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 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!