In our latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell break down what could be the biggest moment the U.S. cannabis industry has ever seen. The Department of Justice has officially finalized the move to reschedule medical cannabis to Schedule III—this changes everything, including effectively ending the punishing 280E tax burden for state-licensed medical marijuana operators. Boris Jordan (CURLF), George Archos and Aaron Miles (VRNOF), Anthony Coniglio (NLCP), Adam Stettner, and Michael Bronstein weigh in.
Boris Jordan, chairman and CEO of Curaleaf (CURLF), explained that the administration employed a two-track approach: using the United Nations Single Convention on Narcotic Drugs to immediately reschedule state-licensed medical marijuana, while restarting the administrative law judge process to address adult-use cannabis, with a hearing scheduled for June 29th. Jordan noted the UN treaty pathway is essentially irreversible, a deliberate feature the administration sought. He expressed confidence that institutional investors — including major hedge funds — would begin entering the sector within weeks, though large mutual funds like Fidelity and BlackRock would likely wait for full regulatory clarity before committing capital.
George Archos and Aaron Miles of Verano Holdings (VRNOF) pointed to Verano’s Canadian senior exchange listing as positioning the company to move quickly should a U.S. uplisting path open, and discussed how federal validation of state cannabis programs could accelerate new state markets, particularly in the Southeast.
Adam Stettner and Anthony Coniglio of New Lake Capital (NLCP) tempered short-term enthusiasm, comparing the regulatory shift to a dimmer switch rather than a light switch. Coniglio argued that the day’s steep stock selloff reflected a lack of institutional demand rather than any flaw in the announcement itself, and predicted meaningful capital inflows once regulatory clarity improves over the coming quarters.
Michael Bronstein of the American Trade Association for Cannabis and Hemp closed the episode with analysis of the hemp-versus-cannabis regulatory implications, arguing the order signals a federal movement toward regulating natural THC uniformly and spelling the eventual end of intoxicating hemp-derived synthetics. He emphasized that the June 29th hearing will determine whether adult-use cannabis joins medical under Schedule III, describing his coalition as fully prepared to defend the rescheduling effort against anticipated legal challenges.
We get into what this actually means right now that Schedule III is official. Not the hype—the real impact. Taxes, 280E, capital, valuations, and how operators should be thinking about the next 6–12 months.
