diff --git a/.github/workflows/ci-notebooks.yml b/.github/workflows/ci-notebooks.yml
index 18ef4b6101d..04ef8dfa813 100644
--- a/.github/workflows/ci-notebooks.yml
+++ b/.github/workflows/ci-notebooks.yml
@@ -44,7 +44,9 @@ jobs:
           environment-file: requirements/env_hdk.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
         if: matrix.execution == 'hdk_on_native'
       - name: Cache datasets
         uses: actions/cache@v2
diff --git a/.github/workflows/ci.yml b/.github/workflows/ci.yml
index 7e03bf16cef..65d87928426 100644
--- a/.github/workflows/ci.yml
+++ b/.github/workflows/ci.yml
@@ -192,7 +192,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -230,7 +232,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -308,7 +312,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -360,7 +366,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -417,7 +425,9 @@ jobs:
           activate-environment: modin_on_hdk
           environment-file: requirements/env_hdk.yml
           python-version: 3.8
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -549,7 +559,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -628,7 +640,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -675,7 +689,9 @@ jobs:
           environment-file: requirements/environment-py36.yml
           python-version: 3.6
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -736,7 +752,9 @@ jobs:
           environment-file: requirements/environment-py36.yml
           python-version: 3.6
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -805,7 +823,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -873,8 +893,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
-          auto-update-conda: true # this enable `use-only-tar-bz2` feature on Windows
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -920,7 +941,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -963,7 +986,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
diff --git a/.github/workflows/fuzzydata-test.yml b/.github/workflows/fuzzydata-test.yml
index 35579e2f6b1..6d481990315 100644
--- a/.github/workflows/fuzzydata-test.yml
+++ b/.github/workflows/fuzzydata-test.yml
@@ -45,7 +45,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
diff --git a/.github/workflows/push-to-master.yml b/.github/workflows/push-to-master.yml
index 9df09f0aa1a..6bc2fde5a72 100644
--- a/.github/workflows/push-to-master.yml
+++ b/.github/workflows/push-to-master.yml
@@ -20,7 +20,9 @@ jobs:
           environment-file: requirements/requirements-no-engine.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: install Ray nightly build
         run: pip install https://s3-us-west-2.amazonaws.com/ray-wheels/latest/ray-2.0.0.dev0-cp38-cp38-manylinux2014_x86_64.whl
       - name: Conda environment
@@ -76,7 +78,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -125,7 +129,9 @@ jobs:
           activate-environment: modin
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - run: pip install -r requirements-dev.txt
       # Use a ray master commit that includes the fix here: https://github.com/ray-project/ray/pull/16278
       # Can be changed after a Ray version > 1.4 is released.
diff --git a/.github/workflows/push.yml b/.github/workflows/push.yml
index eb3ea952f2e..4990927826e 100644
--- a/.github/workflows/push.yml
+++ b/.github/workflows/push.yml
@@ -28,7 +28,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -76,7 +78,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: 3.8
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -122,7 +126,9 @@ jobs:
           activate-environment: modin_on_hdk
           environment-file: requirements/env_hdk.yml
           python-version: 3.8
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -177,7 +183,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -276,8 +284,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
-          auto-update-conda: true # this enable `use-only-tar-bz2` feature on Windows
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -322,7 +331,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
@@ -364,7 +375,9 @@ jobs:
           environment-file: environment-dev.yml
           python-version: ${{matrix.python-version}}
           channel-priority: strict
-          use-only-tar-bz2: true # IMPORTANT: This needs to be set for caching to work properly!
+          # we set use-only-tar-bz2 to false in order for conda to properly find new packages to be installed
+          # for more info see https://github.com/conda-incubator/setup-miniconda/issues/264
+          use-only-tar-bz2: false
       - name: Conda environment
         run: |
           conda info
diff --git a/environment-dev.yml b/environment-dev.yml
index 1a3623f4377..4e7d94c748b 100644
--- a/environment-dev.yml
+++ b/environment-dev.yml
@@ -2,7 +2,7 @@ name: modin
 channels:
   - conda-forge
 dependencies:
-  - pandas==1.5.1
+  - pandas==1.5.2
   - numpy>=1.18.5
   - pyarrow>=4.0.1
   - dask>=2.22.0
diff --git a/modin/pandas/__init__.py b/modin/pandas/__init__.py
index 55181935aa9..f2b6ee66e97 100644
--- a/modin/pandas/__init__.py
+++ b/modin/pandas/__init__.py
@@ -30,7 +30,7 @@
             f"Starting Modin in compatibility mode to support legacy pandas version {__pandas_version__}"
         )
 elif PandasCompatVersion.CURRENT == PandasCompatVersion.LATEST:
-    __pandas_version__ = "1.5.1"
+    __pandas_version__ = "1.5.2"
 
     if pandas.__version__ != __pandas_version__:
         warnings.warn(
diff --git a/requirements-dev.txt b/requirements-dev.txt
index 3ae9aa82427..8ece14557f5 100644
--- a/requirements-dev.txt
+++ b/requirements-dev.txt
@@ -1,4 +1,4 @@
-pandas==1.5.1
+pandas==1.5.2
 numpy>=1.18.5
 pyarrow>=4.0.1
 dask[complete]>=2.22.0
diff --git a/requirements/env_hdk.yml b/requirements/env_hdk.yml
index 434d00690bf..b8be4a82fd9 100644
--- a/requirements/env_hdk.yml
+++ b/requirements/env_hdk.yml
@@ -2,7 +2,7 @@ name: modin_on_hdk
 channels:
   - conda-forge
 dependencies:
-  - pandas==1.5.1
+  - pandas==1.5.2
   - pyarrow=6
   - numpy>=1.18.5
   - fsspec
diff --git a/requirements/requirements-no-engine.yml b/requirements/requirements-no-engine.yml
index 9fcfd23c661..fad72dc9da8 100644
--- a/requirements/requirements-no-engine.yml
+++ b/requirements/requirements-no-engine.yml
@@ -1,7 +1,7 @@
 channels:
   - conda-forge
 dependencies:
-  - pandas==1.5.1
+  - pandas==1.5.2
   - numpy>=1.18.5
   - pyarrow>=4.0.1
   - fsspec
diff --git a/setup.py b/setup.py
index ec355e46f82..dd6c464f153 100644
--- a/setup.py
+++ b/setup.py
@@ -2,7 +2,7 @@
 import versioneer
 import sys
 
-PANDAS_VERSION = "1.5.1" if sys.version_info >= (3, 8) else "1.1.5"
+PANDAS_VERSION = "1.5.2" if sys.version_info >= (3, 8) else "1.1.5"
 
 with open("README.md", "r", encoding="utf-8") as fh:
     long_description = fh.read()