Cannabis Unlocked

In this episode of Cannabis Unlocked, Jordan Youkilis is joined by Adi Divgi, Founder and CIO of Divino Global Holdings, for a thoughtful discussion on manager selection, and what it takes for institutional investors to engage with emerging asset classes like cannabis.The conversation begins with Adi's 20+ year history in financial services, spanning institutional allocation, private insurance, and wealth management, and how that experience shaped Divino's focus on specialized, under-the-radar managers with disciplined deployment strategies. Next Adi shares how his portfolio construction has evolved in approach into a manager-first framework designed to reduce risk and improve consistency across cycles.Jordan and Adi then turn the conversation to liquidity, private credit, and why shorter realization timelines and current income matter in volatile markets. In closing, Adi offers his perspective on cannabis as a distressed but compelling opportunity, explaining why regulatory uncertainty has kept large pools of capital sidelined, and how Schedule III momentum plus SAFE Banking could unlock broader participation. Please enjoy!#CannabisUnlocked #InstitutionalInvesting #PrivateMarkets #CannabisCapital #AlternativeInvestments

In this episode of Cannabis Unlocked, Jordan Youkilis is joined by Steve Robinson, Editor-in-Chief of The Maine Wire, for a sobering conversation on organized crime and how cartels have abused the complexities of cannabis regulations to flood the market with illicit product.The conversation begins with Steve tracing his career as a journalist, to uncovering a sprawling network of illegal cannabis grows across Maine. From here they discuss the details of Steves' investigation and how it all began with a leak that said there were over 200 illegal cannabis grows in Maine alone. What began as local reporting quickly revealed a national pattern, one that law enforcement were largely unprepared for once cannabis shifted from criminal priority to agricultural afterthought. The discussion explores why these operations continue to adapt and expand, how uneven state regulation has burdened legal operators, and why financial oversight may be the key to disrupting these networks. In closing Steve shares his thoughts on what a functional cannabis market would actually require to limit illegal foreign operations in our states.To learn more check out The Robinson Report,  The Maine Wire, & SteveRob on X

In this episode of Cannabis Unlocked, Tiby Erdely sits down with Brian Kuo, an operator-investor with a rare mix of Big 4 rigor and “in the trenches” cannabis experience, and a new Investment Partner alongside KEY in MM Brands - to talk candidly about what actually drives success in this industry.Brian shares his unconventional path from PwC and academia into cannabis, including the moment he realized the best opportunities weren't about hype or financial engineering - they were about unit economics, clean fundamentals, and the captain of the ship. Drawing on his early CFO work with Wyld and his co-founding journey at Vape Jet (and a meaningful exit), Brian breaks down what “good” looks like inside a real business: tight controls, honest numbers, disciplined cash management, and incentives that keep teams aligned when markets get tough. Together, they dig into why mismanaged debt has been a recurring killer in cannabis, what Brian prioritizes in diligence, and how he thinks about investing in and around the space today, what to look for, what to avoid, and why asymmetric setups can be especially compelling in a reset. The episode closes with a forward-looking conversation on where opportunity still lives: battle-tested operators, disciplined capital, and the networks that compound over time.Please enjoy the episode.

In this episode of Cannabis Unlocked, Jordan Youkilis is joined by Joe Bayern, newly appointed CEO of MM Brands Inc., following their acquisition of BellRock Brand's portfolio.Joe shares his career path from consumer packaged goods and beverage turnarounds to senior leadership roles across cannabis, including taking Indus Holdings public and scaling Curaleaf through its most aggressive growth phase. Drawing on experience across both vertically-integrated operations and brand-led platforms, he explains why trust, efficacy, consistency, and execution, not simply scale,  will define the industry's next chapter.The conversation covers the opportunity Mary's Medicinals and Dixie Brands have to stand out as national brands. With industry normalization beginning Schedule III momentum, 280E relief, and evolving regulation could reshape distribution, banking, and consumer education. In closing, Joe and Jordan also discuss the future of cannabinoid research, product consistency, and building an omni-channel, asset-light brand model in a state-by-state market.Please enjoy the episode!

In this episode of Cannabis Unlocked, Chris Colón, CEO of Highway Cannabis, joins KEY Founding Partner Jordan Youkilis to unpack how cycles, capital, and timing define success in cannabis retail. Chris shares how he went from scaling fast-casual concepts like Smashburger to launching Highway Cannabis. The conversation covers how Chris sees states cycles over time sharing where smart M&A plays emerge across states like Colorado and California. Chris and Jordan also explore how hemp competes with cannabis retail, what products are moving in stores today, and why Schedule III won't bring the capital shift the industry needs. In closing, Chris emphasizes the need for operational discipline, trusted product portfolios, and strategic patience in a fragmented market. Please enjoy the episode!

