In this episode of Cannabis Unlocked, Russell Stanley (Managing Director of Equity Research at Beacon Securities Limited) and Tiby Erdely (KEY Founding Partner) discuss the evolution of cannabis from early Canadian LP's to today's US based MSO's, the future of cannabis legalization in the US, and the impact of Biden's recent cannabis announcements on the state of the industry. This conversation starts with Russells experience in equity research and he's shift in focus towards cannabis in 2016. From there, Russell and Tiby speak to the continued maturing US based MSO's have shown and their evolution towards being a more "traditional business" that can be judge by margins rather than less tangible growth factors. The talk continues by diving into the funding differences Canadian LP's and US Based MSO's have faced and how the "bootstrapped" nature of US operations has forced leaner business growth. Conversation shifts from here towards Biden's recent announcement around pardoning minor cannabis offences, the potential for cannabis rescheduling and the impact of this shift on Safe Banking. The conversation wraps up with perspectives on the path towards federal legalization and advice from Russell on how to navigate the ever changing future or cannabis. Please enjoy!