MJBizCon Rumors: Rescheduling & Hemp Shifts
On Friday’s Trade To Black podcast, presented by Dutchie, Shadd Dales and co-host Anthony Varrell recapped a packed MJBizCon week in Las Vegas and what everyone was talking about. Among the big talking points at MJBizCon were new rescheduling chatter, the latest outlook for the hemp industry, and where things may be heading as the sector moves toward 2026. Plus, Anthony Coniglio, CEO of NewLake Capital (OTCQX: NLCP), stops by to share what stood out to him at MJBizCon — from market sentiment to where capital activity may be shifting next.
A key topic at MJBizCon was the shrinking hemp market following the recent federal hemp ban. Dales and guest Anthony Coniglio, CEO of NewLake Capital Partners, said industry leaders broadly agree the previous loophole era is over. Although forecasts vary widely, most insiders cited an 8–10% shift of hemp sales into regulated cannabis, with larger gains possible in hemp-heavy states like Florida. Both noted the illicit market—still strong nationwide—will blunt the conversion rate.
Discussion also focused on the inconsistent pace of state enforcement. New York’s aggressive illicit-market crackdown was cited as a turnaround story, while California remains stagnant, hampered by years of mistrust between operators and regulators. Rhode Island’s entrenched illicit infrastructure also surfaced as a surprising data point.
The podcast then examined CuraLeaf’s $110M acquisition of The Cannabist Company’s Virginia assets. Coniglio called the deal eye-catching for its heavy cash component and a clear bet on Virginia’s expected 2026 adult-use launch. The hosts noted the transaction sets a valuation floor for distressed East Coast assets and signals a coming wave of opportunistic M&A ahead of rescheduling.
Texas also dominated conversation as Trulieve and Verano secured conditional medical licenses. While the panel expects litigation and slow rollout, the expansion reflects MSO positioning ahead of any long-term growth, even as Texas remains far from adult-use legalization.
Rescheduling talk was muted at MJBizCon, with insiders reiterating that the decision rests solely with the president and remains unpredictable.
