This article is an adapted version of the Cannabis Confidential newsletter. The views expressed in this article are solely those of the author.
The IgniteIt (né Benzinga) Cannabis Capital & Policy Summit was held in Washington, D.C. on Monday, November 17th, 2025. The timing couldn’t have been better, given the recent intoxicating hemp ban and the subsequent price action in the market.
I suppose you can’t blame people for being confused after the mainstream media ran stories about the THC ban, in addition to the read-through on what that congressional action might mean for the administrative rescheduling process and/or Prohibition 3.0.
I was keen to connect with the relationships that have been forged through the years, kindred spirits who’ve endured this treacherous journey with an eye on the other side, but this trip was a fact-finding mission more than a ‘misery loves company’ junket.
After a quick Sunday night sushi sesh with FLUENT CEO Dave Vautrin, who was just as popular in D.C. as he was in New York, and several hotel lobby handshakes, I scooped myself some chocolate milk and a Toblerone and was in bed by 8 PM.
Monday Marathon
Scott Greiper of Viridian started the day with a chart showing how depressed industry valuations are as a function of tepid top-line growth. Math doesn’t lie and facts aren’t insults, but it was interesting to note that there was no mention of intoxicating hemp, its recent ban, or the implications for forward growth once THC is treated as THC.
The next panel was about Virginia, which would be the biggest state to flip to adult-use since Ohio.
Among some of the observations: hemp demonstrated THC demand, Dems picked up the Gov + 13 seats in the House (all moderates), Virginia is a microcosm for the U.S., and they expect a $4B AU market, which represents 20X growth over 3-5 years.
Cresco CEO Charlie Bachtell took a moment to welcome the crowd, where he focused on unity amongst the industry stakeholders that will move the D.C. needle to “a safe, responsible and investable industry.”
“The timing is perfect for this conference. This is the starting line. We’re here, and now is the time to ensure lawmakers know that responsible=respectable= robust”
The Capital in Transition panel was the most sobering of the day, with Seth Yakatan opining that there is even less enthusiasm after the “$100m THC beverage segment got liquidated overnight.” (There is a 365-day transition period).
Dennis O’Malley offered that there haven’t been many new entrants in the U.S. cannabis, sans news. He’s seen state-specific deals (MO), but a lot of it is existing investors defending bets. Samantha Gleit noted that most of the deals she’s seen are refis or new money looking for distressed assets.
Verano CEO George Archos and Cresco CEO Charlie Bachtell joined Brian Schinderle for a mid-morning fireside chat, with a focus on regulation and state-level catalysts.
G: Units are up and THC demand is thriving; always trying to innovate and get better. We built this company for the long term; TAM to come via AU flips; new markets + deeper in existing. Decisions driven by ROI; hope states learn from past mistakes and course correct; cites MA. Stronger companies will absorb the assets they want/ that fit strategic needs; outcome on the other side will be brighter.
C: The lack of growth is misguided, given units are up + total THC consumption = a huge growth story. Consolidation is inevitable; all part of a maturing industry. Two paths to explore: deeper in existing states and/or international. Looking at asset light/ capital light models (EU). Every industry has a shakeout; capital constraints expedited that in cannabis; plenty of growth ahead.
G: Thought FL would pass; was wrong, but would have taken the same steps again bc now primed for FL, which is inevitable. Compelling risk/reward; we are entrepreneurs. PA is coming but frustrating; VA is coming.
C: Should be optimistic at the state and federal levels as long as the actors are responsible.
When asked about Polymarket odds of S3 this year at 26% (they were/are really 9%),
Charlie responded,
‘Industry participants have a history of being wrong but I’m more optimistic than Polymarket—with the understanding that D.C. is always difficult to time.’
G: This is the best position we have ever been in. If [S3] happens, it’s gonna happen very soon; already teed up for the President.
C: pointed to the ECS video.
Both: current odds are better than ever.
Boris Jordan took the stage for the first keynote, where he was interviewed by Jack Mascone of Seaport Global Securities.
Among the observations:
EU markets don’t have the same social equity pressure; EU more MMJ.
^ EU is pharma; US is CPG/culture.
US operators and US regulators have an evolving relationship.
State silos but need to standardize across industry.
^ EU one set of rules but there are nuances (GER).
Overall, the world is making progress.
This is a time when everyone needs to come together.
^ lobby the govt for cannabinoid-based legislation.
Current situation will lead to that.
Large CPG CEO: “you can’t put demand back in the bottle.”