In this episode of Cannabis Unlocked, Andrew Davison, CEO of Long Play Inc, joins KEY Founding Partner Jordan Youkilis to share how he built a national cannabis brand with a true American icon, Willie Nelson. Andrew recounts his path from Crocs' first CMO to launching Willie's Reserve in 2016, following a four-day interview with Willie Nelson's team. The brand has since grown from flower and pre-rolls into vapes, edibles, and now beverages. Next they uncover positive outcomes of the Farm Bill, specifically the emphasis on product quality. In closing Andrew shares how Willie's Reserve is different from other celebrity brands and how cannabis and music are historically intertwined.

KEY Investment Partners Webinar 11/25 : Rescheduling & Cannabis Investing Why now and why it's exciting): The DOJ/DEA's Schedule III process is underway, and rescheduling would be the biggest federal shift in cannabis policy in decades.What you'll learn: What's real, what's next. A clear, investor-focused briefing on timing, process, remaining steps, and what Schedule III does and doesn't change (taxes, banking, listings, and M&A).

In this episode of Cannabis Unlocked, Aaron Miles, Chief Investment Officer of Verano Holdings, joins Jordan Youkilis, Founding Partner at KEY Investment Partners, to share his path from publishing into cannabis. The two dive into what makes Verano different from other cannabis operators. Aaron kicks off with insights into the challenges of cannabis finance, attracting institutional capital, and the potential impact up-listing could have for public cannabis companies.Next they dive into today's market themes: shifting M&A activity, price compression, competition from intoxicating hemp, and state-level opportunities. The two close with perspectives on rescheduling, 280E, the cultural role of cannabis, the future of psychedelics, and how Verano is positioning itself to stay ahead of capital markets.Please enjoy the episode!

In this episode of Cannabis Unlocked, Guy Rocourt (Founder of GR Consulting and Co-Founder of Papa & Barkley) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to talk about the evolution of cannabis product formulation, the history of legalization, and the power of plant medicine. The conversations starts with Guy's journey into cannabis from the early days of California's care giver program all the way to opening one of the first extraction labs in Colorado, leading to his realization of the importance of full spectrum products and label transparency. Guy and Jordan move on to talk through the head winds the cannabis industry has faced, the opportunities hemp presents and the current political landscape around cannabis. The episode wraps up with Guy's perspectives on cannabis meditation, his consultancy GR Cannabis, and his product brand CLEA Mid Life. Please enjoy!

In this special edition of Cannabis Unlocked, KEY Investment Partners & Dykema hosted a Cannabis Round Table.Panelists included:Senator Bill Cunningham (D, IL-18, President Pro Tempore)Representative La Shawn K Ford (D, IL-8, and Candidate for Congress)Matthew Brewer, CEO & Co-Founder of GrasshopperBrandon Johnson, CEO & Co-Founder of TRP CoJohn Donovan, Government Policy Advisor & Counsel at DykemaJordan Youkilis, Founding Partner, KEY Investment PartnersThe discussion covered the history of IL cannabis legalization, the impact of intoxicating hemp products on regulated cannabis, the prospects of rescheduling and the outlook for hemp beverages. Panelists also discussed the successes & failures of IL's social equity program, constituent attitudes towards cannabis, and the outlook for banking reform. Please enjoy the episode!

In this episode of Cannabis Unlocked, Ernst Rustenhoven and Jake Kuczeruk of I Love Growing Marijuana (ILGM) join KEY Founding Partner, Jordan Youkilis, to explore the momentum behind the home grow movement. Ernst, an Amsterdam-based venture veteran and CEO, joins Jake, head of ILGM's community growth program, to break down how ILGM has evolved from a “seed bank" into a full-scale educational platform supporting home growers. Next they dive into ILGM's pivot towards creating a community, exploring changes in customer demographics, and the reasons people are starting to grow themselves. In closing, the three discuss how ILGM's platforms helps solve the common hurdles of starting your own grow and how cannabis is trending toward refinement much like the wine industry where local, small batch, and regional varieties hold value. Please enjoy the episode!

In this episode of Cannabis Unlocked, Fred Gomez, Director of Institutional Research at ATB Capital Markets, joins KEY Founding Partner, Pete Karabas, to unpack what the latest data is telling us about U.S. and Canadian cannabis markets. Fred covers over 20 public cannabis companies across North America and shares what he believes investors should be watching, from upcoming MSO refinancing, to ongoing price compression and market saturation. From here Fred and Pete provide their insights on how Canada's path offers lessons for U.S. operators exposing the myths around 280E and how it won't solve the industries biggest issues. Lastly, they discuss why many investors overestimate growth and underestimate risk even in highly volatile industries like cannabis.Please enjoy the episode!

In this episode of Cannabis Unlocked, Keith Cich, Co-Founder and President of Sunderstorm, joins KEY Founding Partner, Pete Karabas, for a deep dive into building one of California's most trusted cannabis edible brands. Keith shares his journey from Wall Street to weed, starting out as a bond trader before pivoting to cannabis with his Stanford classmate Cameron Clark to found Sunderstorm. The conversation covers how Sunderstorm's Kahna brand edibles are different from the other edible products you'll find on dispensary shelves, delivering a consistent experience to the cannabis consumer. Next they discuss why a focus on deep vertical integration has been key to their scale and how they survived post-COVID market contractions despite California's crowded brand scene. In closing Keith shares how the company has used AI, automation, and centralized operations to scale across new markets while maintaining quality, from LA to Thailand. Please enjoy the episode!

