Jesse, Toby, and Morgan begin the show by catching up on the latest cannabis-investing news. Sentiment around the timing of the DEA's response continues to improve and this is driving inflows into the US cannabis MSOS ETF. The group also covers the addition of Ascend to the MSOS portfolio. The bulk of the conversation is around the importance of valuations in the cannabis sector and which metrics are most important. They discuss the strengths and weaknesses of EV/sales, EV/AEBITDA, and EV/cash f...
Feb 08, 2024•1 hr 3 min•Season 2Ep. 6
Jesse, Morgan, and Toby are back together to discuss the improving environment for US cannabis stocks. This is the fifth consecutive week of gains and broad US cannabis benchmarks are up over 50% this year. The boys analyze and appreciate the recent run in cannabis stocks and discuss how the space has evolved since the HHS announcement. They review the top performers AYR and Trulieve and those that have lagged like TerrAscend and The Cannabist. The conversation evolves into how the set of cataly...
Feb 02, 2024•1 hr 18 min•Season 2Ep. 5
This week's show starts with Jesse, Morgan, and Toby discussing the strong start to 2024. The group evaluates what's been driving the positive returns and inflows to the MSOS and MSOX ETFs. Verano President Darren Weiss and CIO Aaron Miles join 20 minutes into the episode. Darren and Aaron react to the contents of the HHS recommendation and also update us on the Boies lawsuit. We also dig into how 280E removal would impact Verano's business and potential priorities with the increased cash flow. ...
Jan 26, 2024•1 hr 10 min•Season 2Ep. 4
This week Jesse, Morgan, and Toby discussed the release of the HHS rescheduling recommendation. For the first half hour, Brady Cobb, Founder and CEO of Sunburn Cannabis, shares his perspective on the contents and timing of the release. He also adds his thoughts on the implications of 280E removal and how he thinks about it from an operator's perspective. Higher Exchanges is recorded live on X and Boris Jordan, Executive Chairman of Curaleaf, was listening and joined for the latter half of the ep...
Jan 16, 2024•1 hr 18 min•Season 2Ep. 3
This week's show begins by talking about how Jesse is seeing increased interest in companies wanting to tell their stories ahead of a potential increase in the investor base. This is complemented by observations that the cannabis capex cycle may be improving. On the state level, new Illinois data shows the state had a strong year, which is contrasted against Tilray's earnings report and the ongoing challenges in Canada. The conversation transitions into talking about the trend of equitizing debt...
Jan 12, 2024•1 hr 18 min•Season 2Ep. 2
This week on Higher Exchanges the guys start by recapping the holiday break and how they were not surprised that we did not hear from the DEA. This transitions into a conversation about the "news" that the DEA is reviewing cannabis scheduling. While our listeners knew this, it was nice to see the uptick in attention by those following less closely. The heart of the episode is about what we are looking forward to in 2024 and what catalysts may drive returns. The DEA's response is number one on th...
Jan 04, 2024•1 hr 15 min•Season 2Ep. 1
This week Morgan and Jesse recap the top cannabis-investing stories from 2023. HHS announcing its recommendation for Schedule III was the consensus top pick, especially when paired with the Boies lawsuit. Other notable news includes Maryland launching adult-use sales, Ohio voting in favor of adult use, increased operational efficiencies, cannabis sales increasing while alcohol declines, and uplisting to the TSX.
Dec 21, 2023•1 hr 4 min•Season 1Ep. 11
Toby is on vacation, so Jesse and Morgan kick off the show discussing recent performance and the latest Schedule III speculation. Jesse shares data on different portfolios he's tracking that may indicate what types of stocks will perform best in the event we get positive news from the DEA. Curaleaf Executive Chairman Boris Jordan joins halfway through to discuss the company's uplisting from the CSE to the TSX. Boris shares Curaleaf's roadshow plans, and benefits of the uplisting, and gives his l...
Dec 15, 2023•1 hr•Season 1Ep. 10
This week's episode kicks off with Jesse providing a review of his trip to Las Vegas for the MJBiz Conference. Sentiment remains optimistic and Jesse touches on the meetings he had, parties he attended, and friends he ran into along the way. Ohio issued new adult-use regulations that should provide a faster opening for adult-use sales, but a higher excise tax and THC caps on flower and concentrates. Morgan and Toby share their thoughts on the new regulations and how Ohio should learn from prior ...