Natural progression of emerging industry; incl restructurings.
A lot of independent licensees can’t pay bills.
^ starting to get cut off.
^ cura helping smaller operators
Expect consolidation over next few months.
MSOs aren’t “big cannabis”
Large CPG (BUD) will be big canna.
“Very confident President Trump will come through”
Rep. Randy “So” Fine (R-FL), who was endorsed by President Trump three times in the past 18 months, spoke next. He voted against FL MMJ in 2016 but respected the will of his voters. He used to be in the casino business, so he sees, understands, and feels the hypocrisy created by incongruent federal and state laws.
“The people have spoken, and we need to regulate responsibly.”
He was roommates with Joe Gruters when they joined the FL legislature in 2016, “and now we’re roommates again” in D.C. after Gruters was named head of the RNC.
“You can’t have a better advocate for cannabis than you do in my friend Joe Gruters.”
His advice? There’s no value in social media comments. Politicians care about their constituents. Call lawmakers in your district first, then representatives from your state, and ask them to call the White House to express their support for rescheduling.
Publicly traded cannabis companies were up, with Aaron Grey of AGP moderating a panel with Aaron Miles of Verano, Christine Hersey of Trulieve, and Michael Salaman of GrowGen.
A: We are positioning for capital market inclusion; the recent NV move aligns VRNO with NYSE/NASDAQ reporting standards. Uplisting is a compliance decision, not a law; we must play the retail game now, but that’ll change and we’ll be prepared. S3 = game changer; liquidity/trading volumes are scaring away bigger players; U.S. exchanges will market their companies; none of that is happening now.
C: On CSE since 2018. Looked at other opportunities; S1 registrant, now S3 registrant; smooth sailing when doors open. S3 would be a huge step, the first reform in 50 years; it acknowledges medical value.
“Our credit profile will improve overnight like a “glamor filter” on our financials”
M: NASDAQ listed; raised $200M on IPO; transparency, access to capital, all benefit but need a purpose to tap. Expects the entire industry to uplist upon S3, which will allow plant touching companies to drive EBITDA and margins and access cheaper capital.
The next panel spoke about THC beverages, with Norman Birenbaum offering that there’s always been a political draw and connection to regulate cannabis like alcohol. Reality: not so fast, given so many competing agendas (distributors want; big alcohol doesn’t); also, he said, THC poisonings skyrocketed after the farm bill and soiled the industry.
Kraig Fox thinks that low dose bevs will fight for their right to (allow others to) party, perhaps sooner than later. ‘9% of hemp is used for vapes and gummies. Voices are about to get very loud,’ with ‘alcohol, big pharma, and big labor driving the bus.’ One alcohol distributor told him, “25% of their sales were about to disappear.”
Ankur Rungta opined that low-dose in the consumer channel makes sense, with higher dose products in dispensaries only. Ideally, ‘low dose THC will remain a funnel for THC and cannabis adoption,’ he said, ‘we need to seek alignment.’
Low-dose beverages and alcohol are similar in certain ways, per Fred Moosally, with ‘growth of onsite consumption, defined dosage, and usage in locations where flower isn’t appropriate.’ He echoed the need for a level playing field and enforcement after uneven regulations created all sorts of confusion.
After a quick wardrobe swap, I had the pleasure to interview Trulieve CEO Kim Rivers, who I asked—with my first question and a smile—WHEN we’ll get rescheduling…
She echoed some of the earlier thoughts, which she then shared on X…
“I believe the President is a man who says what he means, is on record of being supportive of medical cannabis rescheduling and will make the decision when he and his staff decide it’s the right time.”
…while reminding everyone that nothing is done, we need to remain vigilant, and the world is particularly fluid. I offered that the recent intoxicating hemp ban would likely change the calculus on next year’s Florida adult-use referendum, and how S3 would provide a potential halo effect across Pennsylvania, Texas and Washington, D.C.
The rest of the afternoon moved quickly. Howard Schacter spoke of how the removal of 280E would change their game and how Marimed continues to invest in the brands, people and products, ‘scenario planning as opposed to managing the business to D.C.’
Safe Harbor Capital CEO Terry Mendez discussed how federal reform would flip the current sentiment upside down, while noting that institutional investors would likely take several quarters to migrate into the space.
“S3 won’t change the risk profiles,” he said, ‘Good companies will benefit, bad companies won’t be saved, and consolidation and/or roll-ups will pick up in pace.’
