Cannabis

ALJ Hearing Day 2: What We Learned & What’s Next

Published

7 hours ago

July 2, 2026

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ALJ Hearing Day 2: What We Learned & What's Next

Shad Dales and Anthony Varrell returned on Tuesday Trade to blackDay two of ALJ hearings presented by Flowhub are underway in Arlington, Virginia. Eric Berlin of Denton, one of the nation’s most respected cannabis attorneys, shows us how the arguments are made in the hearing room. Michael Bronstein walks through the key moments of the first day, including admissions by a government witness about data gaps and how opponents tried to define those gaps.

Eric Berlin, a Dentons cannabis attorney with 33 years of legal experience and 18 years focused on cannabis reform, opened up by addressing the exclusion of proponents from hearings. According to DEA regulations, only parties adversely affected by the proposed rule are required to participate, and that proponents of the change, by definition, cannot be affected by it.

He described the DEA’s case as strong and backed by a scientific record supported by the HHS report, which spans 252 pages and cites thousands of supporting studies across two successive administrations. The conversation also revisited several arguments raised by opponents, including concerns that the FDA is relying on older data sets, questions about deviations from state-licensed programs, the variability of cannabis products complicating the single-scheduling decision and the lack of pregnancy-specific analysis in the government’s review.

For the second day in a row, Michael Bronstein, president of the American Hemp and Hemp Trade Association, joined in on highlights from the first day, including admissions by a government witness about data gaps and how opponents tried to present those gaps as grounds to discredit the HHS report in its entirety.

Bronstein noted that the opponents’ main strategy appeared to be to argue that newer data not included in the original report should invalidate its conclusions;

Listen to both interviews when you join.

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ALJ Hearing Week: What To Watch For

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Cannabis

ALJ Hearing Week: What To Watch For

Published

1 day ago

July 1, 2026

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Shad Dales and Anthony Varrell opened Monday Trade to blackPresented by Flowhub, our thoughts on Trulieve’s (NYSE: TRLV ) CEO Kim Rivers’ update on Friday confirmed that it has officially ended the automatic vesting plan it implemented back in March. The guys are also getting into a new bill from New Jersey that would allow liquor stores and some ABC-licensed bars to sell low-dose THC drinks, with up to 10 mg of THC per can. Then Michael Bronstein, president of the American Hemp and Hemp Trade Association, joins us for his Monday segment as we wrap up the ALJ’s first day.

Truelieve’s Kim Rivers says she has officially ended the automatic stock holding plan she introduced back in March. The plan was announced shortly after Trulieve began trading on the New York Stock Exchange. He posted late Friday that it was now over. The hosts broke down why the timing stood out and discussed how the layoff could signal Rivers’ confidence in the company’s trajectory.

Before bringing in their main guest, the hosts discussed a new bill out of New Jersey that would allow liquor stores and certain ABC-licensed bars to sell low-dose THC drinks with a limit of ten milligrams per can. The bill also extends the cannabis beverage regulations until November 13, 2026, and updates the display and serving size guidelines.

The keynote was presented by Michael Bronstein, president of the American Hemp and Hemp Trade Association, joining the first day of ALJ hearings in Arlington, Virginia. Bronstein laid out what the industry really needs to look out for when the proceedings begin; He emphasized the importance of DEA counsel making it clear that these hearings are specifically about rescheduling cannabis to Schedule III, not adult or recreational legalization, and noted the important nature of the United States government officially declaring that cannabis is safer than alcohol;

Be sure to hear our thoughts.

Shadd Dales is the founder and president of The Dales Report and has extensive experience in the business media industry.

His work translates to more than 15 years in mainstream media, which included roles at BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leaders in on-air talent in both the cannabis and psychedelic spaces and has interviewed some of the industry’s most prominent CEOs.

Shadd’s vision is to create a content platform equivalent to mainstream broadcasting, produced in a format that is relevant to today’s investor.