Dec 08, 2023•1 hr 2 min•Season 1Ep. 9
This week the guys start off by reviewing their Green Wednesday experiences. Morgan shares some data on Green Wednesday sales and what he purchased. Jesse picked up some cannabis beverages and explained the reaction that they received at a Friendsgiving event. The conversation transitions into the opportunities in 2024 and what could go wrong and lead to more downside. Schedule III is the most critical component, but we also discuss new states, and how a Garland Memo would be a welcome complemen...
Nov 28, 2023•1 hr 20 min•Season 1Ep. 8
This week's episode is all about cannabis earnings season. The guys start by sharing their biggest takeaways from this quarter. Companies are finally beating expectations, CEOs are increasingly confident about getting to Schedule III, and it's becoming clear which companies are more dependent on reform for success. AYR Wellness' CEO David Goubert joins for the second half of the show to review their most recent quarter. David explains the motivation and terms for the recent debt restructuring an...
Nov 17, 2023•1 hr•Season 1Ep. 7
Ohio became the 24th state to legalize adult-use cannabis and the guys began the episode talking about the vote, the opportunity for MSOs, and the benefits of converting more red states. Verano President Darren Weiss and CIO Aaron Miles join halfway through to discuss their Q3 results. The team talks about strong cash-flow generation, innovative ways to implement new technology, and their capital allocation process. The conversation concludes by discussing price elasticity and opportunities for ...
Nov 10, 2023•1 hr 8 min•Season 1Ep. 6
In this week's episode, Jesse, Morgan, and Toby catch up on the sector's recent performance and current events. Cannabis stocks have retraced most of their gains since the HHS announcement on August 29th and the group discusses the reasons for the shift in sentiment and drop in prices. They touch on why SAFER Banking is overstated, the importance of the rescheduling process, and how cannabis is the ultimate "show me" story. The episode concludes by discussing AYR's debt restructuring and a quick...
Nov 03, 2023•1 hr 17 min•Season 1Ep. 5
This week on Higher Exchanges we spoke about potential new adult-use states and a groundbreaking lawsuit against U.S. Attorney General Merrick Garland. Hirsh Jain, Founder of Ananda Strategy, leads the discussion about the potential for adult use in Ohio, Pennsylvania, and Florida. These are three key states that may flip to recreational sales by the end of 2024. Joshua Schiller, Partner at Boies, Flexner, Schiller, joins the show halfway through to explain the key points of the lawsuit they fil...
Oct 27, 2023•1 hr 6 min•Season 1Ep. 4
TerrAscend Executive Chairman Jason Wild, CEO Ziad Ghanem, and CFO Keith Stauffer joined us to discuss the latest TerrAscend news. The company recently hosted an investor day and raised guidance. The team shared the reasons for the improved outlook and how various states are performing. We dove into deeper updates on Maryland and Pennsylvania, plus Ziad updated us on how historically challenging Michigan is evolving. Finally, Jason updated us on the benefits of the TSX listing and the increased ...
Oct 19, 2023•1 hr 1 min•Season 1Ep. 3
Boris Jordan, Executive Chairman of Curaleaf, joins the show to discuss the latest updates on their Toronto Stock Exchange (TSX) application, SAFER Banking, and rescheduling. He shares an approximate date for uplisting to the higher exchange and explains how the increased liquidity and access may benefit Curaleaf shareholders. Boris also covers the potential impacts of a new Speaker of the House on SAFER Banking and theorizes on when we may hear back from the DEA on Schedule III. In addition, Je...
Oct 13, 2023•1 hr 1 min•Season 1Ep. 2
The first episode of Higher Exchanges begins with Jesse, Morgan, and Toby discussing why they wanted to start the podcast. The conversation evolves into sharing their experiences at the recent Benzinga Cannabis Capital Conference in Chicago. They share their top three takeaways from the event and discuss whether cannabis is seeing increased institutional interest and the potential for future M&A activity. The episode concludes with a preview of what to look forward to in future episodes....
Oct 07, 2023•59 min•Season 1Ep. 1
