Higher Exchanges

Today on Higher Exchanges, Jesse and Morgan sit down with Whitt Steineker, Partner at Bradley Arant Boult Cummings LLP, to break down the major regulatory shifts impacting hemp, cannabis, and the broader U.S. market.

We cover:

• What just happened to the U.S. hemp market — why it happened, what it means, and when enforcement may hit.
• How new hemp rules affect state-licensed cannabis — potential opportunities, risks, and implications for federal reform.
• The future of industrial hemp — genetics, farming incentives, infrastructure needs, and whether this resets the narrative around American hemp production.
• The divide in D.C. between intoxicating hemp and legal cannabis, why it exists, and how these sectors might align to drive federal change.

Whitt also shares how Bradley is advising clients through this moment — and what he expects to see in both cannabis and hemp policy over the next 12 months.

In this episode, we sit down with Micah Anderson, CEO of LEEF Brands (CSE: LEEF | OTCQB: LEEEF), to break down the company’s Q3 2025 financial results and what’s driving its turnaround story.

LEEF delivered a standout quarter with revenue up 24% year-over-year to $8.4M, gross margins doubling to 45%, and the company generating positive adjusted EBITDA and free cash flow for the first time. We discuss the key drivers behind that performance — from the first successful harvests at Salisbury Canyon Ranch in California to the rapid launch of LEEF’s extraction lab in New York.

Topics we cover:

• The execution behind Salisbury Canyon Ranch and New York — LEEF’s two 2025 strategic goals — and how they are reshaping cost structure and margins.

• The operational levers behind a 23-point margin expansion: how much came from vertical integration vs. new market mix.

• How LEEF is maintaining cost discipline with operating expenses down 12% YoY while growing topline performance.

• The company’s approach to managing 280E taxes and its stance on accruing vs. paying UTP.

• Why LEEF added Bitcoin to its corporate treasury, and how Micah views Bitcoin allocation versus other growth investments like expansion or scaling SCR.

• Plans for the next phase: expanding cultivation at Salisbury Canyon Ranch to 187 acres, scaling production in New York, and evaluating new state entries every 12–24 months.

After Micah joins, we broaden the discussion with a look at the Q3 earnings season across cannabis, including Verano and Jushi. We dig into trends like margin compression, limited catalysts until 2026+ in key states, and how efficiency and vertical integration are separating strong operators from those treading water.

A grounded, data-driven discussion on execution, cost control, and strategy in a tough market — plus a look at where real growth may come next.

In this episode of Higher Exchanges, we sit down with Ron Gershoni, CEO and co-founder of Jetty Extracts — one of California’s longest-standing cannabis brands — to explore what it takes to build, protect, and scale a cannabis brand in today’s challenging market.

We cover:

• 🚀 Jetty’s founding story and lessons from a decade of brand building
• 💨 From the first vape to solventless, pre-rolls, and product innovation
• 🛡 How Jetty navigated “Vape Gate” and built consumer trust through clean products
• 🌱 The Clean Cannabis initiative and raising standards across the industry
• 📊 California market dynamics: growth, price compression, and consolidation
• 🍃 OCAL certification, organics, and addressing California’s pesticide problem

A must-listen conversation for anyone curious about how durable brands endure and scale in cannabis.

Minnesota just launched adult-use cannabis sales — and the market could quickly become one of the most lucrative in the U.S. Jesse Redmond and Morgan Paxhia sit down with Aaron Edelheit, CEO of Mindset Capital, to unpack why Minnesota’s cannabis rollout is so unique and what it means for operators, investors, and policy watchers.

In this episode:

• Minnesota’s cannabis history and the adult-use rollout
• The massive cultivation gap (60,000 sq. ft. available vs. 2 million needed)
• Why Green Thumb, Vireo, and Grown Rogue are best positioned to benefit
• Cross-border demand from prohibition states
• Hemp beverages in liquor stores (15–20% of sales!) and how they fit in
• Hemp vs. cannabis: what each industry can learn
• Aaron’s insights on investing, capital markets, and the ETF TOKE

Whether you’re an operator, investor, or consumer, this episode offers sharp insights into how Minnesota could reshape the future of U.S. cannabis.

What’s really driving the rise of intoxicating hemp—and where is it headed next?

In this episode, we sit down with Tucker Johnson, whose career spans CFO roles at Lil Wayne’s cannabis company and the Emerald Cup, Head of Finance & Cannabis Lead at British American Tobacco, and consulting for top hemp operators. Tucker brings a rare perspective from both mainstream finance and the front lines of cannabis.

We dig into:

🌿 The 2018 Farm Bill — how it created today’s intoxicating hemp loophole and what might change.

🤠 Texas — 8,000+ smoke shops, a vetoed hemp ban, and Gov. Abbott’s new executive order reshaping the market.

🏝️ Florida — hemp as a de facto adult-use market, where tourists and consumers choose between black market, medical cannabis, and hemp products.

🔮 What these state experiments tell us about the national future of hemp.

If you want to understand the fast-changing hemp landscape and its impact on cannabis, this conversation is a must-listen.

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.