Congress to Redefine Hemp, Supreme Court on Second Amendment
In the latest Trade To Black podcast presented by Flowhub, host Shadd Dales and Anthony Varrell break down one of the most consequential federal cannabis stories of the year. The U.S. Supreme Court is now hearing arguments in a case that directly impacts marijuana users and their Second Amendment rights. At issue: whether federal law banning firearm possession by cannabis consumers remains constitutional — even as rescheduling discussions continue under the Trump administration.
The hosts briefly addressed concerns from viewers that escalating tensions in the Middle East could delay federal cannabis rescheduling, stating the two issues are entirely unrelated and that the rescheduling process remains on its own timeline independent of foreign conflict.
A U.S. Supreme Court case involving the rights of cannabis users to own firearms is the subject of significant discussion. Shadd and Anthony note the contradiction of the Trump administration’s Department of Justice defending a firearms ban on cannabis users while simultaneously pursuing rescheduling, attributing the inconsistency to entrenched career officials within the DOJ who hold deeply institutional views on drug policy.
Frustration in the cannabis capital markets was a recurring theme, as both hosts acknowledged growing impatience among retail investors watching cannabis stocks bleed despite positive earnings results from major multistate operators including Curaleaf, Green Thumb Industries, and Trulieve. The hosts advise investors to focus on fundamentals and free cash flow rather than daily price action.
We do a deep dive into Tilray’s acquisition of BrewDog’s UK brewing operations and 11 pubs for £33 million. The deal could be strategically sound if Tilray leverages the pub network to distribute THC beverages in the future.
In segment two, Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, joins to discuss the ongoing farm bill markup in the House Agriculture Committee. Bronstein explains that an amendment proposing a one- or two-year extension of existing hemp THC thresholds was likely to be ruled non-germane by Chairman G.T. Thompson, signaling that lawmakers are moving toward tightening hemp’s legal definition rather than delaying enforcement. The discussion covered why a regulatory carve-out for THC beverages faces complex multi-committee jurisdictional hurdles at the federal level, and why the fragmented hemp market — characterized by synthetic derivatives, untested products, and unregulated distribution — has undermined the credibility of the broader cannabis industry.