In this episode of Cannabis Unlocked, Hugo Alves, Co-Founder and CEO of Auxly Cannabis, joins KEY Investment Partners Founding Partner, Tiby Erdely, for a conversation about building one of Canada's most successful cannabis companies. Hugo shares his path from McDonald's employee to Senior Partner at Bennett Jones before taking the leap in 2017 to build Auxly. From there, they explore the company's evolution into a vertically integrated cannabis leader headlined by the success of its flagship brand Back 40. Next, Hugo and Tiby dig into the difference makers for Auxly including early bets on fast-growing product categories and how the company's recent refinancing is paving their long-term path of growth and profitability. To close, Hugo shares his mission to help people live happier lives through fun, accessible, high-quality products and why he sees Back 40 becoming a global cannabis staple over the next five years.Please enjoy the episode!

In this episode of Cannabis Unlocked: Joe Lustberg, Co-Founder of Upwise Capital, joins KEY Investment Partners Founding Partner, Jordan Youkilis, to unpack what's happening in cannabis debt markets. The conversation begins with Joe's background, from his origins in the New York cannabis scene to his entrance in direct lending, which eventually led him to build Upwise Capital. From there, Joe and Jordan dive into how MSO's have evolved and the current state of debt in cannabis, which has been marked by a sharp rise in the cost of capital. The episode closes with a look ahead, including the rise of the intoxicating hemp products, the competition it presents, and the harm legalization could do to smaller operators. Please Enjoy the episode!

In this episode of Cannabis Unlocked, Representative La Shawn Ford of the Illinois state Congress, and John Donovan, a lobbyist for Dykema join KEY Founding Partner Jordan Youkilis. In this conversation, Rep. Ford, Donovan and Youkilis discuss how the government of Illinois has shaped their cannabis legislation.They start the conversation covering the structure of the Illinois General Assembly including the challenges of passing meaningful reform. From there, they discuss the successes of the state's cannabis legalization, and specifically the benefits of social equity initiatives.Next, they address the threat posed by unregulated hemp-derived products and emphasize the importance of consistent testing, taxation, and oversight. Looking ahead, they consider emerging reforms around psychedelics, hemp beverages, and delivery licenses, with a focus on public health and equity. Please enjoy the episode!

In this episode of Cannabis Unlocked, Jason Pickle (Founder of Volunteer Botanicals) joins Tiby Ederly (Founding Partner at KEY Investment Partners) to talk about the evolving role of cannabinoids in the consumer product space. The conversation begins with the launch of Volunteer Botanicals following the 2018 Farm Bill setting off pioneering cannabinoid intermediates. From there, Tiby and Jason dive into the science of product formulation-how Volunteer Botanicals powderizes and tabletizes solid oral doses and develops full-spectrum extracts. The episode wraps with a look ahead at the next 10-15 years. Please enjoy!

In this episode of Cannabis Unlocked, Ben Burstein, Corporate Development Manager at LeafLink, joins Jordan Youkilis (Founding Partner at KEY Investment Partner) to share his fast track into mastering industry research and M&A. Ben dives into the cannabis industry's biggest challenges, from lack of institutional banking and poor inventory management to limited investor readiness. From here Ben and Jordan put a spotlight on varied states market trend wrapping up by exploring the impact of grey market dynamics and the future of M&A in newer cannabis markets. Please enjoy!

In this episode, Felipe Recalde (CEO of Compound Genetics and Fartech Ventures) joins today's host Jordan Youkilis (Founding Partner at KEY Investment Partners). Felipe shares his journey from South-Texas patient to multi-brand cannabis entrepreneur and investor. The conversation opens with Felipe's early home-grow experiments, his move into California cultivation, and his advocacy work on the California Growers Association board. Then, Felipe and Jordan dissect the market downturn, licensing delays, 280E taxes, and an entrenched illicit supply chain. Next, we debate what it will take for the legal market to out-compete the black market. Felipe describes his various responsibilities, including CEO of Compound Genetics and of investment firm Fartech Ventures, and CTO of OOG.Health. We cover the hunt for good cultivators and supporting “picks-and-shovels” tech . The episode closes with an outlook on federal rescheduling, hemp regulation, the MAHA movement's views on cannabis, and the emerging global market. Please enjoy the episode!

