Rumors, SAFE Banking, and Trump’s Cannabis Silence
This week’s Trade To Black podcast, Shadd Dales and Anthony Varrell react to the evolving cannabis reform landscape. Fresh comments from Senator Jeff Merkley (D-OR) have just confirmed what many feared: the SAFER Banking Act is still stuck in gridlock. Trump and the White House have been suspiciously silent on the subject of cannabis despite rumors of rescheduling. And Shadd and Anthony unpack the political dynamics in Pennsylvania and Texas with Michael Bronstein.
There is some rumors and optimism that the recent passage of Trump’s major federal spending bill—the “big beautiful bill”—might clear the way for Congress to revisit cannabis rescheduling and banking legislation before the summer recess. Merkley says bigger headline items like war and reconciliation bills are taking up all the oxygen in Congress. While he’s hopeful for action “sooner than later,” GOP co-sponsor Bernie Moreno doesn’t expect anything until fall. That’s left the industry asking: Does SAFE need to pass before cannabis banking becomes real—or could Trump step in with an executive order or tie it to crypto banking reform? Right now, the silence from the White House is deafening.
Michael Bronstein, president of the American Trade Association for Cannabis and Hemp (ATACH), returns with an insider’s update on Pennsylvania. He confirms that the state budget is at a standstill but suggests this political turmoil may improve cannabis legalization prospects. Bronstein notes that if the vote were held without party lines, legalization would likely pass. However, because it’s expected to be bundled into a broader budget package, success will depend on negotiations between Senate Republicans, House Democrats, and Governor Shapiro.
Meanwhile in Texas, tensions escalate within the GOP after Governor Greg Abbott vetoed SB3, a hemp-related bill supported by Lieutenant Governor Dan Patrick. The upcoming July special session is expected to be contentious. The hosts discuss the governor’s likely resistance to THC flower and vapes, favoring tighter regulations and a limited product scope. Varrell warns that both state and hemp industry stakeholders often reject incremental progress in favor of all-or-nothing outcomes—an approach that has stalled reform for years.
