In the latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell explore the recent boom in cannabis and the aftermath of Eli Lilly’s psychedelic encounter with Top Gun Options founder and former fighter pilot Matthew “Whiz” Buckley.

In the headlines: Vireo Growth (CSE: VREO, OTCQX: VREOF) has signed a definitive agreement to acquire the cultivation, manufacturing and retail operations of troubled Cannabist Company (Cboe CA: CBST, OTCQX: CBSTF) – formerly Columbia Care – for up to $35 million in Gerno, Colorado, USA and West Gerno, Massachusetts. The deal gives Vireo up to 25 dispensaries, a processing asset and a manufacturing facility, bringing its national footprint to approximately 230 dispensaries in 15 states, second only to Trulieve.

Dales and Varrell break down how that fits with Vireo’s ten acquisitions this year alone, and discuss whether the pace is smart consolidation or riskier, ultimately benefiting Chief Executive Officer John Mazarakis, who co-founded Chicago Atlantic, with capital discipline questioning the risk of performing in a competitive market in Florida. They also weighed in on a Massachusetts ballot initiative to repeal adult use, arguing that the real danger is low midterm voter turnout and an undereducated electorate.

On Florida Cannabis, they discussed the Nov. 12 federal ban, which is meant to wipe out much of the state’s hemp-derived THC shelf, and why dispensing liquor is complicated. This week, Alabama’s public hearing on statewide marijuana deregulation, in line with the federal move, also took place.

Wiz Buckley called the Eli Lilly (NYSE: LLY ) deal to acquire Athai Beckley (NASDAQ: ATAI ) a bad outcome for shareholders and questioned whether the premium was enough, arguing that executives don’t always act in the best interests of investors. He explained why.

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In the latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell recount the final day of the DEA administrative law judge’s hearing, which surprisingly ended at 12pm Eastern and without any last-minute fireworks; Washington Correspondent Gretchen Gale was reporting from the courtroom at John Malonet and the Standard. With the record now closed, all attention shifts to the ALJ’s recommendation.

Now that the hearing is over, Gale has gone through state testimony filed as a joint district from Nebraska, Idaho and Indiana, which brought two witnesses to bolster their opposition to redistricting. The first was Dr. Deepak D’Souza, a VA psychiatrist and Yale School of Medicine professor who directs the Yale Center for Cannabis and Cannabinoid Science. He focused on the psychiatric side, arguing that existing studies are too limited in scope and rigor to support medical use, and that cannabis carries an increased risk of schizophrenia in genetically predisposed individuals. Dales and Varell pushed back on the shots, drawing parallels with alcohol and predispositions, and argued that a small subset should not disqualify reassignments. A second witness, Sheriff William Honsall of Humboldt County, challenged the idea that legalization is the fastest way to eliminate the illegal market, citing California’s Emerald Triangle and Oklahoma. Varrell countered that these were failures of inconsistent federal guidelines, not arguments against realignment;

Gailey said the judge remains busy and has focused the proceedings on whether hemp meets Schedule III criteria, barring environmental impacts. He read. Prohibitors, including SAM, have not filed their case. Closing arguments at the deadline will be presented in writing on a schedule the judge has yet to set, and he’s betting on October, not the end of the month that some floated; a view reinforced by a built-in 25-day minimum before any recommendation can be made.

In the second section, Malone laid out the ALJ’s role as a neutral finder of fact, creating a defensible record for potential appeals and litigation to follow. He argued that Schedule One is indefensible given the accepted medical uses, that whole-plant botanical cannabis does not fit neatly into Schedule Three or the FDA framework, and that HHS’s substantive recommendation is substantial. He and the hosts explored where pharmaceutical companies fit in, mostly in isolated compounds and extracts rather than the state-regulated market, and pointed to the coming friction between federal planning and state-licensed dispensaries that already dispense cannabis. Malone’s conclusion. the biggest prize is 280E relief.

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In the latest Trade To Black podcast presented by Flowhub, host Anthony Varrell welcomes two heavyweight guests, FundCanna CEO Adam Stettner and renowned short seller and activist investor Mark Codes, to discuss cannabis lending, early redemptions, short selling and the future of the cannabis industry.

In the headlines: Senators Booker, Schumer and Wyden reintroduced the Hemp Governance and Opportunity Act. In psychiatry, Eli Lilly agreed to acquire AtaiBeckley in a deal worth about $2.8 billion and up to $3.8 billion in milestones, confirming a long-held thesis that big pharma would eventually capture the herbal medicine bid, even though the structure wasn’t particularly favorable for retail. COMPASS Pathways and Definium Therapeutics remain the other horses in the race.

In the first segment, Stettner looked back at market lending data from across the industry, explaining what carriers are borrowing for, the state markets are strong and what the numbers portend for the 2Q earnings season. He said the biggest surprise of the ALJ hearings was that there were no bombshells, almost boring formalities, where the federal government’s military presented really good evidence for the medical value of cannabis, while the opposition offered little substance. He then explained the mechanics of the early repayment cycle. FundCanna payouts are running at 97.8 cents on the dollar, versus a typical range of 94 to 97, with a faster capital cycle over the past two months, signaling healthier operators looking to scale post-schedule. He argued that the sector was being valued as if it was dead and that 280E relief plus Treasury guidance would fundamentally change these businesses.

In part two, Codex spoke out ahead of the federal hemp ban that takes effect Nov. 12, arguing for a one-plant, one-rule rule, that intoxicating hemp and cannabis are the same product, that synthetics should be banned, and that age restrictions, tracking and taxation should govern both. Driving pushed back if the hemp route survives the schedule at all, and they’ll explain where they split. Codes also detailed how short sellers can distort small-cap stocks through outright shorting, fraud and manipulation, reflected on Glass House Brands (NYSE: GLAS ) and previewed the company’s Aug. 28 call on the NYSE as the second U.S. plant operator to go public.

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