AnthonyConiglio

Some interesting Q's on DEA application. For example: "Has anyone who will be involved in the ownership or operation of the firm previously manufactured, distributed, and/or dispensed any controlled substance without a DEA registration authorizing such activity?"

What I'm watching this week: 1) guidance on 280e retroactive relief; 2) DOJ/DEA guidance providing detail from last week's rescheduling order; 3) any Tsy Dept guidance on capital markets access; 4) Spanberger's reaction to AU bill returning to her desk unrevised: 5) Hemp discussions on Capitol Hill.

Under the decisive leadership of @POTUS, this Department of Justice is delivering on his promise to improve American healthcare. This includes: • Immediately rescheduling FDA-approved marijuana and state-licensed marijuana from Schedule I to Schedule IIl • Ordering a new, expedited hearing with set deadlines, to fully reschedule marijuana These actions will enable more targeted, rigorous research into marijuana's safety and efficacy, expanding patients' access to treatments and empowering doctors to make better-informed healthcare decisions.

What I'm watching this week: VA Gen Assembly to consider Spanberger's revisions, 4/20 sales activity, pace of MA implementing reforms signed yesterday by Governor Healy, any info on President Trump's "They're slow walking me" comment.

@V_arrell @JT_in_LA I believe the Governor has the ability to propose amendments.

@JT_in_LA Yeah Im not sure, I read the Article mentioned and seems like Ants timing lines up unless I'm missing something.

The algo is undefeated.

@brandonsto2759 Thank you. Have a great week.

@AnthonyConigli0 Great interview the other day with Pablo

What I'm Watching: Does Spanberger sign VA AU, let it become law 4/14 w/o signing or use her amendment power to rollback Hemp provisions? Does Kemp sign or quietly pocket-approve GA med expansion? Any topping bids in 4Front receivership? Markets digest Friday's NFP miss on a shortened week.

@jamiecampbell Thank you! Have a great week!

@AnthonyConigli0 Love this new weekly feature, Anthony.

A lot to watch this week: Does VA Gov sign the AU bill? Does GA Gov sign med expansion? TX hemp ban starts as expected? WH meets on FDA CBD enforcement; Jobs report Friday. Also, long term: SCOTUS on Hemani and IRS Tax court on NM Top Organics.

@V_arrell Delay means more time for untested, unregulated, non-agegated intox-hemp products to persist. Policy should move toward a regulated market but not at expense of safety. If farmers are the issue, a targeted transition program—similar to tobacco and dairy—offers a cleaner solution.

We all saw this coming from a mile away.

What I’m watching this week: Virginia’s governor expected to sign adult‑use sales legislation, advancing the next East Coast rec market; South Carolina's approach to regulating hemp products (vs outright ban) heads back to the House; Friday's PCE and Q4 GDP to inform rates path.

I am thinking this is related to the EO where Trump directed the FDA to publish a list of cannabinoids. @MarijuanaMoment published on the missed deadline by the FDA: FDA Misses Deadline To Publish Cannabinoid List And Define Hemp 'Containers,' Drawing Industry Criticism - Marijuana Moment

@KStreetGator 80/20

The first clue of some movement pertaining to the EO. The CBD part of the equation that is. $MSOS reginfo.gov/public/do/eoDe…

What I’m watching this week: Fed likely to hold rates steady; in Virginia, the governor is poised to sign adult‑use sales legislation, setting up the next East Coast rec market; watching a wave of “medical cannabis in hospitals” bills in VA/WA/DE (with CT/HI in the mix) as states quietly normalize end‑of‑life use in healthcare settings.

@jesseredmond @LeefBrands Congrats!

