The regulatory wind is at our back.

• Reimbursement floors. Iowa's SF 383 set NADAC plus a $10.68 dispensing fee. Nebraska's LB 204 set a Medicaid floor plus $10.38 for independents with six or fewer locations. Kentucky, Alabama (SB 252), and Montana (HB 740) enacted similar structures.
• Spread pricing bans. Idaho (HB 596), Utah (HB 257), Vermont, Oklahoma.
• Ownership bans and delinking. Arkansas Act 624 was the first state law barring PBM ownership of pharmacies. Tennessee's ban takes effect July 1, 2028. Colorado and California adopted PBM delinking, shifting PBM compensation from list price to flat fees.
• Network access. North Carolina's SCRIPT Act, effective February 2026, requires PBMs to admit any willing pharmacy and lets patients choose their pharmacy.

PBM provisions were signed into law February 3, 2026 in the Consolidated Appropriations Act, mandating semiannual PBM reporting on spread pricing and steering, and beginning 2028, PBMs and affiliates are barred from most non-bona-fide Part D remuneration.

• Colorado HB25-1222, Preserving Health Care Access through Rural Independent Pharmacy: direct state appetite to protect this channel
• DEA remote-prescribing waivers for controlled substances expired December 2025, structurally disadvantaging telehealth-only hormone providers. Testosterone is Schedule III. We have physical locations and can evaluate in person.
• FDA's Pharmacy Compounding Advisory Committee recommended six of seven peptides for the 503A bulk list in July 2026, a dated catalyst on a future product line

If PBM reform succeeds, independent economics improve, which lifts acquisition multiples and reduces seller urgency. Our answer: value creation is the cash-pay wellness layer, not a bet on script margins. Reform is pure upside on assets we already own, and it makes the window to acquire at 2.5–3x finite. That is the urgency argument for this raise.