Today on the Trade To Black podcast presented by Flowhub, Shadd Dales and Anthony Varrell respond to the movement out of Washington after the American Bankers Association sent a letter to House and Senate leaders calling for a move to SAFE banking. We’ve seen emails like this before, but this one comes at a time when the cannabis industry is on the brink of major reform, with ongoing ALJ hearings and everything else happening in the federal realm.

In addition to the bankers association’s SAFE question move, the presenters addressed the recent public sparring with Dwayne Boyes of MMJ International, who has criticized the hearing process on social media and is involved in a lawsuit challenging the medical realignment. Dales and Varell disagreed with his assessment, and they’ll explain why. The conversation also touched on speculation about a possible executive order from the White House to form a deregulation commission, which broadcasters say could land as early as August, ahead of November’s midterm elections.

In an interview with Hirsch Jain, founder of Ananda Strategy, he and the hosts explored the emerging “Southern Corridor” of cannabis markets. Virginia just passed adult cannabis. Georgia is expanding the medical market. Texas is quietly positioning itself for growth as patient numbers rise and lawmakers signal openness to broader reforms. Louisiana continues to have one of the strongest medical programs in the region. And Arkansas, surprisingly, has more cannabis users per capita than Florida, which says a lot about how engaged that market is already.

We also cover the Supreme Court’s unanimous decision on cannabis users and gun rights. Jain linked recent Supreme Court gun-rights jurisprudence to a potential increase in medical cannabis registration, arguing that as courts shift from limiting cannabis rights based on “status” to focusing on actual behavior, more patients, particularly gun owners, may feel safer registering.

Finally, we take a critical look at New York’s enforcement exemptions against illegal dispensaries. Also, is there optimism that the pro-DEA stance on ALJ hearings signals continued movement toward realignment? Hear our thoughts.

In our Thursday Trade To Black presented by Flowhub, Shadd Dales and Anthony Varrell welcome back FundCanna CEO Adam Stettner. We’ll take a look at the latest headlines as several new cannabis policy stories continue to develop in the United States.

Lawmakers in Virginia are working to address concerns after recent legislation may have unwittingly repealed some marijuana sanctions, raising new questions about how the law will be interpreted moving forward. Dales and Varrell noted that lawyers are already fighting over the language, debating whether the loophole allows distribution before the official air date.

In North Carolina, Gov. Josh Stein and House Speaker Destin Hall remain divided on whether to legalize marijuana, providing another example of how states are approaching reform differently. The hosts pointed to North Carolina’s illegal cannabis market, estimated at $3 billion, as the state leaves billions in uncollected tax revenue on the table amid the standoff.

There’s also news from Wyoming, where Attorney General Bridget Hill announced that the state will not automatically follow future federal cannabis planning, even if changes are made at the federal level.

And finally, does this surprise you? A new poll shows many cannabis consumers don’t expect the Trump administration to complete the federal transformation process this year, despite ongoing hearings by a DEA administrative law judge.

Elsewhere, Stetner weighed in on the ALJ’s hearing, noting that the DOJ and DEA are still fully committed to their case, and pointing to the opposition’s own witness admitting that cannabis meets Schedule III criteria as a telling moment. He cautioned against treating any one catalyst, including the recent gains of Trulieve and Green Thumb, as a “silver bullet” for the stock’s performance, framing the sector’s progress as more of an ultramarathon than a sprint.

On the business side, Stettner shared that operators are more proactive rather than reactive, with average loans from its customers rising from about 46% to the high 50s as companies prepare balance sheets ahead of a potential restructuring, and described a wave of consolidation that has already begun in the private markets. This and more when you join.