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).

In this episode of Cannabis Unlocked, Aaron Miles, Chief Investment Officer of Verano Holdings, joins Jordan Youkilis, Founding Partner at KEY Investment Partners, to share his path from publishing into cannabis. The two dive into what makes Verano different from other cannabis operators. 

Aaron kicks off with insights into the challenges of cannabis finance, attracting institutional capital, and the potential impact up-listing could have for public cannabis companies.

Next they dive into today’s market themes: shifting M&A activity, price compression, competition from intoxicating hemp, and state-level opportunities. The two close with perspectives on rescheduling, 280E, the cultural role of cannabis, the future of psychedelics, and how Verano is positioning itself to stay ahead of capital markets.

Please enjoy the episode!

In this episode of Cannabis Unlocked, Guy Rocourt (Founder of GR Consulting and Co-Founder of Papa & Barkley) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to talk about the evolution of cannabis product formulation, the history of legalization, and the power of plant medicine. The conversations starts with Guy’s journey into cannabis from the early days of California's care giver program all the way to opening one of the first extraction labs in Colorado, leading to his realization of the importance of full spectrum products and label transparency. Guy and Jordan move on to talk through the head winds the cannabis industry has faced, the opportunities hemp presents and the current political landscape around cannabis. The episode wraps up with Guy’s perspectives on cannabis meditation, his consultancy GR Cannabis, and his product brand CLEA Mid Life. Please enjoy!

In this special edition of Cannabis Unlocked, KEY Investment Partners & Dykema hosted a Cannabis Round Table.Panelists included:

• Senator Bill Cunningham (D, IL-18, President Pro Tempore)
• Representative La Shawn K Ford (D, IL-8, and Candidate for Congress)
• Matthew Brewer, CEO & Co-Founder of Grasshopper
• Brandon Johnson, CEO & Co-Founder of TRP Co
• John Donovan, Government Policy Advisor & Counsel at Dykema
• Jordan Youkilis, Founding Partner, KEY Investment Partners

The discussion covered the history of IL cannabis legalization, the impact of intoxicating hemp products on regulated cannabis, the prospects of rescheduling and the outlook for hemp beverages. Panelists also discussed the successes & failures of IL’s social equity program, constituent attitudes towards cannabis, and the outlook for banking reform. Please enjoy the episode!