Shad Dales and Anthony Varrell are back Trade to black studio for Tuesday’s episode, presented by Flowhub, along with the latest news from the universe. First, we open the psychiatry investment space following strong Phase 3 trial results from Definium Therapeutics (NASDAQ: DFTX ). Nick Kouparanis from Bloomwell checks in to discuss the current state of the German cannabis market. And Trent Woloveck of Jushee Holdings (OTCQB: JUSHF) joins the program to discuss Virginia and its newly approved adult-use legalization framework.

Nick Kouparanis, CEO of Bloomwell, provided an on-the-ground update on the German medical cannabis market. He reported that import volumes have risen sharply since Germany reclassified medical cannabis in April 2024, from around 30 tonnes in 2023 to 200 tonnes in 2025, with 250 to 300 tonnes forecast in 2026. Conservative-led efforts to tighten regulations and said it does not expect meaningful rule changes until the end of the year.

Regarding the potential export of cannabis to the US, he confirmed the strong patient demand for California products. It currently fetches about €30 per gram on the illegal market, but the regulatory path for US exporters remains complex and likely years away.

In part two, Jushy Holdings (OTCQB: JUSHF) Chief Strategy Officer Trent Wolovec broke news of Virginia’s legalization and its newly approved adult-use cannabis framework, which was included in the state budget after Governor Spanberger’s initial veto. Wolovec described the veto as reflecting, in part, technical design gaps in the original bill and the political approval of executive leverage that was ultimately achieved through close coordination between the administration and the bill’s sponsors.

The framework sets out a sales pathway for regulated adults from July 1, 2027, and the conversation covers a licensing structure, a transition path for existing medical operators, taxation and an overall plan for market introduction. Both hosts ranked Virginia as one of the most consistently growing cannabis markets in the country. Hear our thoughts during the episode.

In our latest Trade To Black podcast presented by Flowhub, host Anthony Varrell welcomes American Trade Association for Hemp and Hemp (ATACH) President Michael Bronstein for an important update as the hemp industry prepares for the most important hearing in its history. When the DEA Administrative Law Judge hearings begin on June 29, Michael will provide an update on the planning and participation of aggrieved parties, including SAM, NDASA, MMJ International Holdings, and the Attorneys General of Indiana, Nebraska, and Louisiana, who have filed both a consolidated lawsuit and a motion to reconsider the CC. How will their participation in the ALJ hearing intersect with the pending litigation? And can a court-ordered time limit stop the hearing before it begins?

Despite the positive energy, hemp stocks continue to struggle. Trulieve, which recently completed its float on the NYSE, was trading around nine dollars instead of the twelve-dollar range that Varrell had expected, and that Green Thumb Industries had fallen below eight dollars.

American Trade Association for Hemp and Hemp (ATACH) President Michael Bronstein is focused on the DEA administrative law judge’s hearings, which begin on June 29th. Aggrieved parties participating in the hearing, SAM, NDASA, MMJ International Holdings and attorneys general from Indiana, Nebraska and Louisiana also filed their case. The rescheduling order in the D.C. Circuit raises the question of whether the court-issued deadline could disrupt the hearing before the July 15 deadline. Both Warell and Bronstein agreed that the hearings narrowly defined scope, limiting testimony to non-medical cannabis rezonings, medical site rezonings, and medical site redevelopments. Bronstein said ATACH members are growing cautious and relieved to see the process moving after previous hearings stalled due to an interlocutory appeal.

The conversation examines the broader industry landscape heading into the second half of 2026, including Glass House’s pending exchange filing, deconsolidation deals and DEA on-site inspections already underway at registered dispensaries. Bronstein shared ATACH’s behind-the-scenes efforts to advocate for cannabis reform at the federal level, including its position on the regulatory outlook for cannabis, and where Congress currently stands on the federal THC ban.

Virginia’s adult-use compromise, expected to pass this month, could be a potential pressure point in Pennsylvania, where the legalization debate remains deadlocked as Democrats and Republicans each weigh whether to negotiate or wait for a more favorable political moment after the upcoming election. Bronstein also raised concerns about a Massachusetts ballot initiative that could decriminalize adult-use cannabis in the state, warning that confusing ballot language and voter turnout could pose real risks, and that a well-funded state education campaign is essential to protect the market.

This and more when you join.

Will Glass House be the next company to climb the list? In our latest TDR Trade To Black podcast presented by FlowHub, Shadd Dales and Anthony Varrell are live from the Glass House Brands (NYSE: GLAS ) facility in California for the company’s Investor Day, broadcasting around the clock from inside one of the largest hemp operations in the country. The team is on the ground, walking the facility, talking to staff and hosting a full cast of guests, including CEO Kyle Kazan, President Graham Farrar, Mark Codes, Noah Hamman, The Big Short’s Fred Gomez, Vinny Daniels and Seth Yacatan.

Two major regulatory developments dominated the early conversations. The DEA has begun conducting on-site inspections of cannabis businesses that have applied for federal protection under President Trump’s reclassification order, with operators reported being cooperative rather than adversarial with inspectors. Hours later, the U.S. Supreme Court ruled unanimously 9-0 that prosecuting a marijuana user for having a firearm violates the Second Amendment, a decision that homeowners described as a powerful data point for a July 15 deadline before an Administrative Law Judge to reschedule.

Glass House Brands has made headlines by becoming the second cannabis company to list on a senior exchange, announcing plans to trade on the New York Stock Exchange. AdvisorShares ETF portfolio manager Noah Hamman joined the show to address questions about the lack of new inflows into cannabis ETFs, explaining that market makers can build inventory on their balance sheets without triggering formal creation or redemption events, and that rising stock prices benefit ETF shareholders regardless.

The conversation shifted to industry consolidation, where guests and hosts debated whether a major MSO merger could happen before the end of the year. Consensus Tier 1 operators were identified as Verano, Curaleaf, GTI and Trulieve, with Glass House identified as Tier 1 in its own zone as a developer. Private MSOs including Good Day Farm and STIZI have been mentioned as potential acquisition targets.

Prominent Glass House investor Mark Codes joined in personally touting the rise of big tobacco partnerships, pointing to the NYSE listing as a benchmark of credibility that removes a major objection from risk-averse corporate partners. He predicted that Glass House could eventually sell more than a million shares a day, and speculated that a strategic stake sale to the tobacco company could send the stock skyrocketing.

CEO Kyle Kazan and President Graham Farrar closed the episode by discussing the benefits of California’s climate cultivation, ongoing dialogue with other MSOs regarding biomass supply partnerships, the company’s DEA Form 225 bulk drug manufacturer license as a mechanism for interstate commerce, and early-stage CBD shipments to Europe as a revenue opportunity outside of the current regulatory framework. Hear it all when you join.