The Cannabis Capital Markets Are Already Heating Up
Hosts Anthony Varrell and Shadd Dales break down a packed day in cannabis news with special guest Adam Stettner, Founder and CEO of FundCanna, the leading non-dilutive capital provider to the cannabis industry. The Thursday edition of Trade To Black opened with reaction to Verano Holdings’ first quarter 2026 earnings. The episode’s other major story was the announcement that Vireo Growth had acquired FLUENT Corp. in an all-stock transaction that includes a $30 million debt equitization component.
Top of the docket: Vireo Growth’s (CSE: VREO) all-stock acquisition of FLUENT Corp. (CSE: FNT.U), a deal that consolidates the Florida medical cannabis market and creates a combined operator with roughly 74 stores and 144,000 square feet of cultivation across the Sunshine State. The crew unpacks the deal terms, the Vireo strategic playbook, and what the transaction signals about MSO consolidation in a post-rescheduling environment.
Next up: Verano Holdings (Cboe: VRNO) Q1 2026 earnings. The team digs into Verano’s $208 million revenue print, the $18 million net loss, the new $195 million senior secured term loan, the $20 million share repurchase authorization, and management’s commentary on Section 280E tax relief following DOJ’s Schedule III rescheduling order.
Plus: federal cannabis policy momentum on Capitol Hill. The MORE Act added five new House sponsors yesterday — Reps. Schakowsky, Torres, Boyle, Beyer, and Budzinski — bringing total cosponsors to 70 as legislative pressure builds for full marijuana descheduling. Adam Stettner joins to discuss the cannabis lending landscape, how rescheduling is reshaping capital markets, what operators should be doing right now to position for DEA registration and the June 22 medical filing deadline, and where FundCanna sees the smartest opportunities for cannabis financing in 2026.
Tune in for sharp analysis, real numbers, and zero fluff.
