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Where 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-quality

As the industry evolves, the opportunity set is shifting. This conversation breaks down how experienced investors are approaching cannabis today.