Shadd Dales and Anthony Varrell have just returned from Arlington, Virginia and have been through an already fast paced week in the cannabis industry. Michael Bronstein returns to his weekly Insiders Edge segment as the DEA Administrative Law Judge (ALJ) hearing enters its second final day. We also discuss Curaleaf’s two announcements, the movement in the psych space, and what’s needed from the US Treasury.

In the headlines, Curaleaf (TSX: CURA, OTCQX: CURLF) became the first company to secure registration in Spain for standardized THC-dominant and CBD-dominant cannabis preparations, enabling hospitals to provide medical cannabis in Spain’s emerging national medical framework. The company already operates an EU-GMP facility and research laboratory in Alicante, adding to an international footprint that includes Germany, the UK, Portugal and Poland.

Curaleaf also announced a long-term international supply agreement with Cannara Biotech (TSX: LOVE , OTCQX: LOVFF ), positioning Cannara as a key primary flower supplier for Curaleaf’s expanding global medical markets, with a potential value of up to C$21 million. Cannara operates the approximately 1.6 million square foot Valleyfield facility, which was acquired from TGOD for $27 million; pennies on the dollar for a build that reportedly cost much more.

AtaiBeckley is up roughly 20% in the markets on the rumors, and we’ve announced an upcoming interview with Definium Therapeutics (NASDAQ: DFTX ) CEO Rob Barrow about the company’s trials and timelines.

Bronstein delivered his reading during the ALJ hearing, with testimony from Nebraska, Idaho and Indiana continuing, and the trial ending tomorrow. The opposition has no evidence, and their case is based on process, not science. Bronstein expects a post-administration trial in the D.C. Circuit, noting that adversaries cannot litigate there and arguing that asking the court to invalidate the process by two rival presidential administrations is too hard a sell.

Bronstein also broke down the states’ main talking points: a challenge to the Administrative Procedure Act, treaty obligations under the Uniform Convention and the claim that Schedule III gives cannabis companies an unfair advantage over pharmaceutical developers. He dismantled the pharmaceutical angle as the straw built inside hemp’s own echo chamber and had a pointed answer about whether treaty reform was overdue. On capital markets, Bronstein pointed to ATACH’s Capital Markets Council and said Treasury guidance is the domino that moves everything.

Hear our thoughts when you join.

In the latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell broadcast live from Arlington, Virginia at Jushi Holdings’ (OTCQB: JUSHF) Beyond/Hello dispensary, the only legal medical cannabis retailer within a 20- to 30-minute radius of the Health Service area. We sit down with Jushy’s leadership: Chief Strategy Officer Trent Wolovec, Chief Creative Officer Andreas Neumann, and Stacey Rush, founder of Stacey Rush Lifestyle, and the cast of The Real Housewives of Potomac.

Stacey Rush has launched a wellness brand, Shayo, with Jushi. Now sold in Virginia and Nevada, the low-dose gummies are aimed at new and female consumers, and chief creative officer Andreas Neumann described the brand as coming to market in about 40 days.

Rush also addressed representation, noting that black entrepreneurs make up less than 4% of cannabis owners, and black women make up far less, which he largely attributes to access to capital. He said he was invited to two congressional briefings and joined the US Cannabis Roundtable, using his platform to advocate for legalization and portray cannabis as a health, not a poison.

Washington reporter Gretchen Gale covers the day after a DEA administrative law judge’s hearing on the realignment, where Nebraska, Idaho and Tennessee are expected to testify. Gailey argued that banning states were negotiating from weakness and that legislative change remained generational. He also highlighted a Massachusetts ballot initiative that sought to repeal adult use, warning that low midterm turnout could jeopardize narrow-margin programs.

Joshi’s chief strategy officer, Trent Wolovec, detailed the company’s Virginia strategy ahead of the state’s transition from medical to adult use on July 1, 2027. Operating in the exclusive HSA II space, Jushi expects to be short on biomass at launch and is doubling its indoor coverage. Woloveck touched on cannabis prohibition, differences in consumer behavior between medical and adult use, and capital market plans, including realignment in Nevada and possible exchange growth, while weighing in on stalled reform in Pennsylvania.

The episode closed with a boots-on-the-ground look at Jushi’s 93,000-square-foot Manassas development and processing center, with a further 65,000 square feet under construction, and her flagship Beyond/Hello dispensary. Neumann and Wolovec discussed the building’s branding and the surrounding Northern Virginia economy, home to a large share of the nation’s data centers, which helps make lenders comfortable financing cannabis, underscoring why the state is widely viewed as a sleeping giant.

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.