Higher Exchanges

2024 is the year of potential cannabis catalysts and we had Hirsh Jain, Founder of Ananada Strategy join us to discuss a bevy of federal and state-level opportunities. Next week is 4/20, and one potential time that the DEA could respond to the HHS' Schedule III recommendation. The trio debates the probability of a response and the implications to short and long-term investors.  On the state s...

This week's show starts with a recap of adult use making the ballot in Florida and what it may mean to the industry. Morgan shares his perspective after recently visiting the Sunshine State. We cover the pros can cons of the mandatory vertical market and opportunities for smaller companies like Sunburn to expand if adult use succeeds. Toby gives his thoughts on how Florida will expand the TAM...

Jesse starts the show by sharing his experiences visiting LEEF Brands and Gold Flora. LEEF is a leading producer of concentrates in California and he went to see their 12,500-square-foot extraction facility in Northern California. Gold Flora is a top vertically integrated California company and Jesse shared his experience seeing their stores and cultivation facilities in San Jose.  Sam Armenia, kn...

The show kicks off with Toby sharing his experience at the ROTH Conference this week in Dana Point, California. We discuss how institutions are beginning to look at cannabis, but it will take federal reform for most to spend more time and resources on due diligence. Jesse and Morgan also talk about things it takes to win in the difficult California market.  TerrAscend Executive Chairman Jason Wild...

We are deep in Q4 2023 earnings season and this week's show starts with Jesse, Morgan, and Toby sharing their biggest takeaways from the results so far. Jesse covers how margins are evolving, Morgan complements that with cash-flow conversion metrics, and Toby gives his perspective on the various 280E tax strategies we are seeing utilized.  Ascend CEO John Hartmann joins 20 minutes into the ep...

This week's show had an all-star cast to review recent earnings. CannaVestments shared his thoughts on the federal and state-level catalysts in 2024 and contrasted this against eroding investor sentiment. He also gave his perspective on the recent results from GTI, Verano, and Trulieve.  Boris Jordan, Executive Chairman of Curaleaf, joined the show to review the company's Q4 2023 earning...

GTI, Trulieve, and Verano reported Q4 2023 earnings this week and the guys  dig deep into the results. To discuss Verano,  they are joined by the company's President Darren Weiss, CIO Aaron Miles, and CFO Brett Summerer. Plus, Morgan asks Grok about cannabis bear Mitch McConnell's retirement and what it means for the cannabis sector

This week's show begins by discussing the Benzinga cannabis conference in Los Angeles. Morgan and Jesse left inspired by the strength of brands, the quality of products, and the lack of focus on politics. Boris Jordan, Executive Chairman of Curaleaf, joined to discuss the recent events in Germany. He shares how he sees the program evolving and the economic opportunity for Curaleaf.  Earnings...

Morgan's on the road, so Jesse and Toby start the show reviewing the recent pullback in cannabis stocks and the corresponding drop in sentiment.  Toby also shares his experience at the Cannacord webinar and Jesse explains how the institutional investments in cannabis compare to more mature sectors.  Sam Armenia, known as Sammy J on Twitter and  VP of Corporate Development at C21 Investments, ...

Jesse, Toby, and Morgan begin the show by catching up on the latest cannabis-investing news. Sentiment around the timing of the DEA's response continues to improve and this is driving inflows into the US cannabis MSOS ETF. The group also covers the addition of Ascend to the MSOS portfolio.  The bulk of the conversation is around the importance of valuations in the cannabis sector and which me...

Jesse, Morgan, and Toby are back together to discuss the improving environment for US cannabis stocks. This is the fifth consecutive week of gains and broad US cannabis benchmarks are up over 50% this year. The boys analyze and appreciate the recent run in cannabis stocks and discuss how the space has evolved since the HHS announcement. They review the top performers AYR and Trulieve and those tha...

This week's show starts with Jesse, Morgan, and Toby discussing the strong start to 2024. The group evaluates what's been driving the positive returns and inflows to the MSOS and MSOX ETFs.  Verano President Darren Weiss and CIO Aaron Miles join 20 minutes into the episode. Darren and Aaron react to the contents of the HHS recommendation and also update us on the Boies lawsuit. We also d...

