Join us on Higher Exchanges for an insightful conversation with Aaron Miles, Chief Investment Officer of Verano Holdings Corp., as we dive into the evolving landscape of the cannabis industry. With over 20 years of financial expertise, he shares how Verano continues to navigate challenges and seize opportunities.

 Q2 2025 Financial Highlights
We break down Verano’s latest performance: a 9% year-over-year revenue dip to $202M, with a projected 7% decline for 2025. With 157 dispensaries nationwide, $403M in debt, $69M in cash, and a 28% drop in operating cash flow, Aaron unpacks the strategies behind these numbers and how Verano is positioned to resume growth as key new states flip to adult use. 

Answering Top Listener Questions
Aaron tackles your burning questions: Will Verano bring back wholesale by state reporting? What’s the latest on the Vireo lawsuit? And how is Verano positioning itself for the future of interstate commerce in cannabis?

Managing the Chaos
Beyond the numbers, we explore how Aaron stays grounded in the high-pressure world of cannabis. From psychedelics and meditation to creative outlets like Music for Mushrooms, discover the tools that help us manage the chaos of cannabis investing. 

To learn more about East Forest and his Music for Mushrooms documentary, visit: https://eastforest.org/

Think Harder

We are excited to have Jamie Mendola on the show for the first time.  You know Jamie from his leadership roles at AYR, he was a board member at Glass House Brands, and before cannabis, he was an accomplished investor in the hedge-fund world. 

Here's what we’ll cover:
🚀 First cannabis SPAC (CSAC) in 2017
🏗️ Lessons from Ayr Wellness on M&A & scaling
🌱 Board insights at Glass House Brands
⚠️ Industry pitfalls: over-expansion, bad cap allocation, compliance costs
📊 Smart strategies: vertical integration, data, brand building
🌎 What federal reform could mean for cannabis
💵 Public vs. private opportunities for investors

Thanks for listening and watching on YouTube!

In this episode, we kick things off with a quick market update, highlighting the recent surge in MSOS ETF momentum, institutional inflows, and what’s been driving cannabis stocks higher since late June.

We then dive into AYR Wellness’s restructuring agreement—what it means, how the credit bid process works, and why it could set the tone for distressed M&A in the sector.

From there, we break down Q2 earnings from the top tier U.S. operators, including:

• Trulieve – Continued cash generation and margin leadership
• Green Thumb  – Steady growth and operational discipline
• Curaleaf – International strength offsetting U.S. softness
• Verano – Quiet performance amid macro headwinds
• Cresco – Margins up, revenue down—focused execution in a rationalizing market

We close with big-picture takeaways, sharing how we’re thinking about the industry’s next chapter, potential catalysts, and what separates resilience from risk in U.S. cannabis right now.

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.