The Most Important Hearing In Cannabis History
In our latest Trade To Black podcast presented by Flowhub, host Anthony Varrell welcomes back Michael Bronstein, President of the American Trade Association for Cannabis & Hemp (ATACH), for a critical update as the cannabis industry prepares for what could be the most important hearing in its history. With the DEA Administrative Law Judge hearing set to begin June 29, Michael breaks down the latest on scheduling and participation from the aggrieved parties — including SAM, NDASA, MMJ International Holdings, and the attorneys general from Indiana, Nebraska, and Louisiana — who have filed both a consolidated lawsuit and a motion to stay the rescheduling order in the D.C. Circuit. How will their participation in the ALJ hearing intersect with the pending litigation? And could a court-issued stay disrupt the hearing before it even gets started?
Despite the positive energy, cannabis equities continue to struggle. Trulieve, which recently completed its NYSE uplisting, was trading near nine dollars rather than the twelve-dollar range anticipated by Varrell, and that Green Thumb Industries had dipped below eight dollars.
Michael Bronstein, President of the American Trade Association for Cannabis & Hemp (ATACH), focused on the DEA Administrative Law Judge hearing set to begin June 29. The aggrieved parties participating in the hearing — SAM, NDASA, MMJ International Holdings, and the attorneys general from Indiana, Nebraska, and Louisiana — have also filed a consolidated lawsuit and a motion to stay the rescheduling order in the D.C. Circuit, raising the question of whether a court-issued stay could disrupt the hearing before it concludes on July 15. Both Varrell and Bronstein agreed that the narrowly defined scope of the hearing, which limits testimony strictly to non-medical cannabis rescheduling and places medical rescheduling entirely off the table, is a constructive development. Bronstein noted that ATACH members are cautiously bullish, relieved to see the process moving after the previous hearing stalled on an interlocutory appeal.
The conversation explores the broader industry landscape heading into the second half of 2026, including Glass House’s pending exchange application, deconsolidation transactions, and DEA on-site inspections already underway at registered dispensaries. Bronstein shared ATACH’s behind-the-scenes efforts to defend cannabis reform at the federal level, including its position on the hemp regulatory outlook and where Congress currently stands on a federal THC ban.
A Virginia adult-use compromise expected to pass this month, and it could be a potential pressure point on Pennsylvania, where the legalization debate remains gridlocked as Democrats and Republicans each calculate whether to negotiate or wait for a more favorable political moment after the upcoming elections. Bronstein also raised concerns about a Massachusetts ballot initiative that could roll back adult-use cannabis in the state, warning that confusing ballot language and voter drop-off could pose a real threat, and that a well-funded statewide education campaign would be essential to protect the market.
This and more when you tune in.
