At The Highrise, a New York City cannabis community event by Gotham and Cultivated Media, the format was intentionally uncomfortable.
The “Hot Seat” moved fast, no preambles, no hedging—just direct questions about where the cannabis industry is headed, and what operators should realistically expect next.
For Will Brophy, COO of Nabis, that meant cutting straight through optimism, pessimism, and misconceptions alike.
Watch the full Hot Seat with Will Brophy below.
On Rescheduling: “This Is the Starting Line”
Asked to put odds on federal cannabis rescheduling happening this year, Brophy didn’t equivocate, “I think it’s 95% likely.”
But most importantly, he said, “The biggest misconception… is that it means broad-based federal legalization. The work isn’t done. We’re not at the finish line.”
Instead, Brophy framed rescheduling as foundational: important, meaningful, but incomplete. “This is more like the starting line for normalization. We’re really just starting to walk away from the war on drugs,” he continued.
For operators hoping rescheduling alone will fix structural issues overnight, his message was clear: progress is real, but expectations need to stay grounded.
On Banking Reform: No Ambiguity
When the conversation turned to the impact of banking reform, the tone remained definitive.
On a scale of 1 to 10—barely noticeable to industry-changing—Brophy’s answer was immediate, “It would be a 10.”
He acknowledged that the impact would vary by operator, but the conclusion didn’t: “I can’t imagine a world where safe banking wouldn’t impact every single operator somehow.”
Whether through access to capital, cash management, or risk mitigation, banking reform remains one of the most consequential unlocks for the industry’s next phase.
On New York: Big Intentions
When grading New York’s cannabis rollout so far, Brophy said, “I’d describe it as ambitious, and great intentions—but often clumsy execution.”
From systems to rollout mechanics, the gap between policy vision and operational reality has been costly.
Still, the critique wasn’t dismissive and familiar to anyone who has lived through a market launch.
On the Hardest Problem in Cannabis: Capital
If Brophy were starting a cannabis company today, what would worry him most over the next 18 months?
He said his answer hasn’t changed in five years: “Access to capital.”
“Cannabis businesses are more expensive and more challenging than almost any newcomer realizes. They realize it over time, but access to capital is the single hardest thing to deal with,” he continued.
For infrastructure-heavy operators, especially in distribution, the margin for error remains thin.
Looking One Year Ahead: Optimism, With Sobriety
Fast-forward a year, and Brophy expects a more rational, if more difficult, environment in New York’s cannabis industry.
“I think we’ll be dealing with some new problems, particularly around rising credit risk.”
Especially in New York, he anticipates a painful but necessary recalibration: “There are a lot of people right now who are optimistic about collecting from retailers that can’t pay.”
Brophy expects more discipline to replace hope in the coming year in New York, stating, “I think a year from now there’s going to be a little bit more sobriety in the room.”
New York vs. California: Same Industry, Different Moments
The most significant difference between the two largest cannabis markets isn’t talent, brands, or demand. It’s timing, according to Will, “California has been through a lot of cycles. For better and for worse.”
That experience has brought realism, sometimes bordering on pessimism. New York, by contrast, he said, still carries belief, “There’s an optimism in New York that I don’t see in California.”
The opportunity, Brophy suggested, is learning without repeating history.