Cannabis

Industry Sentiment vs Reality – Could The Hemp Ban Be Extended?

Published

3 days ago

June 29, 2026

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Industry Sentiment vs Reality - Could The Hemp Ban Be Extended?

On Thursday Trade to blackpresented by Flowhub. Jim Higdon, co-founder of Cornbread Hemp, joins us to break down developments out of Washington. Reports have surfaced that the Trump administration has approached Congress about a proposed ban on cannabis. This immediately raises questions about whether the November 12 deadline could be pushed back, softened, or materially changed before their second guest segment. FundCanna CEO Adam Stettner also joins us from last week’s Chicago conference.

In the first segment, Adam Stetter, CEO of FundCanna, updated the IgniteIt conference in Chicago with a perspective that cut through the sheer festivity that many attendees brought home. While acknowledging that the optimism in the room was real and well-founded, Stettner said he pressed operators with a more difficult question. What does positive sentiment really mean for your business now? He found that most had difficulty answering specifically.

He described the gap not as a reason for pessimism, but as a call for discipline. long-term momentum is building, but near-term fundamentals have yet to change significantly, and operators who mistake optimism for improving business risk making ill-timed moves.

In part two, Jim Higdon, co-founder of Cornbread Hemp, broke down developments in Washington around hemp prohibition. He described the White House’s latest message to Congress as the fourth meaningful shot at a legislative fix this year, and noted that the coalition seeking a solution is growing and the administration is getting more specific, now openly calling for Andy Barr’s bill or an extension of the framework as part of an additional appropriations package.

Higdon emphasized that Cornbread Hemp is focused on maintaining two routes; supplement-style full-spectrum CBD products with one or about three milligrams of THC per serving, consistent with the CMS Medicare pilot program, and low-dose beverages dispensed through a three-tier alcohol system. He was careful to distinguish those products from smoking cannabis flower, which he said is the main source of friction between cannabis and the state-licensed cannabis industry.

This and more when you join.

Cannabis

Institutions Evaluate Cannabis While Trulieve CEO Sells Shares

Published

4 days ago

June 28, 2026

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Institutions Evaluate Cannabis While Trulieve CEO Sells Shares

Shad Dales and Anthony Varrell hosted a special Friday morning edition Trade to blackpresented by Flowhub. We start with Safe Harbor Financial (NASDAQ: SHFS ) CEO Terry Mendez and his thoughts on the IgniteIt conference. Then Andrew O’Connell, author of the Pristine Capital Substack and former US Investment Champions, presents new data on recent insider activity related to Trulieve (NYSE: TRLV ) and CEO Kim Rivers.

The presenters opened by noting that the DEA has signaled its intention to emphasize testimony about the medical benefits of marijuana at hearings, making the scientific and medical record front and center;

In the first segment, Safe Harbor Financial (NASDAQ: SHFS ) CEO Terry Mendez joined the IgniteIt conference in Chicago to discuss what he sees from institutional banks as they quietly begin to prepare for the future impact of cannabis. He described a financial sector that is increasingly curious, but still cautious, where banks are seeking education on how to value space, how the compliance of cannabis infrastructure is required, and how consolidation among operators will affect deposit relationships and loan demand.

In the second installment, Andrew O’Connell, author of Pristine Capital Substack and former US Investment Championship contestant, is back to break down new information about recent insider activity involving Trulieve (NYSE: TRLV ) and CEO Kim Rivers. He explained that the sale of his stock was part of a standard 10b5-1 plan announced in March ahead of the NYSE float, giving investors a 90-day window before any trades could take place with an independent executing broker handling the trade and removing Rivers from any discretionary involvement.

He reviewed volume data that showed his sales represented five to seven percent of the day’s trading in several sessions, noted that roughly 91 percent of the first tranche of 1.7 million shares was completed, and emphasized that Rivers retains an ownership stake of roughly 9 percent, worth about $150 million. Hear the full interview when you listen.