Higher Exchanges

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 wha...

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 f...

With no guests this week, Morgan and Jesse had time to catch up on several topics. The episode starts with an update on a recent X poll about moving off Spaces and how the podcast may evolve. Jesse and Morgan are heading to the Benzinga Cannabis Capital Conference in Chicago next week and shared what's on their schedules and how to make the most of the event.  It would not be a cannabis podca...

This week's show begins with a discussion about Senator Wyden's Cannabinoid Safety and Regulation Act, which proposes more regulation for the hemp industry. Jesse and Morgan review the key points and how they may impact the intoxicating hemp market and legal cannabis business.  Grown Rogue's CEO, Obie Strickler, joins the show to share how the company has cultivated a low-cost flowe...

This week’s show starts with a conversation about the large number of CEO replacements this year. Thus far, AYR Wellness, Ascend, Curaleaf, and The Cannabist all have new leadership. Jesse and Morgan discuss what's driving the changes and what makes a qualified cannabis CEO.  Emily Paxhia, co-founder of Poseidon, joins 20 minutes into the episode live from Florida. She's been in Tallahas...

Morgan and Jesse just returned from Glass House Brands' first analyst and institutional investor day and were joined this week by Glass House CEO Kyle Kazan and President Graham Farrar. The group recapped the day and shared some of the highlights from the presentations and tours.  Glass House is a single-state operator focused on the California market. We walked through the state of Californi...

Jeff Schultz, Partner at Foley Hoag, joins the show this week to help us understand the complex political catalysts ahead for cannabis. We start with rescheduling, and Jeff offers his perspective on the ALJ hearing and when we may see a final ruling. A Garland Memo may follow the final ruling and Jeff explains the memo's importance.  SAFER Banking may become topical again late this year. We d...

The rescheduling process got extended with the announcement of the ALJ hearing on December 2nd. The show starts by discussing whether this is categorically bearish or if going through a more thorough process may yield a net benefit. Jesse and Morgan debate whether this impacts the broader thesis and the types of companies you should own.  David Goubert, CEO of Ayr Wellness, joins the show about tw...

This week, we were joined by Nicholas Gastevich, Vice President of V. Gastevich Investments, known as CannaVestments on X and Reddit. Gastevich is a seasoned cannabis investor known for his excellent earnings analysis and industry perspective. The conversation began by discussing 2Q earnings results . We saw more differentiation this quarter between the tier 1 and tier 2 MSOs, especially in gross...

Higher Exchanges this week kicks off with a listener question about whether Schedule III is enough to kick off a lasting bull market. After going around the horn, Jesse, Morgan, and Toby agree that a combination of growth, cash flow, and greater access will meaningfully move share prices.  TerrAscend's Executive Chairman Jason Wild and CEO Ziad Ghanem join the show 20 minutes in. Jason shares...

It was a busy week in cannabis, and the trichome trio is back to cover all the news. The show starts by analyzing Trump's comments about cannabis and what it may mean for Schedule III and broader reform. The group agrees that the early Republican statements appear to derisk the space and reduce possible opposition to Schedule III. We also explore the potential for federal legalization and wha...

It's 103 days until the elections, and political theater continues to dominate the cannabis investing news cycle. This week, we learned that Kamala Harris is likely replacing Biden, and Toby helps us understand if this will be beneficial to cannabis and specifically to the Schedule III process. The rescheduling comment period also concluded this week and Headset produced an insightful report...

Hirsh Jane, Founder of Ananda Strategy, joins the show to discuss the series of state-level catalysts ahead in 2024 and 2025. Ohio is in the process of approving stores and Hirsh updates us on when we might see doors open in the Buckeye State and his expectation for how sales will evolve.  Florida is the biggest potential adult-use flip in 2024, and the guys agres the state is polling well, and Am...

The trichome trio is back to discuss progress on federal catalysts. The episode begins by discussing the 07/10 holiday, and Jesse updates us on trends he's seeing in the California concentrate market. The bulk of the conversation centers around Schedule III and how to assign probabilities to different outcomes. Morgan also gives us an update on the Boise Schiller lawsuit, and the group covers...

The show begins this week by sharing due diligence tips when visiting a grow or dispensary. With cultivation, the group agrees there is no one way to grow great cannabis, but there are a handful of best practices. Regarding retail, location, parking, product selection, and budtenders were on the top of the list. Curaleaf CEO Matt Darin joins the conversation to talk about their new line of hemp-de...

Off the top, the guys discuss Verano's announcement of a share repurchase program. The company authorized the repurchase of up to $50 million of shares and we debate whether this is a good use of capital. Toby is more bullish on the program, while Morgan is more concerned about preserving cash and investing for growth.  The Cannabist Company CEO David Hart joins the show to cover their recent...

The episode begins with Toby elaborating on a recent X post stating that a large $90b pension plan recently invested >$100m in a leading cannabis-focused fund. This led to a broader discussion about how institutions are approaching investing in cannabis. The conversation evolves into what's taking place in Florida. We recently saw a Fox News poll showing 66% support for legalizing adult-us...

It's merger mania week--or merger maybenia as Morgan called it--and this week's show is dedicated to the potential partnerships between GTI and Sam Adams and Cansortium and RIV Capital.  We tackle GTI and SAM off the top with an overview of the proposed merger and discuss the timing and synergies. We debate the timing and wonder why now as we are just approaching potential federal reform...

With Toby on holiday this week, Morgan and Jesse kick off this week's show by reviewing recent price action and contrasting it with reality. While falling share prices have eroded sentiment, there are positive developments.  Ohio is beginning to turn on adult-use stores next month, and we analyze key dates, estimate the potential size of the adult-use market, and dig into MSO exposure in the...

Nick Gastevich, known as CannaVestments online, joined us this week. He is one of the most experienced cannabis investors  and manages a family office that is active in the space.   We discussed cannabis stock’s adverse reaction to the positive momentum on rescheduling and debated time frames for a final ruling. The heart of the conversation centers on first-quarter earnings, and we evaluated top-...

Cresco CEO Charlie Bachtell joined us this week to discuss the proposed rule on Schedule III and the company's recent earnings results. Cresco is active in Washington, and Charlie shared his perspective on Schedule III’s next steps, timing, and impact on Cresco's business.  We also dug into Cresco's progress. 2023 was the year of the core, and Charlie highlighted the tough decisions...

Verano Co-Founder, Chairman, and CEO George Archos joined the show to discuss the company's recent quarter. The business is beginning to generate significant cash flow, and George shared how he expects revenue to grow and opportunities to use the financial flexibility. We also asked about optimizing Florida assets ahead of the potential adult-use transition and M&A strategy.  The second h...

Today, we heard the welcome news that the DEA is agreeing with the HHS recommendation to move cannabis from Schedule I to Schedule III.  Boris Jordan, Executive Chairman of Curaleaf, joins at the top of the show to share his thoughts on the next steps in the process, the timing of a final ruling, potential risks along the way,  implications for institutional interest, and the specific impact of 28...

It's a quieter time in cannabis, but this was a fun show. We started by reviewing the 4/20 holiday, focusing on the revenue lift and which categories performed best. Beverages were a top seller, and the guys debated the category's future and who will drive its growth.  We debuted a new game called "buy or sell" that led to several fun debates on rescheduling probabilities, how...

The trichome trio is home from the Benzinga Cannabis Capital Conference in Florida and the show starts with their biggest takeaways from the event.  The conversation evolves into a spirited discussion on where we stand on Schedule III. The guys debate the probability of landing on Schedule III and the time frame in which it may happen. The episode concludes by talking about the AGP sentiment surve...