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.

Higher is exchanges is presented by Flowhub.