In this episode of Cannabis Unlocked, Guy Rocourt (Founder of GR Consulting and Co-Founder of Papa & Barkley) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to talk about the evolution of cannabis product formulation, the history of legalization, and the power of plant medicine. The conversations starts with Guy's journey into cannabis from the early days of California's care giver program all the way to opening one of the first extraction labs in Colorado, leading to his realization of the importance of full spectrum products and label transparency. Guy and Jordan move on to talk through the head winds the cannabis industry has faced, the opportunities hemp presents and the current political landscape around cannabis. The episode wraps up with Guy's perspectives on cannabis meditation, his consultancy GR Cannabis, and his product brand CLEA Mid Life. Please enjoy!

In this episode of Cannabis Unlocked, Jason Beck (Founder and Host of High at 9 News) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to talk about running a cannabis news platform, the rescheduling to level 3, and the history of California's market. The conversations starts with Chuck's path into the cannabis industry, from a man with a pager to an early operator telling us what it was like getting raided by the DEA 3 separate times. Jason and Jordan move on to learn about his varied political work as a point man for congressman Rohrabacher and cannabis messaging correspondent for the 2016 Trump campaign. The episode wraps up with Jason's thoughts on Trump's current cabinet picks regarding cannabis and his ongoing work with Cannabis intelligence alliance, American Kind Foundation and Parody Gummy. Please enjoy!

In this episode of Cannabis Unlocked, Chris O'Ferrell (Author of Greater Than 100 grams per Foot) sits down with Tiby Erdely (Founding Partner at KEY Investment Partners) to discuss his new book, what inspired the book, and how vital great cultivation practices are. The conversation kicks off with Chris' journey from the Military to cannabis cultivation where he's become an industry leading expert. From here Chris and Tiby dive into Chris' cannabis cultivation book, Greater Than 100 Grams per Foot. The episode finishes up with Chris' perspective on the importance of genetic variety, what to look for when investing in a cannabis cultivator, and the future of cannabis cultivation. Please Enjoy!

In this episode of Cannabis Unlocked, Chuck Smith (Founder and CEO of Bellrock Brands) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the early days of cannabis, the struggles of smaller public cannabis companies and Chucks recent endeavors from Bellrock Brands to Colorado Leads. The conversations starts with Chuck's path into the cannabis industry, from realtor in Alabama to early investor and executive at Dixie Elixirs and now CEO of Bellrock Brands. From here Chuck and Jordan touch on the trials and tribulations of working a smaller public cannabis company amidst public and private money drying up. The episode wraps up with Chuck's thoughts on cannabis product categories and his current work with Colorado Leads, a coalition of business leaders who advocate for progressive cannabis reform in Colorado. Please enjoy!

In this episode of Cannabis Unlocked, Josh Kappel (Partner at Vicente LPP and Co-Founder of Microdosing Collective) joins Jordan Youkilis (Founding Partner at KEY Investment Partners) to dive into the state of cannabis and psychedelic legalization. The conversation kicks off with Josh's background in cannabis law, his exposure to psychedelic law, and the future of psychedelic legality. From here Josh and Jordan touch upon the argument between natural and synthetic substances' medical applications and the FDA's difficulty to regulate the new wave of alternative medicines. The episode wraps up with a synopsis of what The Microdosing Collective is, how they began, and what the upcoming election could mean for cannabis and psychedelic legalization. Please enjoy!

In this episode of Cannabis Unlocked, Jill Ellsworth (Founder of Willow Industries) joins Jordan Youkilis (Founding Partner at KEY Investment Partners) to dive into the critical issues of cannabis safety, regulatory challenges and the importance of product safety. The conversation kicks off with Jill's transition from running a Juice business to cannabis, highlighting her pioneering efforts in cannabis decontamination with Willow Industries. Jill shares insights on consumer misconceptions regarding cannabis safety and the rigorous testing it undergoes. The discussion then explores the evolution of safety measures from reactive to proactive strategies across the industry and the implications of disjointed state regulations and the potential for federal oversight in the future. The episode wraps up with a look at Willow's latest innovation, Willow Air, which tackles air contamination in cultivation facilities. Please enjoy!

In this episode of Cannabis Unlocked, Kelly Coyne (Partner at D4 Investments) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the current state of cannabis investing, opportunities for growth, and the shift in buyer demographics being seen nationwide. The conversation begins with a dive into Kelly's background, her path towards D4 Investments, an overview of D4 investments investing strategies and their investment in Talarya. From there, Kelly talks through D4's experience merging distressed assets to create a stronger business and how that experience lends itself to success in the battered cannabis industry. The talk continues with Kelly and Jordans perspectives around cannabis brands, their successes and how they represent a strong growth path for the cannabis industry. This episode concludes with an overview of the demographics of cannabis buyers and how the buyer persona of a “cannabis user” is changing. Please enjoy!

In this episode we welcome back Dave Nuendorfer, CEO of Open Book Extracts, a cannabinoid ingredients, formulations and finished goods manufacturing company and KEY portfolio company. Dave has spent the better part of the past decade in cannabis and recently celebrated 5-years at Open Book. We discuss the history of Open Book, the growth and trends of the cannabis industry and the rise of the hemp derived cannabinoid industry. Stay tuned for some exciting news and developments as Open Book takes cannabis into the future! Enjoy!

