46:I[185,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0a~e7k..h6jfc.js","/_next/static/chunks/0za7dr7c2y81~.js","/_next/static/chunks/03klviw01y.ih.js","/_next/static/chunks/0gx_3vy1-syt4.js","/_next/static/chunks/0i6hzvr84kc1r.js"],"SendEmailButton"] 48:I[63625,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0a~e7k..h6jfc.js","/_next/static/chunks/0za7dr7c2y81~.js","/_next/static/chunks/03klviw01y.ih.js","/_next/static/chunks/0gx_3vy1-syt4.js","/_next/static/chunks/0i6hzvr84kc1r.js"],"AddToLibraryButton"] 49:I[29721,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0a~e7k..h6jfc.js","/_next/static/chunks/0za7dr7c2y81~.js","/_next/static/chunks/03klviw01y.ih.js","/_next/static/chunks/0gx_3vy1-syt4.js","/_next/static/chunks/0i6hzvr84kc1r.js"],"ShareButton"] 4a:I[58016,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0a~e7k..h6jfc.js","/_next/static/chunks/0za7dr7c2y81~.js","/_next/static/chunks/03klviw01y.ih.js","/_next/static/chunks/0gx_3vy1-syt4.js","/_next/static/chunks/0i6hzvr84kc1r.js"],"ProcessEpisodeButton"] 4b:I[45269,["/_next/static/chunks/08z4tkzvltetr.js","/_next/static/chunks/121~yigv24_j6.js","/_next/static/chunks/0a~e7k..h6jfc.js","/_next/static/chunks/0za7dr7c2y81~.js","/_next/static/chunks/03klviw01y.ih.js","/_next/static/chunks/0gx_3vy1-syt4.js","/_next/static/chunks/0i6hzvr84kc1r.js"],"SignupCTA"] 3e:["$","time",null,{"dateTime":"2026-03-26T22:00:00.000Z","children":"March 26, 2026"}] 3f:["$","span",null,{"aria-hidden":true,"children":"·"}] 40:["$","span",null,{"children":"01:02:39"}] 47:T4b1,

On 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.