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.

Cannabis and psychotropics continue to gain momentum as an investor position, which could be a transformative time for both sectors. On this episode of Trade To Black, Shadd Dales and Anthony Varrell welcome AdvisorShares MSOS ETF CEO Dan Ahrens to discuss the influx of cannabis stocks, recent market activity, bullish speculation, the upcoming DEA administrative law judge hearings and the growing interest in psychiatric drugs.

We begin the developing story on the cannabis front. A congressional committee blocked amendments that would have kept the legality of intoxicating cannabis-derived THC products, further strengthening the likelihood that the federal hemp ban will go into effect on Nov. 12 as planned.

Dan Ahrens, CEO of the AdvisorShares MSOS ETF, offered a candid assessment of where the cannabis investment space currently stands. Ahrens acknowledged that trading volumes remain low and that the world of cannabis investors has actually shrunk since 2021. However, he noted that the recent spate of reverse stock splits and corporate redomicilisation among major operators in various states are deliberate steps being taken in full awareness of stock exchange listing requirements; at any point in history.

Ahrens also addressed investor concerns about reverse splits, making a clear distinction between the splits currently underway in US Hemp and the dilutive capital increases that have accompanied similar moves by Canadian licensed producers. He emphasized that market capitalization, not share price, is the only rational metric for valuing these companies, and that with 280E tax breaks on the horizon and debt already refinanced on favorable terms, there is little reason for any major operator to take advantage of equity markets at current valuations.

The second segment featured the return of Vantage Chief Medical Officer Dr. Paul Shields for an ongoing weekly podcast series exploring the CBD pilot program. Dr. Shields highlighted the main reasons doctors don’t want to get involved with CBD: medical schools have historically not taught the endocannabinoid system, the substance has long been classified as a drug of abuse with no recognized medical purpose, and the infrastructure for continuing education has not yet caught up. He estimated that approximately 20 percent of a typical adult patient population has used CBD in the past year, but prescribers treating these patients generally lack the basic knowledge to discuss it.

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In this episode of the Trade To Black Podcast presented by Flowhub, Anthony Varrell sits down with George Arkos, Founder and CEO and Aaron Miles, CIO of Verano Holdings Corp (Cboe CA: VRNO ; OTCQX: VRNO ). A discussion of Verano’s recently announced 1-for-5 reverse stock split and what it signals about the company’s capital markets strategy during a new, uncertain period in the markets. With the merger set to take effect in mid-June, the move aims to position the company for a potential upside on a major US stock exchange. We examine the why, the timing, and what institutional access could mean for a leading multinational operator that operates 162 dispensaries in 13 states.

The men described the reverse split as one of several deliberate moves, along with Verano’s 2025 reallocation to Nevada and medical reclassification, designed to prepare the company for a major stock market listing. The technology infrastructure of the major US exchanges will be transformative for Verano stock, offering much greater protection from the manipulation and end-of-day volatility that the company currently faces.

Regarding capital markets and institutional investors, both executives noted renewed interest from investors who had previously retreated from the cannabis sector, in addition to new entrants driven by the sector’s undervaluation. Miles highlighted the strategic flexibility created by Verano’s recent debt refinancing, including a $100 million line of credit with no prepayment penalty and a low-interest term loan, which positions the company to move quickly as capital markets open up. A newly announced $20 million share buyback program was cited as another tool that will become much more effective after trading on a major exchange.

Archos says the company is focusing on domestic growth rather than European expansion, although it acknowledges the EU as a long-term opportunity worth considering. Georgia was considered a market poised for significant growth, especially given its proximity to Florida. Both executives downplayed the prospects for interstate commerce, arguing that states had too much of a financial and regulatory interest in protecting their own programs.

In the headlines, Kentucky Gov. Andy Beshear unilaterally expanded the state’s qualifying conditions for medical cannabis through a special session, adding 15 new conditions along with pain and nausea as qualifying symptoms when associated with an existing illness. On the hemp front, companies are suing the DEA over HHC’s Schedule I classification, a move it described as a likely losing battle and a sign of growing desperation as the industry heads toward the Nov. 12 federal hemp ban. Finally, Ayr Wellness completed the transfer of its Florida, New Jersey and Nevada assets to Nuco, which is controlled by its debt holders.