Cannabis Rescheduling Is Here. What Happens Next? | Hirsh Jain

What will bring investors back to cannabis stocks?On Episode 108 of Higher Exchanges, Jesse Redmond and Morgan Paxhia welcome Aaron Miles, Chief Investment Officer at Verano, to discuss the state of cannabis investing, Verano's Q3 2026 earnings, and what could drive the next leg of growth for the industry.With cannabis valuations near historic lows and institutional capital largely on the sidelines, we explore what needs to change to attract investors back to the sector.Topics include:• Institutional capital, depressed valuations, and what could drive a sector re-rating• Schedule III, 280E tax relief, and uncertain tax positions• Verano's Q3 financial results, improving cash flow, and balance sheet• Share buybacks, debt refinancing, and capital allocation• Growth opportunities in Florida, Pennsylvania, Virginia, and Texas• Federal hemp restrictions and the potential shift toward licensed cannabis markets• Key catalysts for cannabis investors heading into 2027We also move beyond the markets for a personal conversation about psychedelics, personal growth, and maintaining perspective through the challenges of the cannabis industry. Aaron shares his experiences with psilocybin and his vision for a psychedelic retreat project in Colorado.Higher Exchanges is powered by Flowhub, the cannabis retail technology platform helping dispensaries improve operations, protect margins, and grow their businesses.Learn more at Flowhub.com.Subscribe to Higher Exchanges for weekly conversations with cannabis executives, investors, and industry leaders.

Jerry Derevyanny joins Jesse Redmond and Morgan Paxhia on Higher Exchanges to discuss what really matters for cannabis investors as we head toward 2027.We cover the state of the industry, where companies are finding profitability despite ongoing pricing pressure, and how to separate genuine value creation from growth that doesn't translate into shareholder returns.The conversation also explores cannabis stock valuations, capital allocation, M&A opportunities, and what could finally drive a sustained recovery in the sector.Thanks to Flowhub for sponsoring Higher Exchanges. Visit Flowhub.com to learn more. 

How did Auxly turn Back Forty into the #1 cannabis brand in Canada while posting some of the best margins in the industry? CEO Hugo Alves joins Jesse Redmond and Morgan Paxhia to explain.Auxly ranks among Canada's top licensed producers. In Q2 it reported 55% cannabis gross margins and a 31% adjusted EBITDA margin. Hugo covers what is driving that growth, how the company rebuilt its balance sheet, and where the next leg of growth could come from.In this episode:The state of the Canadian cannabis market and the growing international export opportunityWhy Auxly keeps gaining share in flower, pre-rolls and vapesA look at Q2 results and the drivers behind industry-leading marginsThe balance-sheet turnaround, capacity expansion and capital allocation prioritiesThe stock: the recent 14:1 share consolidation, buybacks and what investors may still be missingHigher Exchanges is powered by Flowhub, the leading cannabis retail platform helping dispensaries operate and grow

Grown Rogue CEO Obie Strickler and CSO Josh Rosen join Jesse Redmond and Morgan Paxhia to discuss a different approach to building a multi-state cannabis company.The conversation covers what the industry has learned from the first generation of MSOs, why Grown Rogue has stayed focused on cultivation and flower, and how operating discipline in mature markets like Oregon and Michigan has shaped its strategy.They also dig into Grown Rogue’s expansion into Illinois, Minnesota, and New York, including the PharmaCann transaction, why the company is selectively using existing infrastructure, and how retail fits into the evolving model.Higher Exchanges is powered by Flowhub.

Emily Paxhia joins Jesse Redmond and Morgan Paxhia to break down one of the largest and most competitive cannabis markets in the country.They discuss what’s changed in Florida, who’s winning and why, evolving consumer behavior, retail and promotion strategy, vertical integration, consolidation, and where the next leg of growth may come from.The conversation also covers what DEA registration does and does not mean for operators, and how companies should think about adult-use optionality.Higher Exchanges is powered by Flowhub.

Jesse Redmond and Morgan Paxhia are joined by Scott Grossman to discuss Cannabis 3.0 and the different architectures emerging across the industry.Scott breaks down the role of intellectual, financial, and human capital, and how cannabis companies are increasingly pursuing very different strategies for the next phase of the market.The conversation looks at Curaleaf, Glass House, and other operators to explore which models may be best positioned as the industry evolves.Higher Exchanges is powered by Flowhub.

Dan Ahrens, Managing Director and Chief Investment Officer at AdvisorShares, joins Higher Exchanges for a look inside the world’s largest cannabis ETF.Dan explains how he evaluates cannabis companies, builds positions across the MSOS and YOLO ETFs, and decides when a declining stock represents opportunity versus a broken investment thesis.The conversation also covers the financial metrics that matter most, how management quality and capital allocation influence stock selection, why major holdings carry different portfolio weights, and how Dan manages concentration and downside risk.We also get into swaps, custody, counterparty risk, liquidity, and how uplisting could change the investable universe.Higher Exchanges is hosted by Jesse Redmond and Morgan Paxhia.Powered by Flowhub, book a demo today!

What really happened inside the DEA’s cannabis rescheduling hearings?This week, Jesse Redmond and Morgan Paxhia are joined by Christian Bax, Senior Attorney at The Lockwood Law Firm, who attended the hearings from start to finish. Christian provides a firsthand look at the arguments presented by both supporters and opponents of Schedule III, what stood out inside the hearing room, and where the rescheduling process goes from here.The conversation also explores what the hearings mean for cannabis operators, investors, and the broader industry as regulatory uncertainty continues.Topics include:• Why the DEA hearings were held and what they were meant to accomplish• The strongest arguments from both sides• Key moments and surprises from inside the hearing room• What happens next in the rescheduling process• What operators and investors should be watching going forwardPowered by Flowhub.

Higher Exchanges celebrates its 100th episode with special guest Nick Gastevich to tackle one of the biggest questions facing the cannabis industry:Can cannabis grow again?After several challenging years for operators and investors, we examine what could drive the industry’s next chapter. From new state markets and same-store sales to hemp regulation, M&A, capital markets, and interstate commerce, we discuss the catalysts that could reshape cannabis over the next five years.In this episode:Celebrating 100 episodes of Higher ExchangesNick’s biggest surprises and lessons from the past yearWhere future cannabis growth will come fromThe outlook for new state launches and same-store salesThe impact of intoxicating hemp regulationWhether M&A and industry consolidation are finally acceleratingWhich companies are best positioned to be long-term winnersHow capital markets, uplistings, and institutional investors could change the industryWhat needs to happen for cannabis to become an attractive investment sector againFollow Higher Exchanges for weekly conversations with the leaders shaping the future of cannabis investing.Higher Exchanges is powered by Flowhub.

The cannabis industry may be entering a very different chapter.In this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia break down their biggest takeaways from the Benzinga Cannabis Capital Conference in Chicago and discuss why the industry’s long-term outlook may be improving—even as public cannabis stocks continue to struggle.They cover:Why this year’s conference felt differentWhy an uplisting isn’t a magic bullet for valuationsHow DEA manufacturing registrations could accelerate interstate commerce and international exportsWhy exports may arrive sooner than many investors expectVirginia’s path toward adult-use legalizationVermont’s interstate commerce legislationWhy low-cost production and scale could become major competitive advantagesWhether you’re an investor, operator, or simply following the evolution of the cannabis industry, this episode provides practical insights into the trends that could shape the next phase of growth.Higher Exchanges is powered by Flowhub.