On this episode of Higher Exchanges, we’re joined by Micah Anderson, CEO of LEEF Brands, to break down the company’s fourth quarter and full year 2025 results and what they signal about the next phase of growth.

We cover LEEF’s evolution, including the addition of Salisbury Canyon Ranch, and how vertical integration is driving margin expansion, improved consistency, and stronger cash flow. Q4 marked a clear inflection point, with revenue up nearly 40% year-over-year, gross margins reaching 45.5%, and the business generating positive operating and free cash flow.

We also unpack the transition from H1 to H2, where margins expanded significantly as LEEF shifted toward internally sourced biomass, and discuss what it means to build a large-scale cultivation asset inside a public company.

Finally, we look ahead to what’s next, including expansion plans at Salisbury Canyon Ranch, the recent Mindset Capital investment, and the growing optionality across CBD, interstate commerce, exports, and M&A, along with listener questions on market share and unit economics.

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On today’s episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia sit down with Boris Jordan, Chairman and CEO of Curaleaf, the largest cannabis company in the world.

We discuss what may be the most important policy and capital markets moment the industry has seen in years. Boris shares Curaleaf’s perspective on federal rescheduling, what it could change for operators, when it may become final, and whether additional catalysts like SAFER banking, uplisting, or even descheduling could follow.

We also explore Curaleaf’s evolving strategy around hemp-derived THC. After entering the category in 2018, exiting in 2023, reentering in 2024, and now stepping away again, Boris explains what changed in the regulatory landscape and what conditions could bring Curaleaf back to hemp in the future.

The conversation then turns to capital markets and consolidation across the cannabis industry. Following Curaleaf’s recent $500M refinancing, we discuss the improving tone in financing markets, whether deal activity is returning, and where industry consolidation may emerge.

Finally, we dive into Curaleaf’s fundamentals, including the balance between U.S. and international growth, sustaining margins through years of price compression, and what investors may be missing when evaluating the largest operator in cannabis.

A thoughtful discussion on policy catalysts, industry structure, and the next phase of growth for cannabis.

Higher Exchanges is powered by Flowhub.

Topics Discussed

• Federal cannabis rescheduling and policy outlook

• SAFER banking, uplisting, and future catalysts

• The future of hemp-derived THC

• Cannabis capital markets and financing conditions

• Industry consolidation and M&A

• Curaleaf’s international growth strategy

• Margins and price compression in U.S. cannabis

• Curaleaf’s “Built for Growth” strategy

On this episode of Higher Exchanges, Jesse Redmond and Morgan Paxhia are joined by Bill Morachnick, CEO of Charlotte’s Web, to explore whether the CBD category is entering a true restart or simply experiencing another policy-driven moment.

The conversation covers the evolution of CBD since the 2018–2019 boom, the emerging Medicare/CMMI reimbursement channel, and how regulatory momentum could reshape access, adoption, and total addressable market — particularly among senior consumers.

Bill shares how Charlotte’s Web is positioning for a more medical and regulated future, including advantages in compliance, formulation, distribution, and brand trust, as well as the company’s botanical drug development strategy and long-term optionality.

We also discuss minor cannabinoids, capital markets implications, the role of BAT’s investment, lessons from the last CBD cycle, and what a durable path forward for the category could look like.

Higher is exchanges is presented by Flowhub.