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Rescheduling Lawsuit, Curaleaf Feedback & MSO Merger Talk

By Shadd Dales On May 29, 2026

In our latest Trade To Black presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down a brand-new legal challenge involving cannabis rescheduling after the Attorneys General from Indiana, Nebraska, and Louisiana officially filed a lawsuit against the Trump administration’s cannabis rescheduling move. The big question now is whether these lawsuits actually have the power to slow down broader reform momentum — or whether they ultimately get dismissed like several recent anti-cannabis legal challenges already have.

A newly filed lawsuit from the attorneys general of Indiana, Nebraska, and Louisiana seeks to block the Trump administration’s cannabis rescheduling order. The case has been consolidated with SAM and NDASA in the DC Circuit, widely considered the most challenging court in the country for federal drug policy matters. The lawsuit argues the DOJ’s Schedule III action was “arbitrary and capricious,” improperly handled procedurally, and exceeded federal authority.

Will they succeed in getting a stay? We’ll discuss our thoughts.

The American Trade Association for Cannabis and Hemp (ATACH) and Dutchie jointly launched a national grassroots fundraising campaign called Roundup for Rescheduling, the first of its kind to defend Schedule III. ATACH additionally filed its official intent to participate in the June 29th ALJ hearing and confirmed it has retained Shane Pennington, widely regarded as the leading legal mind in cannabis scheduling and administrative law.

Cannabis consultant Seth Yakatan then joins the show for an expansive conversation on the M&A and capital markets landscape. He argued that the moment a plant-touching company lists on the NASDAQ, it will trigger an overwhelming wave of institutional banking interest, potentially making the current capital cycle look modest by comparison. Yakatan identified several potential merger targets and acquirers, pointing to Trulieve and Cresco Labs as a particularly logical pairing given their complementary market footprints.

We continue discussion of the federal hemp THC ban, and our thoughts on whether the November 12th deadline will take effect. The THC beverage market, possibly more than any, faces significant disruption as a result.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.