In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell bring you the most consequential week of federal cannabis policy, live. Gretchen Gale joins live from Arlington, Virginia, where the DEA administrative law judge’s hearing continues with Smart Approaches to Marijuana (SAM) testifying today. Michael Bronstein, president of the American Trade Association for Hemp and Hemp (ATACH), returns with a full recap of key highlights from the hearing.

Gretchen Gale joined live from the courthouse to recap testimony from Smart Approaches to Marijuana (SAM), the leading ban-aligned group in the proceedings. SAM called as a key witness Dr. Bertha Madras, a professor of psychobiology at Harvard Medical School who has testified for the DEA under both the Bush and Trump administrations. Gailey detailed Madras’ three-plus hours of testimony, which argued that cannabis is highly addictive, unregulated and dangerous, especially for teenagers and pregnant women, and links it to an increased risk of schizophrenia.

The DEA’s cross-examination lasted just five minutes, during which Madras conceded that hemp met the definition of a Schedule III substance. The discussion also touched on the medical use disclosure adopted by HHS and SAM’s attempt to argue that the push for realignment was politically motivated.

Michael Bronstein, president of the American Hemp and Hemp Trade Association, chimed in with his weekly analysis, arguing that opponents are increasingly relying on procedural objections rather than substantive science, calling it a likely long-term legal strategy for future court challenges. Bronstein and the hosts also discussed the sluggish state of cannabis capital markets, the need for clearer guidance from the Treasury on tax liability and the ongoing effort to build institutional investor confidence ahead of a possible positive outcome from the overhaul.

Hear it all as you merge.

On Thursday Trade to black podcast presented by Flowhub, we tackle the big questions of how the latter half of 2026 will shape what’s next for cannabis. First, TerrAscend (TSX: TSND | OTCQX: TSNDF) Executive Chairman Jason Wilde and CEO Ziad Ghanem join the show to walk through what’s happening on their side of the business. In the second segment, Adam Stetter, CEO of FundCanna, returns to his weekly appearance to provide his first week’s results from the ALJ hearing.

TerrAscend (TSX: TSND | OTCQX: TSNDF) Executive Chairman Jason Wilde and CEO Ziad Ghanem joined to discuss a number of company developments. The couple confirmed that TerrAscend has signed an option agreement to acquire Aunt Mary’s Dispensary in Hunterdon County, New Jersey, a Tier 1 location that generates more than ten million dollars annually and the company’s fifth retail location in the state. Ghanem highlighted how TerrAscend has maintained gross margins of about sixty percent, despite retail prices falling by roughly fifty percent since the launch of adult use;

The conversation also touched on the DOJ’s lawsuit over a disputed $8.3 million tax refund, with Wild clarifying that the July 17 filing represents a procedural step, not an escalation, and that the company’s legal position remains firm. In a supplemental listing, Wild confirmed that a shareholder vote is set for Aug. 25 to authorize the share consolidation, with a primary listing scheduled for Q3 or Q4 pending a full reclassification.

FundCanna CEO Adam Stettner returned to his weekly talk to share his reading of the first week of ALJ hearings, describing the government’s stance as unexpectedly strong and the tone within the proceedings markedly different from previous regulatory battles. He also previewed an upcoming FundCanna data report that analyzes first-half lending performance by geography and vertical, with early findings pointing to flattening demand in legacy markets and significant growth in new adult-use states. The full release is expected in the next few weeks.

Does this bode well for the hemp industry for the rest of 2026? Hear the entire discussion when you listen to the full podcast.

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.