Is Doug Kass Right? Cannabis Rescheduling To Happen This Week?
On this episode of Trade To Black powered by Flowhub, macro investor Doug Kass said Friday that a federal cannabis rescheduling announcement could be imminent, raising the question many investors are asking: could a decision finally arrive this week? Hosts Shadd Dales and Anthony Varrell break down the latest developments surrounding federal rescheduling and discuss what a potential announcement could mean for cannabis equities, investor sentiment, and the broader industry outlook. Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP), also joins the podcast to discuss the company’s latest earnings results.
A wave of online criticism has been directed at prominent investor Doug Kass, who posted on social media that a rescheduling announcement was imminent, triggering a brief rally in cannabis stocks and garnering accusations about market manipulation. Anthony Coniglio also weighed in on the Kass situation, noting that investors are so starved for information following the DEA hearing that anyone perceived as having inside access — like Kass — will have their commentary move markets whether it proves accurate or not.
NewLake reported $12.3 million in quarterly revenue and just over $51 million for the full year, beating expectations while continuing to generate stable cash flow in a challenging capital markets environment. Coniglio provides insight into tenant performance, capital allocation, and the outlook for cannabis real estate financing. Available funds from operations — its key cash flow metric — are coming in at 51 cents per share and a dividend of 43 cents per share, representing an 85% payout ratio.
Later in the episode, Michael Bronstein of the American Trade Association for Cannabis and Hemp (ATACH) joins the show to recap last week’s Farm Bill meetings in Washington. Notably, lawmakers did not discuss a delay to the proposed intoxicating hemp ban, which means the industry could still be on track for a nationwide ban on intoxicating hemp products by November 2026. Bronstein also explains new language being drafted around hemp definitions and what the evolving regulatory framework could mean for hemp and cannabis businesses moving forward.
He warned that businesses built on interstate e-commerce and synthetic THC derivatives are fundamentally incompatible with any regulated framework, and called on good actors in the industry to distance themselves from bad actors in order to advance sensible federal policy.
