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!