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!

This is a line-in-the-sand moment for legal cannabis.

In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia break down the Schedule III announcement alongside policy expert Hirsh Jain and capital markets veteran Scott Grossman. We unpack what just happened, why it matters, and what could come next for cannabis policy and markets.

We cover:
• A clear overview of the Schedule III news and first reactions
• What changes on the policy side — including CBD and Medicare implications, and potential state and federal follow-ons
• What this means for capital markets — institutions, uplisting potential, lending rates, and what makes a rally sustainable
• A forward-looking close: what each of us is most excited about heading into 2026

This is the most significant policy development for cannabis since Colorado legali

We’re fresh back from MJBiz and breaking down everything: the people we saw, the energy on the floor, standout moments, and yes—Jesse’s run-in with the “Angry” hot chicken.

Each of us shares the surprises that caught our attention this year, along with our biggest learnings from the conference. From there, we shift into a forward-looking conversation about 2026: what to expect, how the hemp ban reshapes TAM, why Curaleaf exiting the hemp category matters, and which opportunities emerge (like CBD + Medicare) as others fade.

We explore what the market might be missing—especially around enforcement, potential stays, capital flows, pricing, and state-level catalysts—and close with a conversation about what still excites us about working in this industry.