In this episode, we welcome back an old friend of KEY, David Culver, who recently headed up Canopy Growths Global Government Relations. David Culver is now at the US Cannabis Council (USCC) as Senior Vice President of Public Affairs. David is arguably one of the most plugged-in regulatory experts in Washington D.C. and in this episode we discuss what is the USCC, and then we move over to the regulatory topics: SAFE Banking and Re-Scheduling. Stay tuned as we have some exciting regulatory developments and predictions to share!

In this episode of Cannabis Unlocked, Scott Jordan (Founder of Alternative Finance Network) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to talk through cannabis reschedulings impact on access to capital, credit card processing and even back taxes. The conversation begins with Scott's thoughts on cannabis rescheduling, 280E and the implication for 280E in the event of rescheduling. From there, Scott dives into the role his company, Alternative Finance Network provides the cannabis space and how it helps cannabis operators connect with lenders and money sources. The talk continues with Jordan and Scott's thoughts on how credit card processing and access to capital or debt would change if rescheduling was to occur. This episode concludes with Scotts perspectives on how retroactive 280E taxes will be managed once rescheduling happens. Please enjoy!

In this episode of Cannabis Unlocked, Guillermo Rodriguez CPA, FPAC (Virtual CFO with Summit Virtual CFO by Anders) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the hurdles of cannabis taxation as well as the present and future implications of 280E. The conversation begins with Guillermo's background in corporate accounting and his journey into the cannabis space. From there, Guillermo talks through his process of learning the cannabis space, his networking efforts, and how he identified the need for better financial practices in the cannabis industry. The talk continues with Guillermo's thoughts on the current 280E taxation issue currently faced by all cannabis operators and what could shift for operators with impending legislative changes. This episode concludes with thoughts on what operators should do regarding outstanding 280E taxes prior to any major legislative shifts. Please enjoy!

In this episode of Cannabis Unlocked, Katie Neer Esq. (Of Counsel at Dickinson & Avella) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the New York cannabis market and the opportunity it holds for those willing to navigate its complex regulatory structure. The conversation begins with Katie's  journey into the cannabis industry through government relations efforts for Acreage Holdings and later as counsel for a cannabis delivery service, Lantern. From there, Katie and Jordan dive into the nuanced complexities of transitioning an existing industry into a regulated industry. From 280E taxation to banking limitations and access to capital, Katie speaks to the seemingly never ending hurdles the industry regularly overcomes. The talk continues with an in depth review of New York's efforts to legalize and roll out adult use cannabis. This episode concludes with Katie explaining the current state of New York's cannabis licenses and next steps residents can expect for dispensaries opening. Please enjoy!

In this episode of Cannabis Unlocked, Mara Sheldon (Principal at Squire Patton Boggs) sits down with Tiby Erdely (Founding Partner at KEY Investment Partners) to discuss the recent U.S. Department of Health and Human Services (HHS) recommendation to the Department of Justice to reschedule cannabis from a Schedule 1 drug to Schedule 3. The conversation begins with Mara's thoughts on HHS' recommendation and what rescheduling could mean for the cannabis industry.  From there, the conversation shifts to the positive and negative implications of a schedule 3 reclassification and the political pressure this recommendation creates. Please enjoy!

In this episode of Cannabis Unlocked, Jeff Samuels (President of Frontier Risk Group) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the intricacies of cannabis insurance and its importance in such a rapidly expanding industry. This conversation begins with an overview of Jeff's background in insurance and how this led up to his involvement in the cannabis space. From there, Jeff talks Jordan through the role and value insurance plays in the highly regulated and highly volatile cannabis industry. The talk continues with an overview of the main factors considered when insuring cannabis businesses and how that affects the premiums these businesses pay. This episode concludes with Jeff's thoughts on the impact cannabis has on creativity and its importance to culture. Please enjoy!

In this episode of Cannabis Unlocked, Jan Hardorp (Founding Partner at re.Mind Capital) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the mental health crisis, the rise of psychedelic assisted therapies and the opportunities within this new wave of medicine. The conversation begins with a look into Jan's background, the founding of his fund re.Mind Capital, and an overview of re.Mind's focus on solving mental and neurological health issues. From there, Jan and Jordan dive into the realities of the growing mental health crisis and how society can overcome this rise. The talk continues with the impact psychedelics can have on mental health, the importance of creating a measuring system to monitor mental health, and what the psychedelic regulatory landscape looks like globally. This episode concludes with Jan's recommendation for those that are interested in learning more about administering psychedelic therapies.  Please enjoy!

In this episode of Cannabis Unlocked, Judson Hill (Partner at Cannapreneur) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the hurdles of financing in cannabis and the ever continuing potential of the east coast and southern cannabis markets. This conversation begins with Judsons journey towards the cannabis industry and his early roles in the cannabis space. From there, Judson and Jordan speak to financing hurdles in the cannabis industry and how this lack of capital has impacted industry growth. The talk continues with an overview of the current consumer buying trends and the common disconnect between brands and consumers. This episode concludes Judson's perspectives on the southeast and east coast cannabis markets. Please enjoy!

