Host Shadd Dales and Anthony Varrell welcome back attorney Shane Pennington to unpack the legal realities behind the week’s biggest cannabis headline: Donald Trump’s DEA nominee, Terry Cole, stating that marijuana rescheduling will be “one of [his] first priorities” if confirmed. But what does that actually mean? Pennington breaks it down in layman’s terms—clarifying where we are in the current rescheduling and appeals process. Also in this Trade To Black, is the ALJ hearing dead, or just on pause? Plus, Saphira Galoob of the U.S. Cannabis Roundtable joins the show to analyze Congress’s latest moves and Dan from The Chart Guys joins us to break down the latest price action.
This week’s show featured Safira Ghalib of the United States Cannabis Roundtable, who dove deep into the PREPARE Act and the States Reform Act 2.0. The conversation centered around the strategic sequencing of reform, stressing the importance of gaining broader Republican support for cannabis policy change.
Ghalib clarified that the PREPARE Act doesn’t legalize cannabis outright—it prompts federal agencies to prepare for future legalization by defining their roles. That incremental approach, paired with the States 2.0 Act, allows conservative lawmakers to support reform under the banner of states’ rights without endorsing full legalization.
Attorney Shane Pennington returned to break down the legal mechanics behind DEA rescheduling. He emphasized the weight of the existing HHS recommendation and OLC memo—the twin legal and scientific gorillas shaping the path forward. Because these findings are binding or near-binding, Pennington argued that the DEA could fast-track a final rule, bypassing the administrative hearing if Terry Cole chooses to. While timelines remain uncertain, Pennington was firm: the science is settled, the legal lane is clear, and momentum is no longer theoretical. Still, navigating congressional committee chairs like Chuck Grassley remains a major hurdle.
In segment two, Dan from The Chart Guys reviewed cannabis sector charts, explaining the recent spike in trading volume following Terry Cole’s announcement. While stocks like MSOS and GTI showed daily uptrends, Dan warned about low liquidity and fleeting momentum.
