Podcast
Higher Exchanges
Hosted by Higher Exchanges · EN
Higher Exchanges is the number one independent cannabis investing show. Hosted by Jesse Redmond and Morgan Paxhia, the show features candid conversations with top CEOs, operators, and capital allocators shaping the future of cannabis. We break down complex cannabis markets into clear insights you can actually use.
Higher Exchanges is powered by Flowhub and features original intro music by Chris Otchy.
17episodes
Episodes
Newest firstAll episodes
Cannabis Rescheduling Is Here. What Happens Next? | Hirsh Jain
1w ago01:30:52Tap to summarizeCannabis rescheduling is officially here. Now what?This week, Jesse Redmond and Morgan Paxhia welcome back Hirsh Jain to discuss what Schedule III means for the industry, how states are responding, and what comes next.We cover the upcoming adult-use hearings, interstate commerce, export opportunities, Virginia's latest legalization setback, Pennsylvania's outlook, and which operators stand to benefit most from the next phase of cannabis reform.Topics:• Schedule III implementation• Interstate commerce• Export opportunities• Virginia adult-use• Pennsylvania legalization• MSO winners and losers• Cannabis investing in 2026Higher Exchanges is powered by Flowhub.
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Cannabis Lending After Schedule III with Steven Ernest of Chicago Atlantic
3w ago01:04:32Tap to summarizeOn this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia sit down with Steven Ernest, Head of Originations at Chicago Atlantic, to discuss how cannabis lending and private credit markets are evolving heading into a potential Schedule III world.Steven gives an update on Chicago Atlantic’s platform today, how cannabis credit has changed over the last 12–18 months, and why periods of industry stress can create compelling opportunities for disciplined lenders. The conversation also explores private credit valuation concerns, collateral structures, institutional capital flows, and what separates stronger operators from the rest of the market.The group dives deep into the potential impact of Schedule III rescheduling, including whether the biggest benefit is tax relief, improved fundamentals, or the psychological shift that could bring new institutional investors into the space.Topics include:- The state of cannabis lending in 2026- Private credit risk and valuation trends- Real estate collateral vs. cash-flow underwriting- Schedule III and institutional capital- Why cannabis remains a structurally inefficient lending market- The future of banking and commercial credit in cannabis- What the market still misunderstands about cannabis creditA timely conversation with one of the most experienced lenders in the industry.Higher Exchanges is powered by Flowhub.
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Is Cannabis Finally Investable Again? Rescheduling, GTI, Vireo & C21 Deep Dive
Apr 2301:34:56Tap to summarizeIn this Higher Exchanges deep dive, we break down the cannabis sector at a critical moment following 4/20 and renewed momentum around federal rescheduling.Jesse Redmond is joined by Morgan Paxhia and Sammy J to focus on what’s actually changing — and what investors should be paying attention to.Topics Covered:Federal cannabis rescheduling: what just happened and what comes next4/20 recap and what it says about consumer demandGreen Thumb Industries (GTI): best-in-class or fully valued?Vireo Growth: the roll-up strategy and integration riskC21 Investments: a quiet operator worth revisitingWhere the real long-term opportunity in cannabis liesSponsored by FlowhubThe all-in-one platform powering dispensaries with POS, inventory, compliance, and ecommerce.If you’re investing in cannabis or tracking the evolution of the industry, this is a clear, focused breakdown of where things stand today.
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Finding Alpha in Cannabis: Allocation, Debt, and What Actually Works w/ Jerry Derevyanny
Apr 901:24:11Tap to summarizeWhere can investors actually find value in cannabis today — and how should they be thinking about the space going forward?In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Jerry Derevyanny, Partner at Bengal Capital, for a wide-ranging conversation on capital allocation, alternative investment strategies, and what separates real operators from the rest.We cover:• Where value is emerging today — concentrated vs. broad exposure and where alpha is coming from• Alternative ways to invest — debt, preferred equity, and real estate vs. traditional equities• What real brand building looks like in cannabis — and how to separate true consumer demand from distribution advantages• Why “Nasdaq isn’t magic” — and what it actually takes to become institutional-qualityAs the industry evolves, the opportunity set is shifting. This conversation breaks down how experienced investors are approaching cannabis today.Powered by Flowhub.
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LEEF Q4 2025 Earnings Review: Inside the Transformation with CEO Micah Anderson
Mar 2601:02:39Tap to summarizeOn this episode of Higher Exchanges, we’re joined by Micah Anderson, CEO of LEEF Brands, to break down the company’s fourth quarter and full year 2025 results and what they signal about the next phase of growth.We cover LEEF’s evolution, including the addition of Salisbury Canyon Ranch, and how vertical integration is driving margin expansion, improved consistency, and stronger cash flow. Q4 marked a clear inflection point, with revenue up nearly 40% year-over-year, gross margins reaching 45.5%, and the business generating positive operating and free cash flow.We also unpack the transition from H1 to H2, where margins expanded significantly as LEEF shifted toward internally sourced biomass, and discuss what it means to build a large-scale cultivation asset inside a public company.Finally, we look ahead to what’s next, including expansion plans at Salisbury Canyon Ranch, the recent Mindset Capital investment, and the growing optionality across CBD, interstate commerce, exports, and M&A, along with listener questions on market share and unit economics.Higher Exchanges is powered by Flowhub.
