Higher Exchanges

In this Higher Exchanges deep dive, we break down the cannabis sector at a critical moment following 4/20 and renewed momentum around federal rescheduling.

Jesse Redmond is joined by Morgan Paxhia and Sammy J to focus on what’s actually changing — and what investors should be paying attention to.

Topics Covered:

• Federal cannabis rescheduling: what just happened and what comes next
• 4/20 recap and what it says about consumer demand
• Green Thumb Industries (GTI): best-in-class or fully valued?
• Vireo Growth: the roll-up strategy and integration risk
• C21 Investments: a quiet operator worth revisiting
• Where the real long-term opportunity in cannabis lies

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If you’re investing in cannabis or tracking the evolution of the industry, this is a clear, focused breakdown of where things stand today.

Where can investors actually find value in cannabis today — and how should they be thinking about the space going forward?

In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Jerry Derevyanny, Partner at Bengal Capital, for a wide-ranging conversation on capital allocation, alternative investment strategies, and what separates real operators from the rest.

We cover:

• Where value is emerging today — concentrated vs. broad exposure and where alpha is coming from

• Alternative ways to invest — debt, preferred equity, and real estate vs. traditional equities

• What real brand building looks like in cannabis — and how to separate true consumer demand from distribution advantages

• Why “Nasdaq isn’t magic” — and what it actually takes to become institutional-quality

As the industry evolves, the opportunity set is shifting. This conversation breaks down how experienced investors are approaching cannabis today.

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On this episode of Higher Exchanges, we’re joined by Micah Anderson, CEO of LEEF Brands, to break down the company’s fourth quarter and full year 2025 results and what they signal about the next phase of growth.

We cover LEEF’s evolution, including the addition of Salisbury Canyon Ranch, and how vertical integration is driving margin expansion, improved consistency, and stronger cash flow. Q4 marked a clear inflection point, with revenue up nearly 40% year-over-year, gross margins reaching 45.5%, and the business generating positive operating and free cash flow.

We also unpack the transition from H1 to H2, where margins expanded significantly as LEEF shifted toward internally sourced biomass, and discuss what it means to build a large-scale cultivation asset inside a public company.

Finally, we look ahead to what’s next, including expansion plans at Salisbury Canyon Ranch, the recent Mindset Capital investment, and the growing optionality across CBD, interstate commerce, exports, and M&A, along with listener questions on market share and unit economics.

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On today’s episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia sit down with Boris Jordan, Chairman and CEO of Curaleaf, the largest cannabis company in the world.

We discuss what may be the most important policy and capital markets moment the industry has seen in years. Boris shares Curaleaf’s perspective on federal rescheduling, what it could change for operators, when it may become final, and whether additional catalysts like SAFER banking, uplisting, or even descheduling could follow.

We also explore Curaleaf’s evolving strategy around hemp-derived THC. After entering the category in 2018, exiting in 2023, reentering in 2024, and now stepping away again, Boris explains what changed in the regulatory landscape and what conditions could bring Curaleaf back to hemp in the future.

The conversation then turns to capital markets and consolidation across the cannabis industry. Following Curaleaf’s recent $500M refinancing, we discuss the improving tone in financing markets, whether deal activity is returning, and where industry consolidation may emerge.

Finally, we dive into Curaleaf’s fundamentals, including the balance between U.S. and international growth, sustaining margins through years of price compression, and what investors may be missing when evaluating the largest operator in cannabis.

A thoughtful discussion on policy catalysts, industry structure, and the next phase of growth for cannabis.

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Topics Discussed

• Federal cannabis rescheduling and policy outlook

• SAFER banking, uplisting, and future catalysts

• The future of hemp-derived THC

• Cannabis capital markets and financing conditions

• Industry consolidation and M&A

• Curaleaf’s international growth strategy

• Margins and price compression in U.S. cannabis

• Curaleaf’s “Built for Growth” strategy

On this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Bill Morachnick, CEO of Charlotte’s Web, to explore whether the CBD category is entering a true restart or simply experiencing another policy-driven moment.

The conversation covers the evolution of CBD since the 2018–2019 boom, the emerging Medicare/CMMI reimbursement channel, and how regulatory momentum could reshape access, adoption, and total addressable market — particularly among senior consumers.

