In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell welcome Sean Karl of Vantage Hemp to discuss AI in cannabis. FundCanna CEO Adam Stettner then joins, fresh off the PBC Conference in Washington, to discuss banks and lending to cannabis operations.
The hosts start with Glass House Brands’ sell-off, which Varrell likens to Trulieve’s rocky start after uplisting. He cautions that Schedule III status won’t automatically let cannabis cross state lines. State laws will still govern until they’re amended and the DEA issues guidance.
In the Vantage Standard segment, Karl explains that because AI is probabilistic, regulated quality assurance still relies on deterministic, auditable checks such as pharmacopoeia specifications. AI supplements investigations, and a qualified person still signs off. Vantage builds content agents modeled on its staff but keeps them walled off from core systems. Karl sees AI helping map how minor cannabinoids move through the body, fueled by growing datasets, including one of 800,000 certificates of analysis.
Karl also reveals that Brazil’s regulator, ANVISA, has finally set an inspection date for Vantage after nearly three years of waiting. Passing it would open a $214 million market.
In segment two, Stettner reports that for the first time, conversations at PBC centered on competition rather than access, with fees falling as more banks enter the cannabis space. Banks are now discussing lending and partnering with FundCanna. FundCanna handles short-term inventory and input financing, while banks take on longer-term capital projects. Referrals already flow both ways, with one large credit union sending smaller deals to FundCanna in exchange for larger ones. Stettner notes banks are normalizing faster than Washington, though updated FinCEN guidance and SAFE Banking are still needed.
To close, Varrell calls out Aurora’s management for requesting another extension on Curaleaf’s bid and argues Boris Jordan’s team would be a better steward of the asset. Stay tuned for our upcoming visit to Canopy Growth’s facility in Kincardine, Ontario.