In this episode of Cannabis Unlocked, Jeremy Johnson (Business Development Manager at Dispense) sits down with Tiby Erdely (Founding Partner at KEY Investment Partners) to discuss the headaches around cannabis menus, transactions and online ordering, from there the conversation dives into the long standing criminal justice issues around cannabis. This conversation begins with Jeremy's journey through the cannabis industry from legacy markets to the first recreational dispensaries in Michigan all of which lead him to his current role at Dispense, an ecommerce system for dispensaries. From there, Jeremy walks through Dispenses' offering and explains the hurdles cannabis businesses face when displaying their products online and transacting with customers. The talk continues with Jeremy's perspectives on the criminal justice system and the prison industrial complex, during this he breaks down the financial and societal cost we pays for these systems' continued operations. This episode concludes by talking through the realities of cannabis legalization and how the fight for cannabis reform is far from over. Please enjoy!

In this episode of Cannabis Unlocked, Mara Sheldon (Principal at Squire Patton Boggs) sits down with Pete Karabas (Founding Partner at KEY Investment Partners) to discuss the current and past hurdles of cannabis reform, the impact different types of reform have on the cannabis industry, and what the future could hold as another presidential election cycle kicks into gear. The conversation begins with Mara's thoughts on the complicated journey the SAFE Banking bill has taken and what 2023 could bring for cannabis reform. From there, Mara speaks to the potential outcomes associated with rescheduling or de-scheduling cannabis, the odds of this happening in the near future and what this shift means for 280E. This episode concludes with Mara's perspectives on the timeline for cannabis reform and what could be expected going into the next presidential election. Please enjoy!

In this episode of Cannabis Unlocked, Rena Sherbill (Director of Audio Content at Seeking Alpha and Host of The Cannabis Investing Podcast) sits down with Tiby Erdely (Founding Partner at KEY Investment Partners) to discuss the evolution of US cannabis, the mix of political support behind cannabis reform, and the impact Israel has had on the understanding of medical cannabis. The conversation begins with Rena's experience at Seeking Alpha, her journey towards covering cannabis finance, and how her views on the cannabis industry have changed as the industry has matured. From there, Rena speaks to the current state of the US cannabis market and how public cannabis companies are fairing during the current economic hurdles. The talk continues with predictions on the future of the US cannabis industry in relation to the ebbing political climate. This episode concludes with a conversation around Israel's extensive research efforts and how that's positioned Israel at the forefront of discovery specifically when it comes to understanding the medicinal value of cannabis.

In this episode of Cannabis Unlocked, Matt Balaker (Director at Aureata Capital and Host of The Matt Balaker Podcast) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the early days of cannabis investing and the need for personal connection. This conversation begins with Matt's journey into cannabis in 2012 and what the earliest days of cannabis culture and investing looked like right as adult use legislation was being passed. From there, Jordan and Matt speak to the historical injustices around cannabis and discuss how success in cannabis is not solely based on increased revenue but also increased opportunities for those that have been disproportionately affected by cannabis' history. The talk continues by diving into the creation of Matt's podcast, The Matt Balaker Podcast, which covers a range of investing topics including cannabis. This episode concludes with a conversation around Matt's passion for stand up comedy and everyone's need for personal connection and interaction. Please enjoy!

In this episode of Cannabis Unlocked, Eric Berlin (Partner at Dentons) sits down with Jordan Youkilis (Founding Partner at KEY Investment Partners) to discuss the journey of cannabis legalization and the hurdles experienced as traditional business efforts are exerted on the rapidly evolving cannabis market. This conversation begins with Eric's background in law, his successful efforts to legalize medical cannabis in Illinois and his path towards leading Denton's Cannabis Law practice. From there, Eric speaks to some of the complications cannabis businesses and investors face when attempting M&A deals or public offerings. The talk continues by walking through the range of opportunities in the cannabis and hemp markets and how these opportunities only represent a portion of the total market, the rest of which is made up of illicit product sales. This episode concludes with an overview of Canopy Growth's recent efforts to consolidate their holdings in US plant touching operations and the impact this has on the rest of the US cannabis market. Please enjoy!

