Coniglio On John Mulrooney And The State Of Cannabis
Anthony Coniglio, CEO of NewLake Capital (OTCQX: NLCP), joins Anthony and Shadd on Trade To Black to talk about the latest cannabis news: Judge John Mulrooney, the situation in Texas, and a recent anti-cannabis campaign on Fox News. Tune in to hear where things stand in cannabis finance, regulation, and what public companies should keep top of mind heading into earnings season.
A recent anti-cannabis ad campaign backed by Kevin Sabet and SAM (Smart Approaches to Marijuana), ran small buys on Fox News. Some language appeared to be misleading and fear-based. It’s just another example of why research and education are such a critical part of momentum, as SAM continues to falsely conflate cannabis reform with increased cartel activity and underage use, despite data and research to the contrary.
We dive into the news that Judge John Mulrooney — the DEA’s long-serving Administrative Law Judge (ALJ) — has retired. What could that mean for the cannabis rescheduling process, and does it shift the timing or tone of what happens next? Judge John Mulrooney’s retirement could remove procedural delays in the DEA’s rescheduling review process. Coniglio speculated that with Mulrooney’s retirement, Administrator Terrence Cole might act by year’s end, especially given that the DEA’s top priority remains combating fentanyl and transnational criminal organizations.
We also dive into the situation in Texas, where lawmakers and courts are putting pressure on hemp-derived THC products. That state-level pushback could have real implications for the upcoming Farm Bill, and potentially shape how Congress draws the line between regulated cannabis and intoxicating hemp.
From there, we ask Coniglio if he still sees Schedule III as a meaningful long-term shift — and what the path forward might look like if the market hopes to see real change. Coniglio notes that rescheduling cannabis to Schedule III could provide tools for tracking and tracing legal cannabis, helping crack down on illicit markets. However, he cautions that this depends on several regulatory “ifs” that could take months to implement.
As earnings season gets underway, we wrap with a practical discussion around capital discipline, investor communication, and how public cannabis companies can stay focused on fundamentals — even with policy headlines in the background.
