Issue link: https://nebusinessmedia.uberflip.com/i/1545572
HARTFORDBUSINESS.COM | JUNE 29, 2026 15 Fettle, says he's keeping his head down, working on his business and worrying about the things he can control. "I'd suggest people spending more of their time focusing on the World Cup than this, if they want to see end results," he said. serve both markets, while its Georgia locations are exclusively medical and its Massachusetts store serves only adult-use customers. Zachs said he will be watching the federal hearing closely for guidance on how companies that operate across both markets should navigate the new regulatory landscape. But not every informed observer is confident businesses will get the clarity they are seeking. "I think it's as clear as mud, the way this will work," Coniglio said. "It's not as if we will have a hearing and on July 15th we will have a gavel dropped by the administrative law judge and she or he will say 'Schedule III.'" For one thing, multiple lawsuits have already been filed challenging the April rescheduling decision. The states of Indiana and Nebraska have filed suit, as has a group that includes physicians, an addiction recovery clinic and advocates for victims of cannabis injury. Huge upside While Coniglio sees current events as a pivotal moment for the industry, it has arrived much later than he once anticipated. When he founded NewLake in 2019, his pitch deck for investors projected full federal legal- ization by 2026. His company now owns 34 proper- ties across 12 states, making it one of the largest owners of cannabis real estate in the United States. And while the sector is complex and progress is slower than anticipated, he says the potential upside is huge. "We would analogize this to cell towers in the late 1990s, a misunder- stood asset class," he said. "In the late 90s, people weren't really under- standing how prolific they would be in this country these days." Louis Rinaldi, a medical cannabis patient and advocate, also believes the federal process lacks clarity or a robust timetable, leaving companies in limbo when it comes to staying in compliance with the law. "There's the existing layer of state- level compliance with (the Department of Consumer Protection) regulations and Connecticut statute and now they're going to have to balance that with new and direct DEA oversight where a simple inventory error could potentially trigger a federal violation," Rinaldi said. Another potential concern for smaller cannabis businesses is that rescheduling could eventually pave the way for interstate transport. Currently, cannabis products cannot legally cross state lines, creating separate state-by-state markets that largely insulate local operators from out-of-state competition. "It doesn't take a lot of imagination to think that maybe these big medical cannabis companies would start shipping in cannabis for the medical side from low-cost states," Harris Beach Murtha's Klimek said. "And so, that really starts to potentially change what the market looks like." Klimek said the hearing raises so many unanswered questions that it is difficult to advise companies on the outcome — or even when any changes might take effect. With that in mind, Zachs, of Fine MONTHLY ADULT-USE AND MEDICAL MARIJUANA RETAIL SALES IN CT $5M $10M $15M $20M $25M Monthly adult-use and medical marijuana retail sales in CT 01/01/2023 06/01/2023 12/01/2023 06/01/2024 12/01/2024 06/01/2025 12/01/2025 05/01/2026 Adult-use retail sales Medical marijuana retail sales Source: Dept. of Consumer Protection Sonja LaBarbera, President and CEO, Gaylord Specialty Healthcare Congratulations to Sonja LaBarbera, who Thinks Possible to ensure Connecticut residents receive the specialized care they need, when they need it most. gaylord.org | Wallingford, CT Scan to learn more about Gaylord Visionary. Advocate. Patient champion.