Hosts Anthony Varrell and Shadd Dales have a day packed with cannabis news with special guest Adam Stetner, founder and CEO of FundCanna, a leading provider of capital to the cannabis industry. Thursday’s edition of Trade To Black opened with a reaction to Verano Holdings’ first quarter 2026 earnings. The other big story in the episode was the announcement that Vireo Growth has acquired FLUENT Corp. in an all-stock deal that includes a $30 million debt write-down component.

Above the docket. Vireo Growth’s (CSE: VREO ) acquisition of 100% of FLUENT Corp. (CSE: FNT.U ), a transaction that consolidates Florida’s medical cannabis market and creates a combined operator with approximately 74 stores and 144,000 square feet of growing space in the Sunsh State. The staff breaks down the terms of the deal, Vireo’s strategic playbook and what the deal signals about MSO consolidation in a post-reprogramming environment.

Next up: Verano Holdings (Cboe: VRNO ) Q1 2026 Earnings. The team examines Verano’s $208 million in revenue, $18 million in net loss, $195 million in senior secured term loans, $20 million in stock repurchase authorizations, and management’s interpretation of Section 280E tax benefits under the DOJ’s Schedule III Restatement Order.

Plus. Federal Cannabis Policy Momentum on Capitol Hill. MORE The bill added five new House cosponsors yesterday — Reps. Schakowsky, Torres, Boyle, Beyer and Budzinski — bringing the total number of cosponsors to 70 as legislative pressure mounts to decriminalize marijuana. Adam Stettner joins to discuss the cannabis lending landscape, how realignment is reshaping capital markets, what operators need to do now to position for DEA registration and the June 22 medical registration deadline, and where FundCanna sees the smartest opportunities for cannabis financing in 2026.

Tune in for sharp analysis, real numbers and zero fluff.

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell welcome Michael Bronstein, president of the American Hemp and Hemp Trade Association. Together, we will move forward on changes in hemp and hemp policy, including Farm Bill updates, reclassification updates, and hemp in Virginia and Pennsylvania.

The House has passed its version of the Farm Bill, and inside is language that tightens the definition of hemp and targets toxic products like Delta-8, THCA and synthetic cannabinoids. The bill heads to the Senate, where the debate is becoming more important, and Sen. Rand Paul is one of the main names to watch as lawmakers decide whether this hemp language stays, changes or is challenged. Plus the latest on hemp rearrangements. Medical cannabis has officially been moved to Schedule III, and the DEA has scheduled a hearing for June 29 to determine whether marijuana should follow suit entirely. That opens the door to a big debate about what the federal framework looks like from here. They also enter Virginia’s adult-use deadline and the recent uncertainty surrounding Pennsylvania’s legalization.

We begin the discussion on the expected legal challenge related to the rescheduling of cannabis, from smart approaches to marijuana (SAM). With the DEA already accepting applications under the new framework, guest Michael Bronstein believes SAM faces an uphill battle, noting that bicameral support for reclassification from the Biden and Trump administrations makes it extremely unlikely that a stay will be granted.

The 2024 Farm Bill passed the House with hemp language that redefined the plant to include only natural, non-intoxicating cannabinoids, effectively targeting Delta-8, THCA flower, and much of the synthetic hemp market. Bronstein cautioned that the Senate vote remains a high stakes, noting that the bill is already burdened by competing priorities, with the summer recess fast approaching and a November deadline creating additional pressure.

At the state level, the panel addressed comments from the presumptive Republican nominee for governor of Pennsylvania, who publicly said he would veto any bill to legalize adult use and suggested Senate Republicans block it as long as they have a majority. Bronstein noted that the comments have attracted widespread media attention and argued that the position seems increasingly out of step with federal momentum.

Finally, the hosts turned to Virginia, where Governor Spanberger has until the end of May to sign, veto or allow the legalization bill to become law without his signature. This and more when you join.

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell discuss NewLake Capital Partners’ (OTCQB: NLCP ) and Glass House Brands’ (OTCQX: GLASF ) Q4 2026 earnings reports. First, NewLake Capital Partners CEO Anthony Coniglio joins the show after another solid quarter highlighted by strong AFFO generation, low leverage, solid liquidity and 100% rent. While much of the hemp sector continues to deal with volatility, NewLake remains disciplined while positioning itself for what federal reform could ultimately mean for operators across the industry. Then, in the second segment, Glass House Brands (OTCQX: GLASF ) CEO Kyle Kazan joins the podcast alongside company chairman Graham Farrar after reporting a much tougher quarter despite a delay in talks. Margins came under pressure, EBITDA turned negative and production costs skyrocketed.

We’re starting a discussion around a New York Post story that suggests the hemp industry may be closer to meaningful access to banking. In Virginia, Gov. Abigail Spanberger has had a public clash with the legislature over an adult cannabis bill. With the deadline approaching on May 22, the hosts indicated that the situation remains unsettled.

Anthony Coniglio, Managing Director of NewLake Capital Partners, joins to discuss the REIT’s Q1 2026 earnings. NewLake reported revenue of $12.3 million and AFFO of $0.48 per share, maintaining 100% rent collection on the occupied properties despite the bankruptcy proceedings of one tenant. Coniglio highlighted the company’s nearly unleveraged balance sheet, with $100 million in available liquidity earmarked for expansion in emerging markets including Kentucky, Texas and Georgia. He also noted growing interest from non-traditional cannabis investors after NewLake attended a prominent investment conference in New York and shared that at least one major accounting firm outside of the cannabis space is now actively considering accepting plant-based clients.

Next, Glass House Brands CEO Kyle Kazan and President Graham Farrar provide a detailed update on the company’s operational expansion and strategic positioning following the rescheduling of medical cannabis in Schedule III. The pair outlined the scale of the development, which will add nearly a million additional square feet in the near future, and discussed active conversations around both interstate trade and European export opportunities.

It was just a rough quarter for Glass House…or one of those one-step-back, two-step-forward moments when the company is building what it thinks will be next. Find out in this episode.