Hartford Business Journal

14 HARTFORDBUSINESS.COM | JUNE 29, 2026 Regulatory Limbo CT's cannabis industry awaits answers on marijuana rescheduling tions and improve access to financial services, but it also requires busi- nesses to comply with new federal requirements and disclose detailed operational information. The decision to register may be especially complicated for compa- nies that serve both the medical and recreational markets, since adult-use marijuana remains illegal under federal law. "If the DEA is reviewing a medical licensee who also holds an adult-use license, what do they do in that circumstance?" Klimek said. "They're evaluating you for medical, but by the way, over here is your Schedule I drug manufacturing. Does the DEA just ignore that?" Hartford-based cannabis operator Fine Fettle chose to register because it "was the best and right thing to do," according to Chief Operating Officer Ben Zachs. The company oper- ates both medical and adult-use cannabis businesses. Its Connecticut facilities By Harriet Jones hjones@hartfordbusiness.com T he cannabis industry, in Connecticut and beyond, will be closely watching proceedings in Washington, D.C., over the next two weeks as the federal government begins a hearing that could reshape marijuana regulation nationwide. The hearing, which will be conducted by the Drug Enforcement Administration and run through July 15, will consider the broader resched- uling of marijuana from Schedule I to Schedule III under federal law. Many industry participants view such a move as a major step toward broader acceptance of cannabis and believe it could improve access to banking, capital markets and certain federal tax benefits. The proceeding comes just two months after federal regulators reclassified medical marijuana as a Schedule III controlled substance. Adult-use cannabis remains a Schedule I drug, a classification reserved for substances — including heroin and LSD — that the federal government considers to have a high potential for abuse and no accepted medical use. "Where we are today is monumental for the business," said Anthony Coniglio, president and CEO of New Canaan-based NewLake Capital Partners, a provider of real estate capital to state-licensed cannabis operators. The rescheduling of medical cannabis has already led to seismic changes in the industry, Coniglio said. He points to the fact that a cannabis company has, for the first time, listed its shares on the New York Stock Exchange. Florida-based multistate operator Trulieve Cannabis Corp., which has a dispensary in Bristol, debuted on the exchange June 10. By June 17, California's Glass House Brands announced it had also applied to the NYSE. "It sets these businesses up to be able to attract new capital, recapitalize their balance sheets and have a more stable financial profile and a more regular access to banking and capital markets," Coniglio said. Trulieve achieved its listing by splitting its business in two — one part medical, the other adult-use. However, that's a complex and expensive transaction that may not be viable for smaller players in the industry, according to attorney Jason Klimek, who co-leads law firm Harris Beach Murtha's cannabis industry team. 'Clear as mud' While many in the industry welcomed the April reclassification of medical marijuana, the policy shift has raised new questions for cannabis companies. For example, the DEA established a new registration system for medical marijuana businesses, forcing opera- tors to decide whether to sign up and come under federal oversight. Compa- nies had 60 days to apply. Registration could offer legal protec- Jason Klimek Anthony Coniglio Ben Zachs Customers shop at Fine Fettle's Stamford dispensary. The company sells both medical and adult-use marijuana and recently registered with the U.S. Drug Enforcement Administration following changes to federal cannabis policy. Contributed Photo

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