Prominent Investor Sparks Debate Over Imminent Cannabis Rescheduling

Doug Kass' social media post triggers market reaction and criticism over potential insider information.

Published on Mar. 10, 2026

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Prominent macro investor Doug Kass sparked a debate in the cannabis industry after posting on social media that a federal cannabis rescheduling announcement could be imminent. Kass' comments triggered a brief rally in cannabis stocks, but also drew accusations of market manipulation. The episode highlights the industry's hunger for any information on regulatory changes, with industry leaders like NewLake Capital's Anthony Coniglio noting that investors will react strongly to perceived insider access, whether accurate or not.

Why it matters

The potential rescheduling of cannabis at the federal level would have major implications for the industry, opening up new opportunities for growth and investment. However, the lack of clear communication from regulators has left the industry and investors starved for information, leading to heightened sensitivity around any perceived insider knowledge.

The details

Kass, a prominent macro investor, posted on social media that a federal cannabis rescheduling announcement could be imminent, sparking a brief rally in cannabis stocks. This triggered a wave of online criticism, with some accusing Kass of market manipulation. NewLake Capital's CEO Anthony Coniglio weighed in, noting that investors are so desperate for information that anyone perceived as having insider access will move markets, whether their claims prove accurate or not.

  • On March 10, 2026, Doug Kass posted on social media about a potential imminent federal cannabis rescheduling announcement.

The players

Doug Kass

A prominent macro investor who posted on social media about a potential imminent federal cannabis rescheduling announcement.

Anthony Coniglio

The CEO of NewLake Capital Partners, a cannabis real estate investment firm, who commented on the industry's sensitivity to perceived insider information.

NewLake Capital Partners

A cannabis real estate investment firm that reported strong quarterly and annual financial results.

Michael Bronstein

The co-founder of the American Trade Association for Cannabis and Hemp (ATACH), who discussed the evolving regulatory framework around hemp and cannabis.

American Trade Association for Cannabis and Hemp (ATACH)

A trade association representing the cannabis and hemp industries, which is involved in policy discussions around federal regulations.

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What they’re saying

“Investors are so starved for information following the DEA hearing that anyone perceived as having inside access — like Kass — will have their commentary move markets whether it proves accurate or not.”

— Anthony Coniglio, CEO, NewLake Capital Partners

“Businesses built on interstate e-commerce and synthetic THC derivatives are fundamentally incompatible with any regulated framework, and good actors in the industry need to distance themselves from bad actors in order to advance sensible federal policy.”

— Michael Bronstein, Co-founder, American Trade Association for Cannabis and Hemp (ATACH)

What’s next

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The takeaway

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