Higher Exchanges

How did Auxly turn Back Forty into the #1 cannabis brand in Canada while posting some of the best margins in the industry? CEO Hugo Alves joins Jesse Redmond and Morgan Paxhia to explain.

Auxly ranks among Canada's top licensed producers. In Q2 it reported 55% cannabis gross margins and a 31% adjusted EBITDA margin. Hugo covers what is driving that growth, how the company rebuilt its balance sheet, and where the next leg of growth could come from.

In this episode:

• The state of the Canadian cannabis market and the growing international export opportunity
• Why Auxly keeps gaining share in flower, pre-rolls and vapes
• A look at Q2 results and the drivers behind industry-leading margins
• The balance-sheet turnaround, capacity expansion and capital allocation priorities
• The stock: the recent 14:1 share consolidation, buybacks and what investors may still be missing

Higher Exchanges is powered by Flowhub, the leading cannabis retail platform helping dispensaries operate and grow

Grown Rogue CEO Obie Strickler and CSO Josh Rosen join Jesse Redmond and Morgan Paxhia to discuss a different approach to building a multi-state cannabis company.

The conversation covers what the industry has learned from the first generation of MSOs, why Grown Rogue has stayed focused on cultivation and flower, and how operating discipline in mature markets like Oregon and Michigan has shaped its strategy.

They also dig into Grown Rogue’s expansion into Illinois, Minnesota, and New York, including the PharmaCann transaction, why the company is selectively using existing infrastructure, and how retail fits into the evolving model.

Higher Exchanges is powered by Flowhub.

Emily Paxhia joins Jesse Redmond and Morgan Paxhia to break down one of the largest and most competitive cannabis markets in the country.

They discuss what’s changed in Florida, who’s winning and why, evolving consumer behavior, retail and promotion strategy, vertical integration, consolidation, and where the next leg of growth may come from.

The conversation also covers what DEA registration does and does not mean for operators, and how companies should think about adult-use optionality.

Higher Exchanges is powered by Flowhub.

Jesse Redmond and Morgan Paxhia are joined by Scott Grossman to discuss Cannabis 3.0 and the different architectures emerging across the industry.

Scott breaks down the role of intellectual, financial, and human capital, and how cannabis companies are increasingly pursuing very different strategies for the next phase of the market.

The conversation looks at Curaleaf, Glass House, and other operators to explore which models may be best positioned as the industry evolves.

Higher Exchanges is powered by Flowhub.

Dan Ahrens, Managing Director and Chief Investment Officer at AdvisorShares, joins Higher Exchanges for a look inside the world’s largest cannabis ETF.

Dan explains how he evaluates cannabis companies, builds positions across the MSOS and YOLO ETFs, and decides when a declining stock represents opportunity versus a broken investment thesis.

The conversation also covers the financial metrics that matter most, how management quality and capital allocation influence stock selection, why major holdings carry different portfolio weights, and how Dan manages concentration and downside risk.

We also get into swaps, custody, counterparty risk, liquidity, and how uplisting could change the investable universe.

Higher Exchanges is hosted by Jesse Redmond and Morgan Paxhia.

Powered by Flowhub, book a demo today!

What really happened inside the DEA’s cannabis rescheduling hearings?

This week, Jesse Redmond and Morgan Paxhia are joined by Christian Bax, Senior Attorney at The Lockwood Law Firm, who attended the hearings from start to finish. Christian provides a firsthand look at the arguments presented by both supporters and opponents of Schedule III, what stood out inside the hearing room, and where the rescheduling process goes from here.

The conversation also explores what the hearings mean for cannabis operators, investors, and the broader industry as regulatory uncertainty continues.

Topics include:
• Why the DEA hearings were held and what they were meant to accomplish
• The strongest arguments from both sides
• Key moments and surprises from inside the hearing room
• What happens next in the rescheduling process
• What operators and investors should be watching going forward

Powered by Flowhub.

Higher Exchanges celebrates its 100th episode with special guest Nick Gastevich to tackle one of the biggest questions facing the cannabis industry:

Can cannabis grow again?

After several challenging years for operators and investors, we examine what could drive the industry’s next chapter. From new state markets and same-store sales to hemp regulation, M&A, capital markets, and interstate commerce, we discuss the catalysts that could reshape cannabis over the next five years.

In this episode:

• Celebrating 100 episodes of Higher Exchanges
• Nick’s biggest surprises and lessons from the past year
• Where future cannabis growth will come from
• The outlook for new state launches and same-store sales
• The impact of intoxicating hemp regulation
• Whether M&A and industry consolidation are finally accelerating
• Which companies are best positioned to be long-term winners
• How capital markets, uplistings, and institutional investors could change the industry
• What needs to happen for cannabis to become an attractive investment sector again

Follow Higher Exchanges for weekly conversations with the leaders shaping the future of cannabis investing.

Higher Exchanges is powered by Flowhub.

The cannabis industry may be entering a very different chapter.

In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia break down their biggest takeaways from the Benzinga Cannabis Capital Conference in Chicago and discuss why the industry’s long-term outlook may be improving—even as public cannabis stocks continue to struggle.

They cover:

• Why this year’s conference felt different
• Why an uplisting isn’t a magic bullet for valuations
• How DEA manufacturing registrations could accelerate interstate commerce and international exports
• Why exports may arrive sooner than many investors expect
• Virginia’s path toward adult-use legalization
• Vermont’s interstate commerce legislation
• Why low-cost production and scale could become major competitive advantages

Whether you’re an investor, operator, or simply following the evolution of the cannabis industry, this episode provides practical insights into the trends that could shape the next phase of growth.

Higher Exchanges is powered by Flowhub.

Cannabis rescheduling is officially here. Now what?

This week, Jesse Redmond and Morgan Paxhia welcome back Hirsh Jain to discuss what Schedule III means for the industry, how states are responding, and what comes next.

We cover the upcoming adult-use hearings, interstate commerce, export opportunities, Virginia's latest legalization setback, Pennsylvania's outlook, and which operators stand to benefit most from the next phase of cannabis reform.

Topics:
• Schedule III implementation
• Interstate commerce
• Export opportunities
• Virginia adult-use
• Pennsylvania legalization
• MSO winners and losers
• Cannabis investing in 2026

Higher Exchanges is powered by Flowhub. 

On this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia sit down with Steven Ernest, Head of Originations at Chicago Atlantic, to discuss how cannabis lending and private credit markets are evolving heading into a potential Schedule III world.

Steven gives an update on Chicago Atlantic’s platform today, how cannabis credit has changed over the last 12–18 months, and why periods of industry stress can create compelling opportunities for disciplined lenders. The conversation also explores private credit valuation concerns, collateral structures, institutional capital flows, and what separates stronger operators from the rest of the market.

The group dives deep into the potential impact of Schedule III rescheduling, including whether the biggest benefit is tax relief, improved fundamentals, or the psychological shift that could bring new institutional investors into the space.

Topics include:
- The state of cannabis lending in 2026
- Private credit risk and valuation trends
- Real estate collateral vs. cash-flow underwriting
- Schedule III and institutional capital
- Why cannabis remains a structurally inefficient lending market
- The future of banking and commercial credit in cannabis
- What the market still misunderstands about cannabis credit

A timely conversation with one of the most experienced lenders in the industry.

Higher Exchanges is powered by Flowhub.