanges is recorded live on X and occasionally there are glitches with the technology.