In this week’s Trade to Black podcast, host Shadd Dales welcomes NewLake Capital CEO Anthony Coniglio and ATAI Life Sciences chairman Christian Angermayer for an in-depth look at the latest industry news, including the latest on SAFE Banking and a $50M raise for atai.
Anthony Coniglio joined the show to react to Monday’s explosive interview with Marco Hodes, who predicted a cannabis reform announcement before September—possibly spearheaded by Donald Trump and tied to SAFE banking or federal tax models. While Coniglio acknowledged the buzz, he expressed skepticism about a swift rescheduling. He suggested a more drawn-out approach, including a potential return to ALJ hearings, warning that skipping due process could trigger legal challenges and delays.
Some see Trump’s leadership as a wild card capable of fast-tracking reform, but Coniglio emphasized the DEA’s political caution and the need for a solid legal foundation. He pointed to a broader federal priority: dismantling transnational criminal organizations (TCOs) such as Chinese and Mexican cartels. Rescheduling cannabis, Coniglio argued, would help differentiate legal operators from illicit actors and strengthen enforcement.
Coniglio also highlighted the potential for a multi-agency policy briefing to outline a unified reform strategy—one that includes cannabis, hemp, and safe banking provisions. This approach could bolster bipartisan support by linking reform to national security and financial transparency.
In the second half, Christian Angermayer discussed atai Life Sciences’ major breakthrough: successful trial results for 5-MeO-DMT in treating treatment-resistant depression, triggering a $50m private placement. He confirmed atai’s merger with Beckley Psytech is moving forward, calling it a “double win” and marking atai as the industry leader in psychedelic medicine.
Angermayer emphasized the growing interest from Big Pharma, noting atai’s short-duration psychedelic treatments (under two hours) offer cost and logistical advantages over existing solutions like Spravato. He predicted a wave of pharma partnerships, particularly in tightly regulated regions like Japan and the EU. Looking ahead, the company plans to release new data across multiple compounds, including MDMA and DMT variants, over the next nine months.
As the psychedelic biotech sector prepares for a potential rebound—mirroring broader interest rate expectations—Angermayer affirmed the FDA’s consistent support and signaled increasing collaboration with U.S. officials, though declined to name specific contacts.
