Higher Exchanges

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. 

Morgan is fresh off the plane from Vegas, and we start the show by asking how Poseidon is approaching investing in cannabis beverages. We discuss opportunities, risks, and ways to get involved.

Twenty minutes in, we are joined by Craig "Lewie" Lewis, Founder and CEO of Flyers Cocktail Co., to explore the fast-growing non-alcoholic and hemp-infused beverage industry. Lewie shares his journey into the space, the "aha moment" that led to Flyer’s creation, and the surprising trends—like the fact that 54% of Gen Z legal drinkers have never tried alcohol. We dive into the market size, regulatory challenges, and federal lobbying efforts, including the latest on the Farm Bill and beverage carveouts. 

On the business front, we explore Flyer’s positioning in a crowded market, direct-to-consumer vs. wholesale strategies, and the role of AI in shaping product development. Plus, Lewie gives us a sneak peek into new product launches and key trends to watch in the next 18-24 months.

Jesse just joined LEEF Brands as Head of Investor Relations and Business Development. LEEF is one of the leading producers of bulk extracts in California, has a dispensary in Palm Desert, and a wellness line called LEEF Organics. 

LEEF CEO Micah Anderson joined Jesse and Morgan to discuss his background, the origins of LEEF, and the unique set of fundamental catalysts ahead for the company in 2025: 
1. Planting Salisbury Canyon Ranch
2. Advances in extraction technology
3. Out-of-state opportunities
4. Bitcoin treasury strategy

The show ends with the guys asking Grok if Salisbury Canyon Ranch may become the world's largest cannabis farm. 

This was a fun show, thanks for listening!

This week's show starts with a conversation about whether we are seeing signs of the bottom. Jesse and Morgan contrast sentiment with valuations, drawing parallels to the tech bubble and recovery. 

Kyle Sherman, CEO of Flowhub, joings the show to talk about his cannabis journey, insights from visiting dispensaries across the U.S., and key trends shaping the industry. We explore price sensitivity, differences between public and private companies, and how Flowhub’s data drives innovation. Plus, we discuss the potential role of cryptocurrency in cannabis and how companies like LEEF Brands are integrating Bitcoin into its ecosystem. 

Morgan wraps up the show with a timely Ask Grok about hemp beverages at concert venues. 

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!