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Indhold leveret af Higher Exchanges. Alt podcastindhold inklusive episoder, grafik og podcastbeskrivelser uploades og leveres direkte af Higher Exchanges eller deres podcastplatformspartner. Hvis du mener, at nogen bruger dit ophavsretligt beskyttede værk uden din tilladelse, kan du følge processen beskrevet her https://da.player.fm/legal.
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Higher Exchanges
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Manage series 3518505
Indhold leveret af Higher Exchanges. Alt podcastindhold inklusive episoder, grafik og podcastbeskrivelser uploades og leveres direkte af Higher Exchanges eller deres podcastplatformspartner. Hvis du mener, at nogen bruger dit ophavsretligt beskyttede værk uden din tilladelse, kan du følge processen beskrevet her https://da.player.fm/legal.
Higher Exchanges is a weekly cannabis-investing conversation hosted by Jesse Redmond, the Head of Cannabis at Water Tower Research, and Morgan Paxhia, co-founder of Poseidon.
57 episoder
Marker alle som (u)afspillede ...
Manage series 3518505
Indhold leveret af Higher Exchanges. Alt podcastindhold inklusive episoder, grafik og podcastbeskrivelser uploades og leveres direkte af Higher Exchanges eller deres podcastplatformspartner. Hvis du mener, at nogen bruger dit ophavsretligt beskyttede værk uden din tilladelse, kan du følge processen beskrevet her https://da.player.fm/legal.
Higher Exchanges is a weekly cannabis-investing conversation hosted by Jesse Redmond, the Head of Cannabis at Water Tower Research, and Morgan Paxhia, co-founder of Poseidon.
57 episoder
Alle episoder
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Higher Exchanges
1 Hemp is Living the Cannabis Dream 1:39:28
1:39:28
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1:39:28The guys are back from traveling and eager to share lessons learned from the road. Morgan was in Boston for the Boies Schiller Flexner oral arguments and explained what happened that day and the next steps for the case. Jesse went to MJBiz in Las Vegas and offered his take on sentiment, outlooks, and how intoxicating hemp has penetrated the Nevada market. The show also covers Verano Co-Founder Sammy Dorf joining Flora Growth as Executive Chairman to accelerarte entry into the THC-infused beverage market. Plus, there is a conversation about Texas potentially banning all THC products, which would damage its network of approximately 7,000 smoke shops. Finally, Morgan offers a thought-provoking Ask Grok about cannabis, mental health, and productivity.…
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Higher Exchanges
1 Boise Schiller Flexner Case Next Steps With Jason Wild, Emily Paxhia, Erik Luna, and Weldon Angelos 59:36
59:36
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59:36This week's show focuses on the next steps with the Boise Schiller Flexner lawsuit. Oral arguments are on December 5th, and we are joined by Jason Wild, Emily Paxhia, Erik Luna, and Weldon Angelos to dive into the details. Topics covered: * Overview of the case. * What's happening on December 5th? * Key parties involved. * Benefits of the case versus Schedule III and SAFE Banking. * Potential outcomes and timelines. Please consider supporting the case. You can donate here: https://atach.org/constitutional-challenge/…
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Higher Exchanges
1 Adapting to Change With AYR Interim CEO Steven M. Cohen 1:13:34
1:13:34
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1:13:34This week's show begins with Morgan and Jesse talking about the evolution of Agrify. A once stale and forgotten business has new life with an investment from Green Thumb Industries and evolution into intoxicating hemp. The guys talk about the path to get here and how it may evolve. AYR Wellness Interim CEO Steven M. Cohen joins the show and shares his background and vision for the future. We cover the lost opportunity with Florida's failure to pass Amendment 3, and Cohen explains why AYR is still moving forward with cultivation expansion in the Sunshine State. We dig into how AYR can evolve in Ohio and New York and what other growth levers the business has. AYR has a large amount of debt, and Cohen gives his perspective on how they can service the debt and maximize the probability of refinancing it before 2026. The conversation closes with Cohen offering his perspective on the Trump administration and potential political progress in 2025.…
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Higher Exchanges
1 Unlocking Potential With Ascend CEO Sam Brill 1:07:44
1:07:44
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1:07:44This week's show starts with an update on Jesse's experience at Benzinga's California Cannabis Spotlight conference in Anaheim. He explains who attended, what was discussed, and why you can't paint California with one brush. Jesse points out that California operators like LEEF Brands (CSE: LEEF, OTCQX: LEEEF) have transformational catalysts on the horizon and may stand out in 2025. Ascend Wellness (CSE: AAWH, OTCQX: AAWH) CEO Sam Brill joins us and shares his background and how he hopes to evolve and optimize the business. We cover the company's cost-saving initiatives, recent quarterly results, Ohio's launch, and the importance of value brands. The conversation with Sam concludes by getting his perspective on the recent political appointments and why he's excited about the next step in the Boise Schiller Flexner case.…
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Higher Exchanges
1 Revisiting the Thesis With Dai Truong and Doug Kass 1:32:09
