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.

Today on Higher Exchanges, Jesse and Morgan sit down with Whitt Steineker, Partner at Bradley Arant Boult Cummings LLP, to break down the major regulatory shifts impacting hemp, cannabis, and the broader U.S. market.

We cover:

• What just happened to the U.S. hemp market — why it happened, what it means, and when enforcement may hit.
• How new hemp rules affect state-licensed cannabis — potential opportunities, risks, and implications for federal reform.
• The future of industrial hemp — genetics, farming incentives, infrastructure needs, and whether this resets the narrative around American hemp production.
• The divide in D.C. between intoxicating hemp and legal cannabis, why it exists, and how these sectors might align to drive federal change.

Whitt also shares how Bradley is advising clients through this moment — and what he expects to see in both cannabis and hemp policy over the next 12 months.

In this episode, we sit down with Micah Anderson, CEO of LEEF Brands (CSE: LEEF | OTCQB: LEEEF), to break down the company’s Q3 2025 financial results and what’s driving its turnaround story.

LEEF delivered a standout quarter with revenue up 24% year-over-year to $8.4M, gross margins doubling to 45%, and the company generating positive adjusted EBITDA and free cash flow for the first time. We discuss the key drivers behind that performance — from the first successful harvests at Salisbury Canyon Ranch in California to the rapid launch of LEEF’s extraction lab in New York.

Topics we cover:

• The execution behind Salisbury Canyon Ranch and New York — LEEF’s two 2025 strategic goals — and how they are reshaping cost structure and margins.

• The operational levers behind a 23-point margin expansion: how much came from vertical integration vs. new market mix.

• How LEEF is maintaining cost discipline with operating expenses down 12% YoY while growing topline performance.

• The company’s approach to managing 280E taxes and its stance on accruing vs. paying UTP.

• Why LEEF added Bitcoin to its corporate treasury, and how Micah views Bitcoin allocation versus other growth investments like expansion or scaling SCR.

• Plans for the next phase: expanding cultivation at Salisbury Canyon Ranch to 187 acres, scaling production in New York, and evaluating new state entries every 12–24 months.

After Micah joins, we broaden the discussion with a look at the Q3 earnings season across cannabis, including Verano and Jushi. We dig into trends like margin compression, limited catalysts until 2026+ in key states, and how efficiency and vertical integration are separating strong operators from those treading water.

A grounded, data-driven discussion on execution, cost control, and strategy in a tough market — plus a look at where real growth may come next.

In this episode of Higher Exchanges, we sit down with Ron Gershoni, CEO and co-founder of Jetty Extracts — one of California’s longest-standing cannabis brands — to explore what it takes to build, protect, and scale a cannabis brand in today’s challenging market.

We cover:

• 🚀 Jetty’s founding story and lessons from a decade of brand building
• 💨 From the first vape to solventless, pre-rolls, and product innovation
• 🛡 How Jetty navigated “Vape Gate” and built consumer trust through clean products
• 🌱 The Clean Cannabis initiative and raising standards across the industry
• 📊 California market dynamics: growth, price compression, and consolidation
• 🍃 OCAL certification, organics, and addressing California’s pesticide problem

A must-listen conversation for anyone curious about how durable brands endure and scale in cannabis.

Minnesota just launched adult-use cannabis sales — and the market could quickly become one of the most lucrative in the U.S. Jesse Redmond and Morgan Paxhia sit down with Aaron Edelheit, CEO of Mindset Capital, to unpack why Minnesota’s cannabis rollout is so unique and what it means for operators, investors, and policy watchers.

In this episode:

• Minnesota’s cannabis history and the adult-use rollout
• The massive cultivation gap (60,000 sq. ft. available vs. 2 million needed)
• Why Green Thumb, Vireo, and Grown Rogue are best positioned to benefit
• Cross-border demand from prohibition states
• Hemp beverages in liquor stores (15–20% of sales!) and how they fit in
• Hemp vs. cannabis: what each industry can learn
• Aaron’s insights on investing, capital markets, and the ETF TOKE

Whether you’re an operator, investor, or consumer, this episode offers sharp insights into how Minnesota could reshape the future of U.S. cannabis.

What’s really driving the rise of intoxicating hemp—and where is it headed next?

In this episode, we sit down with Tucker Johnson, whose career spans CFO roles at Lil Wayne’s cannabis company and the Emerald Cup, Head of Finance & Cannabis Lead at British American Tobacco, and consulting for top hemp operators. Tucker brings a rare perspective from both mainstream finance and the front lines of cannabis.

We dig into:

🌿 The 2018 Farm Bill — how it created today’s intoxicating hemp loophole and what might change.

🤠 Texas — 8,000+ smoke shops, a vetoed hemp ban, and Gov. Abbott’s new executive order reshaping the market.

🏝️ Florida — hemp as a de facto adult-use market, where tourists and consumers choose between black market, medical cannabis, and hemp products.

🔮 What these state experiments tell us about the national future of hemp.

If you want to understand the fast-changing hemp landscape and its impact on cannabis, this conversation is a must-listen.