Psychedelic Medicine Gets Federal Attention, CBD Program Update

In our latest Trade To Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down a new federal report that could reshape how states handle psychedelic medicine going forward — plus the weekly NuggMD safety poll and an update on the CBD pilot program with Dr. Paul Shields.

In the headlines, we track another grind higher for the sector. MSOS pushed above the $5 mark before pulling back to close near $4.85 on roughly five million shares. Trulieve continued to outpace peers like GTI, Verano and Cresco, finishing around $11.43 after touching $11.85 intraday — a move we tie to its recent uplisting, which opened the name to buyers who can’t access OTC markets. We also flag tomorrow’s pre-recorded interview with Adam Stettner of FundCanna.

For the Check-In Poll of the Week, presented by NuggMD, 513 respondents were asked what one thing they’d fix about cannabis safety if they could. Stronger testing standards led at 40%, followed by clearer education on products and dosing at 26%, easier and more affordable access to licensed markets at 21%, and cracking down on unregulated products at 13%. We connect the results to the ongoing trust gap around untested THCA flower sold outside the licensed framework.

From there, Matthew “Whiz” Buckley — founder of Top Gun Options, former fighter pilot, and a longtime voice in psychedelic investing — joins to unpack a new SAMHSA report urging states to plan now, before formal FDA approval of substances like psilocybin and MDMA. The guidance flags Medicaid coverage questions, oversight frameworks, and the legal tension between state and federal law as issues to address before approval, not after. We dig into the FDA’s unusually fast rolling reviews for companies like Compass Pathways and Definium Therapeutics, and why a Big Pharma buyout looms over the space.

Closing out the show is the weekly Vantage Standard segment, presented by Vantage Hemp. Dr. Paul Shields, Chief Medical Officer at Vantage Hemp, returns with an update on the CBD pilot program. Announced in March and live by April, it drew five ACOs but little traction, and Shields explains why he expects no further movement this year. He points instead to the 10-year LEAD program beginning January 1, 2027, and argues that cannabis rescheduling — not this pilot — is the real catalyst for cannabinoid therapy.

This and more when you tune in.