What happens to the cannabis industry if rescheduling to Schedule III sets off a chain reaction few are prepared for? Trade to Black presented by Flowhub returns with hosts Shadd Dales and Anthony Varrell for a timely conversation focused on where U.S. cannabis policy, capital markets, and regulatory expectations stand right now. Joining the show is Marc Cohodes, veteran investor, former hedge fund manager, and longtime participant in the cannabis sector.
The episode kicks off with Curaleaf’s pre-announced Q1 earnings, likely part of a strategy to enable discussions around debt refinancing. While still holding the largest top-line revenue in the industry at $1.2 billion, Curaleaf announced its exit from Missouri and the hemp sector, signaling a strategic shift.
Marc highlighted Glass House Brands (OTCQX: GLASF), and their new expansion strategy, calling them his top investment pick. They are looking to pivot toward wellness products like CBD ointments and serve international markets such as Japan, where a CBD joint reportedly sells for $33. He forecasted that Glass House would evolve into a joint venture hub for pharma and alcohol brands seeking THC or hemp-based wellness products.
It has now been more than a month since President Trump signed the executive order directing cannabis rescheduling, yet the industry is still waiting on formal action from Attorney General Pam Bondi. Marc breaks down what that delay could signal, how policymakers in Washington are viewing the timeline, and whether the lack of movement itself is creating unintended consequences across the market.
The discussion also looks at how Big Pharma and Big Alcohol are positioning themselves as the possibility of Schedule III becomes more concrete, and what that could mean for operators, competition, and long-term market structure. Marc shares his perspective on whether uplisting becomes more realistic post-rescheduling, how lawmakers are thinking about FINRA, and whether changes to federal classification could reduce the importance of SAFER Banking as a near-term catalyst.
Finally, the group discusses Sara Carter’s recent appointment and her public push to see rescheduling finalized, and whether there appears to be meaningful alignment behind the scenes. Sarah Carter’s appointment was seen as a key move to push DEA rescheduling forward, despite reported resistance from legacy DEA members.
A candid, timely discussion focused on signals—not speculation.
