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Higher 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&A
Where we are in the current consolidation cycle
Why some operators are moving now while others remain cautious
Recent real-world deal activity across California and beyond
What still needs to happen for larger strategics and capital to re-engage

Finally, we close with Dai offering M&A tips to both operators and investors!