Higher Exchanges
Higher Exchanges is the number one independent cannabis investing show. Hosted by Jesse Redmond and Morgan Paxhia, the show features candid conversations with top CEOs, operators, and capital allocators shaping the future of cannabis. We break down complex cannabis markets into clear insights you can actually use.
Higher Exchanges is powered by Flowhub and features original intro music by Chris Otchy.
Higher Exchanges
Tier One MSO Earnings – Q2 2025 Highlights
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In this episode, we kick things off with a quick market update, highlighting the recent surge in MSOS ETF momentum, institutional inflows, and what’s been driving cannabis stocks higher since late June.
We then dive into AYR Wellness’s restructuring agreement—what it means, how the credit bid process works, and why it could set the tone for distressed M&A in the sector.
From there, we break down Q2 earnings from the top tier U.S. operators, including:
- Trulieve – Continued cash generation and margin leadership
- Green Thumb – Steady growth and operational discipline
- Curaleaf – International strength offsetting U.S. softness
- Verano – Quiet performance amid macro headwinds
- Cresco – Margins up, revenue down—focused execution in a rationalizing market
We close with big-picture takeaways, sharing how we’re thinking about the industry’s next chapter, potential catalysts, and what separates resilience from risk in U.S. cannabis right now.