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Inside the World’s Leading Cannabis Company | Curaleaf CEO Boris Jordan on Rescheduling, Capital Markets, and Consolidation
Mar 1200:59:05Tap to summarizeOn today’s episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia sit down with Boris Jordan, Chairman and CEO of Curaleaf, the largest cannabis company in the world.We discuss what may be the most important policy and capital markets moment the industry has seen in years. Boris shares Curaleaf’s perspective on federal rescheduling, what it could change for operators, when it may become final, and whether additional catalysts like SAFER banking, uplisting, or even descheduling could follow.We also explore Curaleaf’s evolving strategy around hemp-derived THC. After entering the category in 2018, exiting in 2023, reentering in 2024, and now stepping away again, Boris explains what changed in the regulatory landscape and what conditions could bring Curaleaf back to hemp in the future.The conversation then turns to capital markets and consolidation across the cannabis industry. Following Curaleaf’s recent $500M refinancing, we discuss the improving tone in financing markets, whether deal activity is returning, and where industry consolidation may emerge.Finally, we dive into Curaleaf’s fundamentals, including the balance between U.S. and international growth, sustaining margins through years of price compression, and what investors may be missing when evaluating the largest operator in cannabis.A thoughtful discussion on policy catalysts, industry structure, and the next phase of growth for cannabis.Higher Exchanges is powered by Flowhub.Topics Discussed• Federal cannabis rescheduling and policy outlook• SAFER banking, uplisting, and future catalysts• The future of hemp-derived THC• Cannabis capital markets and financing conditions• Industry consolidation and M&A• Curaleaf’s international growth strategy• Margins and price compression in U.S. cannabis• Curaleaf’s “Built for Growth” strategy
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Is CBD Back? A Conversation with Bill Morachnick, CEO of Charlotte’s Web
Feb 2701:15:22Tap to summarizeOn 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.
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Five Hard Questions Facing Cannabis Investors
Feb 1201:00:57Tap to summarizeIn today’s episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia tackle five of the toughest questions shaping the next phase of the cannabis industry.Will Schedule III trigger a lasting cannabis bull market?Will federal hemp restrictions remain in place through November 2026?Will two of Pennsylvania, Virginia, and Florida legalize adult use and restart growth?Will three of today’s Tier One operators still be the top five cannabis companies in ten years?And will a U.S. plant-touching MSO uplist to NASDAQ or NYSE by year's end?This is a focused discussion on regulation, capital markets, state expansion, consolidation, and long-term leadership in cannabis.If you’re investing in marijuana stocks or following U.S. cannabis reform, this episode breaks down the structural forces shaping where capital flows next.Higher Exchanges is powered by Flowhub, check 'em out at flowhub.com
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TerrAscend at a Turning Point: Federal Reform, Capital Strategy, and the Path Forward
Jan 2901:03:58Tap to summarizeOn this episode of Higher Exchanges, hosts Jesse Redmond and Morgan Paxhia are joined by Jason Wild and Ziad Ghanem of TerrAscend for a timely conversation on where cannabis investing goes next.As federal reform approaches and capital markets begin to reawaken, the group explores how operators and investors are positioning for the industry’s next phase.We discuss:Whether this catalyst cycle is truly differentTerrAscend’s perspective on rescheduling and what changes post-reformWhat may come next: SAFER Banking, uplisting, and interstate commerceRecent Supreme Court developments and their broader impactShifts in capital markets and consolidation activityM&A trends and how TerrAscend is thinking about growth and portfolio optimizationQ3 fundamentals, margin improvement, and navigating price compressionCapital allocation, balance sheet strength, and how TSND would approach financing if markets reopenWe close with a simple but important question for investors: why buy today?🎙️ Higher Exchanges is powered by Flowhub.
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Cannabis Rescheduling: A Tailwind for the Cannabis 2.0 M&A Cycle
Jan 801:02:04Tap to summarizeHigher Exchanges is presented by Flowhub. Following the federal Executive Order to move cannabis from Schedule I to Schedule III, the cannabis industry may be entering the early stages of a new M&A cycle.In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Dai Trong, Managing Director at Arlington Capital Partners, to discuss how rescheduling could accelerate consolidation, unlock capital, and reshape strategic behavior across the sector.After years of contraction, oversupply, margin pressure, and 280E tax burdens, cannabis M&A is beginning to re-emerge—starting with distressed and opportunistic deals by better-capitalized operators.We cover:What Schedule III changes most for cannabis M&AWhere we are in the current consolidation cycleWhy some operators are moving now while others remain cautiousRecent real-world deal activity across California and beyondWhat still needs to happen for larger strategics and capital to re-engageFinally, we close with Dai offering M&A tips to both operators and investors!
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