Ashley Wynn-Grimes is an Author, Cannabis Advocate, and Founder of Cannabis Nursing Solutions. In this conversation, we discuss Ashley's journey as a nurse including how her disillusionment with the financial incentives behind Big Pharma led her to explore alternative healing modalities and the structure of the endocannabinoid system. We next talk about Ashley's journey as an author and writing the book Stigmatized. Then, we discuss ways for healthcare professions to research cannabis and how to obtain certifications to consult with patients on the medicine. We then consider how to optimize product offerings for patients, rather than just maximizing THC content. From there we discuss Maryland's recent legalization of adult-use cannabis, how Ashley expects her home market to develop in the coming years, and the somewhat arbitrary distinction between recreational and medical cannabis. Next, we discuss the recently approved Federal legislation on medical marijuana research and what outcomes Ashley expects to see following its passage. We end talking about Ashley's children's book Asa's Medicine. Please enjoy! Check out the resources mentioned: - Stigmatized: A Hero's Journey by Ashley Wynn-Grimes: https://www.amazon.com/Stigmatized-Heros-Journey-Ashley-Wynn-Grimes/dp/1637903472 - Asa's Medicine by Ashley Wynn-Grimes: https://www.amazon.com/Asas-Medicine-Hardback-Ashley-Wynn-Grimes/dp/0578790661?ref_=ast_sto_dp - Cannabis Nursing Solutions: https://cannanursingsolutions.mykajabi.com/

In this episode of Cannabis Unlocked, Eric Hammond (CEO & Co-Founder of Highsman) sits down with Jordan Youkilis (KEY Investment Partners Founding Partner) to talk about the creation of Ricky Williams, Highsman brand, their growth strategy and how Highsman plans to become a household name. This conversation starts with an overview of Eric's journey into the cannabis industry, the creation story behind his brand, Highsman, and how Eric met his Co-Founder, Former NFL Running Back, Ricky Williams. The talk continues a deep dive into Ricky Williams' personal journey with cannabis and how his personal connection led to the creation of Highsman, a multi-state cannabis licensing and apparel business. The conversation continues by talking through the strategic growth plan of Highsman, and how they've successfully navigated the tough market conditions of the cannabis industry. The talk closes with a brief overview of Highsmans strategy to attract other high caliber, influential athletes. Please enjoy!

In this episode of Cannabis Unlocked, Peggy Van De Plassche (Author, Speaker, & Psychedelics advocate) sits down with Jordan Youkilis (KEY Investment Partners Founding Partner) to discuss psychedelic medicine, it's value in improving mental health, and the importance for continued exploration regarding the value this new wave of medicine provides patients. This conversation starts with an overview of Peggy's journey from the financial services industry to becoming a mental health and psychedelic advocate who leverages writing and public speaking to educate others. From there, Peggy and Jordan speak to Peggy's exposure to Psilocybin and how those experiences shaped her personal outlook, improved her day to day and led to her own re-evaluation of “medicine”. The talk continues with perspectives on the future of psychedelic medicine when it comes to government approval and large scale patient access. The conversation wraps up with profound experiences Peggy's pulled from her journey with psychedelics and how having a clear intention during these trips increased her ability to process past traumas. Please enjoy!

In this episode of Cannabis Unlocked, Jasper Gallo (Director of Corporate Development at PharmaCann) and Jeremy Nelson (Associate Director of Corporate Development at PharmaCann) sit down with Jordan Youkilis (KEY Investment Partners Founding Partner) to discuss current and future state of cannabis M&A, and PharmaCann's growth strategy through organic license wins along with acquisitions. This conversation starts with Jasper and Jeremys individual journeys towards cannabis, their path into PharmaCann along with a high level overview of PharmaCann. From there, Jasper, Jeremy and Jordan cover some of the advantages scale provides cannabis businesses and speak to how PharmaCann has grown, through a mix of organic license wins through application processes as well as through M&A. The talk continues with Jasper and Jeremy's perspectives on the current state of cannabis M&A in regards to the falling valuations of cannabis business' and what impact the overall economy has on cannabis M&A transactions. The conversation wraps up with Jasper and Jeremys thoughts on markets with an uncapped amount of licenses, the value of building a market presence in limited license states and unlimited license states, and how potential federal changes impact the M&A and investment side of cannabis. Please enjoy!

In this episode of Cannabis Unlocked, Mara Sheldon (Senior Policy Advisor at Squire Patton Boggs) sits down with Tiby Erdely (Founding Partner at KEY Investment Partners) to discuss political hurdles and opportunities facing the cannabis space in light of recent political wins. This conversation begins with Mara's background and her perspectives on the current state of cannabis policy following Biden's recent announcements including the potential rescheduling of cannabis and the pardoning of thousands of low level federal cannabis convictions. From there, Mara speaks to the various levels of federal drug scheduling, and how 280E, a tax law that only applies to federally illicit businesses like cannabis, could change after the rescheduling of cannabis. The talk continues as the pair discuss opportunities that the Safe Banking and CLIMB acts open up for the cannabis industry, and how this could fuel rapid growth for the industry by dropping the cost of capital. This episode concludes with Mara's predictions on the future of cannabis and steps ahead that could lead to eventual federal legalization. Please enjoy!

