Coniglio, CEO Of NewLake Capital Partners, Comments On Rescheduling
Cannabis rescheduling, new financing realities, and a major corporate move from Verano Holdings (CSE: VRNO | OTCQX: VRNOF) are front and center this week. On the Trade To Black Podcast with host Shadd Dales and Anthony Varrell, we sit down with Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP), to discuss what these rescheduling discussions mean for the cannabis industry.
NewLake Capital is one of the largest cannabis-focused REITs in the US, providing sale-leaseback financing and long-term capital to multi-state operators. If rescheduling is announced, the changes could be significant: operators may access lower-cost debt, institutional investors may be able to participate in the sector, and tenant credit profiles across NewLake’s portfolio could strengthen. Anthony outlines how the company is preparing for this scenario and what adjustments might come to their leasing and capital strategies.
Market jitters are being felt as Congress prepares a hearing on alleged Chinese-linked illicit cannabis grows in the US later this week. Anthony Coniglio shares his assessments on policy momentum. He says a “mosaic” of signals—state and federal crackdowns on illicit activity, congressional focus on transnational criminal organizations, and recent enforcement actions—collectively points toward potential reform.
Coniglio expects any rescheduling announcement to be packaged within a broader law-and-order narrative (cartels, age-gating, illicit vapes) rather than “follow-the-science” messaging, with potential follow-on pushes for banking access and coordinated actions against the illicit market. Chicago’s seizure of roughly 600,000 illicit vapes, renewed attention on hemp-derived THC, and the coming Farm Bill debate may support this action.
On markets, they caution against assuming instant institutional inflows on rescheduling. Coniglio expects a “sell-the-news” J-curve: an initial pop, a fade, and a longer grind higher only when custody barriers ease and investment committees complete processes—potentially aided by “Safer” banking protections. Canada-based capital may trade the pop, but durable upside requires US custody solutions and repeated accumulation, not just one-off buys.
Industry headlines are mixed but constructive: Curaleaf’s addition to a TSX S&P index increases exposure, while Verano proposes re-domiciling from British Columbia to Nevada, which the hosts frame as “Made in America” positioning and possible corporate-governance advantages.
We also press on the timeline—does he still believe the Trump administration will act on rescheduling before the end of 2025? With political pressure building, the answer carries weight for investors and operators alike.
