The first show of 2025 starts with Jesse and Morgan reviewing Senorita Beverages. This is Agrify's first hemp beverage acquisition, and the guys give their thoughts on the two flavors they tried and where they fit in the evolving beverage landscape. 

Jerry Derevyanny, Partner at Bengal Capital, joins to discuss what has gone wrong with the MSO model. The guys discuss cracks in the state-led growth story, particular challenges facing Florida, and which operators may have the most difficulties ahead. Jerry points out potential opportunities on the debt side, which gives investors greater security than equity investing. 

The conversation concludes with an analysis of how banning or approving intoxicating hemp may drive more revenue, and Morgan asks Grok about the economic impact of dry January. 

The boys are back for the final show of the year. This week, they discussed what they got wrong in their 2024 predictions and made fresh predictions for 2025. Topics covered include: 
- Rescheduling timeline
- Boies Schiller Flexner lawsuit
- Potential Republican reform
- Price compression
- Intoxicating hemp
- Potential M&A
- Dispersion in returns and stock prices
- The future of intoxicating hemp, and more...

Many thanks to everyone who listened this year, and we look forward to more conversations in the new year!

The guys are back from traveling and eager to share lessons learned from the road. Morgan was in Boston for the Boies Schiller Flexner oral arguments and explained what happened that day and the next steps for the case. Jesse went to MJBiz in Las Vegas and offered his take on sentiment, outlooks, and how intoxicating hemp has penetrated the Nevada market. 

The show also covers Verano Co-Founder Sammy Dorf joining Flora Growth as Executive Chairman to accelerarte entry into the THC-infused beverage market. Plus, there is a conversation about Texas potentially banning all THC products, which would damage its network of approximately 7,000 smoke shops. 

Finally, Morgan offers a thought-provoking Ask Grok about cannabis, mental health, and productivity.

This week's show focuses on the next steps with the Boise Schiller Flexner lawsuit. Oral arguments are on December 5th, and we are joined by Jason Wild, Emily Paxhia, Erik Luna, and Weldon Angelos to dive into the details. 

Topics covered: 
* Overview of the case.
* What's happening on December 5th? 
* Key parties involved. 
* Benefits of the case versus Schedule III and SAFE Banking.
* Potential outcomes and timelines. 

Please consider supporting the case. You can donate here: https://atach.org/constitutional-challenge/

This week's show begins with Morgan and Jesse talking about the evolution of Agrify. A once stale and forgotten business has new life with an investment from Green Thumb Industries and evolution into intoxicating hemp. The guys talk about the path to get here and how it may evolve. 

AYR Wellness Interim CEO Steven M. Cohen joins the show and shares his background and vision for the future. We cover the lost opportunity with Florida's failure to pass Amendment 3, and Cohen explains why AYR is still moving forward with cultivation expansion in the Sunshine State. 

We dig into how AYR can evolve in Ohio and New York and what other growth levers the business has. AYR has a large amount of debt, and Cohen gives his perspective on how they can service the debt and maximize the probability of refinancing it before 2026. The conversation closes with Cohen offering his perspective on the Trump administration and potential political progress in 2025. 

This week's show starts with an update on Jesse's experience at Benzinga's California Cannabis Spotlight conference in Anaheim. He explains who attended, what was discussed, and why you can't paint California with one brush. Jesse points out that California operators like LEEF Brands (CSE: LEEF, OTCQX: LEEEF) have transformational catalysts on the horizon and may stand out in 2025. 

Ascend Wellness (CSE: AAWH, OTCQX: AAWH) CEO Sam Brill joins us and shares his background and how he hopes to evolve and optimize the business. We cover the company's cost-saving initiatives, recent quarterly results, Ohio's launch, and the importance of value brands. The conversation with Sam concludes by getting his perspective on the recent political appointments and why he's excited about the next step in the Boise Schiller Flexner case. 

It's been a wild week in cannabis with elections and earnings results. We were joined this week by Dai Truong, Managing Director at Arlington Capital Partners, and Doug Kass, Founder of Seabreeze Partners.

The conversation begins with a recap of the elections, emphasizing Amendment 3 failing in Florida and Republicans sweeping the executive and legislative branches.

Doug Kass makes a surprise appearance to share his perspective on the industry challenges and the short-term invest-ability of the space. The need for new states and federal catalysts is impacting investor sentiment.

The conversation concludes by analyzing the latest lackluster earnings results. While margins and adjusted EBITDA remain relatively strong, the industry is struggling to return to growth.

With the election just days away, we are happy to have Hirsh Jain, Founder of Ananda Strategy, join us to break down all the races. We start with the Presidential election and handicap the outcome and potential consequences of a Harris or Trump victory. 

Cannabis is a state-led growth story, and several new adult-use states are on the horizon, with none more significant than Florida. We assess the chances that Amendment 3 will be passed and dig into smaller states like North Dakota, South Dakota, Nebraska, and Arkansas. 

Finally, we cover the control of Congress and potential implications for SAFER Banking and other legislative progress. 

This week's show has two special guests: Dan Neville, CEO of AFC Gamma, and Brady Cobb, Founder and CEO of Sunburn. The episode begins by discussing the vibes in Florida as we head into the adult-use vote on November 5th. 

Brady shares his optimism and how they are preparing for the potential adult-use launch. Dan offers his perspective on the Sunshine State, the deals they have done, and what they look for when evaluating Florida operators. 

Brady drops off, and we dig deeper into the AFC Gamma business and how it differs from other debt funds. Dan explains how they underwrite investments and manage risk in the portfolio. The episode concludes with Dan sharing what he sees as a favorable and unfavorable environment for their portfolio and his views on the potential catalyst ahead in 2025. 

Morgan and Jesse are back from a busy week at the Benzinga Cannabis Capital Conference in Chicago. This week's show focuses on what they learned at the event, and they both share their three biggest takeaways. Topics include institutional involvement, hemp, M&A, Ohio, and more. 

The guys also discuss the Gartner Hype Cycle and how we feel deep in the trough of disillusionment. Investors feel impatient and fatigued, which contrasts with what may be an exciting set of catalysts as we head into 2025.