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Who Is Trump’s New Drug Czar? Sara Carter’s Mission Begins

By Shadd Dales On Apr 1, 2025

Welcome back to the Trade to Black podcast for Monday, March 31, 2025. We’re kicking off the beginning of April with some coverage on big developments in cannabis policy and a look at Trump’s new Drug Czar. New York state officials are exploring plans to allow cannabis sales and consumption at movie theaters. Curaleaf (OTCQX: CURLF) is shaking up the hemp beverage market with Select FormulaX—a THC and caffeine-infused energy drink. Finally, Innovative Industrial Properties (NASDAQ: IIPR) faces challenges as it restructures its portfolio, addressing tenant defaults and financial hurdles in a turbulent cannabis economy.

New York regulators are considering a bold move: allowing cannabis beverages and edibles at movie theaters. Hosts Anthony and Shadd discuss why this makes sense as cannabis becomes more mainstream, comparing it to alcohol availability at similar venues. They note the shift in consumer behavior, emphasizing that edibles and drinks are discreet and non-intrusive, making them ideal for theaters. The real-world impact? A potentially sizable sales boost and a step toward normalizing cannabis consumption in social settings.

Curaleaf has launched “Select Formula X,” an energy drink combining 10mg THC with 50mg caffeine. The product appears to target a younger, energetic demographic such as gamers and festival-goers. There are some thoughts this could be is a savvy business move. With a $23.4B US energy drink market, the crossover potential is huge. Sugar content raised some eyebrows (46g per can), but in terms of branding and strategic placement, it could become a top-selling SKU.

IIPR is facing serious headwinds, with tenant defaults piling up from companies like Pharmacan, Forefront, and Gold Flora. Anthony, who had shorted IIPR, explains why overvalued facilities and outdated agreements from three to four years ago are now catching up with them. The fallout may prompt stronger tenants to renegotiate leases, putting IIPR under pressure to adjust dividend payouts. While this isn’t a red flag for the entire sector, it does highlight the urgent need for federal reform and smarter real estate strategies in cannabis.

Plus, Michael Bronstein from the American Trade Association for Cannabis and Hemp joins us to discuss Sara Carter’s appointment as President Trump’s new Drug Czar and its implications for the industry.

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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.