Cannabis Unlocked

Hosted by KEY Investment Partners LLC

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May 2026

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About the show

Unlocking cannabis investments. In this podcast series, cannabis-focused investment firm KEY Investment Partners aims to make sense of the evolving legal cannabis industry. We discuss current trends & events for investors looking to explore opportunities in the private and public cannabis markets.

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60 recent

May 13, 202632 min

Nasos Makriyiannis

In this episode of Cannabis Unlocked, Jordan Youkilis sits down with Nasos Makriyiannis, President of The KOMAND Group, to discuss the evolution of the global cannabis market and why Europe is quickly becoming one of the industry’s most important long-term opportunities.Nasos shares his path from healthcare consulting into cannabis M&A and explains how KOMAND Group became one of the earliest North American advisory firms operating across European markets ( The KOMAND Group works closely with Broderick Capital (www.broderickcapital.ca)) on cross-border transactions. From here, Nasos breaks down how the Canadian market evolved from post-legalization exuberance and oversupply into a globally optimized export hub supplying emerging medical markets abroad.The conversation explores the accelerating momentum across Europe particularly in Germany following deregulation and why international operators are increasingly focused on supply chain positioning, regional partnerships, and scalable distribution strategies. In close, Nasos and Jordan discuss the challenges that still remain around capital formation, the growing role of family offices and strategic investors, and how Schedule III momentum in the U.S. could reshape international participation over time.Enjoy!

April 2, 202619 min

Jared Maserk - CEO of Baked Bags

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

March 12, 202630 min

Elliot Lane - President & Co-Founder of Igniteit Inc

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

February 2, 202629 min

Adi Divgi - Founder and CIO of Divino Global Holdings

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

January 27, 202649 min

Steve Robinson - Editor-in-Chief of The Maine Wire

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

January 22, 202641 min

Brian Kuo - Investment Partner at KEY Investment Partners

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.

January 20, 202636 min

Joe Bayern - CEO of MM Brands

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!

November 18, 202522 min

Chris Colón - CEO of Highway Cannabis

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!

November 13, 202536 min

Andrew Davison - CEO of Long Play

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.

November 11, 202529 min

KEY Investment Partners Webinar with David Culver 11/25

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).