Hey friends — I’m pleased to share that I’ve been promoted to Chief Strategy & Investor Relations Officer at @LeefBrands. This is a company I fell in love with when I first met the team at an investor day at Salisbury Canyon Ranch in 2023. I remember the day, six months later, when they called and asked me to cover the company as an analyst. I remember exactly where I was driving when Micah called and asked if I’d join full-time. And now I’ll remember last Friday, when I was promoted. My new role is an expansion of my prior position. I’ll continue to lead investor and public relations, with an increased focus on capital markets strategy and opportunities to grow the business. LEEF is unique — we have clearly defined pillars of growth, momentum is increasing, and investors are just beginning to recognize the opportunities ahead. I couldn’t be more excited to double down on my commitment to the company and its future. Enough celebrating, time to get back to work! $LEEF $LEEEF

So, in your read, every rulemaking process subject to 811(a), must have a hearing if someone requests one?

@AnthonyConigli0 The Law: 21 U.S.C. § 811(a) commands that rules "shall be made on the record after opportunity for a hearing."

@tomweedlaw breaks down the legal "dirt" on the rescheduling timeline. Despite the headlines, we are looking at a complex 7-step process with some major bottlenecks. Key Takeaways: ✅ 7 mandatory legal steps to completion 🛑 Current bottleneck: The Interlocutory Appeal 📅 Realistic Timeline: Best case? Mid-2027. Likely? Late 2027+. Don’t get caught in the hype—get the facts. Watch the full breakdown here: [Link to Video] #CannabisNews #ScheduleIII #CannabisLaw #TomHoward #DEA #LegalizationUpdate

To me, this turns on the ability of the DEA to claim that a hearing they previously thought added value, is no longer necessary and the written record suffices. Can they provide a reasoned explanation showing a rational connection between the facts and the new choice? Since this move to S3 only allows medical research - perhaps they have more leeway to move beyond the expected testimony, which would have attempted to refute HHS conclusions, which is already binding on the DEA under the CSA. Why hear testimony that is not impactful on the medical conclusions which clearly reside with HHS under the CSA? Clearly not an expert here, just listening to different experts as we all try to sort this out.

The CSA explicitly says the Attorney General shall make rules "on the record after opportunity for a hearing" if an "interested party" requests one. If you want a longer answer, I can do a video about, Illinois just punted on my social equity loan so getting the dispo open is gonna take a minute.

A monumental step forward for the industry! Enjoy the victory. Take a moment to appreciate the progress, then get ready for the next push...so much more to do. #onwardandupward

I've been hesitant to comment on the speculation surrounding the President’s expected Executive Order rescheduling cannabis. But the volume and credibility of recent reporting has reached a point where it feels very real. Of course, nothing is final until it’s signed — but below are links to credible sources. I’ll let you decide. cnb.cx/3KNjxUU bloomberg.com/news/articles/… nbcnews.com/politics/donal… reuters.com/business/healt…

@jesseredmond Great to see you last week. Congrats on the success thus far!

While at MJBiz, I keep hearing cannabis investors want growth, and the data suggests there are only a handful of growth stories — especially when you demand growth with margin expansion. Below are three takeaways from analyzing year-over-year Q3 revenue and gross-profit growth for 14 US operators. 1. LEEF stands alone as the growth-and-margin winner - LEEF is the only operator with Y/Y double-digit revenue growth and triple-digit gross-profit expansion. 2. Revenue growth + gross-profit dollar growth is almost nonexistent - Just two companies out of 14 managed to grow both revenue and absolute gross-profit dollars year-over-year: LEEF (+24% revenue, +155% gross-profit) and C21 (+12.8% revenue, +17.4% gross-profit). Everyone else is declining on one or both metrics. 3. Margin expansion is decoupling from scale - In a quarter where wholesale pricing remains under pressure, gross-margin gains are showing up primarily in mid-size and more focused operators rather than the largest multi-state players. If reform hits, everyone will get a lift. The companies that can pair that reform-driven multiple expansion with real fundamental improvement are the ones positioned for moves that actually last. $GTBIF $TCNNF $VRNOF $CRLBF $AAWH $TSNDF $GLASF $GRUSF $PLNHF $MRMD $LEEEF $LEEF $CXXIF $VEXTF