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 battleground

Late 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

In this episode of Higher Exchanges, we sit down with Sammy J to break down what it takes to navigate the cannabis market in 2025. With low or negative growth, tightening margins, and shifting consumer behavior, the landscape is forcing operators to get sharper, leaner, and more strategic.

We cover:

• 📉 Pricing, volume, and profitability in today’s market
• 🌴 How tourism is shaping cannabis sales in Nevada
• 🛍️ 2025 consumer spending habits — what’s changed
• 🌱 Greenshoots: where opportunity is showing up
• 🌿 Hemp — hype or real growth channel?
• 💬 What’s resonating with investors in today’s capital climate

In this episode of Higher Exchanges, we cover:

• 📈 Bitcoin 2025 recap – key takeaways from the Vegas conference
• 🗓️ Benzinga Cannabis Capital Conference preview – what to expect and who’s attending
• 🧾 Earnings review – insights and investor signals from the latest quarterly reports
• ⚖️ BSF update – legal developments and potential implications of the landmark Boies Schiller Flexner lawsuit

We had hemp on the agenda, but ran out of time! We'll be back to cover that "soon"....

In this episode of Higher Exchanges, we sit down with Seth Yakatan, Partner at Katan Associates and Strategic Advisor to Glass House Brands. Known for his candid insights and strong voice on LinkedIn, Seth joins us to unpack the hard truths, overlooked opportunities, and evolving dynamics in the cannabis capital markets.

We dive into:

• Seth’s journey into cannabis investing and how he became one of the most outspoken figures on LinkedIn.
• A deep look at the Glass House x LEEF Brands partnership, why it's a rare win/win, and how both sides view the deal.
• What’s working right now: Why fundamentals, discipline, and the low and middle-market privates are where Seth is focused—and how he’s identified 100-150 compelling companies.
• What’s broken: From flawed regulatory frameworks to the dangers of fast and loose capital and the illusion of scale without exits.
• The hemp and beverage space: Where Seth sees the real opportunities and how investors should approach the category.

Zachary George joins Higher Exchanges to share the strategic vision behind SNDL’s transformation into a debt-free, cash-rich cannabis leader.

We cover:
🌱 Zach’s journey from Wall Street to cannabis
🇨🇦 Canada's retail evolution & market reset
🌍 Germany & global growth opportunities
🇺🇸 U.S. expansion strategy & OTC ambitions
💰 Capital deployment: buybacks, M&A, and long-term ROI

Plus, another fun question for Grok. 

In this episode of Higher Exchanges, we’re joined by one of the sharpest minds in cannabis policy and strategy — Hirsh Jain of Ananda Strategy — for a fast-moving, wide-ranging conversation on where growth is actually happening in the cannabis industry.

We cover:

🌍 Germany legalizes adult-use cannabis — and what that means for international markets
🌐 Key takeaways from ICBC and the emerging global cannabis landscape
📈 U.S. growth markets in 2025 — New York leads, with muted gains expected in Ohio, Delaware, and New Jersey
🗺️ Why Pennsylvania is strategically critical, yet stuck in reform limbo
🧊 Minnesota disappoints — no adult-use timeline and strong resistance to MSOs
🌴 Florida’s political chaos — hemp bans, DeSantis drama, and a shaky outlook
📉 Mature markets under pressure — what's driving pain in CA, MA, MI, and AZ
🏛️ A reality check on federal reform — from the Farm Bill to the noise around SAFE and 2024 election narratives

It's a sharp, honest look at the road ahead — in the U.S. and abroad.

In this episode of Higher Exchanges, strategic advisor and industry veteran Mitchell Osak joins us to unpack what it really means to win in today’s cannabis landscape.

We dig into:
🧬 Mitchell’s journey into cannabis & key lessons from other industries
📊 What defines success today: financials, market share, leadership, & geography
🌎 U.S. vs. Canada — who’s setting the pace?
🌿 Hemp vs. cannabis — which has the edge?
🚀 How to disrupt: quality, cost, or a better business model
📦 Why tariffs might be a good thing for U.S. cannabis companies

A sharp, insightful conversation for anyone serious about strategy, performance, and staying ahead in the cannabis game.

Be sure to subscribe to Mitchell's Substack: https://mitchellosak.substack.com/

In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia dig into three pressing topics shaping the cannabis industry.

🌱 Planting Salisbury Canyon Ranch
We kick things off with a look at LEEF’s landmark cultivation project. With 83-day auto-flowering plants going in the ground, the team is on track for a summer harvest and a second replant this fall. We break down how this lowers COGS, increases supply chain control, and sets the stage for higher-quality products and improved margins.

💸 The Fall of Gold Flora
Next, we analyze what went wrong at Gold Flora. With SG&A and interest expenses far outpacing revenue, the company posted a $56.5M net loss in 2024 and entered receivership. We discuss what this means for the industry, who might acquire the distressed assets, and the hard lessons in cost control and toxic debt.

📉 The 2025 Problem
Finally, we zoom out to look at the macro landscape. With no new adult-use markets coming online and reform stuck in neutral, the cannabis sector is facing a critical year. We explore what’s holding the industry back, the increasing threat of illicit markets and mislabeled hemp, and how operators can stay agile and survive the storm.