On today’s Trade To Black Podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell celebrate Trulieve’s (NYSE: TCNNF ) first full trading day since its IPO. We summarize how the stock is trading, where the volume is concentrated and the main advantage of the first day’s price action. In the first segment, Michael DeGiglio, CEO of Village Farms (NASDAQ: VFF ; TSX: VFF ), joins us to discuss last week’s $15 million direct investment, valued at about $2. In part two, we continue our weekly Vantage Standard series with Vantage Hemp CEO Rusty Kuchta and Chief Medical Officer Dr. Paul Shields. This episode outlines the full operational process of the CMS CBD pilot;

It Trade to black The podcast, hosted by Shadd Dales and Anthony Varrell and presented by FlowHub, opened its Wednesday episode with a look at Trulieve’s debut on the New York Stock Exchange. On its first day, approximately 712,000 shares were traded, worth approximately $7 to $8 million.

Village Farms CEO Michael DeGiglio is addressing investor concerns about the company’s recent $15 million capital raise, which was structured at a price that raised questions from retail shareholders. DeGiglio was clear that the growth was not due to the need for cash. Village Farms has been profitable on a sequential basis and has self-funded major expansions, including a 33 percent increase in its cultivation in Vancouver and a €30 million facility in the Netherlands.

In part two, we return to the ongoing CMS CBD pilot program with Vantage Hemp CEO Rusty Kuchta and Chief Medical Officer Dr. Paul Shields. Dr. Shields highlighted what real readiness looks like for an accountable care organization entering the pilot; Adding benefits to the CMS system, submitting an implementation plan, waiting up to 60 days for CMS approval, and then identifying eligible patients, especially peripheral neuropathy patients, using EHR data, navigation history, and. He noted that the four-month notice before the April start was, in his estimation, an almost impossible implementation window for lean organizations.

Both Kuchta and Dr. Shields emphasized that the broader industry underestimates the complexity of integrating cannabinoid therapies into care pathways consistent with Medicare. Awareness of ACO conferences has been low, with many attendees unaware that cannabis use has changed or that the pilot program exists. Kuchta argued that the CBD trial ramp is not just for CBD, but also for cannabis entering the pharmaceutical mainstream; when payers accept CBD, it flows to drugstore shelves, big-box retailers, and ultimately to the 69 million Americans on Medicare. Dr. Shields added that while broad-spectrum therapies in combination will ultimately yield better clinical outcomes, the pilot’s mandate is isolated to CBD, and the generation of clean real-world data now using Vantage’s 99 percent pharmaceutical-grade pure product is what will validate the next phase of value-based care for cannabinoids.

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In this episode of Trade To Black presented by Flowhub, Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) unveiled a corporate structure that could provide the first real road map for US cannabis operators seeking access to top US stock exchanges under the current federal framework. In the second segment, Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP ), joins us to discuss capital market movements in the wake of bullish news.

Trulieve made headlines after it listed on the New York Stock Exchange, a move that lifted shares of many state-owned cannabis operators in premarket trading. The company is restructuring its business by spinning off its adult operations into a separate entity, using the shell of Harvest Enterprises LLC from a previous acquisition, while creating a pure medical cannabis company eligible for a Schedule III listing.

Given that roughly 75 percent of Trulieve’s revenue comes from medical operations, CEO Kim Rivers is designing a structure that would allow the company to list before an upcoming DEA administrative law judge’s hearing, and that could just as easily be dissolved if the regulatory landscape changes.

Anthony Coniglio, managing director of NewLake Capital Partners, discusses the broader implications of the filing. Coniglio drew on investment banking to explain that stock exchanges operate like any other business, with sellers actively cultivating relationships with potential listings, meaning conversations between large MSOs and the NYSE or Nasdaq have likely been years in the making. Coniglio emphasized that it is not necessary for a CEO with a federal legal majority of the business and a window of opportunity to step in; it is a fiduciary duty to shareholders.

The talk examines DEA registrations and the increasing pressure on cannabis operators to apply. Coniglio noted that Oklahoma has already moved to require DEA registration in order for operators to remain in good standing with the state’s medical program, a development the group hopes other states will copy.

About 50 percent of NewLake’s portfolio is purely medical, with another 48 percent in dual-use medical licenses, leaving less than two percent as adult-only. Coniglio outlined the institutional investment thesis. NewLake currently trades at an implied cap rate of about 14 percent, compared to six percent for typical REITs, and even a partial compression of that spread would add significant share price appreciation to the company’s existing dividend yield, a combination that resonates strongly with investors and financial centers.

Looking ahead, the panel discussed what a successful lift cycle could unlock for the wider industry. Discover the entire conversation when you join.