In this episode of Cannabis Unlocked, Russell Stanley (Managing Director of Equity Research at Beacon Securities Limited) and Tiby Erdely (KEY Founding Partner) discuss the evolution of cannabis from early Canadian LP's to today's US based MSO's, the future of cannabis legalization in the US, and the impact of Biden's recent cannabis announcements on the state of the industry. This conversation starts with Russells experience in equity research and he's shift in focus towards cannabis in 2016. From there, Russell and Tiby speak to the continued maturing US based MSO's have shown and their evolution towards being a more "traditional business" that can be judge by margins rather than less tangible growth factors. The talk continues by diving into the funding differences Canadian LP's and US Based MSO's have faced and how the "bootstrapped" nature of US operations has forced leaner business growth. Conversation shifts from here towards Biden's recent announcement around pardoning minor cannabis offences, the potential for cannabis rescheduling and the impact of this shift on Safe Banking. The conversation wraps up with perspectives on the path towards federal legalization and advice from Russell on how to navigate the ever changing future or cannabis. Please enjoy!

In this episode of Cannabis Unlocked, David Culver (VP of Global Government Affairs at Canopy Growth) and Tiby Erdely (KEY Founding Partner) discuss the breath of Canopy Growths operations, the current and future state of the cannabis industry, and some meaningful actions Congress could take to support the cannabis industry. This conversation starts with David's journey into cannabis government relations and an overview of Canopy Growths business structure, current footprint, and future acquisitions pending US federal legalization. From there, David and Tiby speak to the current state of the public cannabis markets and the expanding future opportunity cannabis represents. The talk continues by diving into the current bills and initiatives being pushed forward through the US Congress. The conversation wraps up with importance of Safe Banking for cannabis businesses and advice from David on how cannabis businesses can survive in the current capital markets environment. If you're interested in getting involved in cannabis reform efforts please head to: www.uscc.org Please enjoy!

In this episode of Cannabis Unlocked, Brandon Johnson (CEO of TRP) sits down with Jordan Youkilis (KEY Investment Partners Founding Partner) to discuss how TRP has evolved into a retail powerhouse through working with legacy brands and championing social equity efforts. This conversation starts with Brandons path towards cannabis and how he got the inspiration for TRP's business model of partnering with legacy brands and leveraging retail locations to scale those brands. From there, Brandon and Jordan speak to the hurdles behind social equity applications and how TRP has effectively navigated the licensing process to enable social equity brands success. The talk continues with Brandons perspectives on future retail trends across the evolving US Marketing. The conversation wraps up with thoughts around the value of retail dispensaries and cannabis delivery as our nation pushes towards more open markets and eventual legalization. For more information around TRP please reach out to: bj@trp.co Please enjoy!

In this episode of Cannabis Unlocked, Jason Brett (CEO and Co-Founder of Katalys) sits down with Tiby Erdely (KEY Investment Partners Founding Partner) to discuss the ever evolving importance of accurate and effective marketing tools and how Katalys' affiliate attribution tool is prepared for the future of marketing. This conversation begins with Jason's passion of marketing and that passion evolving into a passion for marketing technology. From there, Jason speaks to the founding story of RevOffers (now Katalys) and its journey from being a CBD affiliate network into an industry agnostic affiliate shopping tool. The talk continues by discussing the unique accuracy of Katalys affiliate attribution tool, it's increasing importance when it comes to "the cookie apocalypse", and the difference between first party and third party data collectors. This episode concludes by highlighting the importance of marketing tools providing a seamless consumer experience and how ease of use is vital to converting customers. Please enjoy!

In this episode of Cannabis Unlocked, Chris Yetter (Founder and Portfolio Manager of Dumont Global) sits down with Jordan Youkilis (KEY Investment Partners Founding Partner) to discuss what to look for in sound cannabis investments, the hurdles of investing in US cannabis businesses and things to look for when shorting selling. This conversation starts with Chris' path from short selling fraudulent or illegal businesses in Latin and South America to his journey towards investing in legal cannabis businesses. From there, Chris and Jordan speak to the investment flexibility Dumont Global has as a hedge fund along with the headaches that come along with establishing a fund and investing in cannabis. The talk continues with Chris' perspectives on the future of US based cannabis-touching businesses in relation to their access to capital and legislative change. This episode concludes with Chris' breakdown of the US market not being one single market rather than many markets that need to be navigated independently. Please enjoy!

In this episode of Cannabis Unlocked, Owen Bennett (SVP of Equity Research for Global Tobacco & Cannabis at Jefferies) sits down with Jordan Youkilis (KEY Founding Partner) to discuss the intricacies of international cannabis markets, the range in their success, and the variance in addressable markets. This conversation starts with Owens career path towards Jefferies and follows Jefferies' desire to understand the emerging cannabis market. From there, Owen and Jordan discuss the difference between Canadian LP's, US based MSO's and ancillary businesses in relation to their addressable market sizes, differences in federal acceptance and access to institutional investment. The talk continues with a pointed discussion about the current state of cannabis stocks and the shifted focus to building lasting brands that capture consumer attention. This episode wraps up with a conversation around cannabis during the broader economic shift seen over the past several months that's expected to continue through 2022. Please enjoy!