What Happens Next After Cannabis Rescheduling?
On today’s TDR Trade to Black podcast presented by Dutchie, hosts Shadd Dales and Anthony Varrell are back at it with four major voices to break down the executive order that will see cannabis rescheduling from Schedule I to III. With markets reacting and investors reassessing long-held assumptions, the conversation centers on rescheduling, capital access, and the evolving role of CBD.
In Segment 1, CNBC’s Tim Seymour joins the show to unpack the language around CBD that caught his attention during his interview with Trulieve CEO Kim Rivers. Tim digs into what he thinks regulators meant — and what operators should be watching for next. Seymour notes that despite headline excitement, institutional capital remains cautious due to uncertainty around valuation multiples, margins, and long-term industry structure. He stresses that while cannabis is not likely to see full federal legalization soon, rescheduling meaningfully improves cash flow dynamics and sets the stage for eventual rerating.
In Segment 2, George Archos, CEO of Verano Holdings (CBOE: VRNO), reacts to the reality that 280E is officially gone starting in 2026. He shares what this means for operators on the ground, how margins could shift, and why this moment hits differently for MSOs who’ve been grinding through the toughest tax environment in the country. He discusses how CBD reimbursement through insurance could open new revenue channels and expand patient access, while also positioning MSOs to participate in nationally scalable product categories.
In Segment 3, Tim Barash, Chairman & CEO of Dutchie, explains why Schedule III is more than a tax win — it’s a cultural and economic reset. He breaks down Dutchie’s years of work on cannabis policy reform, the end of 280E, and how institutional capital and mainstream services will finally open up.
In Segment 4, Anthony Coniglio, CEO of NewLake Capital Partners (OTQX: NLCP), walks through how capital markets may re-rate the entire sector and what investors should realistically expect next. He cautions that while rescheduling is transformative, sustained stock appreciation will require additional catalysts such as SAFE Banking and uplisting.
What does cannabis moving from Schedule I to Schedule III actually mean for operators, investors, and the 425,000 people working in the industry? You’ll find out when you listen to the show.
