VideoCannabisPodcastsTrade To Black

Glass House Bets On Rescheduling, NewLake Capital Delivers

By Shadd Dales On May 18, 2026

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell tee things back up with both NewLake Capital Partners (OTCQB: NLCP) and Glass House Brands (OTCQX: GLASF) following their latest Q1 2026 earnings reports. First up, NewLake Capital Partners CEO Anthony Coniglio joins the show after another steady quarter highlighted by strong AFFO generation, low leverage, solid liquidity, and 100% rent collection. While much of the cannabis sector continues to deal with volatility, NewLake continues to stay disciplined while positioning itself for what federal reform could eventually mean for operators across the industry. Then in segment two, Glass House Brands (OTCQX: GLASF) CEO Kyle Kazan joins the podcast alongside company president Graham Farrar after reporting a much tougher quarter despite rescheduling talks. Margins came under pressure, EBITDA turned negative, and production costs climbed sharply.

We kick off with discussion around a New York Post story suggesting the cannabis industry may be inching closer to meaningful banking access. In Virginia, Governor Abigail Spanberger has been engaged in a public back-and-forth with the legislature over an adult-use cannabis bill. With a deadline approaching around May 22nd, the hosts noted that the situation remains fluid.

Anthony Coniglio, CEO of NewLake Capital Partners, joins to discuss the REIT’s Q1 2026 earnings. NewLake reported revenue of $12.3 million and AFFO of $0.48 per share, maintaining 100% rent collection on occupied properties despite one tenant entering bankruptcy proceedings. Coniglio emphasized the company’s near-unlevered balance sheet, with $100 million in available liquidity earmarked for expansion into emerging markets including Kentucky, Texas, and Georgia. He also noted growing interest from non-traditional cannabis investors after NewLake participated in a prominent New York investment conference, and shared that at least one major accounting firm outside the cannabis space is now actively considering taking on plant-touching clients.

Then, Glass House Brands CEO Kyle Kazan and President Graham Farrar provide a detailed update on the company’s operational expansion and strategic positioning following medical cannabis rescheduling to Schedule III. The pair outlined a scaled cultivation buildout — with roughly one million additional square feet coming online in the near term — and discussed active conversations around both interstate commerce and European export opportunities.

Was this simply a rough quarter for Glass House… or one of those one-step-back, two-steps-forward moments as the company builds for what it believes is coming next? Find out on this episode.

AN – Sidebar Square

Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.