Cannabis Unlocked

In this episode of Cannabis Unlocked, Jordan Youkilis sits down with Jared Maserk, CEO of Baked Bags, to explore the rise of digitally native hemp brands and the challenges of building in an uncertain regulatory environment.Jared shares his journey from cannabis sales in the early days of cannabis to becoming CEO of Baked Bags, a hemp brand that has scaled rapidly by leaning into social media, unique product formats, and a direct-to-consumer mindset. What began with innovative edible cones has evolved into a broader portfolio designed to stand out in a crowded, fast-moving market.Jordan and Jared dive into the realities of operating in the hemp-derived THC space, the looming regulatory crackdown tied to the 2018 Farm Bill and how Baked Bags is preparing for potential disruption. Jared discusses the importance of staying agile, whether that means exploring new markets, experimenting with emerging product categories like beverages, or maintaining a capital-efficient, cash-flow-positive business model.The conversation is a candid look at resilience, creativity, and what it takes to build a brand at the intersection of culture, content, and cannabis.#CannabisUnlocked #CannabisBrands #THC #StartupJourney #CannabisIndustry

In this episode of Cannabis Unlocked, Jordan Youkilis sits down with Elliot Lane, President and Co-Founder of Igniteit Inc, to discuss the evolving role of media, events, and investor education in the cannabis industry.Elliot shares his unconventional path, from studying music and acting in New York to ultimately entering the cannabis world through Benzinga. What began as an effort to build investor-focused editorial content through Benzinga quickly revealed a growing need for education and community within the sector. That realization eventually led to the creation of Igniteit, a platform focused on connecting operators, investors, and regulators through high-value events and curated industry conversations.This conversation explores why meaningful content and education have become critical in a market where capital is tighter and operators must be more strategic. Elliot explains how Ignited’s conferences and their new Spotlight Series are designed to bring together influential voices from CEOs and financial institutions to regulators to reflect the unique challenges and opportunities within each state market. Please Enjoy!#CannabisUnlocked #CannabisEvents #CannabisInvesting #IndustryLeadership #CannabisIndustry

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!