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.

In this episode of Higher Exchanges, we’re diving deep into the latest cannabis investment trends, exploring key shifts in credit markets, pricing strategies, and hemp sentiment with Colin Ferrian, Portfolio Manager at Poseidon.

Topics Covered:

💰 Credit & Lenders – A deep dive into IIPR’s distress, how other lenders are positioning themselves, and whether refinancing moves will create the next major MSO.
📉 Pricing Trends – Are price degradation rates finally slowing? Can MSOs shift successfully to premium products, or is the value segment too dominant?
🌿 Hemp Sentiment – Lower cost of capital is attractive, but will margins improve? We analyze the latest moves by industry leaders.
🤖 AI in Cannabis Investing – How we’re using AI to analyze trends and make investment decisions. Plus, how Colin Ferrian is leveraging NotebookLM for deeper market insights.

Join us as we sit down with Sam Brill, CEO of Ascend Wellness Holdings, to unpack the latest in cannabis investing and industry strategy. We cover:

✅ Ascend’s strategic evolution and key takeaways from Q4 📊
✅ Retail expansion and how Ascend is investing for growth in 2025 🏪
✅ The shift in the cannabis market—from the "Green Rush" to today’s challenges 📉
✅ How consumer behavior is changing and what strategies companies are using to adapt 🛒
✅ What Sam is most excited about in 2025 and what keeps him up at night. 

In this episode of Higher Exchanges, we sit down with Erich Mauff, Principal at FiSai, to explore the evolving cannabis investment landscape. From his time at Deutsche Bank and Jushi to launching FiSai, Erich shares key lessons learned.

We dive into:
📉 Industry Woes: How we went from the “Green Rush” to today’s struggles—politics vs. industry missteps.
🏢 Operators & Survivors: Who’s making it through this downturn, and what mistakes are sinking others?
⚖️ Debt vs. Equity: Tradeoffs of investing in different portions of the cap structure.

💰 Politics: Why are we stuck, and who has benefitted from this stalemate? 

Don't miss this deep dive into cannabis investing with one of the industry’s top financial minds!

In this episode of Higher Exchanges, we sit down with TerrAscend Executive Chairman Jason Wild and CEO Ziad Ghanem to break down the company’s Q4 and full-year 2024 results. We cover TerrAscend’s key market strategies across New Jersey, Maryland, Pennsylvania, Michigan, and Ohio, and dive into how the company has been strengthening its balance sheet and tax position.

Jason and Ziad also weigh in on shifting consumer trends, including the decline in alcohol consumption and the potential opportunities in the intoxicating hemp market. Finally, Jason Wild addresses a crucial question: What would he say to a frustrated TerrAscend investor?

This week on Higher Exchanges, we’re joined by Nick Gastevich, aka CannaVestments, Vice President of V. Gastevich Investments, for an in-depth look at cannabis industry earnings.

🔍 Topics Covered:

✅ What are we looking for in these earnings reports?

✅ Deep dive into Tier 1 operators: Green Thumb Industries, Verano, and Trulieve.

✅ The conversation concludes with the guys weighing in on where we go from here...Key takeaways, concerns, and the outlook ahead.

In this episode of Higher Exchanges, we sit down with Sammy J, VP of Corporate Development at C21 Investments, to discuss the state of the cannabis industry four years into the Great Cannabis Drawdown. Sammy shares his insights on the key factors behind the market’s decline, including revenue drops, margin erosion, and overspending on growth.

We explore the potential catalysts for recovery, from value-driven opportunities to possible regulatory shifts with S3, SAFER banking, and the BSF lawsuit. Sammy also breaks down what investors should own when the next bull market hits—reform dependents vs. independents—and how the path to industry recovery may look different from past cycles.

Whether you’re an investor, operator, or industry watcher, this episode offers an in-depth look at what’s next for cannabis. 

In this episode of Higher Exchanges, we sit down with Scott Grossman, VP of Corporate Development at Turning Point Brands, to dive deep into the state of the regulated cannabis and hemp markets.

We explore:
✅ Scott’s role at TPB and how legacy brands like Zig-Zag provide unique market insights
✅ Which states are seeing strong unit growth—and which are struggling
✅ Why cannabis stocks are down 95% and the key drivers behind the downturn
✅ What needs to change for the industry to recover and grow again
✅ The most important reforms to watch—and when they might happen
✅ Why is the MSOS ETF selling Green Thumb Industries?

Plus, Morgan has another insightful ask Grok comparing the gold and cannabis industries.