This week Jesse, Morgan, and Toby discussed the release of the HHS rescheduling recommendation. For the first half hour, Brady Cobb, Founder and CEO of Sunburn Cannabis, shares his perspective on the contents and timing of the release.  He also adds his thoughts on the implications of 280E removal and how he thinks about it from an operator's perspective.  Higher Exchanges is recorded live on...

This week's show begins by talking about how Jesse is seeing increased interest in companies wanting to tell their stories ahead of a potential increase in the investor base. This is complemented by observations that the cannabis capex cycle may be improving.  On the state level, new Illinois data shows the state had a strong year, which is contrasted against Tilray's earnings report and...

This week on Higher Exchanges the guys start by recapping the holiday break and how they were not surprised that we did not hear from the DEA. This transitions into a conversation about the "news" that the DEA is reviewing cannabis scheduling. While our listeners knew this, it was nice to see the uptick in attention by those following less closely.  The heart of the episode is about what...

This week Morgan and Jesse recap the top cannabis-investing stories from 2023. HHS announcing its recommendation for Schedule III was the consensus top pick, especially when paired with the Boies lawsuit. Other notable news includes Maryland launching adult-use sales, Ohio voting in favor of adult use, increased operational efficiencies, cannabis sales increasing while alcohol declines, and uplist...

Toby is on vacation, so Jesse and Morgan kick off the show discussing recent performance and the latest Schedule III speculation. Jesse shares data on different portfolios he's tracking that may indicate what types of stocks will perform best in the event we get positive news from the DEA. Curaleaf Executive Chairman Boris Jordan joins halfway through to discuss the company's uplisting f...

This week's episode kicks off with Jesse providing a review of his trip to Las Vegas for the MJBiz Conference. Sentiment remains optimistic and Jesse touches on the meetings he had, parties he attended, and friends he ran into along the way.  Ohio issued new adult-use regulations that should provide a faster opening for adult-use sales, but a higher excise tax and THC caps on flower and conce...

This week the guys start off by reviewing their Green Wednesday experiences. Morgan shares some data on Green Wednesday sales and what he purchased. Jesse picked up some cannabis beverages and explained the reaction that they received at a Friendsgiving event.  The conversation transitions into the opportunities in 2024 and what could go wrong and lead to more downside. Schedule III is the most cr...

This week's episode is all about cannabis earnings season. The guys start by sharing their biggest takeaways from this quarter.  Companies are finally beating expectations, CEOs are increasingly confident about getting to Schedule III, and it's becoming clear which companies are more dependent on reform for success.  AYR Wellness' CEO David Goubert joins for the second half of the s...

Ohio became the 24th state to legalize adult-use cannabis and the guys began the episode talking about the vote, the opportunity for MSOs, and the benefits of converting more red states. Verano President Darren Weiss and CIO Aaron Miles join halfway through to discuss their Q3 results. The team talks about strong cash-flow generation, innovative ways to implement new technology, and their capital...

In this week's episode, Jesse, Morgan, and Toby catch up on the sector's recent performance and current events. Cannabis stocks have retraced most of their gains since the HHS announcement on August 29th and the group discusses the reasons for the shift in sentiment and drop in prices. They touch on why SAFER Banking is overstated, the importance of the rescheduling process,  and how can...

This week on Higher Exchanges we spoke about potential new adult-use states and a groundbreaking lawsuit against U.S. Attorney General Merrick Garland. Hirsh Jain, Founder of Ananda Strategy, leads the discussion about the potential for adult use in Ohio, Pennsylvania, and Florida. These are three key states that may flip to recreational sales by the end of 2024.  Joshua Schiller, Partner at Boies...

TerrAscend Executive Chairman Jason Wild, CEO Ziad Ghanem, and CFO Keith Stauffer joined us to discuss the latest TerrAscend news. The company recently hosted an investor day and raised guidance. The team shared the reasons for the improved outlook and how various states are performing. We dove into deeper updates on Maryland and Pennsylvania, plus Ziad updated us on how historically challenging M...

Boris Jordan, Executive Chairman of Curaleaf, joins the show to discuss the latest updates on their Toronto Stock Exchange (TSX) application, SAFER Banking, and rescheduling. He shares an approximate date for uplisting to the higher exchange and explains how the increased liquidity and access may benefit Curaleaf shareholders. Boris also covers the potential impacts of a new Speaker of the House o...