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1:32:09It's been a wild week in cannabis with elections and earnings results. We were joined this week by Dai Truong, Managing Director at Arlington Capital Partners, and Doug Kass, Founder of Seabreeze Partners. The conversation begins with a recap of the elections, emphasizing Amendment 3 failing in Florida and Republicans sweeping the executive and legislative branches. Doug Kass makes a surprise appearance to share his perspective on the industry challenges and the short-term invest-ability of the space. The need for new states and federal catalysts is impacting investor sentiment. The conversation concludes by analyzing the latest lackluster earnings results. While margins and adjusted EBITDA remain relatively strong, the industry is struggling to return to growth.…
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Higher Exchanges
1 2024 Election Preview Starring Hirsh Jain 1:18:31
1:18:31
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1:18:31With the election just days away, we are happy to have Hirsh Jain, Founder of Ananda Strategy, join us to break down all the races. We start with the Presidential election and handicap the outcome and potential consequences of a Harris or Trump victory. Cannabis is a state-led growth story, and several new adult-use states are on the horizon, with none more significant than Florida. We assess the chances that Amendment 3 will be passed and dig into smaller states like North Dakota, South Dakota, Nebraska, and Arkansas. Finally, we cover the control of Congress and potential implications for SAFER Banking and other legislative progress.…
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Higher Exchanges
1 The Sunshine State Starring Dan Neville and Brady Cobb 1:25:44
1:25:44
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1:25:44This week's show has two special guests: Dan Neville, CEO of AFC Gamma, and Brady Cobb, Founder and CEO of Sunburn. The episode begins by discussing the vibes in Florida as we head into the adult-use vote on November 5th. Brady shares his optimism and how they are preparing for the potential adult-use launch. Dan offers his perspective on the Sunshine State, the deals they have done, and what they look for when evaluating Florida operators. Brady drops off, and we dig deeper into the AFC Gamma business and how it differs from other debt funds. Dan explains how they underwrite investments and manage risk in the portfolio. The episode concludes with Dan sharing what he sees as a favorable and unfavorable environment for their portfolio and his views on the potential catalyst ahead in 2025.…
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Higher Exchanges
Morgan and Jesse are back from a busy week at the Benzinga Cannabis Capital Conference in Chicago. This week's show focuses on what they learned at the event, and they both share their three biggest takeaways. Topics include institutional involvement, hemp, M&A, Ohio, and more. The guys also discuss the Gartner Hype Cycle and how we feel deep in the trough of disillusionment. Investors feel impatient and fatigued, which contrasts with what may be an exciting set of catalysts as we head into 2025.…
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Higher Exchanges
1 Who’s Better for Cannabis: Harris or Trump? 59:09
59:09
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59:09With no guests this week, Morgan and Jesse had time to catch up on several topics. The episode starts with an update on a recent X poll about moving off Spaces and how the podcast may evolve. Jesse and Morgan are heading to the Benzinga Cannabis Capital Conference in Chicago next week and shared what's on their schedules and how to make the most of the event. It would not be a cannabis podcast without addressing politics, and the guys talk about the Democrat's recent comments. Jesse stumps Morgan by asking which candidate is better for cannabis and then has difficulty answering the same question. The rest of the show focuses on California. Statehouse appears to be heading to receivership, and Morgan explains the history of the business and the steps that contributed to the company's problems. They also review the demise of Ignite and the incremental progress the state is making with removing double taxation and allowing cannabis cafes.…
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Higher Exchanges
1 Efficient Craft Cannabis With Grown Rogue CEO Obie Strickler 1:23:23
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1:23:23This week's show begins with a discussion about Senator Wyden's Cannabinoid Safety and Regulation Act, which proposes more regulation for the hemp industry. Jesse and Morgan review the key points and how they may impact the intoxicating hemp market and legal cannabis business. Grown Rogue's CEO, Obie Strickler, joins the show to share how the company has cultivated a low-cost flower production advantage and expanded to new markets. We review the company's core operations in highly competitive Oregon and Michigan markets and attempt to get Obie to explain the secret ingredient to their low-cost advantage. The conversation evolves into exploring expansion opportunities in Illinois and Michigan. We also cover the company's strategic advisory agreement with Vireo Growth in Minnesota and Maryland. Finally, Obie shares what risks an investor may consider when investing in Grown Rogue. We apologize for Obie's connection issue. We record live on X, and this week, the internet was not our friend.…
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Higher Exchanges
1 Finding Florida Opportunities With Emily Paxhia 1:08:42
1:08:42
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1:08:42This week’s show starts with a conversation about the large number of CEO replacements this year. Thus far, AYR Wellness, Ascend, Curaleaf, and The Cannabist all have new leadership. Jesse and Morgan discuss what's driving the changes and what makes a qualified cannabis CEO. Emily Paxhia, co-founder of Poseidon, joins 20 minutes into the episode live from Florida. She's been in Tallahassee and shared her perspective on the obstacles in getting Amendment 3 passed and potential hurdles with the implementation. We also dug into what it takes to succeed in Florida and the challenges and opportunities associated with mandatory vertical integration. Finally, Emily explains how what makes a good medical dispensary may not translate to adult use and how the state's over 130 million annual tourists impact the cannabis industry.…