Bill shares how Charlotte’s Web is positioning for a more medical and regulated future, including advantages in compliance, formulation, distribution, and brand trust, as well as the company’s botanical drug development strategy and long-term optionality.

We also discuss minor cannabinoids, capital markets implications, the role of BAT’s investment, lessons from the last CBD cycle, and what a durable path forward for the category could look like.

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In today’s episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia tackle five of the toughest questions shaping the next phase of the cannabis industry.

1. Will Schedule III trigger a lasting cannabis bull market?
2. Will federal hemp restrictions remain in place through November 2026?
3. Will two of Pennsylvania, Virginia, and Florida legalize adult use and restart growth?
4. Will three of today’s Tier One operators still be the top five cannabis companies in ten years?
5. And will a U.S. plant-touching MSO uplist to NASDAQ or NYSE by year's end?

This is a focused discussion on regulation, capital markets, state expansion, consolidation, and long-term leadership in cannabis.

If you’re investing in marijuana stocks or following U.S. cannabis reform, this episode breaks down the structural forces shaping where capital flows next.

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On this episode of Higher Exchanges, hosts Jesse Redmond and Morgan Paxhia are joined by Jason Wild and Ziad Ghanem of TerrAscend for a timely conversation on where cannabis investing goes next.

As federal reform approaches and capital markets begin to reawaken, the group explores how operators and investors are positioning for the industry’s next phase.

We discuss:

• Whether this catalyst cycle is truly different
• TerrAscend’s perspective on rescheduling and what changes post-reform
• What may come next: SAFER Banking, uplisting, and interstate commerce
• Recent Supreme Court developments and their broader impact
• Shifts in capital markets and consolidation activity
• M&A trends and how TerrAscend is thinking about growth and portfolio optimization
• Q3 fundamentals, margin improvement, and navigating price compression
• Capital allocation, balance sheet strength, and how TSND would approach financing if markets reopen

We close with a simple but important question for investors: why buy today?

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Higher Exchanges is presented by Flowhub. 

Following the federal Executive Order to move cannabis from Schedule I to Schedule III, the cannabis industry may be entering the early stages of a new M&A cycle.

In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Dai Trong, Managing Director at Arlington Capital Partners, to discuss how rescheduling could accelerate consolidation, unlock capital, and reshape strategic behavior across the sector.

After years of contraction, oversupply, margin pressure, and 280E tax burdens, cannabis M&A is beginning to re-emerge—starting with distressed and opportunistic deals by better-capitalized operators.

We cover:

• What Schedule III changes most for cannabis M&A
• Where we are in the current consolidation cycle
• Why some operators are moving now while others remain cautious
• Recent real-world deal activity across California and beyond
• What still needs to happen for larger strategics and capital to re-engage

Finally, we close with Dai offering M&A tips to both operators and investors!

This is a line-in-the-sand moment for legal cannabis.

In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia break down the Schedule III announcement alongside policy expert Hirsh Jain and capital markets veteran Scott Grossman. We unpack what just happened, why it matters, and what could come next for cannabis policy and markets.

We cover:
 • A clear overview of the Schedule III news and first reactions
 • What changes on the policy side — including CBD and Medicare implications, and potential state and federal follow-ons
 • What this means for capital markets — institutions, uplisting potential, lending rates, and what makes a rally sustainable
 • A forward-looking close: what each of us is most excited about heading into 2026

This is the most significant policy development for cannabis since Colorado legali

We’re fresh back from MJBiz and breaking down everything: the people we saw, the energy on the floor, standout moments, and yes—Jesse’s run-in with the “Angry” hot chicken.

Each of us shares the surprises that caught our attention this year, along with our biggest learnings from the conference. From there, we shift into a forward-looking conversation about 2026: what to expect, how the hemp ban reshapes TAM, why Curaleaf exiting the hemp category matters, and which opportunities emerge (like CBD + Medicare) as others fade.

We explore what the market might be missing—especially around enforcement, potential stays, capital flows, pricing, and state-level catalysts—and close with a conversation about what still excites us about working in this industry.