In this episode, we sit down with Micah Anderson, CEO of LEEF Brands (CSE: LEEF | OTCQB: LEEEF), to break down the company’s Q3 2025 financial results and what’s driving its turnaround story.LEEF delivered a standout quarter with revenue up 24% year-over-year to $8.4M, gross margins doubling to 45%, and the company generating positive adjusted EBITDA and free cash flow for the first time. We discuss the key drivers behind that performance — from the first successful harvests at Salisbury Canyon Ranch in California to the rapid launch of LEEF’s extraction lab in New York.Topics we cover:• The execution behind Salisbury Canyon Ranch and New York — LEEF’s two 2025 strategic goals — and how they are reshaping cost structure and margins.• The operational levers behind a 23-point margin expansion: how much came from vertical integration vs. new market mix.• How LEEF is maintaining cost discipline with operating expenses down 12% YoY while growing topline performance.• The company’s approach to managing 280E taxes and its stance on accruing vs. paying UTP.• Why LEEF added Bitcoin to its corporate treasury, and how Micah views Bitcoin allocation versus other growth investments like expansion or scaling SCR.• Plans for the next phase: expanding cultivation at Salisbury Canyon Ranch to 187 acres, scaling production in New York, and evaluating new state entries every 12–24 months.After Micah joins, we broaden the discussion with a look at the Q3 earnings season across cannabis, including Verano and Jushi. We dig into trends like margin compression, limited catalysts until 2026+ in key states, and how efficiency and vertical integration are separating strong operators from those treading water.A grounded, data-driven discussion on execution, cost control, and strategy in a tough market — plus a look at where real growth may come next.

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