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Higher Exchanges
1 Farm Bill Flower Opportunities With Kyle Kazan and Graham Farrar 1:35:56
1:35:56
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1:35:56Morgan and Jesse just returned from Glass House Brands' first analyst and institutional investor day and were joined this week by Glass House CEO Kyle Kazan and President Graham Farrar. The group recapped the day and shared some of the highlights from the presentations and tours. Glass House is a single-state operator focused on the California market. We walked through the state of California cannabis and the challenges and opportunities it presents. Kyle and Graham helped us better understand the retail climate and CPG opportunities and explained their continued success in the wholesale market. The company is in the process of building out Greenhouse Two, which is a special greenhouse with almost 11,000 HPS lights supplementing the power of the sun. Glass House is considering using this facility to grow Farm Bill flower, or what some might consider THCA flower, that is compliant with the 2018 Farm Bill. We cover the potential to enter new states with Farm Bill flower, direct-to-consumer options, and how pricing compares to California cannabis. The team also explained the risks of the dynamic political environment and the risk of potential changes to the Farm Bill language. For this reason, they are weighing all options before making a final decision to enter this market. Finally, it would not be a cannabis conversation if we didn't discuss politics, and Kyle and Graham shared their thoughts on Schedule III timing and the path to higher exchanges.…
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Higher Exchanges
1 Unpacking Political Catalysts With Jeff Schultz 1:24:35
1:24:35
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1:24:35Jeff Schultz, Partner at Foley Hoag, joins the show this week to help us understand the complex political catalysts ahead for cannabis. We start with rescheduling, and Jeff offers his perspective on the ALJ hearing and when we may see a final ruling. A Garland Memo may follow the final ruling and Jeff explains the memo's importance. SAFER Banking may become topical again late this year. We discuss the importance of SAFER in light of Schedule III, and how it would complement a Garland Memo. A combination of Schedule III, Garland Memo, and SAFER my unlock uplisting, and we debate what's needed to get to higher exchanges and when this may happen. We wrap with a conversation about state catalysts and dig into adult-use opportunities in Florida, Pennsylvania, Minnesota, and a handful of smaller states.…
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Higher Exchanges
1 Harvesting Adult-Use Opportunities With AYR Wellness With CEO David Goubert 1:06:00
1:06:00
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1:06:00The rescheduling process got extended with the announcement of the ALJ hearing on December 2nd. The show starts by discussing whether this is categorically bearish or if going through a more thorough process may yield a net benefit. Jesse and Morgan debate whether this impacts the broader thesis and the types of companies you should own. David Goubert, CEO of Ayr Wellness, joins the show about twenty minutes in and shares their perspective on the ALJ hearing. The conversation transitions into AYR's 2Q24 results and steps they can take to drive more revenue and boost margins. AYR operates 94 dispensaries, and 76 (80%) are in states that may soon transition to adult-use sales. David gives his thoughts on opportunities in Ohio, Pennsylvania, and Florida, where AYR operates 65 stores. Finally, the guys talk about the intoxicating hemp market and how AYR may approach this emerging category.…
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Higher Exchanges
1 Catching Up With CannaVestments 1:15:28
1:15:28
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1:15:28This week, we were joined by Nicholas Gastevich, Vice President of V. Gastevich Investments, known as CannaVestments on X and Reddit. Gastevich is a seasoned cannabis investor known for his excellent earnings analysis and industry perspective. The conversation began by discussing 2Q earnings results . We saw more differentiation this quarter between the tier 1 and tier 2 MSOs, especially in gross and adjusted-EBITDA margins. Tier 1 gross margins averaged 52%, versus 41% for tier 2s. Gastevich shared how CapEx has been declining since 2021 . 2Q averaged $128 million, which is up 33% sequentially, but down 67% since 2021. We debated the tradeoff between spending more on growth versus focusing on generating cash flow. Ohio opened for adult-use sales and is the biggest state-led catalyst this year. The Buckeye state is an approximately $600 million medical market bordered by four non-adult-use states. We expect the Ohio market to triple in size quickly, and sales may accelerate in September when pre-rolls and concentrates begin being sold in dispensaries. We covered who is best positioned to succeed in Ohio and who may be leaders in the wholesale market. Finally, we explored opportunities for cannabis companies to participate in the hemp market. We’ve seen Curaleaf begin producing hemp-derived beverages and edibles, and Glass House Brands is considering entering the THCA flower space and potentially using a similar direct-to-consumer model. On the show, we talked about risks and opportunities in this growing category.…
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