The discussion on “A Grand Bargain” had FLUENT CEO Dave Vautrin and Cornbread CEO Jim Higdon sitting next to each other. While some were expecting fireworks, it was a lesson in civility and shared purpose.
Jim started with, “My entire business will be illegal in less than a year,” citing the new hemp definition, which, as it stands, will restrict hemp-derived THC in gummies and beverages in 359 days, a sentiment echoed by several others on stage.
^ There was a mention of how most minor cannabinoids are sourced from hemp.
Dave spoke to the potential impact of the new law, both negatives and positives, for state-legal operators. Texas has 8,000 hemp retailers and 3,000 resellers, or a ratio of 1:12 (canna: hemp). While his initial reaction was ‘welcome to the Hunger Games,’ he’s quickly pivoted to working together toward a commonsense industry solution.
Team Hemp spoke about the transition period not as a ban, but as an opportunity to frame new legislation (this/next week), implement a new legal definition of hemp, or at least score an extension to the current deadline.
I had several discussions on this topic; one person told me that D.C. insiders knew for a year that they would close the loophole; another shared that the legal definition of hemp needed to be changed prior to rescheduling; another said that if hemp wants to see progress, it would require a buy-in from the regulated cannabis industry.
Chief Deputy Whip Guy Reschenthaler (R-PA), whose vote put medical cannabis over the top in the Pennsylvania Senate, spoke next. He has numerous dispensaries in his district and believes regulated cannabis should be part of the America First Agenda.
‘It’s ridiculous that we would disadvantage US cannabis companies by not letting them list on the U.S. exchanges while other countries’ cannabis companies are allowed. We need to level the playing field so US companies can compete.’
Last up, Senator Cory Booker (D-NJ) was interviewed by Louis Magazzu, Esq.
As Patrick Lane was introducing the Senator, the words, “Get him a cot!” blurted out of my mouth—loudly. “A cot?” Patrick asked. “Yeah, so he can lay…”
Patrick cut me off before I realized the Senator from New Jersey was standing directly behind me. “Thank God,” I thought to myself, not because it wasn’t warranted, but a function of respect for the efforts of the IgniteIt crew.
The Senator spoke about a “moral urgency” on cannabis reform, saying that while he’s “excited about the progress we made,” “there is genuine demand and it is a righteous cause.” He said we “need to fix banking” and the “last time I thought we would land the plane, but there weren’t enough Republican votes.”
“Justice is descheduling but I will accept any progress over no progress.” Cory Booker
I might have coughed bullshit (I don’t recall), but I do know I tried to ask a question, to no avail. As he stepped off the stage, I walked to the exit and once he was behind me, turned to him with a smile and said, truthfully, “I was born in Newark!”
That evoked a smile, at which point I pivoted to the story of how Sen. Schumer and I were alone in the CNN green room the morning after 9/11. “I saw people holding hands and jumping,” I told him, “I ran from the smoke… and cannabis saved my life.”
As we were ushered from the door, I had his full attention. I looked him squarely in his eyes, lowered my voice, and asked, “So, what happened? How could you and the Democrats do that to the industry?”
He responded quickly, almost too quickly, blaming the GOP for not having the votes.
“Senator Booker,” I said, “Respectfully, you laid yourself down long before it ever got to that point.”
We took a beat before I asked, “Are we team unity now?” He was gracious and said that the Dems have 30 votes for SAFE in the Senate (not a huge flex given 47 Dems).
After another wardrobe change, I headed to The Capitol Hill Club where USCR hosted a private reception and dinner. After a wire-to-wire content fire, Saphira and her team brought all sides of the industry together at this moment in time for federal reform.
I’ve been doing this a long time—the cannabis thing, and the advocacy thing, too—working with Weldon Angelos and Mission Green in an effort to align our voices, free the plant, get peeps out of prison, and allow research to unlock the efficacious agility.
This event, more than any other, was a manifestation of those—and similar—efforts.
As Lou said to me at dinner,
“When big oil comes, they come large, pulling from every industry segment, creating a sum of the parts that is greater than the whole; and they come with a coordinated ask.”
That is where our industry needs to be. Not cannabis or hemp; cannabis and hemp.
Have a safe journey, please enjoy responsibly.
If you’d like to help Mission [Green] change federal cannabis policies, please click here.
This article is from an external, unpaid contributor. It does not represent High Times’ reporting and has not been edited for content or accuracy.
Photo by MIKE STOLL on Unsplash
